Need questions answered ACCT 346


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Need questions answered ACCT 346 1 page ACCT346 Week 1 Assignment (Revision A).xlsx DeVry University ACCT346 Weekly Assignment Week 1 Directions: For this assignment, assume that we’re analyzing a large factory operation that produces and markets fine baked goods to many supermarket chains. Your assignment this week is to insert all of the answers in the empty cells below, and note that a few items have already been filled in just to get you started on each section. 1. Identify whether each of the items below is a Product Cost or Period Cost: (1/2 point each, total 5 points) Factory insurance Company president’s salary Eggs, salt, water used for baking Depreciation expense on bake ovens Paper wrappers for bread Factory lease Advertising costs Factory supervisor salaries Sales commissions Flour used in baking bread Product 2. Identify whether each of the items below is a Direct Cost or Indirect Cost: (1/2 point each, total 5 points) Factory insurance Baker’s wages Eggs used for baking Depreciation expense on bake ovens Paper wrappers for bread Cleaning materials for bake ovens Utilities used in factory Factory supervisor salaries Lubricant for factory equipment Flour used in baking bread Indirect 3. Identify whether each of the items below is a Fixed Cost or Variable Cost: (1/2 point each, total 5 points) Shipping costs for bread Cost of fuel for delivery truck fleet Factory rent Factory insurance Maintenance on delivery trucks Sales commissions Wages paid to part-time (hourly) baker’s assistant Oven depreciation Cost of fruit for cake topping Factory utilities Question 4 General Instructions: For this baking operation, you’ll need to first classify each expense below as direct material, direct labor, indirect material, indirect labor, other manufacturing overhead or period cost, and then answer the calculation questions in Parts 4b – 4e. Variable 4a. Amounts given below are in thousands of dollars. For this section you will need to classify each cost. HINT: Simply take the dollar amount shown for each item below and copy it into the correct cell under the appropriate cost category column…three items have already been completed for you. (5 points total) Direct Material a. Depreciation expense on factory forklifts ………………………………………………………….. $60 b. Property tax on corporate marketing office ……………………………………… $30 c. Company president’s salary …..,,……………………………………….. $220 d. Factory janitor wages ………………………………………………………………….. $10 e. Accounting department salaries ………………………………………. $190 f. Bakers’ health insurance ………………………………………………. $40 g. Assorted baking ingredients…………………………………………….. $270 h. Depreciation expense on administrative office equipment…… $70 i. Bakers’ wages ………………………………………………………………. $670 j. Factory utilities ……………………………………………………………… $110 k. Production supervisors’ salaries ………………………………………. $160 l. Flour ……………………………………………………………………………. $1,100 m. Factory equipment lubricants …………………………………………. $20 Using the dollar values provided in the table directly above, for Questions 4b – 4e below please show your complete calculations along with each answer. (HINT: First total each column above.) 4b. How much are total manufacturing overhead costs? (5 points) 4c. How much are total product costs? (5 points) 4d. How much are total prime costs? (5 points) 4e. How much are total conversion costs? (5 points) Direct Labor Indirect Material Indirect Labor Other Manufacturing Overhead $60 $40 $160 Period Cost Read more

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