Required:Identify each cost as either a product cost or a period cost. If a product cost, classify it as direct materials, direct labor, or factory overhead. If a period cost, classify it as a selling expense or a general and administrative expense. (Leave no cell blank. Enter "NA - Not a product cost" or "NA - Not a period cost" for expenses that are not product cost or period cost.) The options for the drop down in section 1 are: direct labor, direct materials, factory overhead, NA- not a product cost the options for the drop down in section 2 are: general and administrative expenses, NA- not a period cost, selling expenses The following year-end information is taken from the December 31 adjusted trial balance and otherrecords of Leone Company.Advertising expenseDepreciation expense-0ffice equipmentDepreciation expense-Selling equipmentDepreciation expense-Factory equipmentRaw materials purchases (all direct materials)Maintenance expense-Factory equipmentFactory utilitiesDirect labor$ 30,0009,00010,00052,000620,00036,60033,400408,00061,00037,00022,00053,000127,000305,000Indirect laborOffice salaries expenseRent expense-Office spaceRent expense-Selling spaceRent expense-Factory buildingSales salaries expenseRequired:Identify each cost as either a product cost or a period cost. If a product cost, classify it as direct materials, direct labor, orfactory overhead. If a period cost, classify it as a selling expense or a general and administrative expense. (Leave no cellblank. Enter "NA - Not a product cost" or "NA - Not a period cost" for expenses that are not product cost or period cost.) Required:Identify each cost as either a product cost or a period cost. If a product cost, classify it as direct materials, direct labor, orfactory overhead. If a period cost, classify it as a selling expense or a general and administrative expense. (Leave no cellblank. Enter "NA - Not a product cost" or "NA - Not a period cost" for expenses that are not product cost or period cost.)CostsType of Product CostType of Period Cost1. Advertising expense2. Depreciation expense-Office equipment3. Depreciation expense-Selling equipment4. Depreciation expense-Factory equipment5. Raw materials purchases (all direct materials)6. Maintenance expense-Factory equipment7. Factory utilities8. Direct labor9. Indirect labor10. Office salaries expense11. Rent expense-Office space12. Rent expense-Selling space13. Rent expense-Factory building14. Sales salaries expense

Name: Required:Identify each cost as either a product cost or a period cost.
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Description: Required:Identify each cost as either a product cost or a period cost. If a product cost, classify it as direct materials, direct labor, or factory overhead. If a period cost, classify it as a selling expense or a general and administrative expense.

The costs are classified as product costs and period costs. The product costs are directly or…

Business

Accounting

equired: Identify each cost as either a product cost or a period cost. If a product cost, classify it as direct materials, direct labor, or factory overhead. If a period cost, classify it as a selling expense or a general and administrative expense. (Leave no cell blank. Enter "NA - Not a product cost" or "NA - Not a period cost" for expenses that are not product cost or period cost.) The options for the drop down in section 1 are: direct labor, direct materials, factory overhead, NA- not a product cost the options for the drop down in section 2 are: general and administrative expenses, NA- not a period cost, selling expenses

equired: Identify each cost as either a product cost or a period cost. If a product cost, classify it as direct materials, direct labor, or factory overhead. If a period cost, classify it as a selling expense or a general and administrative expense. (Leave no cell blank. Enter "NA - Not a product cost" or "NA - Not a period cost" for expenses that are not product cost or period cost.) The options for the drop down in section 1 are: direct labor, direct materials, factory overhead, NA- not a product cost the options for the drop down in section 2 are: general and administrative expenses, NA- not a period cost, selling expenses

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter27: Adjustments, Financial Statements, And Year-end Accounting For A Manufacturing business

Section: Chapter Questions

Problem 1MP: Reese Manufacturing Company manufactures and sells a limited line of products made to customer...

