A partial listing of costs incurred during March at ABC Corporation appears below: Direct materials $126.000 Direct labor §99,000 Administrative wages and salaries $85.000 Customer service $9.000 Sales staff salaries $30.000 Factory depreciation $33,000 Corporate headquarters building rent $43,000 Indirect labor $26.000 Marketing $65,000 The total of the product costs listed above for March is: O $516,000 O $293,000 O$68.000 O $284.000

A partial listing of costs incurred during March at ABC Corporation appears below: Direct materials $126.000 Direct labor §99,000 Administrative wages and salaries $85.000 Customer service $9.000 Sales staff salaries $30.000 Factory depreciation $33,000 Corporate headquarters building rent $43,000 Indirect labor $26.000 Marketing $65,000 The total of the product costs listed above for March is: O $516,000 O $293,000 O$68.000 O $284.000

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 4PB: During March, the following costs were charged to the manufacturing department: $22,500 for...

See similar textbooks

Related questions

Q: Last year, Buckner & Jones Company incurred the following costs: Direct materials $42,000 Direct…

A: Product Cost = Direct material + Direct Labor + Manufacturing Overhead (Indirect manufacturing…

Q: Sully Company provided the following information for last month. Production in units 3,000 Direct…

A: Total sales commission = sales units x commission per unit = 3000*$4 = $12,000

Q: During October, Rover Industries produced 37,000 units of product with costs as follows: Direct…

A: Lets understand the basics. Variable costing is also known as margin costing. As per variable…

Q: A partial listing of costs incurred at SueBelle Corporation during October appears below: Direct…

A: The following computations are done for SueBelle Corporation.

Q: Arden Company reported the following costs and expenses for the most recent month: direct…

A: Cost sheet is a method of allocating total cost into different categories such as direct material…

Q: The following is a manufacturing cost report of Marching Ants Inc. Marching Ants Inc. Manufacturing…

A: The formula for Total manufacturing costs is: Total manufacturing costs=Direct materials used in…

Q: During the current year, merchandise is sold for $591,000. The cost of the goods sold is $366,420.…

A: Gross profit percentage is calculated by dividing gross profit by sales. Gross profit is the…

Q: A partial listing of costs incurred during March at Febbo Corporation appears be Factory supplies$…

A: Lets understand the basics.Costs are mainly divided into,(1) Product cost(2) Period costProduct cost…

Q: The following costs were incurred in May: Direct materials $33,000 Direct labor $13,000…

A: The following formula used to calculate prime cost as follows under:- Prime cost=Direct materials…

Q: Calculate and Use Overhead Rate During the coming accounting year, Baker Manufacturing, Inc.,…

A: A predetermined overhead rate is used to allocate the manufacturing overhead to the inventory. It is…

Q: Total and Unit Product Cost Martinez Manufacturing Inc. showed the following costs for last month:…

A: As posted multiple independent questions we are answering only first question kindly repost the…

Q: Use the following data to compute total manufacturing costs for the month: Sales commissions $11,400…

A: Total manufacturing costs of the product includes the costs which are incurred on the manufacturing.…

Q: Data from Delta Motor Corp are as follows: Selling and administrative expenses…

A: Direct materials used = Beginning Direct materials + Purchases of Direct materials - Ending Direct…

Q: Robin Company reported the following costs for the current month: Direct materials used $ 8,500…

A: TOTAL COSTTotal Cost is the cost which is incurred to manufacture a Product. Total Cost Includes…

Q: Dozier Company produced and sold 1,000 units during its first month of operations. It reported the…

A: The cost can be classified into two categories direct or indirect cost. The direct cost is those…

Q: Belmar Mfg. incurred the following costs during April: Direct materials Direct labor $14,000 17,000…

A: Product cost includes all those costs which are incurred to produce the product. It includes costs…

Q: Marquess Corporation has provided the following partial listing of costs incurred during May:…

A: Direct Materials 197000 Direct Labors 78000 Depreciation of production equipment 39000…

Q: Rios Corporation reports costs for the year as follows: Direct Materials Used $465,000 Wages to…

A: Formula: Total product cost = Direct materials + Direct labor + Total manufacturing overhead.

