Homework Answers
| a. | Total prime costs | $ 2,910,000 |
| b. | Total manufacturing overhead costs | $ 540,000 |
| c. | Total conversion costs | $ 1,150,000 |
| d. | Total product costs | $ 3,450,000 |
| e. | Total period costs | $ 277,000 |
Working:
| DM | DL | MOH | Period cost | |
| Direct material | 2300000 | |||
| Advertising expense | 97000 | |||
| Depreciation on factory building | 116000 | |||
| Direct labor: wages | 515000 | |||
| Indirect labor: wages | 142000 | |||
| Production supervisor's salary | 47000 | |||
| Service department costs | 100000 | |||
| Direct labor: fringe benefits | 95000 | |||
| Indirect labor: fringe benefits | 31000 | |||
| Fringe benefits for production supervisor | 9000 | |||
| Total overtime premiums paid | 55000 | |||
| Cost of idle time: production employees | 40000 | |||
| Administrative costs | 150000 | |||
| Rental of office space for sales personnel | 15000 | |||
| Sales commissions | 5000 | |||
| Product promotion costs | 10000 | |||
| Total costs $ | 2300000 | 610000 | 540000 | 277000 |
Prime cost = DM + DL = 2300000 + 610000 = $2910000
Conversion cost = DL + MOH = 610000 + 540000 = $1150000
Product cost = DM + DL + MOH = 2300000 + 610000 + 540000 = $3450000
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2 Direct material Advertising expense Depreciation on factory building Direct labor: wages Cost of finished goods...
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 materia 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 production supervisor Total overtime premiums paid Cost of idle time: production employees Administrative costs...
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§...
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...
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...
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...
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...
The following cost data pertains to ABC Company for the month of December: Direct material used...
The following cost data pertains to ABC Company for the month of December: Direct material used in production Depreciation for factory building Direct labor wages Cost of finished goods, inventory at year-end Indirect labor - wages Production supervisor's salary Product promotion costs Service department costs for manufacturing Sales commissions Administrative costs Rental of sales office space $ 210,000 11,500 58,000 11,500 17,000 5,400 9,900 10,000 500 15,000 1,500 a) b) c) d) e) Compute the total prime costs. Compute the...
Wachowski Company reported the following cost data for the year 2017. Factory maintenance costs $90,000 Direct...
Wachowski Company reported the following cost data for the year 2017. Factory maintenance costs $90,000 Direct labor, wages 351,000 Direct labor, health insurance 31,000 Indirect labor, health insurance 16,000 Health insurance for production supervisor 6,500 Administrative costs 55,000 Rental of office space for administrative staff 17,500 Sales commissions 52,500 Direct material 1,240,000 Indirect materials 633,000 Advertising expense 39,000 Depreciation on factory building 63,000 Indirect labor, wages 80,000 Production supervisor's salary 31,000 Use the above cost data to complete the table...
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 materia 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 production supervisor Total overtime premiums paid Cost of idle time: production employees Administrative costs...
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...
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...
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...
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...
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...
The following cost data pertains to ABC Company for the month of December: Direct material used in production Depreciation for factory building Direct labor wages Cost of finished goods, inventory at year-end Indirect labor - wages Production supervisor's salary Product promotion costs Service department costs for manufacturing Sales commissions Administrative costs Rental of sales office space $ 210,000 11,500 58,000 11,500 17,000 5,400 9,900 10,000 500 15,000 1,500 a) b) c) d) e) Compute the total prime costs. Compute the...
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