Larkspur Company reports the following costs and expenses in May. Factory utilities $16,000 Direct labor $72,080 Depreciation on factory equipment 13,120 Sales salaries 47,920 Depreciation on delivery trucks 4,240 Property taxes on factory building 2,600 Indirect factory labor 51,120 Repairs to office equipment 1,400 Indirect materials 83,840 Factory repairs 2,080 Direct materials used 143,680 Advertising 15,600 Factory manager’s salary 8,800 Office supplies used 2,710 From the information:
Larkspur Company reports the following costs and expenses in May. Factory utilities $16,000 Direct labor $72,080 Depreciation on factory equipment 13,120 Sales salaries 47,920 Depreciation on delivery trucks 4,240 Property taxes on factory building 2,600 Indirect factory labor 51,120 Repairs to office equipment 1,400 Indirect materials 83,840 Factory repairs 2,080 Direct materials used 143,680 Advertising 15,600 Factory manager’s salary 8,800 Office supplies used 2,710 From the information:
Chapter2: Building Blocks Of Managerial Accounting
Section: Chapter Questions
Problem 6Q: Explain the difference between a period cost and a product cost.
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Question
Larkspur Company reports the following costs and expenses in May.
Factory utilities
|
$16,000 |
Direct labor
|
$72,080 | |||
---|---|---|---|---|---|---|
|
13,120 |
Sales salaries
|
47,920 | |||
Depreciation on delivery trucks
|
4,240 |
Property taxes on factory building
|
2,600 | |||
Indirect factory labor
|
51,120 |
Repairs to office equipment
|
1,400 | |||
Indirect materials
|
83,840 |
Factory repairs
|
2,080 | |||
Direct materials used
|
143,680 |
Advertising
|
15,600 | |||
Factory manager’s salary
|
8,800 |
Office supplies used
|
2,710 |
From the information:
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