Q: Mina Manufacturing Company purchases of materials during March totaled P110,000. While direct labor…

A: The financial statement that records all the expenses and receipts of an organization during a…

Q: Classifying Costs The following is a manufacturing cost report of Marching Ants Inc. Marching Ants…

A: Manufacturing overhead - also known as production overhead, is the indirect expense of operating the…

Q: Information from the records of Conundrum Company for September was as follows: Sales $307,500…

A: Solution... Total product cost = Direct Material used + Direct labor + overhead (variable +…

Q: XYZ Co. has provided the following data concerning its overhead costs for the coming year: Wages and…

A: Solution : Activity Rate = Total Overhead / Number of Orders = $232,000 / 510…

Q: What is the cost of goods manufactured for the month?

A: The cost of goods manufactured involves all the costs,which are used to produce a product for a…

Q: Schwiesow Corporation has provided the following information: Variable manufacturing overhead Fixed…

A: Contribution Margin Per Unit :— It is the difference between the selling price and variable cost per…

Q: Closet Links Clothing Company provided the following manufacturing costs for the month of June.…

A: Total variable costs changes with the level of activity. Total fixed costs remains same within the…

Q: Pink Company incurred the following costs during the month: direct labor, P120,000; factory…

A: Cost of goods manufactured means the cost incurred by the entity on the manufacture of the goods. It…

Q: First Buy Company provided the following manufacturing costs for the month of June. Direct labor…

A: The variable costs are the costs that changes with change in production units number.

Q: The total of the period costs listed above for December is: 89,000 325,000 310,000 399,000

A: In accounting period costs are those costs that are not included in the product costs. These costs…

Q: The following costs were incurred during the month of June: Direct Materials $34,000 Direct Labor…

A: Inventoriable costs is the term which is defined as the all the costs that are incurred in order to…

Q: Melinda Corporation estimates its factory overhead based on direct labor hours. Melinda estimates…

A: Predetermined Overhead Rate is the rate which is used to allocate manufacturing overhead costs to…

Q: The following is the data for Lauren Enterprises: Selling and administrative expenses $75,000 Direct…

A: Given the following information: Selling and administrative expense: $75,000 Direct materials used:…

Q: The following is the total overhead cost at various levels of activity for McRoy Company: Total…

A: Variable cost :— It is the cost that changes with change in activity of cost driver used. Variable…

Question

A partial listing of costs incurred during March at ABC Corporation
appears below:

Direct materials $126.000

Direct labor §99,000

Administrative wages and salaries $85.000

Customer service $9.000

Sales staff salaries $30.000

Factory depreciation $33,000

Corporate headquarters building rent
$43,000

Indirect labor $26.000

Marketing $65,000

The total of the product costs listed above for March is:
O $516,000
O $293,000
O$68.000
O $284.000

Definition Video Definition Accounting method wherein the cost of a tangible asset is spread over the asset's useful life. Depreciation usually denotes how much of the asset's value has been used up and is usually considered an operating expense. Depreciation occurs through normal wear and tear, obsolescence, accidents, etc. Video

