Assignment ent Question 1 Knight Company reports the following costs and expense
ID: 2520790 • Letter: A
Question
Assignment ent Question 1 Knight Company reports the following costs and expenses in May $16,500 Direct labor Factory utilities Depreciation on factory equipment $70,000 50,800 Property taxes on factory building Repairs to office equipment Factory repairs Advertising office supplies used Depreciation on delivery trucks 4,000 Indirect factory labor Indirect materials Direct materials used Factory ma ager's salary 52,700 85,700 142,700 8,600 3,100 2,000 2,220 16,800 3,060 From the information: Determine the total amount of manufacturing overhead Manufacturing overhead Determine the total amount of product costs. Product costs s olicy I All Rights A Division of MacBook Pro F1O F8Explanation / Answer
All amounts are in $.
Manufacturing overheads:
Manufacturing overheads
Factory utilities
16500
Depreciation on factory equipment
14250
Depreciation delivery trucks
4000
Indirect factory labour
52700
Indirect materials
85700
Factory manager's salary
8600
Property taxes on factory building
3100
Factory repairs
2220
Total Manufacturing overheads
187070
Note:
The total manufacturing overheads have been calculated by aggregating all the above costs.
Product costs:
Product costs:
Direct materials used
142700
Direct labour
70000
Factory utilities
16500
Depreciation on factory equipment
14250
Depreciation delivery trucks
4000
Indirect factory labour
52700
Indirect materials
85700
Factory manager's salary
8600
Property taxes on factory building
3100
Factory repairs
2220
Total product costs
399770
Note:
The total product costs have been calculated by aggregating all the above costs.
Period costs:
Period costs:
Direct materials used
142700
Direct labour
70000
Factory utilities
16500
Depreciation on factory equipment
14250
Depreciation delivery trucks
4000
Indirect factory labour
52700
Indirect materials
85700
Factory manager's salary
8600
Property taxes on factory building
3100
Factory repairs
2220
Sales salaries
50800
Repairs to office equipment
2000
Advertising
16800
Office supplies used
3060
Total period costs
472430
Note:
The total period costs have been calculated by aggregating all the above costs.
Manufacturing overheads
Factory utilities
16500
Depreciation on factory equipment
14250
Depreciation delivery trucks
4000
Indirect factory labour
52700
Indirect materials
85700
Factory manager's salary
8600
Property taxes on factory building
3100
Factory repairs
2220
Total Manufacturing overheads
187070
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