I need help completing it , I have done some of them


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I need help completing it , I have done some of them 3 pages ACCT346 Week 1 Homework Assignment (2).docx ACCT346 Week 1 Homework Assignment Note that there are 5 PARTS spread over 3 PAGES for this homework assignment. Part 1: Assume we’re operating a company that produces and sells baked goods to retail outlets. The company’s infrastructure consists of a leased factory (production) facility where all of the baking is done, and there are sales and administrative offices located in a separate building leased at another location. Identify whether each of the following expense items for this company would be categorized as a PRODUCT COST or a PERIOD COST by placing an “X” in the appropriate box for each item. Note that each type of expense is either a product cost or a period cost, but not both. The first item has already been completed for you. Expense Item Factory insurance Company president’s salary Bakers’ wages Depreciation expense on bake ovens Factory utilities Factory lease Advertising costs Factory supervisors’ salaries Sales commissions Flour used in baking bread PRODUCT COST X X X X X X PERIOD COST X X X Part 2: For the same company and scenario described in Part 1 above, identify whether each of the following expense items for this company would be categorized as a DIRECT COST or an INDIRECT COST by placing an “X” in the appropriate box for each item. Note that each type of expense is either a direct cost or an indirect cost, but not both. The first item has already been completed for you. Expense Item Factory insurance Bakers’ wages Eggs used for baking Depreciation expense on bake ovens Factory lease Cleaning materials for bake ovens Factory utilities Factory supervisors’ salaries Lubricant for factory equipment Flour used in baking bread DIRECT COST X X X X INDIRECT COST X X X X X X Part 3: For the same company and scenario described in Part 1 above, identify whether each of the following expense items for this company would be categorized as a VARIABLE COST or a FIXED COST by placing an “X” in the appropriate box for each item. While a couple of these items might arguably be considered “mixed” costs based on the situation, please just choose either variable cost or fixed cost for each. The first item has already been completed for you. Expense Item Flour used in baking bread Factory supervisors’ salaries (note that these employees are SALARIED) Factory lease Factory insurance Factory exterior lawn care maintenance contract Sales commissions Bakers’ wages (note that these employees are PART-TIME HOURLY) Depreciation expense on bake ovens (assume annual straight-line depreciation is applied) Advertising costs (assume these expenses are budgeted annually) Factory utilities (this is a tricky one…just give it your best shot) VARIABLE COST X FIXED COST Part 4: For the same company and scenario described in Part 1 above, categorize each expense below as direct material, direct labor, indirect material, indirect labor, other manufacturing overhead or a period cost by placing an “X” in the appropriate box for each item. Once again, note that only one selection will apply to each item. The first item has already been completed for you. Expense Item Flour used in baking bread Factory supervisors’ salaries Factory lease Factory insurance Factory custodians’ wages Sales commissions Bakers’ wages Depreciation expense on bake ovens Company president’s salary Factory utilities Accounting department salaries Depreciation expense on administrative office equipment Lubricant for factory equipment Direct Material X Direct Labor Indirect Material Indirect Labor Other Manufacturing Overhead Period Costs Part 5: If we were to calculate each of the four cost category groupings shown in the first column below (e.g., total manufacturing overhead), which of the various expense items listed across the top of the table would need to be included? Place an “X” in each expense item that would need to be incl

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