based on the attached numbers calculate the following - please show me the calculations of how you got What is the total amount of product cost listed above? Show your work. What is the total amount of period cost listed above? Show your work Direct Materials$195,000Utilities, Factory$9,000Sales Commission$75,000Administrative Salaries$113,000Indirect Labor$30,000Advertising$119,000Depreciation of Production Equipment$28,000Direct Labor$105,000Depreciation of Administrative Equipment$44,000

Product costs are those costs which are incurred in the process of production for creation of a…

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Business

Accounting

total amount of product cost listed above? Show your work. What is the total amount of period cost listed above?

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 7MC: What is the cost of direct labor f the conversion costs are $330.000 and manufacturing overhead is...

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What is the cost of direct labor f the conversion costs are $330.000 and manufacturing overhead is $275,000? $55,000 $275,000 $330,000 $605,000
Costs Incurred: Direct Labor $70,000 Purchases of raw materials $118,000 Indirect labor for factory $30,000 Maintenance, factory equipment $6,000 Advertising expense $90,000 Insurance, factory equipment $800 Sales Department salaries $50,000 Rent for factory facilities $20,000 Misc. manufacturing supplies $4,200 Depreciation, administrative office equipment $3,000 Depreciation, factory equipment $19,000 Income Taxes $40,000 Sales $500,000 Beginning End of Inventories: of Year Year Raw Materials $7,000 $15,000 Work in Process $10,000 $5,000 Finished Goods $20,000 $35,000 Compute Cost of Goods Manufactured and Cost of Goods Sold. Prepare an income statement.
Raw materials purchases $250,000 Direct labor 140,000 Depreciation on factory equipment 45,000 Depreciation on factory building 30,000 Depreciation on headquarters building 45,000 Factory insurance 15,000 Property taxes: Factory 20,000 Headquarters 18,000 Utilities for factory 34,000 Utilities for sales office 2,400 Administrative salaries 150,000 Indirect labor salaries 153,000 Sales office salaries 90,000 Beginning balance, raw materials 121,000 Beginning balance, work in process 124,000 Beginning balance, finished goods 84,000 Ending balance, raw materials 102,000 Ending balance, work in process 130,000 Ending balance, finished goods 79,000 Last year, Brody completed 100,000 units. Sales revenue equaled $1,200,000, and Brody paid a sales commission of 5 percent of sales. Required: 4. Prepare a cost of goods manufactured statement for last year. Calculate the unit product cost. If required, round your answer to the…
Raw materials purchases $250,000 Direct labor 140,000 Depreciation on factory equipment 45,000 Depreciation on factory building 30,000 Depreciation on headquarters building 45,000 Factory insurance 15,000 Property taxes: Factory 20,000 Headquarters 18,000 Utilities for factory 34,000 Utilities for sales office 2,400 Administrative salaries 150,000 Indirect labor salaries 153,000 Sales office salaries 90,000 Beginning balance, raw materials 121,000 Beginning balance, work in process 124,000 Beginning balance, finished goods 84,000 Ending balance, raw materials 102,000 Ending balance, work in process 130,000 Ending balance, finished goods 79,000 Last year, Brody completed 100,000 units. Sales revenue equaled $1,200,000, and Brody paid a sales commission of 5 percent of sales. Required: 1. Calculate the direct materials used in production for last year. 2. Calculate total prime cost. 3. Calculate total conversion cost. 4. Prepare…
1. Raw materials used to produce $100,000 (all direct materials).2. Salaries costs incurred on account: direct labour $200,000 (40,000 hours); indirect labour $60,000; selling and administrative $130,000.3. Utilities cost incurred for the factory $40,000 on credit.4. Advertising cost incurred for the year $50,000 on credit.5. Depreciation recorded for the year $30,000, of which 60% related to the factory and 40% related to selling and administrative activities.6. Other factory overhead costs incurred for the year $40,000 on account.7. Prepaid rent of $50,000 expired during the year; all of this is related to the factory.8. The company applied overhead on the basis of direct labour-hours at $6.50 per hour.9. The cost of goods manufactured for the year was $600,000.10. Goods that cost $600,000 according to the job cost sheets were sold on account, cost is two-third of the sales. a) Prepare journal entries for the company. Write your entries with the numbers 1-10. b) Is overhead…
