Exercise 14-07National Express reports the following costs and expenses in June 2020 for its delivery service.Indirect materialsDepreciation on delivery equipmentDispatcher's salary$7,100 Drivers' salaries12,3005,26091013,0002,600Period costsAdvertisingDelivery equipment repairsOffice suppliesOffice utilitiesRepairs on office equipment$16,2005,4003907201,060220Property taxes on office buildingCEO's salaryGas and oil for delivery trucksDetermine the total amount of (a) delivery service (product) costs and (b) period costs.Delivery service (product) costs

Delivery Service (product) Costs:Which means the expenses directly involved in the production of…

Exercise 14-07 National Express reports the following costs and expenses in June 2020 for its delivery service. Indirect materials Depreciation on delivery equipment 12,300 Dispatcher's salary 5,260 910 $7,100 Drivers' salaries Period costs $16,200 5,400 390 720 1,060 220 Advertising Delivery equipment repairs Property taxes on office building Office supplies CEO's salary 13,000 Office utilities Gas and oil for delivery trucks 2,600 Repairs on office equipment Determine the total amount of (a) delivery service (product) costs and (b) period costs. Delivery service (product) costs $

Exercise 14-07 National Express reports the following costs and expenses in June 2020 for its delivery service. Indirect materials Depreciation on delivery equipment 12,300 Dispatcher's salary 5,260 910 $7,100 Drivers' salaries Period costs $16,200 5,400 390 720 1,060 220 Advertising Delivery equipment repairs Property taxes on office building Office supplies CEO's salary 13,000 Office utilities Gas and oil for delivery trucks 2,600 Repairs on office equipment Determine the total amount of (a) delivery service (product) costs and (b) period costs. Delivery service (product) costs $

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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Question Content Area Prior to installing a JIT system, Grindstone Company used machine hours to assign maintenance costs to its three products of 4-inch, 6-inch, and 9-inch insulation. The maintenance costs totaled $432,000 per year. The machine hours used by each product and the quantity produced of each product are as follows: Machine Hours Quantity Produced 4-inch 5,000 15,000 rolls 6-inch 12,000 12,500 rolls 9-inch 7,000 11,200 rolls After installing JIT, three manufacturing cells were created, and the cell workers were trained to perform maintenance. Maintenance costs for the three cells still totaled $432,000; however, these costs are now traceable to each cell. Cell, 4-inch $125,000 Cell, 6-inch 175,000 Cell, 9-inch 165,000 The maintenance cost per roll of 9-inch insulation before JIT is installed would be a. $14.00. b. $11.25. c. $7.75. d. $30.00.
Current Attempt in Progress Tamarisk Company reports the following costs and expenses in May. Factory utilities Depreciation on factory equipment Depreciation on delivery trucks Indirect factory labor Indirect materials Direct materials used Factory manager's salary From the information: $14,800 12,120 3,840 47,120 77,440 132,480 8,000 Direct labor Sales salaries Property taxes on factory building Repairs to office equipment Factory repairs Advertising Office supplies used $66,480 44,320 2,400 1,280 1,920 14,400 2,510
The following selected account balances are as at the end of the current period. Manufacturing direct labour $140,000 Direct materials purchased Variable manufacturing overhead Depreciation on plant equipment and building Sales commissions Direct materials used Head office overhead costs Marketing costs What are the conversion costs for the period? O $300,000 O $420,000 O $120,000 O $215,000 150,000 75,000 85,000 35,000 120,000 110,000 90,000
Question 3 Ashale Botwe Ltd has the following cost and expense data for the year ending December 31, 2022. Direct materials (GHC) Work in process (GH¢) Finished goods (GH¢) Insurance factory Property taxes on factory building Materials purchases Sales Indirect materials Delivery expenses Sales commissions Indirect labour 1/1/22 Factory machinery rent Factory utilities Direct labour 30,000 80,000 110,000 Other items of revenue and cost during the year are as follows: (GHC) 31/12/22 20,000 50,000 120,000 Direct materials used b) Total manufacturing cost c) Statement of cost of goods manufactured d) Prime cost e) Conversion cost f) Cost of goods available for sale g) Cost of goods sold h) Gross profit i) Period cost j) Net income 14,000 6,000 205,000 1,500,000 15,000 100,000 150,000 90,000 40,000 ARI 65,000 350,000 24,000 35,000 300,000 Depreciation, factory building Factory manager's salary Administrative expenses For the year 2022, you are required to compute the following:
Indirect materials used Depreciation on delivery equipment Dispatcher's salary Property taxes on office building CEO's salary Gas and oil for delivery trucks Delivery service (product) costs $ Period costs $6,940 LA 12,040 5,400 980 12,960 2,320 Drivers' salaries Advertising Delivery equipment repairs Office supplies Determine the total amount of (a) delivery service (product) costs and (b) period costs. Office utilities Repairs on office equipment $17,280 5,080 324 702 1,080 206