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ACC 201 week 2 assignment 13 – 22 Identifying product and
period cost
Indicate whether each of the
following costs is a product cost or a period (selling and administrative)
cost.
Advertising expense.Insurance on vans used to deliver goods to customers.Salaries of sales supervisors.Monthly maintenance expense for a copier.Good purchased for resale.Cleaning supplies for the office.Freight on goods purchased for resale.Salary of the marketing director.Freight on goods sold to customer with terms FOB destination.Utilities expense incurred for office building.3 25 Comprehensive cycle problem:
perpetual system
At the beginning of 2012, the
jeater company had that following balances in its accounts:

Cash $ 4,300
Inventory 9,000
Common stock 10,000
Retained earnings 3,300

Purchased inventory that cost $2,200 on account from
Blue Company under terms 1/10, n/30. The merchandise was delivered FOB shipping point. Freight costs of $110 were
paid in cash.Returned $200 of the inventory that it had purchase because the inventory
was damaged in transit. The freight company agreed to pay the return
freight cost.Paid the amount due on its account payable to Blue
Company within the cash discount period.Sold inventory that had cost $3,000 for $5,500 on
account, under terms 2/10, n/45.Received merchandise returned from a customer. The
merchandise originally cost $400 and was sold to the customer for $710
cash during the previous accounting period. The customer was paid $710
cash for the returned merchandise.Delivered goods FOB
destination in Event 4. Freight costs of $60 were paid in cash.Collected the amount due on the account receivable
within the discount period.Took a physical count indicating that $7,970 of
inventory was on hand at the end of the accounting period.
Required
Identify these events as asset source (AS), asset use
(AU), asset exchange (AE), or claims exchange (CE).Record each event in a statement model3 – 22 Identifying product and
period costIndicate whether each of the
following costs is a product cost or a period (selling and administrative)
cost.3 25 Comprehensive cycle problem:
perpetual systemAt the beginning of 2012, the
jeater company had that following balances in its accounts:Cash $ 4,300Inventory 9,000Common stock 10,000Retained earnings 3,300Required

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