Question 1 Knight Company reports the following costs and expenses in May $16,50

Question

Question 1 Knight Company reports the following costs and expenses in May $16,500 Direct labor Factory utilities Depreciation on factory equipment Depreciation on delivery trucks $74,000 14,750 Sales salaries 49,300 Property taxes on factory 4,000 building 54,000 Repairs to office equipment 81,700 Factory repairs 2,900 Indirect factory labor Indirect materials Direct materials used Factory manager's salary 1,600 2,740 16,600 2,990 141,700 Advertising 8,300 Office supplies used From the information: Determine the total amount of manufacturing overhead Manufacturing overhead LINK TO TEXT Determine the total amount of product costs Product costs LINK TO TEXT Determine the total amount of period costs. Period costs LINK TO TEXT

Explanation / Answer

a) Calculate total manufacturing overhead :

b) Product cost = Direct material+direct labour+manufacturing overhead

= 141700+74000+180890

Product cost = 396590

c) Period cost :

Factory utilities 16500 Depreciation on factory equipment 14750 Indirect factory labour 54000 Indirect material 81700 Factory manager salary 8300 Property tax on factory building 2900 Factory repairs 2740 Total manufacturing overhead 180890

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