Problem 10-1 A review of the accounting records of Little H Inc indicated that the company incurred the following payroll costs during the month of March. 1. Salary of the company president 2. Salary of the vice president of manufacturing 3. Salary of the chief financial officer 4. Salary of the vice president of marketing 5. Salaries of middle managers (department heads, production supervisors) in manufacturing plant 6. Wages of production workers 7. Salaries of administrative secretaries 8. Salaries of engineers and other personnel responsible for maintaining manufacturing equipment 9. Commissions paid to sales staff SSSS 36,000 32,400 $ SSS SS $ $ 358,400 179,200 210,560 174,720 2,195,200 10,505,600 1,254,400 1,993,600 2,822,400 REQUIRED 1. What amount of payroll cost would be classified as general, selling, and administrative expense? 2. Assuming that Little H Inc made units of product in the month Assuming that Little H Inc sold only units of product made in the month of March, determine the amount of payroll cost that would be included in cost of goods sold. Also, assume there was no beginning inventory at the beginning of March.

Problem 10-1 A review of the accounting records of Little H Inc indicated that the company incurred the following payroll costs during the month of March. 1. Salary of the company president 2. Salary of the vice president of manufacturing 3. Salary of the chief financial officer 4. Salary of the vice president of marketing 5. Salaries of middle managers (department heads, production supervisors) in manufacturing plant 6. Wages of production workers 7. Salaries of administrative secretaries 8. Salaries of engineers and other personnel responsible for maintaining manufacturing equipment 9. Commissions paid to sales staff SSSS 36,000 32,400 $ SSS SS $ $ 358,400 179,200 210,560 174,720 2,195,200 10,505,600 1,254,400 1,993,600 2,822,400 REQUIRED 1. What amount of payroll cost would be classified as general, selling, and administrative expense? 2. Assuming that Little H Inc made units of product in the month Assuming that Little H Inc sold only units of product made in the month of March, determine the amount of payroll cost that would be included in cost of goods sold. Also, assume there was no beginning inventory at the beginning of March.

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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