CLO #6: Develop a Preliminary (conceptual) Cost Estimate for a Commercial Building Which of the following is NOT shown in the recap sheet? A. Bonds B. Job overhead C. Advanced payment D. Direct costs
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- Complete this question by entering your answers in the tabs below. Required A Required B Required C Identify each cost as being a direct or indirect cost assuming the cost object is Ludmilla Construction Company as a whole. Items Wages of workers assigned to a specific construction project Supplies used by the Commercial Construction Division Labor on a particular house Salary of the supervisor of commercial construction projects Supplies, such as glue and nails, used by the Home Construction Division Cost of building permits Materials used in commercial construction projects Depreciation on home building equipment (small tools such as hammers or saws) Company president's salary Depreciation on crane used in commercial construction Depreciation on home office building Salary of corporate office managerInsurance expense incurred on a factory building would be treated as a a.period cost b.selling cost c.direct cost d.product costComplete this question by entering your answers in the tabs below. Required A Required B Required C Identify each cost as being a direct or indirect cost, assuming the cost objects are the two divisions. Items + Wages of workers assigned to a specific construction project Supplies used by the Commercial Construction Division Labor on a particular house Salary of the supervisor of commercial construction projects Supplies, such as glue and nails, used by the Home Construction Division Cost of building permits Materials used in commercial construction projects Depreciation on home building equipment (small tools such as hammers or saws) Company president's salary Depreciation on crane used in commercial construction Depreciation on home office building Salary of corporate office manager
- Complete this question by entering your answers in the tabs below. Required A Required B Required C Identify each cost as being a direct or indirect cost assuming the cost objects are the individual products (houses or projects). Items Wages of workers assigned to a specific construction project Supplies used by the Commercial Construction Division Labor on a particular house Salary of the supervisor of commercial construction projects Supplies, such as glue and nails, used by the Home Construction Division Cost of building permits Materials used in commercial construction projects Depreciation on home building equipment (small tools such as hammers or saws) Company president's salary Depreciation on crane used in commercial construction Depreciation on home office building Salary of corporate office managerConcepts and Terminology From the choices presented in parentheses, choose the appropriate term for completing each of the following sentences: Appr Sentence comp a. An example of factory overhead is (electricity used to run assembly line, CEO salary). b. Direct materials costs combined with direct labor costs are called (prime, conversion) costs. c. Long-term plans are called (strategic, operational) plans. d. Materials for use in production are called (supplies, materials inventory). e. The phase of the management process that uses process information to eliminate the source of problems in a process so that the process delivers the correct product in the correct quantities is called (directing, improving). f. The plant manager's salary would be considered (direct, indirect) to the product. g. The salaries of salespeople are normally considered a (period, product) cost. Previous NextClassify each of the following as either one-time or recurring costs: a. training personnel b. initial programming and testing c. systems design d. hardware costs e. software maintenance costsf. site preparation g. rent for facilities h. data conversion from old system to new system i. insurance costs j. installation of original equipment k. hardware upgrades
- Sheridan Enterprises Ltd. has entered into a contract beginning in February 2023 to build two warehouses for Splish Structures Ltd. The contract is a non-cancellable fixed-price contract for $10 million. The following data pertain to the construction period (all figures in thousands). 2023 $3,820 4,675 1,235 Costs for the year Estimated costs to complete Progress billings for the year (non-refundable) 3,460 Cash collected for the year 3,130 2024 2025 4,675 1.165 4,170 0. 2,570 4,220 2,850 The construction industry has experienced significant expansion, making construction materials and labour more costly than originally estimated. Sheridan finds it extremely difficult to estimate the costs to complete construction and therefore difficult to estimate the percentage complete. It must account for the construction project using the zero-profit method.1. State whether each of the below is Capital Expenditure or Revenue Expenditure.a. Purchase of new delivery vehicleb. Payment of an invoice for advertisingc. Costs of clearing the site ready for an extension to the factory buildingd. Signwriting on the outside of the new delivery vehiclese. Redecoration of the officef. Payment of delivery driver’s wagesg. Fuel for delivery vehiclesh. Fitting of shelving in delivery vehicleWhich one of the following accounts is an asset similar to work-in-process inventory? Group of answer choices Construction in Progress Cost of Construction Billings in Excess of Cost Revenue from Long-Term Contracts
- The topic is about standerd cost in cost accounting cost: Is it possible to measure the delivery of a service (e.g. a mortgage application) against a set standard? Justify with an example how delivery of service can be measured.1. Cost: Salary of marketing manager Decision: Project discontinuance: manager to be transferred elsewhere in the firm Relevant or Irrelevant? 2. Cost: Home theater installation Decision: Purchase of a new home Relevant or Irrelevant? 3. Cost: Unavoidable fixed overhead Decision: Plant closure Relevant or Irrelevant?All of the following costs would be included when calculating equipment cost, except: Select one: a. Installation costs on new equipment. b. Insurance during transit on new equipment. c. Sales taxes paid on new delivery truck. O d. Motor vehicle licenses cost on delivery trucks.