1. Raw materials used to produce $100,000 (all direct materials).2. Salaries costs incurred on account: direct labour $200,000 (40,000 hours); indirect labour $60,000; selling and administrative $130,000.3. Utilities cost incurred for the factory $40,000 on credit.4. Advertising cost incurred for the year $50,000 on credit.5. Depreciation recorded for the year $30,000, of which 60% related to the factory and 40% related to selling and administrative activities.6. Other factory overhead costs incurred for the year $40,000 on account.7. Prepaid rent of $50,000 expired during the year; all of this is related to the factory.8. The company applied overhead on the basis of direct labour-hours at $6.50 per hour.9. The cost of goods manufactured for the year was $600,000.10. Goods that cost $600,000 according to the job cost sheets were sold on account, cost is two-third of the sales. a) Prepare journal entries for the company. Write your entries with the numbers 1-10. b) Is overhead…
Direct Materials $195,000 Utilities, Factory $9,000 Sales Commission $75,000 Administrative Salaries $113,000 Indirect Labor $30,000 Advertising $119,000 Depreciation of Production Equipment $28,000 Direct Labor $105,000 Depreciation of Administrative Equipment $44,000 What is the total amount of product cost listed above? Show your work. What is the total amount of period cost listed above? Show your work.
Cost incurred: Direct labor cost Rs. 70,000 Purchases of raw materials 165,000 Manufacturing overhead 85,000 Selling & administrative expenses 142,000 Sales 450,000 Beginning of End of the Year the year Inventories: Raw materials Rs. 8,000 13,000 Work in process 16,000 21,000 Finished goods 40,000 60,000 Prepare a schedule of cost of goods manufactured. Prepare the cost of goods sold section and Income statement of Fast company for the year 2019.
Tom Corporation Tom Corporation incurred the following costs while manufacturing its product. Materials used in production P120,000 Advertising expense P45,000 Depreciation on plant 60,000 Property taxes on plant 19,000 Property taxes on store 7,500 Delivery expense 21,000 Labor costs of assembly-line workers 110,000 Sales commissions 35,000 Factory supplies used 25,000 Salaries paid to sales clerks 50,000 Work-in-process inventory was P10,000 at January 1 and P14,000 at December 31. Finished goods inventory was P60,500 at January 1 and P50,600 at December 31. Note: Assume all materials were direct. Requirement: Using the given information, compute for: Cost of goods manufactured Cost of goods sold
Purchases = $80,000, custodial services = $10,000, indirect material = $60,000, direct labor = $50,000, and factory lunchroom = $80,000. Custodial services are 25% administrative. Compute total manufacturing overhead.
Raw materials purchased = 197,000 Issued Direct Material = 187,000Indirect Material = 19,000 Direct Labor = 121,000Indirect Labor = 29,000 OH Rate = 150% Actual OH = 183,000 What was the amount of applied overhead (Over or Under)
Cost Classification Loring Company incurred the following costs last year: Costs Amounts Direct materials $216,000 Factory rent 24,000 Direct labor 120,000 Factory utilities 6,300 Supervision in the factory 50,000 Indirect labor in the factory 30,000 Depreciation on factory equipment 9,000 Sales commissions 27,000 Sales salaries 65,000 Advertising 37,000 Depreciation on the headquarters building 10,000 Salary of the corporate receptionist 30,000 Other administrative costs 175,000 Salary of the factory receptionist 28,000 Required: Question Content Area 1. Classify each of the costs using the table provided. Be sure to total the amounts in each column. If an amount box does not require an entry, leave it blank. Direct materials is shown as an example. Loring Company Costs Product Cost:Direct Materials Product Cost:Direct Labor Product Cost:Manufacturing Overhead Period Cost:Selling Expense Period Cost:Administrative Expense Direct materials…