Francis manufacturers, a manufacturer of wood doors and windows, has prepared the following list of accounts Advertising Assemblers wages Production supervisor's salary Depreciation of machinery Factory utilities Lathe machine (machine for shaping wood) Operators wages Machinery repairs Office salaries Purchase of glue Purchase of screws and nails $36,000 84,200 21,400 9,200 55,600 66,400 22,600 113,800 1,600 800 Purchase of pine Purchase of oak 99,000 250,000 There is no beginning or ending inventory. Calculate the following: (а) (b) (c) Direct material used Direct labour cost (d) (e) (f) Prime cost Conversion cost Production cost Factory overhead

Francis manufacturers, a manufacturer of wood doors and windows, has prepared the following list of accounts Advertising Assemblers wages Production supervisor's salary Depreciation of machinery Factory utilities Lathe machine (machine for shaping wood) Operators wages Machinery repairs Office salaries Purchase of glue Purchase of screws and nails $36,000 84,200 21,400 9,200 55,600 66,400 22,600 113,800 1,600 800 Purchase of pine Purchase of oak 99,000 250,000 There is no beginning or ending inventory. Calculate the following: (а) (b) (c) Direct material used Direct labour cost (d) (e) (f) Prime cost Conversion cost Production cost Factory overhead

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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The following is a list of costs incurred by several businesses:a. Salary of quality control supervisorb. Packing supplies for products sold. These supplies are a very small portion of the total cost of the product.c. Factory operating suppliesd. Depreciation of factory equipmente. Hourly wages of warehouse laborersf. Wages of company controller’s secretaryg. Maintenance and repair costs for factory equipmenth. Paper used by commercial printeri. Entertainment expenses for sales representativesj. Protective glasses for factory machine operatorsk. Sales commissionsl. Cost of hogs for meat processorm. Cost of telephone operators for a toll-free hotline to help customers operate productsn. Hard drives for a microcomputer manufacturero. Lumber used by furniture manufacturerp. Wages of a machine operator on the production lineq. First-aid supplies for factory workersr. Tires for an automobile manufacturers. Paper used by Computer Department in processing various managerial reportst. Seed for…
Cotton White, Incorporated, makes specialty clothing for chefs. The company reported the following costs for the current year. Factory rent Company advertising Wages paid to sewing personnel Depreciation on salespersons' vehicles. Thread Utilities for factory Cutting room supervisor's salary President's salary Premium quality cotton material Buttons Factory insurance Depreciation on sewing machines Wages paid to cutters Required: 1. Compute the cost of direct materials for Cotton White. 2. Compute the cost of direct labor for Cotton White. $ 42,000 18,000 75,000 25,000 1,000 22,000 30,000 75,000 42,000 750 15,000 6,000 50,000 3. Compute the cost of manufacturing overhead for Cotton White. 4. Compute the total manufacturing cost for Cotton White. 5. Compute the prime cost for Cotton White. 6. Compute the conversion cost for Cotton White. 7. Compute the total period cost for Cotton White.
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No. 3 A company produce jelly. The jars of the jelly are packed six to a box. The following cost are incurred in the factory: Receptionist's wages Telephone Utilities Jars Sugar Fruit Rental of Santa Claus suit (for the Christmas party for factory employees' children) Supervisory labour salaries Insurance on factory building Depreciation on factory equipment Oil to lubricate filling equipment Pectin (thickener used in jams and jellies) Boxes Depreciation on the factory building Cooking equipment operators' wages Filling equipment operators' wages Packers' wages Janitors' wages Classify cach of the costs as direct materials, direct labour, or manufacturing overhead by using the following table. The row for "Jars" is filled in as an example. Costs Direct Materials Direct Labour Manufacturing Overhead Jars
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NBA Inc. is engaged in the business of manufacturing basket ball. The company employs actual costing system. The company uses a single account for direct and indirect materials. The company provided the following data for the year ended December 31, 2018. Gross sales 9,500,000 Sales return 500,000 Gross purchase 1,000,000 Purchase returns, allowance and discount 200,000 Freight in. 400,000 Total costs of factory labor 1,000,000 Depreciation of factory assets 300,000 Expired insurance of factory assets 100,000 Utilities expense on factory 500,000 Total administrative expenses 2,000,000 Total marketing expenses 3,000,000 Inventories are as follows: January 1 December 31 Raw materials 100,000 300,000 Work in process. ? 200,000 Finished goods. 500,000 600,000 The following additional data are provided:1. The net profit ratio of the company before income tax for the year ended December 31, 2016, was 10% of net sales.2. The direct labor costs…
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1.26 The Company bears the following costs for the manufacture of weed cutting tools: Weed cutting shaft and scissor blade Weed cutting motor Factory work for workers assembling weed cutting shears Nylon yarn used in weed cutting machine(not detected on product) Glue to hold the housing Salaries of factory foremen Factory rent Sales commissions Salaries of administrators Factory utilities Shipping costs of finished weed cutting products to customers Requested: Describe the difference between period cost and product cost Classify Lawlor costs as period costs or product costs. One costs are product costs, then classify these as direct materials, direct labor or general industrial expenses.
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Please help with this one. Cost Item Direct or Indirect Cost? Fixed or Variable Cost? 1 Depreciation on salespersons' cars 2 Rent on equipment used in the factory 3 Lubricants used for machine maintenance 4 Salaries of personnel who work in the finished goods warehouse 5 Soap and paper towels used by factory workers at the end of a shift 6 Factory supervisors' salaries 7 Heat, Water and power consumed in the factory 8 Materials used for boxing products for shipment overseas 9 Advertising costs 10 Workers' compensation insurance for factory employees
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