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Required Information [The following information applies to the questions displayed below.] The following calendar year-end Information is taken from the December 31, 2019, adjusted trial balance and other records of Leone Company. $ 33,400 DIrect labor 8,100 Incone taxes expense 9,900 Indirect labor Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Factory supervision Factory supplles used Factory utilities Inventories $ 677,480| 246,9e0 58, 200| 11,eee 66,eee| 935,e00 23,00e| 28,900 81,6ee| 37,eee 4,565,00e| 398,700 34, 200 Miscellaneous production costs 114,600 Ofice salaries expense 9,800 Raw materials purchases 41, e00 Rent expense-Office space Rent expense-Selling space 156,400 Rent expense-Factory building 189, e00 16,500 19,e00 Sales salaries expense 165, 500 142, 200 Raw materials, December 31, 2018 Raw materials, Decenber 31, 2019 Maintenance expense-Factory equipnent Sales Work in process,…
Compute cost of goods manufactured and operating income (2-28) The following are the account balances relating to 2019 (in thousands) Property tax on plant building Marketing, distribution and customer service costs Finished goods inventory, January 1, 2019 Plaut utilities Work in process inventory, December 31, 2019 Deprection on Plant building General and administrative cost( nou- plant) Direct material used i Finished goods inventory, December 31, 2019 Deprection on Plant equipment Plant repairs and maintainance Work in process inventory, Januray 1. 2019 Direct manfacturing labour Indirect manufacturing labour $4,500 50.000 39,000 23,400 32,000 10,000 30,000 108.200 32.800 13,200 23.200 22,000 32.000 22.100
Santiago Company has provided data for the year-end adjustments as follows: Factory overhead to be applied to work in process ending inventory$14,687Interest receivable1,554Office supplies used5,807Factory supplies used8,611Provision for uncollectible accounts (based on percentage of sales)11,734Insurance expired on factory building and equipment2,734Depreciation on factory building16,490Depreciation on factory equipment6,608Required:Prepare the year-end adjusting entries in general journal form.
The following calendar-year information is taken from the adjusted trial balance and other records of Dahlia Company. Advertising expense . $ 19,125 Depreciation expense—Office equipment 8,750 Depreciation expense—Selling equipment . 10,000 Depreciation expense—Factory equipment 32,500 Factory supervision . 122,500 Factory supplies used (indirect materials) 15,750 Factory utilities 36,250 Inventories Raw materials, beginning 177,500 Raw materials, ending 168,125 Work in process, beginning . 15,875 Work in process, ending . 14,000 Finished goods, beginning . 164,375 Finished goods, ending 129,000 Direct labor $ 650,750 Indirect labor 60,000 Miscellaneous production costs . . . . . . . . . . . . . 8,500 Office salaries expense . 100,875 Raw materials purchases (direct materials) . 872,500 Rent expense—Office space 21,125 Rent expense—Selling space . 25,750 Rent expense—Factory building 79,750 Maintenance expense—Factory equipment 27,875 Sales . 3,275,000 Sales discounts . 57,500 Sales…
The Hardville Corporation has the following account balances (in millions): E (Click the icon to view the account balances.) Prepare a statement of comprehensive income and a supporting schedule of cost of goods manufactured for the year ended December 31, 2019. Indirect manufacturing costs: Depreciation-plant, building, and equipment 97 Indirect manufacturing labour 79 Miscellaneous plant overhead 39 Account balances Plant supervisory salaries 7 Plant utilities 39 Plant supplies used 11 272 For Specific Date For Year 2019 Direct materials, January 1, 2019 $ 12 Purchases of direct materials $ 338 Add: Manufacturing costs incurred during 2019 Work in process, January 1, 2019 11 Direct manufacturing labour 102 Beginning work-in-process inventory, Jan 1, 2019 11 Finished goods, January 1, 2019 89 Depreciation-plant, building, and equipment 97 Deduct: Total manufacturing costs to account for Plant supervisory salaries 7 Direct materials, December 31, 2019 22 Miscellaneous plant overhead 39…
A manufacturing company shows the following amounts in the cost of goods sold statement and the statement of comprehensive income for the year 2019 January 1. 2019. P 100,000 December 31. 2019 P 150,000 87,000 Materinis Work in process Finished goods Materials used 80,000 Cost of goods sold Cost of goods manufactured Total manufacturing costs 590,000 750,000 800,000 790,000 Required: 1. Work in process, January 1, 2019 2. Finished goods, December 31, 2019 3. Amount of materials purchased in 2019
