Question 1: Product and period costs a) In a manufacturing firm, product costs include: all variable costs all non-manufacturing costs all manufacturing costs all GAAP costs all fixed costs Correct: Your answer is correct. period costs include: all variable costs all non-manufacturing costs all fixed costs all non-GAAP costs all manufacturing costs Correct: Your answer is correct. b) Classify the following items as product or period costs: Rent for the factory building product period Correct: Your answer is correct. Rent for the sales office product period Correct: Your answer is correct. Depreciation on production equipment product period Correct: Your answer is correct. Depreciation on sales office equipment product period Correct: Your answer is correct. Production supervisor's salary product period Correct: Your answer is correct. Marketing manager's salary product period Correct: Your answer is correct. Assembly workers' wages product period Correct: Your answer is correct. Materials used in production product period Correct: Your answer is correct. Office supplies used in the customer service department product period Correct: Your answer is correct.

Sweeten company had no jobs in progress at the beginning of march and no beginning inventories. the company has two manufacturing departments--molding and fabrication. it started, completed, and sold only two jobs during march—job p and job q. the following additional information is available for the company as a whole and for jobs p and q (all data and questions relate to the month of march): molding fabrication total estimated total machine-hours used 2,500 1,500 4,000 estimated total fixed manufacturing overhead $ 10,000 $ 15,000 $ 25,000 estimated variable manufacturing overhead per machine-hour $ 1.40 $ 2.20 job p job q direct materials $ 13,000 $ 8,000 direct labor cost $ 21,000 $ 7,500 actual machine-hours used: molding 1,700 800 fabrication 600 900 total 2,300 1,700 sweeten company had no underapplied or overapplied manufacturing overhead costs during the month. required: for questions 1-8, assume that sweeten company uses a plantwide predetermined overhead rate with machine-hours as the allocation base. for questions 9-15, assume that the company uses departmental predetermined overhead rates with machine-hours as the allocation base in both departments. 1. what was the company’s plantwide predetermined overhead rate? (round your answer to 2 decimal places.) next

Which of the following statements about cash basis accounting is true? a. it is more complicated than accrual basis accounting. b. the irs allows all types of corporations to use it. c. it follows gaap standards. d. it ensures the company always knows how much cash flow it has.

Kyle and alyssa paid $1,000 and $4,000 in qualifying expenses for their two daughters jane and jill, respectively, to attend the university of california. jane is a sophomore and jill is a freshman. kyle and alyssa's agi is $135,000 and they file a joint return. what is their allowable american opportunity tax credit after the credit phase-out based on agi is taken into account?