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Chapter 16: Q16-5SE-c (page 886)
Identifying product costs and period costs Classify each cost of a paper manufacturer as either a product cost or a period cost:
c. Cost of electricity at the paper mill
The cost of electricity at the paper mill will come under the product cost.
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How do manufacturing companies differ from merchandising companies?
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
Describe a merchandising company, and give an example.
Explain the differences between planning, directing, and controlling.
Computing cost of goods sold, manufacturing company
Use the following information to calculate the cost of goods sold for The Ellis Company for the month of June:
Finished Goods Inventory:
Beginning Balance $ 30,000
Ending Balance 10,000
Cost of Goods Manufactured 165,000
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