Homework Answers
Answer: The correct answer is C i.e. $159,960
Total Product Cost = Indirect Labor +
Direct Labor + Indirect Materials + Direct Materials Used + Factory
utilities + Factory Janitorial Costs + Manufacturing Equipment
Depreciation
Total Product Cost = $38,000 + $45,000 + $7,500 + $62,000 + $760 +
$3,400 + $3,300
Total Product Cost = $159,960
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Advertising Costs $9,700 Indirect Labor 38,000 CEO's Salary 550,000 Direct Labor 45,000 Indirect Materials Used 7,500...
Burnham Industries incurs the following costs for the month: Direct materials $1,900 3,100 3,300 Direct labor...
Burnham Industries incurs the following costs for the month: Direct materials $1,900 3,100 3,300 Direct labor Factory depreciation expense Factory utilities expense CEO's salary 750 3,900 A. What is the prime cost? B. What is the conversion cost?
Allen Company used $71,000 of direct materials and incurred $37,000 of direct labor costs during the...
Allen Company used $71,000 of direct materials and incurred $37,000 of direct labor costs during the current year. Indirect labor amounted to $2,700 while indirect materials used totaled $1,600. Other operating costs pertaining to the factory included utilities of $3,100, maintenance of $4,500, supplies of $1,800, depreciation of $7,900, and property taxes of $2,600. There was no beginning or ending finished goods inventory, but work in process Inventory began the year with a $5,500 balance and ended the year with...
Cepeda Corporation has the following cost records for June 2020. Indirect factory labor Direct materials used...
Cepeda Corporation has the following cost records for June 2020. Indirect factory labor Direct materials used Work in process, 6/1/20 Work in process, 6/30/20 Finished goods, 6/1/20 Finished goods, 6/30/20 $4,750 21,330 3,400 4,540 6,090 8,470 Factory utilities Depreciation, factory equipment Direct labor Maintenance, factory equipment Indirect materials Factory manager's salary $440 1,590 42,300 1,900 2,140 3,360 Prepare a cost of goods manufactured schedule for June 2020. CEPEDA CORPORATION Cost of Goods Manufactured Schedule For the Year Ended June 30,...
Labels Actual factory overhead Depreciation of equipment Direct labor used Direct materials used Factory overhead applied...
Labels
Actual factory overhead
Depreciation of equipment
Direct labor used
Direct materials used
Factory overhead applied
Factory rent
Factory utilities
Indirect labor
Indirect materials
Required information (The following information applies to the questions displayed below. Marcelino Co.'s March 31 inventory of raw materials is $84,000. Raw materials purchases in April are $550,000, and factory payroll cost in April is $382,000. Overhead costs incurred in April are: indirect materials, $58,000; indirect labor, $27,000; factory rent, $39,000; factory utilities, $24,000; and factory...
18) The following information relates to Myer, Inc.: Advertising Costs Sales Salary Sales Revenue President's Salary...
18) The following information relates to Myer, Inc.: Advertising Costs Sales Salary Sales Revenue President's Salary Office Rent Manufacturing Equipment Depreciation Indirect Materials Used Indirect Labor Factory Repair and Maintenance Direct Materials Used Direct Labor Delivery Vehicle Depreciation Administrative Salaries $10,600 10,000 500,000 230,000 60,500 1200 8000 13,000 920 27,500 36,000 1550 22,000 How much were Myer's product costs? A) $604,650 B) $252,000 C) $510,600 D) $86,620
Sales $76,500 Direct materials used Depreciation on factory equipment 7,300 4,700 Indirect labor 5,900 10,500 4,200...
Sales $76,500 Direct materials used Depreciation on factory equipment 7,300 4,700 Indirect labor 5,900 10,500 4,200 1,200 Direct labor Factory rent Factory utilities Sales salaries expense Office salaries expense Indirect materials Product costs are 15,600 8,900 1,200 Oa. $29,200 Ob. $24,500 Oc. $35,000 Od. $30,300
Instructions (a) Identify each of the above costs as direct materials, direct labor, manufactu head, or...
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...
Blue Corporation has the following cost records for June 2017. Indirect factory labor Direct materials used...
Blue Corporation has the following cost records for June 2017. Indirect factory labor Direct materials used Work in process, 6/1/17 Work in process, 6/30/17 Finished goods, 6/1/17 Finished goods, 6/30/17 $5,220 Factory utilities 22,500 Depreciation, factory equipment 3,820 Direct labor 4,360 Maintenance, factory equipment 5,420 Indirect materials 8,300 Factory manager's salary $510 1,720 42,400 1,960 2,430 3,980 Prepare a cost of goods manufactured schedule for June 2017 BLUE CORPORATION Cost of Goods Manufactured Schedule For the Year Ended June 30,...
Production in Units3,000 Production Costs Direct materials Direct labor Utilities Property taxes Indirect labor Supervisory salaries...