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

During March, the following costs were charged to the manufacturing department: $22,500 for materials; $45,625 for labor; and $50,000 for manufacturing overhead. The records show that 40,000 units were completed and transferred, while 10,000 remained in ending inventory. There were 45,000 equivalent units of material and 42,500 units of conversion costs. Using the weighted-average method, prepare the companys process cost summary for the month.
The cost accountant for River Rock Beverage Co. estimated that total factory overhead cost for the Blending Department for the coming fiscal year beginning February 1 would be 3,150,000, and total direct labor costs would be 1,800,000. During February, the actual direct labor cost totalled 160,000, and factory overhead cost incurred totaled 283,900. a. What is the predetermined factory overhead rate based on direct labor cost? b. Journalize the entry to apply factory overhead to production for February. c. What is the February 28 balance of the account Factory OverheadBlending Department? d. Does the balance in part (c) represent over- or underapplied factory overhead?
The following product costs are available for Kellee Company on the production of eyeglass frames: direct materials, $32,125; direct labor, $23.50; manufacturing overhead, applied at 225% of direct labor cost; selling expenses, $22,225; and administrative expenses, $31,125. The direct labor hours worked for the month are 3,200 hours. A. What are the prime costs? B. What are the conversion costs? C. What is the total product cost? D. What is the total period cost? E. If 6.425 equivalent units are produced, what is the equivalent material cost per unit? F. What is the equivalent conversion cost per unit?
Baldwin Printing Company uses a job order cost system and applies overhead based on machine hours. A total of 150,000 machine hours have been budgeted for the year. During the year, an order for 1,000 units was completed and incurred the following: The accountant computed the inventory cost of this order to be 4.30 per unit. The annual budgeted overhead in dollars was: a. 577,500. b. 600,000. c. 645,000. d. 660,000.
Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Required: 1. Calculate the total cost of direct materials used in production. 2. Calculate the cost of goods manufactured. Calculate the unit manufacturing cost. 3. Of the unit manufacturing cost calculated in Requirement 2, 2.70 is direct materials and 5.30 is overhead. What is the prime cost per unit? Conversion cost per unit?
Steeler Towel Company estimates its overhead to be $250,000. It expects to have 100,000 direct labor hours costing $2,500,000 in labor and utilizing 12,500 machine hours. Calculate the predetermined overhead rate using: A. Direct labor hours B. Direct labor dollars C. Machine hours
Crosshill Company's total overhead costs at various levels of activity are presented below: Total Overhead. Cost $201,000 $178,500 $223,500 $246,000 Month April May June July Machine-Hours 70,000 60,000 80,000 90,000 Assume that the overhead cost above consists of utilities, supervisory salaries, and maintenance. The breakdown of these costs at the 60,000-machine-hour level of activity in May is as follows: Utilities (variable). Supervisory salaries (fixed) Maintenance (mixed) Total overhead cost $ 51,000 21,000 106,500 $178,500 The company wants to break down the maintenance cost into its variable and fixed cost elements. Required: 1. Estimate how much of the $246,000 of overhead cost in July was maintenance cost. (Hint: To do this, first determine how. much of the $246,000 consisted of utilities and supervisory salaries. Think about the behaviour of variable and fixed costs within the relevant range.) (Round the "Variable cost per unit" to 2 decimal places.)
partial listing of costs incurred during February at Abc Corporation appears below:Factory supplies $9000.Administrative wages and salaries $106000Direct materials $142000Sales staff salaries $53000Factory depreciation $28000Corporate headquarters building rate $30000Indirect labour $24000Marketing $129000Direct labour $74000What is the total of the manufacturing overhead costs listed above for February?
Nova Company’s total overhead cost at various levels of activity are presented below: Month Machine-Hours TotalOverhead Cost April 52,000 $ 203,860 May 42,000 $ 181,060 June 62,000 $ 226,660 July 72,000 $ 249,460 Assume that the total overhead cost above consists of utilities, supervisory salaries, and maintenance. The breakdown of these costs at the 42,000 machine-hour level of activity is: Utilities (variable) $ 50,400 Supervisory salaries (fixed) 67,000 Maintenance (mixed) 63,660 Total overhead cost $ 181,060
Crosshill Company’s total overhead costs at various levels of activity are presented below: Month Machine-Hours Total Overhead Cost April 70,000 $ 205,000 May 60,000 $ 184,500 June 80,000 $ 225,500 July 90,000 $ 246,000 Assume that the overhead cost above consists of utilities, supervisory salaries, and maintenance. The breakdown of these costs at the 60,000-machine-hour level of activity in May is as follows: Utilities (variable) $ 52,800 Supervisory salaries (fixed) 21,000 Maintenance (mixed) 110,700 Total overhead cost $ 184,500 The company wants to break down the maintenance cost into its variable and fixed cost elements. Required: 1. Estimate how much of the $246,000 of overhead cost in July was maintenance cost. (Hint: To do this, first determine how much of the $246,000 consisted of utilities and supervisory salaries. Think about the behaviour of variable and fixed costs within the relevant range.) (Round the "Variable…
Crosshill Company's total overhead costs at various levels of activity are presented below: Month Machine- Hours Total Overhead Cost April 70,000 $ 202,200 May 60,000 $ 180,300 June 80,000 $ 224,100 July 90,000 $ 246,000 Assume that the overhead cost above consists of utilities, supervisory salaries, and maintenance. The breakdown of these costs at the 60,000-machine-hour level of activity in May is as follows: Utilities (variable) $ 52,200 Supervisory salaries (fixed) 21,000 Maintenance (mixed) 107,100 Total overhead cost $ 180,300 The company wants to break down the maintenance cost into its variable and fixed cost elements. Required: 1. Estimate how much of the $246,000 of overhead cost in July was maintenance cost. (Hint: To do this, first determine how much of the $246,000 consisted of utilities and supervisory salaries. Think about the behaviour of variable and fixed costs within the relevant range.) (Round the "Variable cost per unit" to 2 decimal places.) 2. Using the high-low…
Pink Company incurred the following costs during the month: direct labor, P120,000; factory overhead, P108,000, and direct materials purchases, P160,000 inventories show the following costs: Beginning Ending Finished goods P27,000 P30,000 Work in process P61,500 P57,500 Direct materials P37,500 P 43,500 How much is the cost of goods manufactured?