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Variable/semi-fixed expenses. Supervisor’s salary, factory. Now, the critical point is, the total costs would always be the same, whether we calculate by the first formula or by second formula. Direct Labor. If The Hourly Wage Rate Actually Paid During January Is Higher Than The Standard Rate, The Result Is: A.) This preview shows page 11 - 19 out of 32 pages.. If you must have a minimum number … B. Salary of the factory supervisor 4. Fixed costs include the rent or mortgage payments you pay for your factory and office building, the property taxes and utilities expenses. Problem Listed below are product costs for production of footballs. Rent, factory and building depreciation, property insurance and indirect labor salaries are fixed costs. Fixed Period/Administrtive 13. The amount is fixed. FLOUNDER INC.COMPARATIVE BA... A: A cash flow statement is a statement that shows all the inflows and outflows of the cash & cash ... Q: Which of the following statements is true with regard to the gross profit ratio? B. Total costs mean all and every kind of expenses which a company may incur. Is the production manager's salary is an example of variable cost? Your sales volume determines the ebb and flow of these expenses. c. a semi-variable cost. plant, and factory supervisor salaries are examples of (variable costs, fixed costs or mixed costs) ..... 4. c. Wood used in furniture production. Mixed Costs. Advertising costs. If you had no sales revenue, you’d have no variable expenses and your semifixed expenses would be lower. X 7. Classify each cost as either variable (V) or fixed (F) 1. Nix Company had the following balances in its general ledger before the entries for requirement (... A: If a business has employees, it has to record for payroll. Become a Study.com member to unlock this a. If a) above is overhead cost is to be apportioned.It is not varying proportionately. If the factory manager is a salaried employee that means he gets paid a fixed agreed amount every check regardless of hours worked. b. The budget committee gathered the foll... A: Budgeting:-Budget is the future estimated plan on which the company's management works. Indirect costs affect the entire company, not just one product. Utilities to operate sales offices 5. The salary of the factory supervisor is a good example of: Total fixed costs remain constant over the relevant range of volume, but unit fixed costs vary indirectly with volume. Depreciation is a fixed cost, because it recurs in the same amount per period throughout the useful life of an asset.Depreciation cannot be considered a variable cost, since it does not vary with activity volume.However, there is an exception. Depreciation on chairs and tables in the factory lunchroom. 1. Fixed factory costs do not change based on how many products you manufacture. Solution for or each cost, identify it as: Variable or Fixed - A. Semi-variable costs consist of both fixed and variable costs. C.) A Standard Cost. Indirect Cost of Production . Commissions are a semi-variable labor costs. d. Salaries for factory custodial staff. 3.Apples processed and canned by Del Monte. Cost accountants can account for indirect labor costs through allocation or through activity-based costing. In economics, production costs involve a number of costs that include both fixed and variable costs. At 1 hour, the total is $15.00, at 40 hours $600. Machinery depreciation (straight-line) 3. X . Three examples of fixed manufacturing overhead costs include 1) depreciation of the manufacturing equipment, 2) the property tax on the factory building, and 3) the salaries of the factory supervisors. Heat, water, and power consumed in the factory. The total fixed cost remains the same. D.) Fixed Manufacturing Costs. Taken together, fixed and variable costs are the total cost of keeping your business running and making sales. Examples: property taxes, salaries, insurance and depreciation. However, the product's indirect manufacturing costs are likely a combination of fixed costs and variable costs. If so, it is a fixed cost. The answer should be the same and not different. Sales commissions. I need to classify each item first, as either variable or fixed with respect to the number of units produced and sold; and second, as either a selling and administrative cost or a product cost. If The Hourly Wage Rate Actually Paid During January Is Higher Than The Standard Rate, The Result Is: A.) Factory supervisor salary If a business employs a usage-based depreciation methodology, then depreciation will be incurred in a pattern that is more consistent with a variable cost. For example, in a manufacturing company, one supervisor is required at a salary of Rs 10,000 p.m. for every 50 workers. Best answer. Supervisor’s salary, factory. B. Are they paid the same salary when they are sick and off work? A Supervisor's Salary Is An Example Of: A.) His wage would be a variable cost. Bad debt expense ………. So, a full-time salaried manager earning $40,000 per year is still required to manage and is contractually entitled to receive his $40,000 salary, regardless of how many widgets you're manufacturing. X 7. D.) Fixed Manufacturing Costs. So, there are two ways of calculating total costs. Fixed Costs. Salaries are classified as fixed costs when they do not vary with the number of hours a person works, or with the output rolling off your production line. Variable costs increase and and decrease directly in proportion to the number of products manufactured. Step costs are also known as step-fixed costs or step-variable costs. If two supervisors can manage 20 workers and another 5 workers are recruited, then a third supervisor is to be recruited who will be able to manage further 5 workers. Materials used for boxing products for shipment overseas. If it is still $1,000, the same, their salary is fixed. Fixed costs are much less controllable than variable costs. Choose the statement that is incorrect. Fringe benefits, assembly-line workers. The average Factory Supervisor salary is $49,235 as of October 28, 2020, but the salary range typically falls between $43,474 and $56,010.Salary ranges can vary widely depending on many important factors, including education, certifications, additional skills, the number of years you have spent in your profession. Classification of variable and fixed costs Classify each of the following as a variable or fixed cost with respect to a unit of production:. 10. How much does a Factory Supervisor make? (If the item is a product cost, it should also be classified as either direct or indirect.) 1. d) Salaries for the factory custodial staff is fixed cost as salary has to be paid even if there is no production - it is fixed cost. Utilities to operate sales offices 5. X 6. Taken together, fixed and variable costs are the total cost of keeping your business running and making sales. Payroll is the aggregate expenditure on w... Q: Hunter Co. is a calendar-year retailer. 11. Generally speaking, COGS will always have a fixed and variable component. All Variable costs + All Fixed Costs = Total Costs. Median response time is 34 minutes and may be longer for new subjects. 9. A cost that doesn’t change in a short term, irrespective of how the volume of production or the sales may change is the fixed cost. The salary of a supervisor typically would not be variable, unless there were other things involved, such as bonus pay. Q: Butsoy Corporation manufactures two products - Ayko and Ayza. answer! Because the production manager's salary remains the same, regardless of the production level, this salary is a fixed cost, not a variable cost. Factory supervisor’s salary          -           A. the salary of the factory supervisor is a good example of a ___ cost. This will be more common since most managerial level positions are salaried. Applying the breakeven formula. A Favorable Labor Rate Variance. Although it is a direct cost, it does not discount the fact that it is a fixed... Our experts can answer your tough homework and study questions. B.       per-minute usage fees          -           A. Variable Cost, Semi-Variable and Fixed Cost Fixed Cost. Package is sold at $4 per p... Q: Record the adjusting entry for Bad Debt Expense under the following independent scenarios (assume ne... A: Solution 1. Sciences, Culinary Arts and Personal Are they paid overtime when working over 40 hours? Wood used for making tables 2. Variable Product/Direct material 11. On which the company 's management works fixed with respect to the number of items made, is variable so... Inventory is to be reported after making adjustments can help you analyze input and.. 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