Question

Direct materials $14,000 Direct labor $17,000 Other Costs Variable Fixed Manufacturing overhead $18,000 $12,000 Marketing $3,000...

Direct materials $14,000 Direct labor $17,000 Other Costs Variable Fixed Manufacturing overhead $18,000 $12,000 Marketing $3,000 $11,000 Administrative $7,000 $6,000 In the table above are shown costs incurred during April by Wright Aero-Bikes. The amount classified as product costs would be?

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1
  • Product costs are those cost that basically forms the part of the product and is directly related to the production of that product. Most of the time, the product costs are variable in nature and they vary as with the production.
  • Product cost include direct material, direct labor, factory overhead etc.
  • In the question given, product cost will include------

Direct materials $14000
Direct Labor $17000
Variable manufacturing Overhead $18000
Fixed Manufacturing Overhead $12000

Total Product cost = 14000 + 17000 + 18000 + 12000 = $ 61000

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
1.Manufacturing costs are typically classified as Select one: a. direct materials or direct labor b. product...
1.Manufacturing costs are typically classified as Select one: a. direct materials or direct labor b. product costs or period costs c. direct materials, direct labor, or manufacturing overhead d. direct materials, direct labor, or selling and administrative 2. Raw materials inventory, January 1 $ 12,000 Raw materials inventory, December 31 16,000 Work in process, January 1 5,000 Work in process, December 31 8,000 Finished goods, January 1 17,000 Finished goods, December 31 12,000 Raw materials purchases 118,000 Direct labor 165,000...
since manufacturing costs (direct materials, direct labor, and overhead) are incurred in the process of manufacturing...
since manufacturing costs (direct materials, direct labor, and overhead) are incurred in the process of manufacturing units of product, these costs are debited to A.) The direct materials Inventory, Direct Labor, and Manufacturing overhead accounts B.) Expense Accounts C.) The cost of goods sold account. D.) The work in Process Inventory Account
1- Costs for direct materials, direct labor and manufacturing overhead are assigned to each job. True...
1- Costs for direct materials, direct labor and manufacturing overhead are assigned to each job. True or false 2- J&A Corporation has a monthly target operating income of $35,000. Variable expenses are 30% of sales and monthly fixed expenses are $7,000. What is the monthly margin of safety in dollars if the business achieves its operating income goal? A) $60,000 B) $70,000 C) $50,000 D) $21,000 3- At Dwight Incorporated, total fixed and variable costs are $430,000 at a production...
#6 Schwiesow Corporation has provided the following information: Cost per Unit Cost per Period Direct materials...
#6 Schwiesow Corporation has provided the following information: Cost per Unit Cost per Period Direct materials $ 7.05 Direct labor $ 3.50 Variable manufacturing overhead $ 1.65 Fixed manufacturing overhead $ 11,000 Sales commissions $ 1.00 Variable administrative expense $ 0.40 Fixed selling and administrative expense $ 5,500 For financial reporting purposes, the total amount of period costs incurred to sell 5,000 units is closest to: $5,500 $8,300 $12,500 $7,000 #3 Kesterson Corporation has provided the following information: Cost per...
Direct Materials, Direct Labor, and Reports budgeted and actual costs for variable and fixed factory overhead...
Direct Materials, Direct Labor, and Reports budgeted and actual costs for variable and fixed factory overhead along with the related controllable and volume variances.Factory Overhead Cost Variance Analysis Mackinaw Inc. processes a base chemical into plastic. A detailed estimate of what a product should cost.Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 6,800 units of product were as follows: Standard Costs Actual Costs Direct materials 8,800 lb. at $4.90 8,700...
Following are unit costs- Direct Materials: $7.00 Direct Labor: $5.30 Variable Manufacturing overhead: $1.50 Fixed Manufacturing...
Following are unit costs- Direct Materials: $7.00 Direct Labor: $5.30 Variable Manufacturing overhead: $1.50 Fixed Manufacturing Overhead: $5.90 Variable Selling Expenses: $2.10 Fixed Selling Expenses: $3.40 Normal Selling price is $30 per unit. A Special order of $20 per unit is received for 10,000 unites It would not affect normal sales. Required: Should the order be accepted? Show Calculations
1)The following costs were incurred in April: Direct materials $39,400 Direct labor $34,000 Manufacturing overhead $21,600...
1)The following costs were incurred in April: Direct materials $39,400 Direct labor $34,000 Manufacturing overhead $21,600 Selling expenses $19,700 Administrative expenses $38,600 Conversion costs during the month totaled: $73,400 $61,000 $55,600 $153,300 2)Ofarrell Corporation, a company that produces and sells a single product, has provided its contribution format income statement for March. Sales (6,700 units) $402,000 Variable expenses 268,000 Contribution margin 134,000 Fixed expenses 103,500 Net operating income $30,500 If the company sells 6,600 units, its net operating income should...
The following are monthly high and low levels of Direct labor hours and total manufacturing overhead...
The following are monthly high and low levels of Direct labor hours and total manufacturing overhead for Sam Manufacturing: Direct                          Total Labor                   Manufacturing Hours                     Overhead                               Highest observed level           6,000                     $17,000                         Lowest observed level                        4,000                       14,000               In a month in which 5,000 direct labor hours are used, the fixed element of total               Manufacturing overhead costs should be approximately: $15,000. $8,000. $7,500. $8,000 plus $1.50 per unit.
Cost Item Amount Direct Materials Used $140,000 Direct Manufacturing Labor Costs (workers are pd hourly) $22,000...
Cost Item Amount Direct Materials Used $140,000 Direct Manufacturing Labor Costs (workers are pd hourly) $22,000 Plant Utility Costs $5,000 Indirect Manufacturing Labor Costs—Variable $18,000 Indirect Manufacturing Labor Costs—Fixed $14,000 Other Indirect Manufacturing Costs—Variable $8,000 Other Indirect Manufacturing Costs—Fixed $26,000 Marketing, Distribution & Customer-Service Variable Costs $120,000 Marketing, Distribution & Customer-Service Fixed Costs $43,000 Fixed Administrative Costs $54,000 Inventory Data Beginning Ending Direct Materials 202,300 feet 2300 feet Work in Process 0 units 0 units Finished Goods 0 units ?...
Burns Company incurred the following costs during the year: direct materials $23.50 per unit; direct labor...
Burns Company incurred the following costs during the year: direct materials $23.50 per unit; direct labor $15.30 per unit; variable manufacturing overhead $17.50 per unit; variable selling and administrative costs $9.60 per unit; fixed manufacturing overhead $126,000; and fixed selling and administrative costs $11,000. Burns produced 6,300 units and sold 6000 units. Determine the manufacturing cost per unit under (a) absorption costing and (b) variable costing. (Round answers to 2 decimal places, e.g. 52.75.)
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT