Work and answer the following problems, showing all work where applicable: 1. Us

Question

Work and answer the following problems, showing all work where applicable:

1. Use the correct number to designate each item below.
1. direct materials
2. selling and general expenses
3. manufacturing overhead
4. direct labor
A) _________ Rent expense on factory building
B) _________ Sales supplies used
C) _________ Factory supplies used
D) _________ Indirect materials used
E) _________ Wages of assembly line personnel
F) _________ Cost of primary material used to make product
G) _________ Depreciation on office equipment
H) _________ Rent on office facilities
I) _________ Insurance expired on factory equipment
J) _________ Utilities incurred in the office
K) _________ Advertising expense
L) _________ Taxes paid on factory building

2. Devin’s Dufflebags sells camping equipment. Sales Revenue for January 2009 totaled $55,400. Other information included:
Purchases $18,360
Selling Expenses 15,360
Beginning Merchandise Inventory 7,200
Ending Merchandise Inventory 5,780
Freight-in 140
Depreciation on building 340
1.Prepare the income statement for that month.
2.What is the Cost of Goods Available for Sale?
3.What are the total period costs?

Explanation / Answer

A) ____ manufacturing overhead _____ Rent expense on factory building
B) ____ selling and general expenses _____ Sales supplies used
C) ____ manufacturing overhead _____ Factory supplies used
D) ____ manufacturing overhead _____ Indirect materials used
E) ____ direct labor _____ Wages of assembly line personnel
F) ____ direct materials _____ Cost of primary material used to make product
G) ____ selling and general expenses _____ Depreciation on office equipment
H) _____ selling and general expenses ____ Rent on office facilities
I) ____ manufacturing overhead _____ Insurance expired on factory equipment
J) ____ selling and general expenses _____ Utilities incurred in the office
K) ____ selling and general expenses _____ Advertising expense
L) ____ manufacturing overhead _____ Taxes paid on factory building

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