Carmelita Inc., has the following information available: Costs from beginning Costs from current Direct materials Conversion costs inventory $2,500 $6,200 period $22,252 $150,536 At the beginning of the period, there were 500 units in a process that was 60% complete as to conversion costs and 100% complete as to direct materials costs. During the period 4,500 units were started and completed. Ending inventory contained 340 units that were 30% complete as to conversion costs and 100% complete as to materials costs. The total costs that will be transferred into Finished Goods for units started and completed were a. $162,855 b. $161,775 c. $156,960 d. $161,505 Lettman Corporation has provided the following partial listing of costs incurred during November: Marketing salaries $46,000 Property taxes, factory $17,200 Administrative travel $107,500 Sales commissions $48,900 Indirect labor $43,300 Direct materials $174,500 Advertising $144,800 Depreciation of production equipment $45,200 Direct labor Required: $90,900 a. What is the total amount of product cost listed above? b. What is the total amount of period cost listed above?

Carmelita Inc., has the following information available: Costs from beginning Costs from current Direct materials Conversion costs inventory $2,500 $6,200 period $22,252 $150,536 At the beginning of the period, there were 500 units in a process that was 60% complete as to conversion costs and 100% complete as to direct materials costs. During the period 4,500 units were started and completed. Ending inventory contained 340 units that were 30% complete as to conversion costs and 100% complete as to materials costs. The total costs that will be transferred into Finished Goods for units started and completed were a. $162,855 b. $161,775 c. $156,960 d. $161,505 Lettman Corporation has provided the following partial listing of costs incurred during November: Marketing salaries $46,000 Property taxes, factory $17,200 Administrative travel $107,500 Sales commissions $48,900 Indirect labor $43,300 Direct materials $174,500 Advertising $144,800 Depreciation of production equipment $45,200 Direct labor Required: $90,900 a. What is the total amount of product cost listed above? b. What is the total amount of period cost listed above?

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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