As of January 1, 20Y5, Tippy Cup Co. had a balance of $15,000 for raw materials inventory. The company’s ending balance of raw materials inventory totaled $13,900. Every four months, the company purchases 250 pounds of raw materials at $25 a pound. Calculate the cost of direct materials used for the year. In the introduction of its new pensieve, Dumbledore incurs the following expenses: $3,000 fordirect ceramic materials, $1,700 for office supplies, $10,000 for sales salaries, $8,100 forproduction wages, $1,200 for office depreciation, and $1,700 for production facilityutilities. Dumbledore can't believe he has to be concerned with accounting, yet he wants to know how much his company incurs for product and period costs? Also, he wants to distinguish the period costs as either selling or administrative expenses.
As of January 1, 20Y5, Tippy Cup Co. had a balance of $15,000 for raw materials inventory. The company’s ending balance of raw materials inventory totaled $13,900. Every four months, the company purchases 250 pounds of raw materials at $25 a pound. Calculate the cost of direct materials used for the year.
In the introduction of its new pensieve, Dumbledore incurs the following expenses: $3,000 for
direct ceramic materials, $1,700 for office supplies, $10,000 for sales salaries, $8,100 for
production wages, $1,200 for office
utilities. Dumbledore can't believe he has to be concerned with accounting, yet he wants to know how much his company incurs for product and period costs? Also, he wants to distinguish the period costs as either selling or administrative expenses.
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