Production in Units3,000 Production Costs Direct materials Direct labor Utilities Property taxes Indirect labor Supervisory salaries 1,900 Maintenance Depreciation S 7,500 18,000 2,100 1,000 4,500 1,100 2,400 Instructions (o) Identify the above costs as variable fixed. or mixed (b) Calculate the expected costs when production is 5,000 units.
Allen Company used $71,000 of direct materlals and Incurred $37,000 of direct labor costs during the...
Allen Company used $71,000 of direct materlals and Incurred $37,000 of direct labor costs during the current year. Indirect labor amounted to $2,700, while indirect materials used totaled $1,600. Other operating costs pertaining to the factory included utilities of $3,100, maintenance of $4,500, supplies of $1,800, depreciation of $7,900, and property taxes of $2,600. There was no beginning or ending finished goods inventory, but work in process inventory began the year with a $5,500 balance and ended the year with...
Burnham Industries incurs the following costs for the month: Direct materials $1,900 3,100 3,300 Direct labor Factory depreciation expense Factory utilities expense CEO's salary 750 3,900 A. What is the prime cost? B. What is the conversion cost?
Allen Company used $71,000 of direct materials and incurred $37,000 of direct labor costs during the current year. Indirect labor amounted to $2,700 while indirect materials used totaled $1,600. Other operating costs pertaining to the factory included utilities of $3,100, maintenance of $4,500, supplies of $1,800, depreciation of $7,900, and property taxes of $2,600. There was no beginning or ending finished goods inventory, but work in process Inventory began the year with a $5,500 balance and ended the year with...
Cepeda Corporation has the following cost records for June 2020. Indirect factory labor Direct materials used Work in process, 6/1/20 Work in process, 6/30/20 Finished goods, 6/1/20 Finished goods, 6/30/20 $4,750 21,330 3,400 4,540 6,090 8,470 Factory utilities Depreciation, factory equipment Direct labor Maintenance, factory equipment Indirect materials Factory manager's salary $440 1,590 42,300 1,900 2,140 3,360 Prepare a cost of goods manufactured schedule for June 2020. CEPEDA CORPORATION Cost of Goods Manufactured Schedule For the Year Ended June 30,...
Labels
Actual factory overhead
Depreciation of equipment
Direct labor used
Direct materials used
Factory overhead applied
Factory rent
Factory utilities
Indirect labor
Indirect materials
Required information (The following information applies to the questions displayed below. Marcelino Co.'s March 31 inventory of raw materials is $84,000. Raw materials purchases in April are $550,000, and factory payroll cost in April is $382,000. Overhead costs incurred in April are: indirect materials, $58,000; indirect labor, $27,000; factory rent, $39,000; factory utilities, $24,000; and factory...
18) The following information relates to Myer, Inc.: Advertising Costs Sales Salary Sales Revenue President's Salary Office Rent Manufacturing Equipment Depreciation Indirect Materials Used Indirect Labor Factory Repair and Maintenance Direct Materials Used Direct Labor Delivery Vehicle Depreciation Administrative Salaries $10,600 10,000 500,000 230,000 60,500 1200 8000 13,000 920 27,500 36,000 1550 22,000 How much were Myer's product costs? A) $604,650 B) $252,000 C) $510,600 D) $86,620
Sales $76,500 Direct materials used Depreciation on factory equipment 7,300 4,700 Indirect labor 5,900 10,500 4,200 1,200 Direct labor Factory rent Factory utilities Sales salaries expense Office salaries expense Indirect materials Product costs are 15,600 8,900 1,200 Oa. $29,200 Ob. $24,500 Oc. $35,000 Od. $30,300
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...
Blue Corporation has the following cost records for June 2017. Indirect factory labor Direct materials used Work in process, 6/1/17 Work in process, 6/30/17 Finished goods, 6/1/17 Finished goods, 6/30/17 $5,220 Factory utilities 22,500 Depreciation, factory equipment 3,820 Direct labor 4,360 Maintenance, factory equipment 5,420 Indirect materials 8,300 Factory manager's salary $510 1,720 42,400 1,960 2,430 3,980 Prepare a cost of goods manufactured schedule for June 2017 BLUE CORPORATION Cost of Goods Manufactured Schedule For the Year Ended June 30,...
Production in Units3,000 Production Costs Direct materials Direct labor Utilities Property taxes Indirect labor Supervisory salaries 1,900 Maintenance Depreciation S 7,500 18,000 2,100 1,000 4,500 1,100 2,400 Instructions (o) Identify the above costs as variable fixed. or mixed (b) Calculate the expected costs when production is 5,000 units.
Allen Company used $71,000 of direct materlals and Incurred $37,000 of direct labor costs during the current year. Indirect labor amounted to $2,700, while indirect materials used totaled $1,600. Other operating costs pertaining to the factory included utilities of $3,100, maintenance of $4,500, supplies of $1,800, depreciation of $7,900, and property taxes of $2,600. There was no beginning or ending finished goods inventory, but work in process inventory began the year with a $5,500 balance and ended the year with...
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