Question
The following cost data for the current year relate to NTU Technologies Ltd. Administrative costs $150,000 Advertising expense $99,000 Cost of idle time: production employees
The following cost data for the current year relate to NTU Technologies Ltd.
Administrative costs $150,000
Advertising expense $99,000
Cost of idle time: production employees $40,000
Depreciation on factory building $115,000
Direct labour wages $580,000
Direct material purchased $2,100,000
Indirect labour wages $140,000
Indirect labour: CPF & other benefits $30,000
Direct Labour: CPF & other benefits $95,000
CPF & other benefits for production supervisor $9,000
Product promotion costs $10,000
Production supervisor's salary $45,000
Rental of office space for
sales personnel $15,000
Sales commissions $5,000
Manufacturing support service department $100,000
cost
Total overtime premiums paid $55,000
Raw materials inventory, 31 December 2019 $135,600
Raw materials inventory, 1 January 2019 $190,400
Work in process, 31 December 2019 $242,600
Work in process, 1 January 2019 $218,800
Finished goods, 31 December 2019 $105,800
Finished goods, 1 January 2019 $73,600
Required:
(a) Categorise the above costs and calculate each of the following costs for the year:
(i)Direct material used.
(ii)Total prime costs.
(iii) Total manufacturing overhead costs.
(iv) Total conversion costs.
(v) Cost of goods manufactured.
(vi) Total period costs.
(vii) Cost of goods sold
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