MO | a.property taxes on factory land |
DM | b.rubber used in manufacturing |
DL | c. welder's wages |
DM | d. sandpaper used in production |
MO | e. Factory supervisor's salaries |
MO | f. Depreciation on factory machines |
MO | G. factory electric |
DM | h.carpeting for the recreational vehicles |
MO | i. tissue paper for the factory worker's washrooms |
MO | j. Insurance on factory equipment |
Problem 2 (10 points: 5 points each question) A. Describe the main difference between direct materials...
Problem 2 (10 points: 5 points each question) A. Describe the main difference between direct materials and indirect materials that are used in any given production process. (5 points) Solution The main difference is measurability. For most products, measuring materials used is important because it can be translated into a per unit measurement. This assists management in keeping track of the main amount of materials that are used in manufacturing the products themselves. Should any discrepancies occur in these measurements,...
Instructions (a) Identify each of the above costs as direct materials, direct labor, manufactu head, or period costs. (b) Explain the basic difference in accounting for product costs and period costs. ect labor, manufacturing over- $69,100 46,400 E14.4 Knight Company reports the following costs and expenses in May. Factory utilities $ 15,500 Direct labor Depreciation on factory Sales salaries equipment 12,650 Property taxes on factory Depreciation on delivery trucks 3,800 building Indirect factory labor 48,900 Repairs to office equipment Indirect...
Problem 2 Comprehensive Problem Consider the following information: 1.Jan-20 31-Dec-20 Inventories: Direct Materials Work in Process Finished Goods $11,000 13,000 9,500 $8,000 12,000 6,500 Cost Incurred: Direct materials purchases $56,000 44,000 Direct Labor Factory Rent Factory Utilities Indirect Materials Indirect Labor Selling Expenses Administrative Expenses 24,000 3,000 6,000 9,000 10,000 7,000 Prepare the following: A. Schedule of direct materials used 3 points B. Compute the manufacturing overhead incurred during the period. 4 points C. Prepare a schedule of Cost of...
Problem Question Chapter 2-6 Points The following data is available for a manufacturing company: Indirect materials used: Indirect labor wages: Factory utilities: Rent for administration building: Lease payments for manufacturing facilities: Factory supervisor salary: Sales manager salary: Office supplies: $5,000 $36,000 $1,500 $3,500 $10,500 $10,000 $20,000 $500 What is the total amount of manufacturing overhead for the period? PLEASE SHOW ALL CALCULATIONS TO RECEIVE FULL CREDIT Problem Question Chapter 3-10 Points Homestead Company anticipates that they will Incur the following...
Problems Problem I (10 Points) Classify the following costs for an auto manufacturers either direct materials, direct labor manufacturing overhead, or period costs Direct Direct Manufacturi Materials Lahor Overhead Steel tein tomobiles Assembly department employee wages c. Unility costs used in executive bilding d. Travel Costs of sales personnel e. Cost of shipping goods to customers Property taxes on assembly plan sa Glass in automobiles h. Factory maintenance supplies Depreciation on assembly plant Plant manager's salary RCEO's salary 1. Depreciation...
1. How much is the total costs of Direct materials? 2. How much is the total direct labor costs? 3. How much is the total factory overhead costs ( indirect material + Indirect labor + indirect other expenses)? 4. How much is the total amount of prime costs? 5. How much is the total conversion costs? 6. How much is the total manufacturing costs? 7. How much is the cost of goods manufactured? 8. How much is the total amount...
PROBLEM 1 vs 2 NAME: 12000 Direct materials 7000 Direct labor 18000 Rent on factory building 12000 Sales salaries 11000 Depreciation on factory equipment Indirect labor 8000 Production supervisor's salary Utility cost of running the factory 8000 Plus $2 per unit produced Repairs on the delivery trucks 500 Plus $.25 per unit sold If 12,000 units were produced and sold, what is the total MOH for the month? List the costs you use here to derive the total: 4000 PROBLEM...
1. How much is the total costs of Direct materials? 2. How much is the total direct labor costs? 3. How much is the total factory overhead costs ( indirect material + Indirect labor + indirect other expenses) ? 4. How much is the total amount of prime costs? 5. How much is the total conversion costs? 6. How much is the total manufacturing costs? 7 How much is the cost of goods manufactured? 8. How much is the total...
Question 41 (4 points) To calculate the direct materials usage variance, you should do which of the following? 1) Compare the actual quantity used with the direct material that should be used for the actual output. 2) Subtract the budgeted price from the actual price and multiply by the budgeted quantity of materials. 3) Compare the actual amount spent on direct materials with the direct materials shown on the master budget 4) Compare the standard price with the actual price...
Problem 2 - Product Cost Flow Indirect Method) #24 - 27 (12 points total, 3 points each) Use the information from North Star Manufacturing Co's 2018 accounting records to answer the questions below. Mark your answer for these questions on the bubble sheet. Show calculations to support your answers in order to earn full credit. Raw materials inventory, January 1, 2018 $ 40.000 Raw materials inventory. December 31, 2018 20,000 Work in process, January 1, 2015 12.000 Work in process,...