ACC-320 Milu-. "F alLIIdOCA PART-II Mid-term Exam 1) Messinger Manufacturing Company had the following account balances for the quarter ending March 31, unless otherwise noted: (15 Marks) Work-in-process Inventory (January 1) Work-in-process inventory (March 31) Finished goods inventory (January 1) Finished goods inventory (March 31) Direct materials used Indirect materials used Direct manufacturing labour Indirect manufacturing labour Property taxes on manufacturing plant building Salespersons' company vehicle costs Amortization of manufacturing equipment Amortization of office equipment Miscellaneous plant overhead Plant utilities General office expenses Marketing distribution costs $140,400 171,000 540,000 510,000 378,000 84,000 480,000 186,000 28,800 12,000 264,000 123,600 135.000 92,400 305,400 30,000 Required: a. Prepare a cost of goods manufactured schedule for the quarter. b. Prepare a cost of goods sold schedule for the quarter. 2) Berhannan's Cellular sells phones for $100.…
ABC Company has the following records for the period ended 31 December 2020. Raw Material purchased OMR 125000 Purchase returns of raw materials OMR 5000 Factory maintenance OMR 3500 Salary of office staff OMR 2240O Power and heat-factory OMR 5000 Insurance expense-factory OMR 3000 Depreciation-factory building and egiJipment OMR 6500 Purchase Expenses on raw material OMR 2000 Insurance expenseOftice OMR 8000 Inventories, t January 2020: Raw Materiats OMR 6000 Direct labor OMR 60000 Direct Expenses OMR 4000 Inventories, 31 December 2020: Raw Material OMR 8000 What is the Production Cost (Cost of production) for ABC Company?
Bubba Manufacturing Company provided the following information for the fiscal year toJune 30, 2020:Inventories 01/07/2019 30/06/2020Direct MaterialsWork-in-ProcessFinished Goods$72,000107,000149,500$65,000128,000141,700Other information:Office cleaner’s wages 4,500Sales Revenue 1,031,000Raw materials purchased 235,000Factory wages 239,700Indirect materials 23,500Delivery truck driver’s wages 15,400Indirect labor 9,500Depreciation on factory plant & equipment 32,000Insurance 1 60,000Depreciation on delivery truck 7,250Utilities 2 118,750Administrative salaries 41,250Special Design Costs 5,000Selling expenses 9,000Sales Commission 2% of gross profit1 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 manufacturing facilities & 20% relates to theoffice area.Requirements:a) What was the amount of direct materials used in production?b) What was the amount of manufacturing…
Kappa Manufacturing Company had the following account balances for the year ending December 31, 2022: Direct materials inventory (Jan. 1) Direct materials inventory (Dec. 31) Work-in-process inventory (Jan. 1) Work-in-process inventory (Dec. 31) Finished goods inventory (Jan. 1) Finished goods inventory (Dec. 31) Direct materials purchased Indirect materials used Direct manufacturing labor Indirect manufacturing labor Property taxes on plant Plant supervisory salaries Depreciation of office equipment Miscellaneous plant overhead Plant supplies used Revenues General office expenses $30,000 50,000 40,400 72,000 60,000 55,000 120,000 4,000 70,000 66,000 5,800 12,000 33,600 35,000 3,400 1,200,000 15,400 Required: a. Prepare a cost of goods manufactured schedule for the year. b. Prepare the income statement for the year. C. Give two examples of cost drivers for each of the following costs: 1) Indirect manufacturing labor 2) Plant supervisory salaries
Claire Corporation's trial balance includes the following expenses: Raw materials used in production Raw materials purchased General manager salary Sales manager salary Direct labor incurred General liability insurance premium Factory rent Office lease Factory utilities Depreciation on factory equipment Assuming that this list represents all expenses for the year, what amount should Claire report as a period (non-product) expense? Select one: $5,500 6,500 50,000 30,000 130,000 a. $101,000 b. $107,500 c. $83,000 d. $74,000 3,000 24,000 18,000 12,000 14,000
The following information has been obtained from the records of XYZ coroporation for the period from January 1 to June 30 2020 . Jan. 1-2020 June-30-2020 1. Cost of raw materials 30,000 25,000 2. Cost of work-in- progress 12,000 15,000 3. Cost of stock of finished goods 60,000 55,000 4.Transactions during six months are: 5. Purches of raw materials 4,50,000 6. Wages paid 2,30,000 7. Factory overheads 92,000 8. Factory overheads 30,000 9. Selling & Distribution overheads 20,000 10. Sales 9,00, 000 Prepare 1. Cost Sheet showing (a) Materials consumed ;(b) Prime cost ; (c) Factory cost incurred and factory cost... and 2. Income Statement intraditional form the six months showing gross profit and net profit