Inventory 1/10/2021 31/12/2021
Raw Materials $72,000 $65,000
Work in Progress $138,875 $129,125
Finished Goods $149,500 $141,700
Other information:
Sales Revenue $1,694,950
Factory Labour 239,700
Raw Materials Purchased 235,000
Office Cleaner’s Wages 4,500
Factory Supplies Used 23,500
Depreciation: Factory Plant & Equipment 32,000
Total Utilities 118,750
Plant Supervisor’s Salary 180,000
Design Costs ( Logo) 4,300
Packaging Material Cost 35,000
Total Insurance 60,000
Delivery Vehicle Drivers’ Wages 41,250
Depreciation: Delivery Vehicle 7,250
Property Taxes 105,000
Administrative Wages & Salaries 123,750
Sales Commission 2% of Net Profit before Commission
Of the total utilities, 80% relates to manufacturing and 20% relates to general and administrative costs.
Of the total insurance, 66⅔% relates to the manufacturing facilities & 33⅓% relates to the office area
The property taxes should be shared: 75% factory facilities & 25% general & administrative costs
Prepare an income statement for personal for the quarter ended December 31, 2021. List the non-manufacturing overheads in order of size starting with the largest.
Inventory 1/10/2021 31/12/2021
Raw Materials $72,000 $65,000
Work in Progress $138,875 $129,125
Finished Goods $149,500 $141,700
Other information:
Sales Revenue $1,694,950
Factory Labour 239,700
Raw Materials Purchased 235,000
Office Cleaner’s Wages 4,500
Factory Supplies Used 23,500
Depreciation: Factory Plant & Equipment 32,000
Total Utilities 118,750
Plant Supervisor’s Salary 180,000
Design Costs ( Logo) 4,300
Packaging Material Cost 35,000
Total Insurance 60,000
Delivery Vehicle Drivers’ Wages 41,250
Depreciation: Delivery Vehicle 7,250
Property Taxes 105,000
Administrative Wages & Salaries 123,750
Sales Commission 2% of Net Profit before Commission
Of the total utilities, 80% relates to manufacturing and 20% relates to general and administrative costs.
Of the total insurance, 66⅔% relates to the manufacturing facilities & 33⅓% relates to the office area
The property taxes should be shared: 75% factory facilities & 25% general & administrative costs
What is the total factory overhead costs incurred during the period?
Inventory 1/10/2021 31/12/2021
Raw Materials $72,000 $65,000
Work in Progress $138,875 $129,125
Finished Goods $149,500 $141,700
Other information:
Sales Revenue $1,694,950
Factory Labour 239,700
Raw Materials Purchased 235,000
Office Cleaner’s Wages 4,500
Factory Supplies Used 23,500
Depreciation: Factory Plant & Equipment 32,000
Total Utilities 118,750
Plant Supervisor’s Salary 180,000
Design Costs ( Logo) 4,300
Packaging Material Cost 35,000
Total Insurance 60,000
Delivery Vehicle Drivers’ Wages 41,250
Depreciation: Delivery Vehicle 7,250
Property Taxes 105,000
Administrative Wages & Salaries 123,750
Sales Commission 2% of Net Profit before Commission
Of the total utilities, 80% relates to manufacturing and 20% relates to general and administrative costs.
Of the total insurance, 66⅔% relates to the manufacturing facilities & 33⅓% relates to the office area
The property taxes should be shared: 75% factory facilities & 25% general & administrative costs
Calculate the raw material used.
Inventory 1/10/2021 31/12/2021
Raw Materials $72,000 $65,000
Work in Progress $138,875 $129,125
Finished Goods $149,500 $141,700
Other information:
Sales Revenue $1,694,950
Factory Labour 239,700
Raw Materials Purchased 235,000
Office Cleaner’s Wages 4,500
Factory Supplies Used 23,500
Depreciation: Factory Plant & Equipment 32,000
Total Utilities 118,750
Plant Supervisor’s Salary 180,000
Design Costs ( Logo) 4,300
Packaging Material Cost 35,000
Total Insurance 60,000
Delivery Vehicle Drivers’ Wages 41,250
Depreciation: Delivery Vehicle 7,250
Property Taxes 105,000
Administrative Wages & Salaries 123,750
Sales Commission 2% of Net Profit before Commission
Of the total utilities, 80% relates to manufacturing and 20% relates to general and administrative costs.
Of the total insurance, 66⅔% relates to the manufacturing facilities & 33⅓% relates to the office area
The property taxes should be shared: 75% factory facilities & 25% general & administrative costs
Calculate the raw material used.
What is the total factory overhead costs incurred during the period?
Determine the prime cost & conversion cost of the crests produced.
Prepare a schedule of cost of goods manufactured for the quarter ended December 31, 2021, clearly showing total manufacturing cost & total manufacturing costs to account for.
Prepare an income statement for personal for the quarter ended December 31, 2021. List the non-manufacturing overheads in order of size starting with the largest.
What is the selling price per crest if 2,800 crests are manufactured for the quarter under review and uses a mark-up of 50% on cost?
Explain the difference between a product cost and a period cost. How does the product cost of a manufacturer differ from the product cost of a merchandiser?
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