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Period costs for a manufacturing company would flow directly to:

a. The balance sheet, as inventory.

b. Cost of goods sold on the income statement.

c. Factory overhead.

d. The income statement as an expense.

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Joshua Stredder
Joshua StredderLv10
2 Feb 2021
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Related questions

Costs that flow directly to the income statement as expenses are called:

a. Period costs.

b. Product costs.

c. General costs.

d. Balance sheet costs.

e. Capitalized costs.

Where would the Goods in Process Inventory account appear on a set of financial statements?

plant asset section on the balance sheet

cost of goods sold section on the balance sheet

operating expense section on the income statement

current asset section on the balance sheet

Which of the following best describes how you would determine the cost to make a product?

actual materials + actual direct labor + applied factory overhead

actual materials + actual direct labor + actual factory overhead

estimated materials + estimated direct labor + applied overhead

actual materials + actual direct labor

Assume you work for a job cost manufacturer. Where would you look to find the overhead cost allocated to one particular job?

a. labor time record c. materials requisition

b. job cost sheet d. schedule of costs of goods manufactured

Yolo Windows, a manufacturer of windows for commercial buildings, reports the following account information for last year (all costs are in thousands of dollars):

Information on January 1 (Beginning):
Direct materials inventory $ 89
Work-in-process inventory 118
Finished goods inventory 1,610
Information for the year:
Administrative costs $ 3,630
Direct labor 12,200
Direct materials purchases 8,220
Factory and machine depreciation 11,730
Factory supervision 747
Factory utilities 947
Indirect factory labor 2,940
Indirect materials and supplies 678
Marketing costs 1,510
Property taxes on factory 277
Sales revenue 45,500
Information on December 31 (Ending):
Direct materials inventory $ 99
Work-in-process inventory 140
Finished goods inventory 1,430

Required:

Prepare an income statement with a supporting cost of goods sold statement. (Enter your answers in thousands of dollars (i.e., 234,000 should be entered as 234).)

YOLO WINDOWS
Income Statement
For the Year Ended December 31
($000)
? ?
? ?
? ?
? ?
? ?
? ?
Total marketing and administration cost
? ?
YOLO WINDOWS
Statements of Cost of Good Sold
For the Year Ended December 31
($000)
? ?
Manufacturing cost:
Direct Material: ?
? ?
? ?
? ?
? ?
? ?
? ?
Manufacturing overhead:
? ?
? ?
? ?
? ?
? ?
? ?
? ?
? ?
Total Manufacturing overhead 0
Total manufacturing costs ?
Total cost of work in process during the year ?
? ?
Cost of goods manufactured during the year ?
? ?
? ?
? ?
cost of goods sold ?

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