Chapter 16: 11RQ (page 885)
What are the three manufacturing costs for a manufacturing company? Describe each.
The three manufacturing costs are direct material, direct labor, and manufacturing overhead.
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Match the definition to the key term.
13. Triple bottom line
14. Value chain
15. Just-in-time management
16. Enterprise resource planning
17. Total quality management
a. A cost management system in which a company produces products just in time to satisfy needs.
b. A philosophy designed to integrate all organizational areas in order to provide customers with superior products and services, while meeting organizational goals throughout the value chain.
c. Software system that can integrate all of a company’s functions, departments, and data into a single system.
d. Evaluating a company’s performance by its economic (profits), social (people), and environmental (planet) impact.
e. Includes all activities that add value to a company’s products and services
Identifying product costs and period costs Classify each cost of a paper manufacturer as either a product cost or a period cost:
i. Life insurance on the CEO.
How does a manufacturing company calculate unit product cost?
Identify each cost as a period cost or a product cost. If it is a product cost, further indicate if the cost is direct materials, direct labor, or manufacturing overhead. Then determine if the product cost is a prime cost and/or a conversion cost.
11.Salary of the sales manager
ABC Cleaning Company cleaned 45 offices and incurred costs of $2,340. What was the cost to clean each office?
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