1.4 Use this statement to calculate the total cost of general industrial costsGlue for eyeglass frames250Depreciation of company cars4000Factory depreciation7500Interest costs1500Lenses52000Salary of the president of the company24500Foreman's salary3500Gardener's salary1300Construction equipment oil150

To calculate the total cost of general industrial costs using the provided statement, simply add up…

Answered: 1.4 Use this statement to calculate the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Assume that a manufacturing company incurred the following costs: $ 90,000 $ 40,000 $ 35,000 $ 15,000 $ 4,000 $ 5,000 $ 20,000 $ 1,000 $ 2,500 $ 105,000 $ 6,000 $ 7,000 Direct labor Advertising Factory supervision Sales commissions Depreciation, office equipment Indirect materials Depreciation, factory building Administrative office salaries Utilities, factory Direct materials Insurance, factory Property taxes, factory What is the total amount of conversion costs?
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5 es ! Required information [The following information applies to the questions displayed below.] The following selected information was extracted from the 20x1 accounting records of Lone Oak Products: Raw material purchases Direct labor Indirect labor Selling and administrative salaries Building depreciation* Other selling and administrative expenses Other factory costs Sales revenue ($130 per unit) *Seventy-five percent of the company's building was devoted to production activities; the remaining for selling and administrative functions. $ 175,000 254,000 109,000 133,000 January 1 $ 15,800 35,700 111,100 Net income 80,000 195,000 344,000 1,495,000 Inventory data: Raw material Work in process Finished goods* *The January 1 and December 31 finished-goods inventory consisted of 1,350 units and 1,190 units, respectively. December 31 $ 18,200 62,100 97,900 4. Determine net income for 20x1, assuming a 30% income tax rate. percent was used
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Loring Company incurred the following costs last year: Direct materials$216,000Sales salaries$65,000Factory rent24,000Advertising37,000Direct labor120,000Depreciation on the headquarters building10,000Factory utilities6,300Salary of the corporate receptionist30,000Supervision in the factory50,000Other administrative costs175,000Indirect labor in the factory30,000Salary of the factory receptionist28,000Depreciation on factory equipment9,000Sales commissions27,000 Required: Classify each of the costs using the following table format. Be sure to total the amounts in each column. Example: Direct materials, $216,000. Product CostPeriod CostCostsDirect MaterialsDirect LaborManufacturing OverheadSelling ExpenseAdministrative ExpenseDirect materials$216,000 What was the total product cost for last year? What was the total period cost for last year? If 30,000 units were produced last year, what was the unit product cost?
West Co.'s manufacturing costs are as follows: Direct material and direct labor Other variable manufacturing costs $700,000 $100,000 Depreciation of factory building and manufacturing equipment $80,000 Other fixed manufacturing overhead $18,000 What amount should be considered product costs for external reporting purposes if the company uses absorption costing? A. $700,000 B. $800,000 C. $880,000 D. $898,000
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Glue for eyeglass frames	250
Depreciation of company cars	4000
Factory depreciation	7500
Interest costs	1500
Lenses	52000
Salary of the president of the company	24500
Foreman's salary	3500
Gardener's salary	1300
Construction equipment oil	150