Asheville Office Equipment, Inc. manufactures custom filing cabinets. Alma Ortiz, president of Asheville Office Equipment, Inc.,...
Asheville Office Equipment, Inc. manufactures custom filing
cabinets. Alma Ortiz, president of Asheville Office Equipment,
Inc., has gathered the following cost information from the
company’s accounting records for the latest month of
operations.
| Advertising | $15,000 | ||
| Fire insurance premium for the factory equipment | 5,000 | ||
| Sales office depreciation | 2,000 | ||
| Oil for the machines used to produce the cabinets | 1,500 | ||
| Wood used to produce the cabinets | 30,000 | ||
| Property taxes on the factory building | 8,000 | ||
| Freight to ship the cabinets to customers | 2,500 | ||
| Sales department salaries | 34,000 | ||
| Production supervisors’ salaries | 18,000 | ||
| Assembly line workers’ wages | 45,000 |
a) Calculate total period costs
b) Calculate total product costs
c) Calculate manufacturing overhead incurred
Homework Answers
a.
Total Period cost = Advertising + Sales office depreciation + Freight to ship the cabinets to customers + Sales department salaries
= 15,000 + 2,000 + 2,500 + 34,000
= $53,500
b.
Total product cost = Fire insurance premium for the factory equipment + Oil for the machines used to produce the cabinets + Wood used to produce the cabinets + Property taxes on the factory building + Production supervisors’ salaries + Assembly line workers’ wages
= 5,000 + 1,500 + 30,000 + 8,000 + 18,000 + 45,000
= $107,500
c.
Manufacturing overhead = Fire insurance premium for the factory equipment + Oil for the machines used to produce the cabinets + Property taxes on the factory building + Production supervisors’ salaries
= 5,000 + 1,500 + 8,000 + 30,000
= $44,500
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Asheville Office Equipment, Inc. manufactures custom filing
cabinets. Alma Ortiz, president of Asheville Office Equipment,
Inc.,...
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