sted here are the costs her firm incurred for month ended August Supplies used on consulting contracts $1,600 Supplies used in the administrative offices 1,440 Depreciation on equipment used for contract work 880 Depreciation on administrative office equipment 1,000 Salaries of professionals working on contracts 14,960 Salaries of administrative office personnel 7,360 Janitorial services for professional offices 640 Janitorial services for administrative offices 480
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- Claire Corporation’s trial balance includes the following expenses: Raw materials used in production$5,500Raw materials purchased6,500General manager salary50,000Sales manager salary30,000Direct labor incurred130,000General liability insurance premium3,000Factory rent24,000Office lease18,000Factory utilities12,000Depreciation on factory equipment14,000 Assuming that this list represents all expenses for the year, what amount should Claire report as a period (non-product) expense? Select one: a. $74,000 b. $107,500 c. $83,000 d. $101,000The following information relates to the costs of Carox Limited for November 2021. N$'000 Salaries Factory workers (1) 61 000 Factory management (2) 55 000 Accounting 10 000 Directors 40 000 Depreciation (3) Factory equipment 10 000 Office equipment 2 200 Buildings 3 500 Purchases from creditors Raw material 95 000 Water and electricity (4) Factory 22 000 Storeroom 3 000 Office 4 000 Other Cleaners (office) (fixed rate as per contract) 1 800 Entertainment (amount is spent every year) 600 External audit fees as per contract 1 000 Additional Information: Factory workers are paid based on the hours worked. Factory management is employed as permanent employees who are paid a fixed salary irrespective of the hours worked. All the assets are depreciated on the straight-line method over the useful life of the asset, except…Wolfort Blade Limited, a manufacturing company, produces a single product. The followiing information has been taken from the company's production, sales and cost records for the year ended December 31, 2020. Sales $450,000 Indirect Labor $12,000 Utilities $15,000 Direct Labor $70,000 Depreciation: factory equipment $21,000 Raw Materials Purchased $165,000 Depreciation: sales equipment $18,000 Insurance expired during the year $4,000 Rent on facilities $50,000 Selling and administrative salaries $32,000 Advertising $75,000 Additional information about the Dragan Salt Limited is as follows: a. Some 60% of the utilities costs and 75% of the expired insurance apply to factory operations. The remaining amounts apply to selling and administrative activities. b. Only 80% of the rent on facilities apply to factory operations; the remainder applies to selling and administrative activities. c. Inventories Inventories 1/1/2020 31/12/2020 Raw Materials $8,000…
- The following items were among those that were reported on Cotabato Company’s income statement: Legal and audit fees P2,000,000 Rent for office space 6,000,000 Interest on acceptances payable 1,000,000 Loss on abandoned equipment 500,000 Insurance 200,000 The office space is used equally by the sales and accounting departments. What amount should be classified as general and administrative expenses?The following calendar year-end information is taken from the December 31, 2019, adjusted trial balance and other records of Leone Company. Advertising expense $ 34,300 Direct labor $ 673,300 Depreciation expense—Office equipment 11,500 Income taxes expense 270,100 Depreciation expense—Selling equipment 10,300 Indirect labor 58,800 Depreciation expense—Factory equipment 34,800 Miscellaneous production costs 11,200 Factory supervision 109,600 Office salaries expense 61,000 Factory supplies used 8,900 Raw materials purchases 957,000 Factory utilities 36,000 Rent expense—Office space 24,000 Inventories Rent expense—Selling space 27,400 Raw materials, December 31, 2018 152,900 Rent expense—Factory building 82,600 Raw materials, December 31, 2019 182,000 Maintenance expense—Factory equipment 36,600 Work in process, December 31, 2018 19,400 Sales 4,525,600 Work…The following items were among those that were reported on A Company’s income statement: Legal and audit fees P2,000,000 Rent for office space 6,000,000 Interest on acceptances payable 1,000,000 Loss on abandoned equipment 500,000 Insurance 200,000 The office space is used equally by the sales and accounting departments. What amount should be classified as general and administrative expenses?
