Homework Answers
Answer -
| a. | Total prime costs | $2806000 |
| b. | Total manufacturing overhead costs | $537000 |
| c. | Total conversion costs | $1143000 |
| d. | Total product costs | $3343000 |
| e. | Total period costs | $278000 |
Calculation:
a. Total prime costs:
= Direct materials + Direct labor: wages + Direct labor: fringe benefits
= $2200000 + $520000 + $86000
= $2806000
b. Total manufacturing overhead costs:
= Depreciation on factory building + Indirect labor: wages + Production supervisor’s salary + Service department costs + Indirect labor: fringe benefits + Fringe benefits to production supervisor + Total overtime premium paid + Cost of idle time: production employees
= $116000 + $141000 + $46000 + $100000 + $30000 + $9000 + $55000 + $40000
= $537000
c. Total conversion costs:
= Direct labor: wages + Direct labor: fringe benefits + Total manufacturing overhead costs
= $520000 + $86000 + $537000
= $1143000
d. Total production costs:
= Total prime costs + Total manufacturing overhead costs
= $2806000 + $537000
= $3343000
e. Total period costs:
= Advertising expense + Administrative costs + Rental of office space for sales personnel + Sales commission + Product promotional costs
= $98000 + $150000 + $15000 + $5000 + $10000
= $278000
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Required information (The following information applies to the questions displayed below.) The following cost data for...
Required information [The following information applies to the questions displayed below.] The following cost data for...
Required information
[The following information applies to the questions
displayed below.]
The following cost data for the year just ended pertain to
Sentiments, Inc., a greeting card manufacturer:
Direct material
$
2,300,000
Advertising
expense
99,000
Depreciation on
factory building
115,000
Direct labor:
wages
540,000
Cost of finished
goods inventory at year-end
115,000
Indirect labor:
wages
142,000
Production
supervisor’s salary
46,000
Service
department costs*
100,000
Direct labor:
fringe benefits
97,000
Indirect labor:
fringe benefits
30,000
Fringe benefits
for production supervisor
10,000...
Problem 2-42 Cost Terminology (LO 2-2, 2-5, 2-10) [The following information applies to the questions displayed...
Problem 2-42 Cost Terminology (LO 2-2, 2-5, 2-10)
[The following information applies to the questions
displayed below.]
The following cost data for the year just ended pertain to
Sentiments, Inc., a greeting card manufacturer:
Direct material
$
2,200,000
Advertising expense
98,000
Depreciation on factory building
115,000
Direct labor: wages
550,000
Cost of finished goods inventory at year-end
115,000
Indirect labor: wages
142,000
Production supervisor’s salary
47,000
Service department costs*
100,000
Direct labor: fringe benefits
117,000
Indirect labor: fringe benefits
30,000...
Problem 2-42 Cost Terminology (LO 2-2, 2-5, 2-10) [The following information applies to the questions displayed...
Problem 2-42 Cost Terminology (LO 2-2, 2-5, 2-10)
[The following information applies to the questions
displayed below.]
The following cost data for the year just ended pertain to
Sentiments, Inc., a greeting card manufacturer:
Direct material
$
2,200,000
Advertising expense
98,000
Depreciation on factory building
115,000
Direct labor: wages
550,000
Cost of finished goods inventory at year-end
115,000
Indirect labor: wages
142,000
Production supervisor’s salary
47,000
Service department costs*
100,000
Direct labor: fringe benefits
117,000
Indirect labor: fringe benefits
30,000...
The following cost data for the year just ended pertain to Sentiments, Inc., a greeting card manufacturer: Di...
The following cost
data for the year just ended pertain to Sentiments, Inc., a
greeting card manufacturer:Direct material$2,300,000Advertising
expense99,000Depreciation on
factory building116,000Direct labor:
wages470,000Cost of finished
goods inventory at year-end115,000Indirect labor:
wages141,000Production
supervisor’s salary45,000Service
department costs*100,000Direct labor:
fringe benefits114,000Indirect labor:
fringe benefits30,000Fringe benefits
for production supervisor10,000Total overtime
premiums paid55,000Cost of idle
time: production employees§40,000Administrative
costs150,000Rental of office
space for sales personnel†15,000Sales
commissions5,000Product
promotion costs10,000*All services are
provided to manufacturing departments.§Cost of idle time is
an overhead item; it is not...
The following cost data for the year just ended pertain to Sentiments, Inc., a greeting card...
