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acc-Knight Company reports the following costs and expenses in May




Question;Knight Company reports the following costs and expenses in MayFactory utilities $12,500Depreciation on factory equipment $12,650Depreciation on delivery trucks 3,800Indirect factory labor 48,900Indirect materials 80,800Direct materials used 137,600Factory manager?s salary 8,000Direct labor $69,100Sales salaries $46,400Property taxes on factory building 2,500Repairs to office equipment 1,300InstructionsFrom the information determine the total amount of the a- manufacturing overheadb- Product costs c- Period costExercise two Ikerd Company is a manufacturer of personal computer. Various cost and expenses associated with its operation are as follows:1-Property tax on the factory building2- Production superintendents ?salaries3- Memories board and ships used in assembling computers4 Depreciation on the factory equipment5-Salaries for assembly line quality control inspector6- Sales commissions paid to sell personal computers7- Electrical components used in assembling computer8- Wages of workers assembling personal computers9- Soldering materials used on factory assembly lines10-Salaries for the night security guards for factory buildingThe company intends to classify these cost and expenses into the following categories a)direct materials, b) direct labor c) manufacturing overhead and d) period costsExercise three kwik Delivery service reports the following cost and expenses in June 2012Indirect materials $5,400 Drivers?salaries $16,000Depreciation on deliveryequipment 11,200 Advertising 1,600Dipatcher?s salary 5,000 Delivery equipment 300RepairsProperty taxes on office building 870 office supplies 650CEO?s salary 12,000 office utilities 990Gas and oil for delivery trucks2,200 Repair on office equipment 180Determine the total amount of a) delivery service (product) b) period costsExercise four Lopez corporation incurred the following cost while manufacturing its productsMaterials used in product $120,000Depreciation on plant 60,000Property taxes on store 7,500Labor cost of assembly-line workers 110,000Factory supplies used 23,000Advertising expense 45,000Property tax on plant 14,000Sales commissions 35,000Salaries paid to sales clerk 50,000Work in progress inventory was $12,000 at January 1 and $15,000 at December 31. Finished good inventory was $60,000 at January 1 and 45,600 at December computea(compute cost of goods manufacturedb(compute cost of good sold


Paper#41265 | Written in 18-Jul-2015

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