Factory rentCompany advertisingWages paid to sewing personnelDepreciation on salespersons' vehiclesThreadUtilities for factoryCutting room supervisor's salaryPresident's salaryPremium quality cotton materialButtonsFactory insuranceDepreciation on sewing machinesWages paid to cutters1. Direct Materials Cost2. Direct Labor Cost3. Manufacturing Overhead Cost4. Total Manufacturing Cost5. Prime Cost6. Conversion Cost7. Total Period Cost$ 37,80024,20076,300201530, 2001,00024,00030,40075,70041,700795Required:1. Compute the cost of direct materials for Cotton White.2. Compute the cost of direct labor for Cotton White.3. Compute the cost of manufacturing overhead for Cotton White.4. Compute the total manufacturing cost for Cotton White.5. Compute the prime cost for Cotton White.6. Compute the conversion cost for Cotton White.7. Compute the total period cost for Cotton White.19,4007,00050,700

Costs are classified as product cost and period cost based on the direct or indirect relation with…

Factory rent Company advertising Wages paid to sewing personnel Depreciation on salespersons' vehicles Thread Utilities for factory Cutting room supervisor's salary President's salary Premium quality cotton material Buttons Factory insurance Depreciation on sewing machines Wages paid to cutters Required: 1. Compute the cost of direct materials for Cotton White. 2. Compute the cost of direct labor for Cotton White. $ 37,800 24,200 76,300 1. Direct Materials Cost 2. Direct Labor Cost 3. Manufacturing Overhead Cost 4. Total Manufacturing Cost 5. Prime Cost 6. Conversion Cost 7. Total Period Cost 30, 200 1,000 24,000 30,400 75,700 41,700 795 19,400 7,000 50,700 3. Compute the cost of manufacturing overhead for Cotton White. 4. Compute the total manufacturing cost for Cotton White. 5. Compute the prime cost for Cotton White. 6. Compute the conversion cost for Cotton White. 7. Compute the total period cost for Cotton White.

Factory rent Company advertising Wages paid to sewing personnel Depreciation on salespersons' vehicles Thread Utilities for factory Cutting room supervisor's salary President's salary Premium quality cotton material Buttons Factory insurance Depreciation on sewing machines Wages paid to cutters Required: 1. Compute the cost of direct materials for Cotton White. 2. Compute the cost of direct labor for Cotton White. $ 37,800 24,200 76,300 1. Direct Materials Cost 2. Direct Labor Cost 3. Manufacturing Overhead Cost 4. Total Manufacturing Cost 5. Prime Cost 6. Conversion Cost 7. Total Period Cost 30, 200 1,000 24,000 30,400 75,700 41,700 795 19,400 7,000 50,700 3. Compute the cost of manufacturing overhead for Cotton White. 4. Compute the total manufacturing cost for Cotton White. 5. Compute the prime cost for Cotton White. 6. Compute the conversion cost for Cotton White. 7. Compute the total period cost for Cotton White.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter2: Building Blocks Of Managerial Accounting

Section: Chapter Questions

Problem 4PA: Listed as follows are various costs found in businesses. Classify each cost as a fixed or variable...

See similar textbooks

Similar questions

Overhead costs are assigned to each product based on __________________. A. the proportion of that products use of the cost driver B. a predetermined overhead rate for a single cost driver C. price of the product D. machine hours per product
In a job order cost system, factory wage expense is debited to which account? A. raw materials inventory B. work in process inventory C. finished goods inventory D. cost of goods sold
Which of the following is a prime cost? A. direct labor B. work in process inventory C. administrative labor D. factory maintenance expenses
Interview questions are asked to determine a. what activities are being performed. b. who performs the activities. c. the relative amount of time spent on each activity by individual workers. d. possible activity drivers for assigning costs to products. e. All of these.
Freeman Furnishings has summarized its data as shown. Direct labor hours will be used as the activity base to allocate overhead: Compute the cost of goods manufactured.
Statement of cost of goods manufactured and income statement for a manufacturing company The following information is available for Robstown Corporation for 20Y8: Instructions 1. Prepare the 20Y8 statement of cost of goods manufactured. 2. Prepare the 20Y8 income statement.
Using the data in P4-2 and Microsoft Excel: 1. Separate the variable and fixed elements. 2. Determine the cost to be charged to the product for the year. 3. Determine the cost to be charged to factory overhead for the year. 4. Determine the plotted data points using Chart Wizard. 5. Determine R2. 6. How do these solutions compare to the solutions in P4-2 and P4-3? 7. What does R2 tell you about this cost model?
Classifying costs The following is a manufacturing cost report of Marching Ants Inc. a. List the errors in the preceding report. b. Prepare a corrected report.
Listed as follows are various costs found in businesses. Classify each cost as a fixed or variable cost, and as a product and/or period cost. Wages of administrative staff Shipping costs on merchandise sold Wages of workers assembling computers Cost of lease on factory equipment Insurance on factory Direct materials used in production of lamps Supervisor salary, factory Advertising costs Property taxes, factory Health insurance cost for company executives Rent on factory
Cost classifications For each of the following costs, check the column(s) thatmost likely apply:Cost Variable FixedRaw materialsStaples used to secure packed boxes of productPlant janitors’ wagesOrder processing clerks’ wagesAdvertising expensesProduction workers’ wagesProduction supervisors’ salariesSales force commissionsMaintenance supplies usedPresident’s salaryElectricity costReal estate taxes for:FactoryOffi ce building
Classifying Costs as Product or Period Costs For apparel manufacturer Abercrombie & Fitch, Inc., classify each of the following costs as either a product cost or a period cost: Item Classification a. Cost of information technology support for the corporate headquarters b. Depreciation on sewing machines c. Fabric used during production d. Depreciation on office equipment e. Advertising expenses f. Repairs and maintenance costs for sewing machines g. Salary of production quality control supervisor h. Utility costs for office building i. Sales commissions j. Salaries of distribution center personnel k. Wages of sewing machine operators l. Factory janitorial supplies m. Chief financial officer’s salary n. Travel costs of media relations employees o. Factory supervisors’ salaries p. Oil used to lubricate sewing machines q. Property taxes on factory building and equipment
Classifying Costs as Product or Period Costs For apparel manufacturer Abercrombie & Fitch, Inc., classify each of the following costs as either a product cost or a period cost: Item Classification a. Cost of information technology support for the corporate headquarters b. Depreciation on sewing machines c. Fabric used during production d. Depreciation on office equipment e. Advertising expenses f. Repairs and maintenance costs for seving machines g. Salary of production quality control supervisor h. Utility costs for office building i. Sales commissions j. Salaries of distribution center personnel k. Wages of sewing machine operators I. Factory janitorial supplies m. Chief financial officer's salary n. Travel costs of media relations employees o. Factory supervisors' salaries Oil used to lubricate sewing machines q. Property taxes on factory building and equipment