1 answer

Classify the various costs using the information below, a) Behavior: fixed or variable cost b) Traceability:...

Question:

Classify the various costs using the information below,

a) Behavior: fixed or variable cost

b) Traceability: direct or indirect

c) Financial reporting: product or period

d) If product cost, identify which items are direct materials, direct labor or

manufacturing overhead.

Cost Classification Indirect Product DM Fixed variable Direct DL MOH Period Corporate office building depreciation Deprediati

Cost Classification Indirect Product DM Fixed variable Direct DL MOH Period Corporate office building depreciation Deprediation of Equipment used to build various custom houses Lumber Roof Concrete Insulation Ducting Paint Utilities for office (include gas, electric, and water) Mobile phone (business) Accountant salary Supervisor salary Thomas salary Salary of home assembly workers

Answers

Corporate Office building depreciation:-

a) Behaviour: fixed cost

b) Traceability : Indirect

c) Financial reporting: Period

Depreciation of equipment to build custom houses:-

a) Behaviour: fixed cost

b) Traceability : direct

c) Financial reporting: Product

d)manufacturing overhead.

Lumber:-

a) Behaviour: variable cost

b) Traceability : direct

c) Financial reporting: Product

d)direct materials

Roof:-

a) Behaviour: variable cost

b) Traceability : direct

c) Financial reporting: Project

d) direct materials

Concrete:-

a) Behaviour: variable cost

b) Traceability : direct

c) Financial reporting: product

d) direct materials

Insulation:-

a) Behaviour: variable cost

b) Traceability : direct

c) Financial reporting: Product

d) manufacturing overhead.

Ducting:-

a) Behaviour: fixed cost

b) Traceability : Indirect

c) Financial reporting: Period

d) manufacturing overhead.

Paint:-

a) Behaviour: variable cost

b) Traceability : direct

c) Financial reporting: Product

d) manufacturing overhead.

Utilities for office:-

a) Behaviour: fixed cost (This expense is considered a mixed cost, since there is usually a fixed fee component plus a variable charge that is based on actual usage.)

b) Traceability : Indirect

c) Financial reporting: Period

Mobile Phone:-

a) Behaviour: fixed cost (this can also be considered as mixed cost because it has elements of fixed as well as variable)

b) Traceability : Indirect

c) Financial reporting: Period

Accountant Salary:-

a) Behaviour: fixed cost

b) Traceability : Indirect

c) Financial reporting: Period

Supervisor salary:-

a) Behaviour: fixed cost

b) Traceability : Indirect

c) Financial reporting: Period

Thomas salary:-

a) Behaviour: fixed cost

b) Traceability : Indirect

c) Financial reporting: Period

Salary of assembly works:-

a) Behaviour: fixed cost (Wages paid to workers for their regular hours are a fixed cost. Any extra time they spend on the job is a variable cost)

b) Traceability : direct

c) Financial reporting: Product

d) direct labour

.

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