A Advertising Costs B Direct Labor C Manufacturing Factory Utilities D Sales peo

Question

A Advertising Costs B Direct Labor C Manufacturing Factory Utilities D Sales people salaries E Indirect labor F Raw Materials G Rent for Sales office H Uniforms for direct labor I Depreciation - Production Equip J Presidents salary Identify all of above that would be Mufacturing Overhead costs Identify all of Above that would be Period Costs Identify all of Above that would be Manufacturing/Product Costs Ending June 30 records for June 30 for ABC Company Raw Materials Purchased in Month Direct Labor Cost Advertising Expense Selling and Admin Salaries Rent on Factory Depreciation on Sales Equipment Depreciation on Factory Equipment Indirect labor Cost Utilities Expense Insurance Expense Prepare the Cost of Goods manufactured and Cost of Goods Solo below.

Explanation / Answer

1)Mfr OH Cost - C, E , H , I

2)Period Cost - D , G , I ,J

3)Mfr/Product cost - B,C,E,F,G,H,I

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COST SHEET

Particulars Amount($) Raw materials 189500 Add:-Direct Labor Cost 160000 PRIME COST 349500 Rent on Factory 60000 Dep on Factory Equipment 35000 Indirect Labor Cost 20000 Utilities Expense 6000 Insurance Expense 3500 Add:-Opening WIP 25000 Less:-Closing WIP 21000 FACTORY COST/PRODUCT COST 478000 Selling And Administ Salaries 70000 Utilities Expense - Admin 4000 Insurance Expense-Admin 1500 Add:-Opening F.G. 40000 Less:-Closing F.G. 64000 COST of GOODS SOLD 529500 Advertsisng Expense 75000 Dep on Sales Equipment 50000 Total Cost 654500

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