Ask Question
15 March, 15:48

Knight Company reports the following costs and expenses in May. Factory utilities $16,000 Direct labor $72,700 Depreciation on factory equipment 14,250 Sales salaries 50,000 Depreciation on delivery trucks 4,900 Property taxes on factory building 2,600 Indirect factory labor 53,500 Repairs to office equipment 1,800 Indirect materials 85,000 Factory repairs 2,970 Direct materials used 141,700 Advertising 15,600 Factory manager's salary 8,100 Office supplies used 3,523

From the information, determine the total amount of:

(a) Manufacturing overhead $Knight Company reports the following costs and exp

(b) Product costs $Knight Company reports the following costs and exp

(c) Period costs

+4
Answers (1)
  1. 15 March, 16:06
    0
    (a) Manufacturing overheard $182,420

    (b) Product cost $396,820

    (c) Period cost $75,823

    Explanation:

    a) Manufacturing overheard consist of indirect expenses, indirect labor cost and indirect material cost incurred in the production of a particular good:

    $

    Factory Utilities 16,000

    Depreciation on factory equipment 14,250

    Property taxed on factory building 2,600

    Indirect factory labor 53,500

    Indirect materials 85,000

    Factory Repairs 2,970

    Factory manager's salary 8,100

    182,420

    Product cost consists of direct material cost, direct labor cost and manufacturing overheard: $

    Direct material cost 141,700

    Direct labor cost 72,700

    Manufacturing overheard 182,420

    396,820

    Period cost consists of cost not relating to the production of a particular goods, but incurred in a particular period irrespective of production of good

    $

    Sales salaries 50,000

    Depreciation on delivery trucks 4,900

    Repairs to office equipment 1,800

    Advertising 15,600

    Office supplies used 3,523

    75,823
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Knight Company reports the following costs and expenses in May. Factory utilities $16,000 Direct labor $72,700 Depreciation on factory ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers