Homework Answers
ANSWER : PRODUCT COST PER UNIT = $ 24
Calculation:
Direct material = $ 13328
Direct labor = $ 20222
Factory overhead = $ 12410
Total units produced = $ 1915
Product cost per unit =(direct material +direct labor+factory overhead )/Total units produced
= (13328+20222+12410)/1915
= 45960/1915
= $ 24
ANSWER:
b. DIRECT LABOR AND DIRECT COST ARE PRODUCT COST AND EXPENSED WHEN INCURRED
Explanation
Direct materials and direct labor are incurred at the time of production process and it constitute cost of production or the product cost.
Period cost is not directly related with production process.It is the indirect expenses incurred while selling and marketing the product.So direct material and labor will not relate to period cost.
Direct material and direct labor are incurred at the time of production and not when the goods are sold.
So we can say option a, c and d are not correct and option b is correct.
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Actual factory overhead
Depreciation of equipment
Direct labor used
Direct materials used
Factory overhead applied
Factory rent
Factory utilities
Indirect labor
Indirect materials
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Labels
Actual factory overhead
Depreciation of equipment
Direct labor used
Direct materials used
Factory overhead applied
Factory rent
Factory utilities
Indirect labor
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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...
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