Loring Company incurred the following costs last year:
Costs |
Amounts |
Direct materials | $210,000 |
Factory rent | 20,000 |
Direct labor | 123,000 |
Factory utilities | 6,400 |
Supervision in the factory | 54,000 |
Indirect labor in the factory | 34,000 |
Depreciation on factory equipment | 6,000 |
Sales commissions | 26,000 |
Sales salaries | 66,000 |
Advertising | 34,000 |
Depreciation on the headquarters building | 9,600 |
Salary of the corporate receptionist | 35,000 |
Other administrative costs | 186,000 |
Salary of the factory receptionist | 24,000 |
Required: | |
1. | Classify each of the costs using the table provided. Be sure to total the amounts in each column. |
2. | What was the total product cost for last year? |
3. | What was the total period cost for last year? |
4. | If 30,000 units were produced last year, what was the unit product cost? |
Cost Classification
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 |
1 |
Costs |
Product Cost: Direct Materials |
Product Cost: Direct Labor |
Product Cost: Manufacturing Overhead |
Period Cost: Selling Expense |
Period Cost: Administrative Expense |
2 |
Direct materials |
$210,000.00 |
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3 |
Factory rent |
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4 |
Direct labor |
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5 |
Factory utilities |
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6 |
Supervision in the factory |
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7 |
Indirect labor in the factory |
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8 |
Depreciation on factory equipment |
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9 |
Sales commissions |
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10 |
Sales salaries |
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11 |
Advertising |
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12 |
Depreciation on the headquarters building |
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13 |
Salary of the corporate receptionist |
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14 |
Other administrative costs |
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15 |
Salary of the factory receptionist |
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16 |
Total |
Product Costs
2. What was the total product cost for last year?
The total product cost is .
3. What was the total period cost for last year?
The total period cost is .
4. If 30,000 units were produced last year, what was the unit product cost? Round your answer to two decimal places.
The total unit product cost is .
Loring Company incurred the following costs last year: Costs Amounts Direct materials $210,000 Factory rent 20,000...
Cost Classification Loring Company incurred the following costs last year: Costs Amounts Direct materials $211,000 Factory rent 21,000 Direct labor 120,000 Factory utilities 6,300 Supervision in the factory 55,000 Indirect labor in the factory 38,000 Depreciation on factory equipment 8,500 Sales commissions 33,000 Sales salaries 72,000 Advertising 35,000 Depreciation on the headquarters building 10,200 Salary of the corporate receptionist 27,000 Other administrative costs 183,000 Salary of the factory receptionist 29,000 Required: 1. Classify each of the costs using the table...
Inections Loring Company incurred the following costs Last year Costs Amounts Direct materials $212.000 Factory rent 22.000 Direct Labor 122.000 8.900 Factory sites Supervision in the factory Indirect labor in the factory Depreciation on factory equipment Sales commissions Sales salaries 55,000 28,000 6,000 20,000 85,000 34.000 10.800 25.000 168.000 27.000 Advertising Depreciation on the headquarters building Salary of the corporate receptionist Other administrative costs Salary of the factory receptionist Required 1. Classify each of the costs using the table provided...
OBJECTIVE2 Exercise 2-31 Cost Classification Loring Company incurred the following costs last year: Sua Direct materials Factory rent Direct labor Factory utilities Supervision in the factory Indirect labor in the factory Depreciation on factory equipment Sales commissions Sales salaries Advertising Depreciation on the headquarters building Salary of the corporate receptionist Other administrative costs Salary of the factory receptionist S216,000 24,000 120,000 6,300 50,000 30,000 9,000 27,000 65,000 37,000 10,000 30,000 175,000 28,000 (Continued) Required: 1. Classify each of the costs...
ns Devices Window Help S D Thu 5:10 PM a Windows 10 geria 12W CengageNow2Ondir + a ndo er igensionLocator Sinprogressie ow. com e nt Cost Classification Instructions Cost Classification Product costs Cost Classification provided Be sure to the amounts in each an amount bow does not regre v e Direct ma is 1. Classily each of the conting the shown as an example Loring Company Score: 5127 Product Cost: Direct Materials Product Cost: Direct Labor Product Cat Manufacturing Overhead...
Wachowski Company reported the following cost data for the year 2017. Factory maintenance costs $90,000 Direct labor, wages 351,000 Direct labor, health insurance 31,000 Indirect labor, health insurance 16,000 Health insurance for production supervisor 6,500 Administrative costs 55,000 Rental of office space for administrative staff 17,500 Sales commissions 52,500 Direct material 1,240,000 Indirect materials 633,000 Advertising expense 39,000 Depreciation on factory building 63,000 Indirect labor, wages 80,000 Production supervisor's salary 31,000 Use the above cost data to complete the table...
The following table includes costs incurred by Bridgeport Manufacturing. Required: For each of the following costs: 1. classify the each cost item as either product or period costs, and 2. identify whether the costs should be categorized as direct materials (DM), direct labor (DL), manufacturing overhead (MOH), selling (S), or general & administrative (GA). BRIDGEPORT MANUFACTURING COSTS Requirement (1) Requirement (2) Direct materials (DM), Direct labor (DL), Manufacturing Product or Period Overhead (MOH). costs Selling (S), or General & Administrative...
A partial listing of costs incurred at Taz Corporation during March appears below: Direct materials $ 171,000 Utilities, factory $ 10,000 Sales commissions $ 69,000 Factory supervisor salary $32,000 Administrative salaries $ 99,000 Indirect materials $ 32,000 Advertising $ 85,000 Depreciation of production equipment $ 28,000 Direct labor $ 124,000 Depreciation of administrative equipment $ 49,000 Required: What is the total amount of period cost listed above?
A partial listing of costs incurred at tops Corporation during March appears below: Direct materials $ 171,000 Utilities, factory $ 10,000 Sales commissions $ 69,000 Factory supervisor salary $32,000 Administrative salaries $ 99,000 Indirect materials $ 32,000 Advertising $ 85,000 Depreciation of production equipment $ 28,000 Direct labor $ 124,000 Depreciation of administrative equipment $ 49,000 Required: What is the total amount of product cost listed above?
Wachowski Company reported the following cost data for the year 2017. Factory maintenance costs $90,000 Direct labor, wages 353,000 Direct labor, health insurance 33,000 Indirect labor, health insurance 16,000 Health insurance for production supervisor Administrative costs Rental of office space for administrative staff Sales commissions Direct material 6,500 54,000 18,500 53,000 1,240,000 632,000 39,000 62,000 70,000 32,000 Indirect materials Advertising expense Depreciation on factory building Indirect labor, wages Production supervisor's salary Use the above cost data to complete the table...
A list of costs incurred at Wonderful Corporation during August appears below: Direct materials Utilities, factory Administrative salaries Depreciation of a finished product warehouse Sales commissions Depreciation of production equipment Depreciation of administrative equipment Direct labor Advertising $ $ $ $ $ $ $ $ $ 113,000 5,000 81,000 25,000 48,000 20,000 30,000 129,000 135,000 The total of the product costs listed above for Augustis: Multiple Choice $267.000 $322 $292,000 $242,000