Homework Answers
| Ans. 1 | Particulars | Amount | |
| Direct material | $1,900 | ||
| Direct labor | $3,100 | ||
| Total prime cost | $5,000 | ||
| *Prime cost is equal to the sum of direct materials and direct labor costs. | |||
| Ans. 2 | Particulars | Amount | |
| Direct labor | $3,100 | ||
| Factory depreciation expense | $3,300 | ||
| Factory utilities expense | $750 | ||
| Total conversion cost | $7,150 | ||
| *Conversion cost is equal to the sum of direct labor and factory overhead costs. | |||
| *CEO's salary is neither a direct labor nor a factory overhead cost. | |||
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Burnham Industries incurs the following costs for the month: Direct materials $1,900 3,100 3,300 Direct labor...
Advertising Costs $9,700 Indirect Labor 38,000 CEO's Salary 550,000 Direct Labor 45,000 Indirect Materials Used 7,500...
Advertising Costs $9,700 Indirect Labor 38,000 CEO's Salary 550,000 Direct Labor 45,000 Indirect Materials Used 7,500 Direct Materials Used 62,000 Factory Utilities 760 Factory Janitorial Costs 3,400 Manufacturing Equipment Depreciation 3,300 Delivery Vehicle Depreciation 3,500 Administrative Wages and Salaries 21,000 Calculate Moreau Manufacturing's total product costs. O A. $152,500 B. $584,200 OC. $159,960 OD. $107,000
Blockett Company makes automobile sunshades and incurs the costs listed in the table below. Required For...
Blockett Company makes automobile sunshades and incurs the costs listed in the table below. Required For each of the following costs, choose "Yes" to indicate if the cost is a period or category of product cost and whether it is a prime cost, conversion cost, or both. (Select 'No' in the inappropriate cells.) PRODUCT COSTS PeriodDirect Direct Manufacturing Prime Conversion Cost Materials Labor Overhead Cost Cost Company president's salary Factory rent Cost of reflective material Wages of material cutter Wages...
Equivalent Units of Production: Transferred In 3,300 Direct Materials 3,100 Conversion Costs 1,860 Costs: Total Added...
Equivalent Units of Production: Transferred In 3,300 Direct Materials 3,100 Conversion Costs 1,860 Costs: Total Added this Month 18,500 $ Transferred In Es Beginning WIP 7,900 $ 3,050 2,275 Direct Materials 3,150 14,000 26,400 6,200 16,275 Conversion Costs 13,225 $ 35,650 $ 48,875 Total Transferred Direct Conversion Total Costs COSTS In Materials Costs Costs to account for: Total costs to account for Total costs to account for Cost per equivalent unit
Seth's Skateboard Company incurs the costs listed in the table below Required For each of the...
Seth's Skateboard Company incurs the costs listed in the table below Required For each of the following costs, choose "Yes" to indicate the category of product cost and whether it is a prime cost, conversion cost, or both. (Select 'No' in the inappropriate cells.) PRODUCT COSTS Direct Materials DirectManufacturing Perio Overhead Prime Cost Conversion Cost Labor Cost Production supervisor salary Cost of fiberglass Wages of assembly person Sales commission Cost of high-grade wheels Screws Factory rent Wages of skateboard painter...
Yates Manufacturing Company incurs the following manufacturing costs and expenses during the month of May. 1....
Yates Manufacturing Company incurs the following manufacturing costs and expenses during the month of May. 1. Assembly line wages 2. Raw materials used directly in product 3. Depreciation on office equipment 4. Property taxes on factory building 5. Rent on factory building 6. Sales commissions 7. Depreciation on factory equipment 8. Factory utilities 9. Wages for factory maintenance workers 10. Advertising 11. Indirect materials used in production 12. Factory manager's salary Complete the following matrix by placing an X mark...
Exercise 1-4 Knight Company reports the following costs and expenses in May. $16,400 Direct labor $74,000...
Exercise 1-4 Knight Company reports the following costs and expenses in May. $16,400 Direct labor $74,000 Factory utilities Depreciation on factory equipment 14,350 Sales salaries 47,700 Depreciation on delivery trucks 3,100 Indirect factory labor Indirect materials Direct materials used Factory manager's salary 3,900 Property taxes on factory building 50,600 Repairs to office equipment 83,500 Factory repairs 140,700 Advertising 8,100 Office supplies used 2,100 3,030 15,700 3,720 From the information: Determine the total amount of manufacturing overhead. Manufacturing overhead Determine the...
20. Costs other than direct materials cost and direct labor cost incurred in the manufacturing process...
20. Costs other than direct materials cost and direct labor cost incurred in the manufacturing process are classified as a. factory overhead cost b. miscellaneous expense c. product costs d. period cost 21. Which of the following is an example of a factory overhead cost? a. repair and maintenance cost on the administrative building b. factory heating and lighting cost e. insurance premiums on salespersons' automobiles d. president's salary 22. Prime costs are a direct materials and factory overhead b....
Do It! Exercise 15A-1 During the current month, Wacholz Company incurs the following manufacturing costs. (a)...
