Noteworthy, Incorporated, produces and sells small electronic keyboards. Assume that you have the following information about Noteworthy's costs for the most recent month. Depreciation on factory equipment Depreciation on CEO's company car Speakers used in the keyboard Production supervisor's salary Glue and screws used in the keyboards Cost to run an ad on local radio stations Wages of persons who install the speakers $ 820 180 1,140 2,370 250 2,970 Utilities for the factory Personnel manager's salary Wages of person who attaches legs to keyboards Required: 1. Calculate the total product cost for Noteworthy. 2. Calculate the prime cost for Noteworthy. 3. Calculate the manufacturing overhead for Noteworthy. 4. Calculate the direct labor for Noteworthy. 5. Calculate the conversion cost for Noteworthy. 650 1,250 2,640 2,070 6. Calculate the total variable cost (with number of units produced as the activity) for Noteworthy. 7. Calculate the total fixed cost (with number of units produced as the activity) for Noteworthy. 1. Total Product Cost 2. Prime Cost 3. Manufacturing Overhead 4. Direct Labor Cost 5. Conversion Cost 6. Total Variable Cost 7. Total Fixed Cost $ 10,870 5,040

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Noteworthy, Incorporated, produces and sells small electronic keyboards. Assume that you have the following information about
Noteworthy's costs for the most recent month.
Depreciation on factory equipment
Depreciation on CEO's company car
Speakers used in the keyboard
Production supervisor's salary
Glue and screws used in the keyboards
Cost to run an ad on local radio stations
Wages of persons who install the speakers
$ 820
180
1,140
2,370
250
2,970
Utilities for the factory
Personnel manager's salary
Wages of person who attaches legs to keyboards
Required:
1. Calculate the total product cost for Noteworthy.
2. Calculate the prime cost for Noteworthy.
3. Calculate the manufacturing overhead for Noteworthy.
4. Calculate the direct labor for Noteworthy.
5. Calculate the conversion cost for Noteworthy.
650
1,250
2,640
2,070
6. Calculate the total variable cost (with number of units produced as the activity) for Noteworthy.
7. Calculate the total fixed cost (with number of units produced as the activity) for Noteworthy.
1. Total Product Cost
2. Prime Cost
3. Manufacturing Overhead
4. Direct Labor Cost
5. Conversion Cost
6. Total Variable Cost
7. Total Fixed Cost
$
10,870
5,040
Transcribed Image Text:Noteworthy, Incorporated, produces and sells small electronic keyboards. Assume that you have the following information about Noteworthy's costs for the most recent month. Depreciation on factory equipment Depreciation on CEO's company car Speakers used in the keyboard Production supervisor's salary Glue and screws used in the keyboards Cost to run an ad on local radio stations Wages of persons who install the speakers $ 820 180 1,140 2,370 250 2,970 Utilities for the factory Personnel manager's salary Wages of person who attaches legs to keyboards Required: 1. Calculate the total product cost for Noteworthy. 2. Calculate the prime cost for Noteworthy. 3. Calculate the manufacturing overhead for Noteworthy. 4. Calculate the direct labor for Noteworthy. 5. Calculate the conversion cost for Noteworthy. 650 1,250 2,640 2,070 6. Calculate the total variable cost (with number of units produced as the activity) for Noteworthy. 7. Calculate the total fixed cost (with number of units produced as the activity) for Noteworthy. 1. Total Product Cost 2. Prime Cost 3. Manufacturing Overhead 4. Direct Labor Cost 5. Conversion Cost 6. Total Variable Cost 7. Total Fixed Cost $ 10,870 5,040
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