Kignana Corporation manufactures and sells hand-painted clay figurines of popular sports heroes. Shown below are some of the costs incurred by Vignana for last year: Cost of clay used in production $ 83,000 Wages paid to the workers who paint the figurines $ 90,000 Wages paid to the sales manager's secretary 24 42,000 Cost of junk mail advertising $ 59,000 What is the total of the direct costs above? %24 %24

Kignana Corporation manufactures and sells hand-painted clay figurines of popular sports heroes. Shown below are some of the costs incurred by Vignana for last year: Cost of clay used in production $ 83,000 Wages paid to the workers who paint the figurines $ 90,000 Wages paid to the sales manager's secretary 24 42,000 Cost of junk mail advertising $ 59,000 What is the total of the direct costs above? %24 %24

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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ABC Co. produces washers and dryers in an assembly-line process. Labor costs incurred during a recent period were: corporate executives, $500,000; assembly-line workers, $180,000; security guards, $45,000; and plant supervisor, $110,000. The total of ABC’s direct labor cost was: a. $235,000 b. $110,000 c. $155,000 d. $180,000
Fantastic29 Cleapers owns and operates a large automatic laundry facility in Winchester. The company expects to process 8,100 loads of laundry in June and to collect an average of $6.20 per load processed. The following table provides data concerning the company's costs: Cost per Load of Laundry $ 0.60 $ 0.15 $ 0.40 $0.08 Detergents and Softeners. Equipment Maintenance Staff Compensation $ 4,300 $ 1,200 $ 8,100 $ 2,000 Administrative Expenses $1,500 $ 0.04 For example, utilities costs are $1,200 per month plus $0.08 per load of laundry. Utilities Equipment Depreciation Facility Lease The actual operating results for June are as follows: Fantastic29 Cleaners Income Statement For the Month Ended June 30 Actual loads processed Revenue Expenses: Fixed Cost per Month Detergents and Softeners Equipment Maintenance Staff Compensation Utilities Equipment Depreciation ( Facility Lease Administrative Expenses Total expense Net operating income 8,200 $ 52,320 5,360 1,455 7,900 1,018 8,100 2,200…
Vignana Corporation manufactures and sells hand-painted clay figurines of popular sports heroes. Shown below are some of the costs incurred by Vignana for last year: Cost of clay used in production $ 75,000 Wages paid to the workers who paint the figurines $ 86,000 Wages paid to the sales manager's secretary $ 38,000 Cost of junk mail advertising $ 55,000 What is the total of the product costs above? $179,000 $93,000 $161,000 $0
Sampson Company operates a manufacturing facility where several products are made. Deach product is considered a business segment, and the product managers have the opportunity to receive a bonus based on the profit of the segment. Franco Hopper is the manager for the scissors product line. Production and sales for the scissors product line loene for the past three years are shown below: Year 1: Year 2: Year 3: Units produced 100,000 125,000 160,000 Units sold 100,000 100,000 100,000 Sales price per unit 12.00 12.00 12.00 Variable manufacturing cost per unit 5.00 5.00 5.00 Total fixed manufacturing cost 200,000 200,000 200,000 Hopper’s bonus is .5% of the gross profit of the scissors product line, based on absorption costing. Upper management is discussing changing the bonus system so that bonuses are based on operating income using variable costing. Hopper is opposed to this change and has been trying to convince the other product managers to join him in voicing their…
Cost of Services Sold Jean and Tom Perritz own and manage Happy Home Helpers, Inc. (HHH), a house-cleaning service. Each cleaning (cleaning one house one time) takes a team of three house cleaners about 1.5 hours. On average, HHH completes about 15,000 cleanings per year. The following total costs are associated with the total cleanings: Direct materials Direct labor Variable overhead Fixed overhead ? $472,500 15,000 18,000 Next year, HHH expects to purchase $25,600 of direct materials. Projected beginning and ending inventories for direct materials are as follows: Direct Materials Inventory Required: Beginning $4,000 2,600 Ending There is no work-in-process inventory and no finished goods inventory; in other words, a cleaning is started and completed on the same day. 1. Prepare a statement of cost of services sold in good form. If an amount is zero, enter "0". Happy Home Helpers, Inc. Statement of Cost of Services Sold For the Coming Year 2. How does this cost of services sold…
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Donovan & Parents produces soccer shorts and jerseys for youth leagues. Most of the production is done by machine. Data on operations and costs for March follow. Jerseys Shorts Total Units produced 10,100 4,600 14,700 Machine-hours used 1,030 810 1,840 Direct labor-hours 200 100 300 Direct materials costs $ 12,100 $ 7,400 $ 19,500 Direct labor costs $ 4,000 $ 2,000 $ 6,000 Manufacturing overhead costs $ 21,891 Management asks the firm’s cost accountant to compute product costs. The accountant first assigns overhead costs to two pools: overhead related to direct materials and overhead related to machine-hours. The analysis of overhead accounts by the cost accountant follows. Account Amount Related to: Utilities $ 3,940 Machine-hours Supplies 2,820 Materials Machine depreciation and maintenance 8,116 Machine-hours Purchasing and storing materials 3,615 Materials…
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