The following cost data for the year just ended pertain to Sentiments, Inc., a greeting card manufacturer: Direct material $ 2,300,000 Advertising expense 97,000 Depreciation on factory building 115,000 Direct labor: wages 470,000 Cost of finished goods inventory at year-end 115,000 Indirect labor: wages 141,000 Production supervisor’s salary 46,000 Service department costs* 100,000 Direct labor: fringe benefits 105,000 Indirect labor: fringe benefits 32,000 Fringe benefits for production supervisor 10,000 Total overtime premiums paid 55,000 Cost of idle time: production employees§...
I continue to get $309,000 for period costs but that isn't correct. the only cost i...
I
continue to get $309,000 for period costs but that isn't correct.
the only cost i know that us right is the total prime cost.
The following cost data for the year just ended pertain to Sentiments, Inc., a greeting card manufacturer: Direct material Advertising expense Depreciation on factory building Direct labor: wages Cost of finished goods inventory at year-end Indirect labor! wages Production supervisor's salary Service department costs Direct labor: fringe benefits Indirect labor: fringe benefits Fringe benefits for...
2 Direct material Advertising expense Depreciation on factory building Direct labor: wages Cost of finished goods...
2 Direct material Advertising expense Depreciation on factory building Direct labor: wages Cost of finished goods inventory at year-en Indirect labor: wages Production supervisor's sala Service department costs Direct labor: fringe benefits Indirect labor: fringe benefits Fringe benefits for production supervisor Total overtime premiums paid Cost of idle time: production Administrative costs $2,300,800 97,060 116,000 515,000 115,000 2.5 points 42 47,800 100,a00 95,900 31,000 9,000 55,000 40,000 50,000 15,000 5,000 10,000 ees Rental of office space for sales personnel Sales...
The following costs were incurred by Greetings R Us, a firm manufacturing greetings cards for the...
The following costs were incurred by Greetings R Us, a firm manufacturing greetings cards for the last year: Service Department costs (All of the services are provided to manufacturing function) Fringe benefits to Direct laborers in manufacturing function Fringe benefits to Indirect laborers in manufacturing function Fringe benefits for production supervisors Total overtime premiums paid Cost of idle time: Production employees Administrative costs Rental of office space for sales personnel Sales commissions Product promotion costs Direct material Advertising expenses Depreciation...
Required information [The following information applies to the questions displayed below.] The following data refer to...
Required information [The following information applies to the questions displayed below.] The following data refer to Twisto Pretzel Company for the year 20x1. Work-in-process inventory, 12/31/x0 Selling and administrative salaries Insurance on factory and equipment Work-in-process inventory, 12/31/xl Finished-goods inventory, 12/31/x0 Cash balance, 12/31/x1 Indirect material used Depreciation on factory equipment Raw-material inventory, 12/31/x0 Property taxes on factory Finished-goods inventory, 12/31/x1 Purchases of raw material in 20x1 Utilities for factory Utilities for sales and administrative offices Other selling and administrative...
Required information [The following information applies to the questions displayed below.] The following data refer to...
Required information [The following information applies to the questions displayed below.] The following data refer to Twisto Pretzel Company for the year 20x1. Work-in-process inventory, 12/31/x0 Selling and administrative salaries Insurance on factory and equipment Work-in-process inventory, 12/31/xl Finished-goods inventory, 12/31/x0 Cash balance, 12/31/xl Indirect material used Depreciation on factory equipment Raw-material inventory, 12/31/x0 Property taxes on factory Finished-goods inventory, 12/31/x1 Purchases of raw material in 20x1 Utilities for factory Utilities for sales and administrative offices Other selling and administrative...
Required information
[The following information applies to the questions
displayed below.]
The following cost data for the year just ended pertain to
Sentiments, Inc., a greeting card manufacturer:
Direct material
$
2,300,000
Advertising
expense
99,000
Depreciation on
factory building
115,000
Direct labor:
wages
540,000
Cost of finished
goods inventory at year-end
115,000
Indirect labor:
wages
142,000
Production
supervisor’s salary
46,000
Service
department costs*
100,000
Direct labor:
fringe benefits
97,000
Indirect labor:
fringe benefits
30,000
Fringe benefits
for production supervisor
10,000...
Problem 2-42 Cost Terminology (LO 2-2, 2-5, 2-10)
[The following information applies to the questions
displayed below.]
