Part 2: Explain the following managerial accounting terms and provide a real-life example for each accounting term: administrative expenses...

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Question

Accounting

Part 2:
Explain the following managerial accounting terms and provide areal-life example for each
accounting term:
administrative expenses and selling expenses
. Explain why each accounting term is
either classified as a product cost or period cost.
?
Part 3:
Explain the following inventory account and provide a real-lifeexample from three (3) different
manufacturing companies:
raw materials inventory
.
?
Part 4:
Explain the following inventory account and provide a real-lifeexample from three (3) different
manufacturing companies:
work-in-process inventory
.
?
Part 5:
Explain the following inventory account and provide a real-lifeexample from three (3) different
manufacturing companies:
finished goods inventory
.
?
Part 6:
Explain what financial statement
inventory costs
are capitalized to and why. Explain when
inventory costs are incurred as an expense. What account is usedto classify inventory costs as an
expense?

Answer & Explanation Solved by verified expert

4.3 Ratings (868 Votes)

As per policy only one question is allowed to answer at a time so answer 3 questions of all here Part 2 Administrative expenses are expenses which are incurred to organize and operate the companys functions These cost are almost of fixed nature For example the salary See Answer

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Part 2:Explain the following managerial accounting terms and provide areal-life example for eachaccounting term:administrative expenses and selling expenses. Explain why each accounting term iseither classified as a product cost or period cost.?Part 3:Explain the following inventory account and provide a real-lifeexample from three (3) differentmanufacturing companies:raw materials inventory.?Part 4:Explain the following inventory account and provide a real-lifeexample from three (3) differentmanufacturing companies:work-in-process inventory.?Part 5:Explain the following inventory account and provide a real-lifeexample from three (3) differentmanufacturing companies:finished goods inventory.?Part 6:Explain what financial statementinventory costsare capitalized to and why. Explain wheninventory costs are incurred as an expense. What account is usedto classify inventory costs as anexpense?