This essay Week 1 Assignment: Chapter 16 has a total of 625 words and 6 pages.
Week 1 Assignment: Chapter 16
June 22, 2015
Week 1 Assignment: Chapter 16
Star Repairs Co. does all the repair work for a medium-sized manufacturer of handheld computer games. The games are sent directly to Star, and after the games are repaired, Star bills the game manufacturer for cost plus a 20 percent markup. In the month of February, purchases of parts (replacement parts) by Star amounted to $97,000, the beginning inventory of parts was $38,500, and the ending inventory of parts was $15,250. Payments to repair technicians during the month of February totaled $52,500. Overhead incurred was $121,000.
A. What was the cost of materials used for repair work during the month of February?
B. What was the prime cost for February?
C. What was the conversion cost for February?
D. What was the total repair cost for February?
Each of the following statements may (or may not) describe one of these technical terms. For each statement, indicate the accounting term described, or answer “None” if the statement does not correctly describe any of the terms.
A. The preparation and use of accounting information designed to assist managers in planning and controlling the operations of a business.
B. All manufacturing costs other than direct materials used and direct labor.
C. Direct materials and direct labor used in manufacturing a product.
D. A manufacturing cost that can be traced conveniently and directly to manufactured units of product.
E. The account debited at the time that the Manufacturing Overhead account is credited.
F. The amount transferred from the Work in Process Inventory account to the Finished Goods Inventory account.
G. Costs that are debited directly to expense accounts when the costs are incurred.
a. Management Accounting
b. Manufacturing overhead
c. Prime Cost
d. Prime Cost
e. Work in Process Inventory
f. Cost of finishes goods manufactured
g. Period Costs
Into which of the three elements of manufacturing cost would each of the following be classified?
A. Tubing used in manufacturing bicycles.
B. Wages paid by an automobile manufacturer to employees who test-drive completed automobiles.
C. Property taxes on machinery.
D. Gold bullion used by a jewelry manufacturer.
E. Wages of assembly-line workers who package frozen food.
F. Salary of plant superintendent.
G. Electricity used in factory operations.
H. Salary of a nurse in a factory first-aid station.
a. Direct Materials
b. Direct Labor
c. Manufacturing Overhead
d. Direct Materials
e. Direct Labor
f. Manufacturing Overhead
g. Manufacturing Overhead
h. Manufacturing Overhead
Indicate whether each of the following should be considered a product cost or a period cost. If you identify the item as a product cost, also indicate whether it is a direct or an indirect cost.
A. Cost of disposal of hazardous waste materials to a chemical plant.
B. Amounts paid by a mobile home manufacturer to a subcontractor who installs plumbing in each mobile home.
C. Depreciation on sales showroom fixtures.
D. Salaries of security guards in an administrative office building.
E. Salaries of factory security guards.
F. Salaries of office workers in the credit department.
G. Depreciation on the raw materials warehouse.
H. Income taxes on a profitable manufacturing company.
a. Indirect Product Cost
b. Direct Product Cost
c. Period Cost
d. Period Cost
e. Indirect Product Cost
f. Period Cost
g. Indirect Period Cost
h. Period Cost
A. If Ryde and Rowe assigns manufacturing overhead of $84,400, what will be the balances in the Direct Materials, Work in Process, and Finished Goods Inventory accounts at the end of January?
Direct Materials- $8,450; Work in Process- $107,900; Finished Goods Inventory- $33,000
B. As of January 31, what will be the balance in the Manufacturing Overhead account?
C. What was Ryde and Rowe’s operating income for January?
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