ACCOUNTING-Which of the following is an example of direct labor cost in a factory?

Chapters 18-25Multiple choice (5 pts each) (highlight or clearly mark your answer)Which of the following is an example of direct labor cost in a factory?Wages of assembly line personnelSalary of vice president of productionWages of factory security guardSalary of production managerWhich of the following is true of product costs?They are expensed in the period they are paid.For external reporting, GAAP requires that they be expensed before the products are sold.They are first recorded in an inventory account.For merchandising companies, product costs do not include freight costs.the variable manufacturing costs are considered period coststhe fixed manufacturing costs are considered period costsboth variable and fixed manufacturing costs are considered product costsboth variable and fixed manufacturing costs are considered period costsWhich of the following would use a process costing system rather than a job order costing system?a health-care providera music production studioa paint manufacturera home remodeling contractorThe procurement manager was able to bring down the cost of direct materials by purchasing materials of a slightly lower grade quality than the company had used previously. The lower grade of materials, however, meant a higher defect rate on the assembly line, and higher wastage of materials during production, which in turn lowered operating income. This situation would have led to a(n):favorable direct materials cost variance.unfavorable direct labor cost variance.unfavorable direct labor efficiency variance.favorable direct materials efficiency variance.Which of the following is an example of a labor cost standard?$40 per direct labor hour50 square feet per unit$0.95 per square foot0.5 direct labor hours per unitProblems (10 pts each) (please show your work for partial credit)In your own words describe the concepts Direct Labor and Overhead.Amoeba Manufacturing Company provided the following information for the year 2015:Purchases—Raw Materials$90,000Plant Utilities & Insurance67,500Indirect Materials11,750Indirect Labor4,750Direct Materials Used in Production96,000Direct Labor117,500Depreciation on Factory Plant & Equipment6,000Cost of Goods Manufactured290,850Cost of Goods Sold304,550The inventory account balances as of January 1st 2015 are given below.Raw Materials Inventory$42,000Work-in-Process Inventory12,000Finished Goods Inventory49,500What is the ending balance in the finished goods inventory?Samson Inc. reported the following information for the year 2015:Service Revenue$40,000Operating Expenses$23,625Net Income$16,375Number of Services Provided for the Year10,500How much was the unit cost per service?Describe the differences between Fixed Costs and Variable Costs, give 2 examples of eachAntique Works is owned and operated by a craftsman who makes replicas of historic firearms for museums, sportsmen, and collectors. The cost data are as follows:Price per unit$720Variable costs per unit470Fixed costs per month8,000If Antique expects to sell 40 units per month, what is his margin of safety expressed in units per month?Jame Company sells glass vases at a wholesale price of $3 per unit. The variable cost of manufacture is $1.75 per unit. The fixed costs are $7,500 per month. Jame sold 5,500 units during this month. Calculate Jame’s operating income (loss) for this month.Wood Designs Company, a custom cabinet manufacturing company, is setting standard costs for one of its products. The main material is cedar wood, sold by the square foot. The current cost of cedar wood is $4.00 per square foot from the supplier. Delivery costs are $0.25 per board foot. Carpenters’ wages are $25.00 per hour. Payroll costs are $3.60 per hour and benefits are $5.00 per hour. How much is the direct materials cost standard (per square foot)?

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