Sheffield, Inc., manufactures clamps used in the overhead bin latches of several leading airplane models. Matthew Young, president of Sheffield, Inc., has gathered the following cost information from the company’s accounting records for the latest month of operations. Advertising $21,000 Fire insurance premium for the factory building $6,250 Sales office utilities $2,500 Air filters for the buffing machines used to produce the clamps $1,875 Aluminum used to produce the clamps $38,000 Rent on the factory building $8,500 Freight to ship the clamps to customers $3,125 Sales department executives’ salaries $42,000 Production supervisors’ salaries $23,000 Assembly line workers’ wages $58,000
Sheffield, Inc., manufactures clamps used in the overhead bin latches of several leading airplane models. Matthew Young, president of Sheffield, Inc., has gathered the following cost information from the company’s accounting records for the latest month of operations. Advertising $21,000 Fire insurance premium for the factory building $6,250 Sales office utilities $2,500 Air filters for the buffing machines used to produce the clamps $1,875 Aluminum used to produce the clamps $38,000 Rent on the factory building $8,500 Freight to ship the clamps to customers $3,125 Sales department executives’ salaries $42,000 Production supervisors’ salaries $23,000 Assembly line workers’ wages $58,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Sheffield, Inc., manufactures clamps used in the
| Advertising | $21,000 | ||
| Fire insurance premium for the factory building | $6,250 | ||
| Sales office utilities | $2,500 | ||
| Air filters for the buffing machines used to produce the clamps | $1,875 | ||
| Aluminum used to produce the clamps | $38,000 | ||
| Rent on the factory building | $8,500 | ||
| Freight to ship the clamps to customers | $3,125 | ||
| Sales department executives’ salaries | $42,000 | ||
| Production supervisors’ salaries | $23,000 | ||
| Assembly line workers’ wages | $58,000 |
(a) Calculate the total period costs for the month.
| Total period costs | $enter the total period costs in dollars |
(b) Calculate the total product costs for the month.
| Total product costs | $enter the total product costs in dollars |
(c) Calculate the amount of manufacturing overhead incurred for the month.
| Manufacturing overhead incurred | $enter manufacturing overhead incurred in dollars |
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