Normal Subtitle Problem I 20 points (2 polnts each) The following is a list of c

Question

Normal Subtitle Problem I 20 points (2 polnts each) The following is a list of costs incurred by several business organizations: (a) Telephone cable for a telephone company (b) Subscription to a health club for executives. (c) Salary of the Director of Internal Auditing. (d) Long-distance telephone bill for calls made by salespersons (e) Carrying cases for a manufacturer of video camcorders. () Cotton for a textile manufacturer of blue jeans. (g) (h) Cost of company holiday party D Electricity used to operate factory machinery 0 State unemployment compensation taxes for factory workers. Bandages for the emergency room of a hospital Classify each of the preceding costs as product costs or period costs. For those costs classified as product costs, indicate whether the product cost is a direct materials cost, direct labor cost, or factory overhead cost. For those costs classified as period costs, indicate whether the period cost is a selling expense or an administrative expense. Use the following tabular headings for preparing your answer. Place an X in the appropriate column Product Cost Period Cost Materials Cost Labor Cost Factory Overhead Cost Selling Administrative Expense Expense Cost

Explanation / Answer

a Product Cost - Direct Materials Cost b Period Cost - Administrative Expense c Period Cost - Administrative Expense d Period Cost - Selling Expense e Product Cost - Direct Materials Cost f Product Cost - Direct Materials Cost g Product Cost - Direct Materials Cost h Period Cost - Administrative Expense i Product Cost - Factory Overhead Cost j Product Cost - Factory Overhead Cost

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