E1-13 (Static) Classifying and Calculating Cost [LO 1-4] Noteworthy, Inc., produces and sells small electronic keyboards....

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E1-13 (Static) Classifying and Calculating Cost [LO 1-4] Noteworthy, Inc., produces and sells small electronic keyboards. Ass 1. Total product cost 2. Prime cost 3. Manufacturing overhead 4. Direct labor cost 5. Conversion cost 6. Total variable cost

business accounting

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Answer 1

Answer #1

Answer:

Computation of Total Product Cost
Direct material
Speakers used in keyboard	1,100

Direct labor
Wages of persons who instal speakers	3,000
Wages of persons who attach legs to keyboard	1,950
Total direct labor cost	4,950

Manufacturing overhead
Depreciation on factory equipment	800
Production supervisors salary	2,800
Glue and screws used in keyboard	370
Utilities for the factory	1,200
Total manufacturing overhead	5,170

Total product cost for the company	11,220




Computation of Prime Cost

Direct material cost	1,100
Direct labor cost	4,950
Prime cost	6,050

Computation of Conversion Cost
Direct labor cost	4,950
Manufacturing overhead cost	5,170
Conversion cost	10,120

Computation of Total Variable Cost
Direct material	1,100
Direct labor	4,950
Glue and screws used in keyboard	370
Utilities for the factory	1,200
Total variable cost	7,620

Computation of Total Fixed Cost
Depreciation on factory equipment	800
Production supervisor salary	2,800
Depreciation on CEO's company car	100
Cost to run ad on local radio station	600
Personnel manager's salary	2,500
Total fixed cost	6,800

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