Windsor Express reports the following costs and expenses in June 2022 for its delivery service.Indirect materials used$6,420Drivers' salaries$16,000Depreciation on delivery equipment11,160Advertising4,680Dispatcher's salary5,000Delivery equipment repairs300Property taxes on office building900Office supplies650CEO's salary12,000Office utilities1,000Gas and oil for delivery trucks2,160Repairs on office equipment190Determine the total amount of (a) delivery service (product) costs and (b) period costs.Delivery service (product) costs$Period costsEA$

Delivery Service (product) Costs:Which means the expenses directly involved in the production of…

Answered: Windsor Express reports the following…

Windsor Express reports the following costs and expenses in June 2022 for its delivery service. Indirect materials used $6,420 Drivers' salaries $16,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Splish Brothers Corporation has the following cost records for June 2025. Indirect factory labor…

A: Answer information:Step 1:a.Cost of Goods Manufactured Splish Brothers Corporation Cost of Goods…

Q: Presented below are incomplete 2022 manufacturing cost data for Ivanhoe Corporation. Determine the…

A: Costs of manufacturing include material costs as well as the costs of converting the raw materials…

Q: Peak Manufacturing Inc.'s accounting records reflect the following inventories: Dec. 31, 2021 Dec.…

A: Raw materials used = Beginning raw materials + Raw materials purchased - Ending raw materials

Q: Prepare a statement of cost of goods manufactured for the month of Prepare an income statement for…

A: Cost of goods manufactured is the accumulation of all costs till manufacture stage.

Q: Information from the records of the Abel Corporation for July 2018 was as follows: Sales $1,230,000…

A: Prime cost : Prime cost is the direct cost that the company incurs in manufacturing a product or…

Q: ake’s Roof Repair has provided the following data concerning its costs

A: Activity Variance Statement

Q: per Inc. for December 31st, 2022: Ending Raw Materials Inventory: $160,000 Beginning…

A: INCOME STATEMENTIncome Statement is one of the Important Financial Statements of the Company. Income…

Q: Cost Items Cost Raw materials, 1/1/2019 OMR 30,000 Insurance, factory OMR 14,000 Raw materials,…

A: Direct material used means the raw material used in producing the finished goods directly. Indirect…

Q: 2. Burnham Industries incurs the following costs for the month: Direct materials…

A: Prime Cost=Direct Materials+Direct LaborConversion Cost=Direct Labor+Factory Overhead

Q: Q3. A summary of Turtle Company's transactions for March 2019 are as followings. 1) Purchases of…

A: What are Journal Entries? It is the first step to record the financial transactions in the books of…

Q: The following is information provided from the records of Kuhio Company for August 31, 2022: -PL…

A: The cost of goods manufactured includes all costs related to manufacturing. It includes direct as…

Q: Grant's Ironhorse Company manufactures model railroad cars. At the end of October, 2019 the…

A: Income statement also know as profit and loss statement is one of the financial statements. It is…

Q: Jake's Roof Repair has provided the following data concerning its costs: Wages and salaries Parts…

A: Variance:The variance in accounting refers to the deviation which is between the figure of the…

Q: ABS Co. has these data related to production of 30,000 units during March 2021: 3/1/21 3/1/21…

A: The costs incurred for production can be classified as prime costs, conversion cost, etc. The prime…

Q: Data for the cost of direct materials for the month ended March 31, 2022, are as follows: Raw…

A: Cost of direct material used is the amount of material directly used in the manufacturing of…

Q: The cost data for Evencoat Paint for the year 2019 is as follows: Evencoat Paint data Month…

A: The question is based on the concept of Cost Accounting.

Q: Data for the cost of direct materials for the month ended March 31, 2022, are as follows: Raw…

A: Here, first of all, we need to determine the total cost of raw material purchase. the total cost of…

Q: Instructions: i. Pass necessary entries in company's journal. ii. Prepare T-Accounts of three…

A: 1.Record Production Cost:ParticularsDebitCreditWork-in-Process (WIP) $1,400…

Q: Materials inspection Required: a. Classify these items into Prevention, Appraisal, Internal failure,…

A: Prevention cost refers to the cost incurred by a company or organization to prevent defects or…

Concept explainers

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.

Question

Windsor Express reports the following costs and expenses in June 2022 for its delivery service.
Indirect materials used
$6,420
Drivers' salaries
$16,000
Depreciation on delivery equipment
11,160
Advertising
4,680
Dispatcher's salary
5,000
Delivery equipment repairs
300
Property taxes on office building
900
Office supplies
650
CEO's salary
12,000
Office utilities
1,000
Gas and oil for delivery trucks
2,160
Repairs on office equipment
190
Determine the total amount of (a) delivery service (product) costs and (b) period costs.
Delivery service (product) costs
$
Period costs
EA
$

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Introduction -

VIEW

Step 2: Delivery Service (Product) Costs -

VIEW

Step 3: Period Costs -

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 4 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Bubba Manufacturing Company provided the following information for the fiscal year to June 30, 2020: Inventories 01/07/2019 30/06/2020 Direct Materials $72,000 $65,000 Work-in-Process 107,000 128,000 Finished Goods 149,500 141,700 Other information: Office cleaner’s wages 4,500 Sales Revenue 1,031,000 Raw materials purchased 235,000 Factory wages 239,700 Indirect materials 23,500 Delivery truck driver’s wages 15,400 Indirect labor 9,500 Depreciation on factory plant & equipment 32,000 Insurance1 60,000 Depreciation on delivery truck 7,250 Utilities2 118,750 Administrative salaries 41,250 Special Design Costs 5,000 Selling expenses 9,000 Sales Comm ission 2% of gross profit 1 Of the total insurance, 66⅔% relates to the factory facilities & 33⅓% relates to general & administrative costs. 2 Of the total utilities, 80% relates to the…
The following cost data pertains to DEF Inc. for December 31st, 2022: Ending Raw Materials Inventory: Beginning Work-in-Process: Ending Work-in-Process: Direct Materials Used: Direct Costs Incurred in Production: Indirect costs incurred in Production: Beginning Finished Goods Inventories: Ending Finished Goods Inventories: Sales: Selling and Administrative Expenses: Applied Overhead for the period: $50,000 $30,000 $15,000 $20,000 $40,000 $40,000 $40,000 $20,000 $190,000 $40,000 $40,000 The cost of goods sold for 2022 is $115,000 x. $137,000 $175,000 $135,000
Monty Corporation has the following cost records for June 2022. Indirect factory labor $4,500 Factory utilities $390 Direct materials used 19,600 Depreciation, factory equipment 1,370 Work in process, 6/1/22 2,940 Direct labor 39,200 Work in process, 6/30/22 3,720 Maintenance, factory equipment 1,760 Finished goods, 6/1/22 Finished goods, 6/30/22 4,900 Indirect materials 2,250 7,350 Factory manager's salary 2,940 (a) Prepare a cost of goods manufactured schedule for June 2022. MONTY CORPORATION Cost of Goods Manufactured Schedule For the Month Ended June 30, 2022 > > > $ $ $ $
ABS Co. has these data related to production of 30,000 units during March 2021: 3/1/21 3/1/21 Direct materials (DM) P36,000 30,000 Work in process 18,000 12,000 Finished goods 54,000 72,000 Additional information for the March 2021 are as follows:DM purchased P84,000Factory overhead per DLhour P10.00Freight-out 2,000Selling expenses 15,000Direct Labor (DL) payroll 60,000Administrative expenses 17,000DL rate per hour 7.50 For the month of March 2021, PRIME cost was:A. P90,000B. P120,000C. P144,000D. P150,000
Wana ans