Question #1:The Fiberglass Boat Company reported the following costsand expenses in May 2021:Factory utilities$ 12,865Depreciation on factory269,525equipment 6,110Depreciation on delivery trucks9,600Indirect factory labor 41,2551,325equipmentIndirect materialsDirect materials usedFactory manager's salary2,687usedProperty taxes on factory1,965buildingRepairs to officeFactory repairs 18,685Advertising 21,670Office supplies12,680Direct labor $232,985Sales staff salaries198,66547,500Instructions1. Set up and complete a schedule as shown in the examplebelow, listing each item above, including its dollar amount,under the proper classification heading.2. Total each column to show the total of all costs and expensesunder each one.Cost and Expense DescriptionProduct Cost Period CostFactory UtilitiesManufacturing Overhead$12,865

Factory overhead is the indirect cost incurred in the process of manufacturing. Therefore, it is…

Question #1: The Fiberglass Boat Company reported the following costs and expenses in May 2021: Factory utilities $ 12,865 41,255 Depreciation on factory 269,525 equipment 6,110 Property taxes on factory Depreciation on delivery trucks 1,965 building 9,600 Indirect factory labor Repairs to office 1,325 equipment Indirect materials Direct materials used 198,665 Factory manager's salary 47,500 used 2,687 12,680 Direct labor Sales staff salaries $232,985 Cost and Expense Description Product Cost Period Cost Factory Utilities Factory repairs 18,685 Advertising 21,670 Office supplies Instructions 1. Set up and complete a schedule as shown in the example below, listing each item above, including its dollar amount, under the proper classification heading. 2. Total each column to show the total of all costs and expenses under each one. Manufacturing Overhead $12,865

Question #1: The Fiberglass Boat Company reported the following costs and expenses in May 2021: Factory utilities $ 12,865 41,255 Depreciation on factory 269,525 equipment 6,110 Property taxes on factory Depreciation on delivery trucks 1,965 building 9,600 Indirect factory labor Repairs to office 1,325 equipment Indirect materials Direct materials used 198,665 Factory manager's salary 47,500 used 2,687 12,680 Direct labor Sales staff salaries $232,985 Cost and Expense Description Product Cost Period Cost Factory Utilities Factory repairs 18,685 Advertising 21,670 Office supplies Instructions 1. Set up and complete a schedule as shown in the example below, listing each item above, including its dollar amount, under the proper classification heading. 2. Total each column to show the total of all costs and expenses under each one. Manufacturing Overhead $12,865

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Manufacturing Costs

Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.

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