- The following calendar year-end information is taken from the December 31, 2019, adjusted trial balance and other records of Leone Company. Advertising expense $ 27,500 Direct labor $ 671,800 Depreciation expense—Office equipment 11,800 Income taxes expense 285,700 Depreciation expense—Selling equipment 10,900 Indirect labor 59,300 Depreciation expense—Factory equipment 33,500 Miscellaneous production costs 11,300 Factory supervision 140,300 Office salaries expense 66,000 Factory supplies used 8,300 Raw materials purchases 965,000 Factory utilities 34,000 Rent expense—Office space 28,000 Inventories Rent expense—Selling space 26,400 Raw materials, December 31, 2018 153,900 Rent expense—Factory building 82,600 Raw materials, December 31, 2019 180,000 Maintenance expense—Factory equipment 39,900 Work in process, December 31, 2018 19,300 Sales 4,626,600 Work…Windsor Corporation incurred the following costs during 2022. Direct materials used in product $120,000 Advertising expense $45,000 Depreciation on factory 60,000 Property taxes on factory 14,200 Property taxes on store 7,500 Delivery expense 20,800 Labor costs of assembly-line workers 110,000 Sales commissions 35,000 Factory supplies used 23,400 Salaries paid to sales clerks 50,000 Work in process inventory was $12,100 at January 1 and $15,400 at December 31. Finished goods inventory was $60,000 at January 1 and $45,500 at December 31. Compute cost of goods manufactured. Cost of goods manufactured $enter the cost of goods manufactured in dollars Compute cost of goods sold. Cost of goods sold $enter the cost of goods sold in dollarsThe following calendar year-end information is taken from the December 31, 2019, adjusted trial balance and other records of Leone Company. Advertising expense $ 28,750 Depreciation expense—Office equipment 7,250 Depreciation expense—Selling equipment 8,600 Depreciation expense—Factory equipment 33,550 Factory supervision 102,600 Factory supplies used (indirect materials) 7,350 Factory utilities 33,000 Direct labor 675,480 Indirect labor 56,875 Miscellaneous production costs 8,425 Office salaries expense 63,000 Raw materials purchases (direct) 925,000 Rent expense—Office space 22,000 Rent expense—Selling space 26,100 Rent expense—Factory building 76,800 Maintenance expense—Factory equipment 35,400 Sales 4,462,500 Sales salaries expense 392,560 Required:Classify each of the costs as either a product or period cost. Then, classify each of the product costs as either…
- The following calendar year-end information is taken from the December 31, 2019, adjusted trial balance and other records of Leone Company. Advertising expense $ 28,750 Depreciation expense—Office equipment . 7,250 Depreciation expense—Selling equipment 8,600 Depreciation expense—Factory equipment . 33,550 Factory supervision 102,600 Factory supplies used (indirect materials) 7,350 Factory utilities . 33,000 Direct labor 675,480 Indirect labor . 56,875 Miscellaneous production costs $ 8,425 Office salaries expense 63,000 Raw materials purchases (direct materials) 925,000 Rent expense—Office space 22,000 Rent expense—Selling space . 26,100 Rent expense—Factory building 76,800 Maintenance expense—Factory equipment 35,400 Sales . 4,462,500 Sales salaries expense . 392,560 Required 1. Classify each cost as either a product or period cost. 2. Classify each product cost as either direct materials, direct labor, or factory overhead. 3. Classify each period cost as either selling expenses or…Black Mink Manufacturing Company has the following account balances at year end: Office Supplies- P4,000; Raw materials- P27,000; Work in process- P59,000; Finished goods- P72,000; Prepaid insurance- P6,000. What amount should Black Mink report as inventories in its balance sheet?Edward ltd comprises of 3 production departments and 2 service departments. The following information is provided for Edward Ltd for 2019. Supervisor's Salary $ Machining 300,000 Assembly 200,000 Finishing 250,000 Canteen 120,000 Maintenance 150,000 $ Factory Rent 300,000 Heat & Light 200,000 General Repairs 60,000 Machine Depreciation 80,000 Machine Insurance 90,000 Business Rates 75,000 Machining Assembly Finishing Canteen Maintenance Floor Space occupied (m2) 400 200 200 150 50 Value of machinery ($'000) 300 400 200 50 50 The service department work for other departments as follows Machining Assembly Finishing Canteen Maintenance Service carried out by canteen Canteen 30% 30% 40% Maintenance 25% 50% 25% Using the overhead analysis sheet for 2019, determine the overhead allocated and apportioned to each of the five departments. Calculate the total overheads included in the…