Do It! Exercise 15A-1 During the current month, Wacholz Company incurs the following manufacturing costs. (a) (b) (c) Purchased raw materials of $18,000 on account. Incurred factory labor of $40,000. Factory utilities of $3,100 are payable, prepaid factory property taxes of $2,700 have expired, and depreciation on the factory building is $9,500. Record the company's manufacturing costs in its job order costing system. Manufacturing Costs Raw Materials Inventory Factory Labor Manufacturing Overhead Purchased raw materials $ $ Incurred factory labor...
Cost Classification Loring Company incurred the following costs last year: Costs Amounts Direct materials $211,000 Factory...
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...
1. Ford Manufacturing Company incurs the following manufacturing costs and expenses during the month of May....
1. Ford Manufacturing Company incurs the following manufacturing costs and expenses during the month of May. (12 pts) 1. Assembly line wages 2. Raw materials used directly in product 3. Depreciation on office equipment 4. Property taxes on factory building 5. Rent on factory building 6. Sales commissions 7. Depreciation on factory equipment 8. Factory utilities 9. Wages for factory maintenance workers 10. Advertising 11. Indirect materials used in production 12. ...
Advertising Costs $9,700 Indirect Labor 38,000 CEO's Salary 550,000 Direct Labor 45,000 Indirect Materials Used 7,500 Direct Materials Used 62,000 Factory Utilities 760 Factory Janitorial Costs 3,400 Manufacturing Equipment Depreciation 3,300 Delivery Vehicle Depreciation 3,500 Administrative Wages and Salaries 21,000 Calculate Moreau Manufacturing's total product costs. O A. $152,500 B. $584,200 OC. $159,960 OD. $107,000
Blockett Company makes automobile sunshades and incurs the costs listed in the table below. Required For each of the following costs, choose "Yes" to indicate if the cost is a period or category of product cost and whether it is a prime cost, conversion cost, or both. (Select 'No' in the inappropriate cells.) PRODUCT COSTS PeriodDirect Direct Manufacturing Prime Conversion Cost Materials Labor Overhead Cost Cost Company president's salary Factory rent Cost of reflective material Wages of material cutter Wages...
Equivalent Units of Production: Transferred In 3,300 Direct Materials 3,100 Conversion Costs 1,860 Costs: Total Added this Month 18,500 $ Transferred In Es Beginning WIP 7,900 $ 3,050 2,275 Direct Materials 3,150 14,000 26,400 6,200 16,275 Conversion Costs 13,225 $ 35,650 $ 48,875 Total Transferred Direct Conversion Total Costs COSTS In Materials Costs Costs to account for: Total costs to account for Total costs to account for Cost per equivalent unit
Seth's Skateboard Company incurs the costs listed in the table below Required For each of the following costs, choose "Yes" to indicate the category of product cost and whether it is a prime cost, conversion cost, or both. (Select 'No' in the inappropriate cells.) PRODUCT COSTS Direct Materials DirectManufacturing Perio Overhead Prime Cost Conversion Cost Labor Cost Production supervisor salary Cost of fiberglass Wages of assembly person Sales commission Cost of high-grade wheels Screws Factory rent Wages of skateboard painter...
Yates Manufacturing Company incurs the following manufacturing costs and expenses during the month of May. 1. Assembly line wages 2. Raw materials used directly in product 3. Depreciation on office equipment 4. Property taxes on factory building 5. Rent on factory building 6. Sales commissions 7. Depreciation on factory equipment 8. Factory utilities 9. Wages for factory maintenance workers 10. Advertising 11. Indirect materials used in production 12. Factory manager's salary Complete the following matrix by placing an X mark...
Exercise 1-4 Knight Company reports the following costs and expenses in May. $16,400 Direct labor $74,000 Factory utilities Depreciation on factory equipment 14,350 Sales salaries 47,700 Depreciation on delivery trucks 3,100 Indirect factory labor Indirect materials Direct materials used Factory manager's salary 3,900 Property taxes on factory building 50,600 Repairs to office equipment 83,500 Factory repairs 140,700 Advertising 8,100 Office supplies used 2,100 3,030 15,700 3,720 From the information: Determine the total amount of manufacturing overhead. Manufacturing overhead Determine the...
20. Costs other than direct materials cost and direct labor cost incurred in the manufacturing process are classified as a. factory overhead cost b. miscellaneous expense c. product costs d. period cost 21. Which of the following is an example of a factory overhead cost? a. repair and maintenance cost on the administrative building b. factory heating and lighting cost e. insurance premiums on salespersons' automobiles d. president's salary 22. Prime costs are a direct materials and factory overhead b....
Do It! Exercise 15A-1 During the current month, Wacholz Company incurs the following manufacturing costs. (a) (b) (c) Purchased raw materials of $18,000 on account. Incurred factory labor of $40,000. Factory utilities of $3,100 are payable, prepaid factory property taxes of $2,700 have expired, and depreciation on the factory building is $9,500. Record the company's manufacturing costs in its job order costing system. Manufacturing Costs Raw Materials Inventory Factory Labor Manufacturing Overhead Purchased raw materials $ $ Incurred factory labor...
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