P1.1 (LO 2), AP Ohno Company specializes in manufacturing a unique model of bicycle helmet. The model is well accepted by consumers,and the company has enough orders to keep the factory production at 10,000 helmets per month (80% of its full capacity). Ohno's monthlymanufacturing costs and other expense data are as follows.Rent on factory equipmentInsurance on factory buildingRaw materials used (plastics, polystyrene, etc.)Utility costs for factorySupplies used for general officeWages for assembly-line workersDepreciation on office equipmentMiscellaneous materials used (glue, thread, etc.)Factory manager's salaryProperty taxes on factory buildingAdvertising for helmetsSales commissionsDepreciation on factory buildingCheck figures provide a key number to let you know you are on the right track.Instructionsa. Prepare an answer sheet with the following column headings.Product Costs$11,0001,50075,00090030058,0008001,1005,70040014,00010,0001,500 Miscellaneous materials used (grue, unread, etc.)Factory manager's salaryProperty taxes on factory buildingAdvertising for helmetsSales commissionsDepreciation on factory buildingCheck figures provide a key number to let you know you are on the right track.Instructionsa. Prepare an answer sheet with the following column headings.CostItema.DirectMaterialsProduct CostsDirectLaborManufacturingOverheadDM$75,000DL$58,000MO$22,100PC$25,100b. Compute the cost to produce one helmet.Classify manufacturing costs into different categories and compute the unit cost.1,1005,70040014,00010,0001,500Enter each cost item on your answer sheet, placing the dollar amount under the appropriate heading. Total the dollar amounts in eachof the columns.PeriodCosts

a. Prepare an answer sheet with the following column headings. Direct Direct Materials Labor a. DM DL Cost Item $75,000 $58,000 $22,100 $25,100 Product Costs Enter each cost item on your answer sheet, placing the dollar amount under the appropriate heading. Total the dollar amounts in each of the columns. Manufacturing Overhead Period Costs MO PC b. Compute the cost to produce one helmet. Classify manufacturing costs into different categories and compute the unit cost.

a. Prepare an answer sheet with the following column headings. Direct Direct Materials Labor a. DM DL Cost Item $75,000 $58,000 $22,100 $25,100 Product Costs Enter each cost item on your answer sheet, placing the dollar amount under the appropriate heading. Total the dollar amounts in each of the columns. Manufacturing Overhead Period Costs MO PC b. Compute the cost to produce one helmet. Classify manufacturing costs into different categories and compute the unit cost.

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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