Question
1. For a manufacturingcompany, identify the following as either a product cost or a periodcost: a. Depreciation on plant equipment b. Depreciation onsalespersons' automobiles c.
1.
For a manufacturingcompany, identify the following as either a product cost or a periodcost:
a.
Depreciation on plant equipment
b.
Depreciation onsalespersons' automobiles
c.
Insurance on plant building
d.
Marketingmanager's salary
e.
Direct materials used
f.
Manufacturing overhead
g.
Electricity bill for human resources office
h.
Production employee wages
2.
Show how to compute cost of goods manufactured. Use the followingamounts: direct materialsused, $18,000; directlabor, $10,000; manufacturingoverhead, $22,000; beginningWork-in-Process Inventory, $32,000; and endingWork-in-Process Inventory, $5,000.
3.
Using the results from Requirement2, calculate the cost per unit for goods manufactured assuming 1,400 units were manufactured.
4.
Beginning Finished Goods Inventory had 175 units that had a unit cost of $45 each. Ending Finished Goods Inventory has 250 units left. Using the results from Requirement3, calculate cost of goods sold assuming FIFO inventory costing is used.
Requirement 2. Show how to compute cost of goods manufactured. Use the followingamounts: direct materialsused,
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