The following cost data for the year just ended pertain to
Sentiments, Inc., a greeting card manufacturer:
Direct material
$
2,200,000
Advertising expense
98,000
Depreciation on factory building
115,000
Direct labor: wages
550,000
Cost of finished goods inventory at year-end
115,000
Indirect labor: wages
142,000
Production supervisor’s salary
47,000
Service department costs*
100,000
Direct labor: fringe benefits
117,000
Indirect labor: fringe benefits
30,000...
Problem 2-42 Cost Terminology (LO 2-2, 2-5, 2-10)
[The following information applies to the questions
displayed below.]
The following cost data for the year just ended pertain to
Sentiments, Inc., a greeting card manufacturer:
Direct material
$
2,200,000
Advertising expense
98,000
Depreciation on factory building
115,000
Direct labor: wages
550,000
Cost of finished goods inventory at year-end
115,000
Indirect labor: wages
142,000
Production supervisor’s salary
47,000
Service department costs*
100,000
Direct labor: fringe benefits
117,000
Indirect labor: fringe benefits
30,000...
The following cost
data for the year just ended pertain to Sentiments, Inc., a
greeting card manufacturer:Direct material$2,300,000Advertising
expense99,000Depreciation on
factory building116,000Direct labor:
wages470,000Cost of finished
goods inventory at year-end115,000Indirect labor:
wages141,000Production
supervisor’s salary45,000Service
department costs*100,000Direct labor:
fringe benefits114,000Indirect labor:
fringe benefits30,000Fringe benefits
for production supervisor10,000Total overtime
premiums paid55,000Cost of idle
time: production employees§40,000Administrative
costs150,000Rental of office
space for sales personnel†15,000Sales
commissions5,000Product
promotion costs10,000*All services are
provided to manufacturing departments.§Cost of idle time is
an overhead item; it is not...
I
continue to get $309,000 for period costs but that isn't correct.
the only cost i know that us right is the total prime cost.
The following cost data for the year just ended pertain to Sentiments, Inc., a greeting card manufacturer: Direct material Advertising expense Depreciation on factory building Direct labor: wages Cost of finished goods inventory at year-end Indirect labor! wages Production supervisor's salary Service department costs Direct labor: fringe benefits Indirect labor: fringe benefits Fringe benefits for...
2 Direct material Advertising expense Depreciation on factory building Direct labor: wages Cost of finished goods inventory at year-en Indirect labor: wages Production supervisor's sala Service department costs Direct labor: fringe benefits Indirect labor: fringe benefits Fringe benefits for production supervisor Total overtime premiums paid Cost of idle time: production Administrative costs $2,300,800 97,060 116,000 515,000 115,000 2.5 points 42 47,800 100,a00 95,900 31,000 9,000 55,000 40,000 50,000 15,000 5,000 10,000 ees Rental of office space for sales personnel Sales...
The following costs were incurred by Greetings R Us, a firm manufacturing greetings cards for the last year: Service Department costs (All of the services are provided to manufacturing function) Fringe benefits to Direct laborers in manufacturing function Fringe benefits to Indirect laborers in manufacturing function Fringe benefits for production supervisors Total overtime premiums paid Cost of idle time: Production employees Administrative costs Rental of office space for sales personnel Sales commissions Product promotion costs Direct material Advertising expenses Depreciation...
Required information [The following information applies to the questions displayed below.] The following data refer to Twisto Pretzel Company for the year 20x1. Work-in-process inventory, 12/31/x0 Selling and administrative salaries Insurance on factory and equipment Work-in-process inventory, 12/31/xl Finished-goods inventory, 12/31/x0 Cash balance, 12/31/x1 Indirect material used Depreciation on factory equipment Raw-material inventory, 12/31/x0 Property taxes on factory Finished-goods inventory, 12/31/x1 Purchases of raw material in 20x1 Utilities for factory Utilities for sales and administrative offices Other selling and administrative...
Required information [The following information applies to the questions displayed below.] The following data refer to Twisto Pretzel Company for the year 20x1. Work-in-process inventory, 12/31/x0 Selling and administrative salaries Insurance on factory and equipment Work-in-process inventory, 12/31/xl Finished-goods inventory, 12/31/x0 Cash balance, 12/31/xl Indirect material used Depreciation on factory equipment Raw-material inventory, 12/31/x0 Property taxes on factory Finished-goods inventory, 12/31/x1 Purchases of raw material in 20x1 Utilities for factory Utilities for sales and administrative offices Other selling and administrative...
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