Exercise 1-4 Knight Company reports the following costs and expenses in May. Fac

Question

Exercise 1-4 Knight Company reports the following costs and expenses in May. Factory utilities Depreciation on factory equipment $16,500 Direct labor $74,000 14,750Sales salaries 49,300 4 Property taxes on factory 4,000 54,000 Repairs to office equipment 81,700Factory repairs 2,900 1,600 2,740 16,600 2,990 Depreciation on delivery trucks building Indirect factory labor Indirect materials Direct materials used Factory manager's salary 141,700 Advertising 8,300 Office supplies used From the information:

Explanation / Answer

(a) Manufacturing Overhead: Factory utilities 16500 Depreciation on factory equipment 14750 Indirect factory labor 54000 Indirect materials 81700 Factory manager’s salary 8300 Property taxes on factory building 2900 Factory repairs 2740 Total Manufacturing Overhead 180890 b Direct materials 141700 Direct labor 74000 Manufacturing overhead 180890 Product costs 396590 c Depreciation on delivery trucks 4000 Sales salaries 49300 Repairs to office equipment 1600 Advertising 16600 Office supplies used 2990 Period costs 74490

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