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Required information (The following information applies to the questions displayed below.) The following cost data for...

Question

Required information (The following information applies to the questions displayed below.) The following cost data for...

Required information (The following information applies to the questions displayed below.) The following cost data for the ye
Service department costs Direct labor fringe benefits Indirect labor: fringe benefits Fringe benefits for production supervis
Required information (The following information applies to the questions displayed below.) The following cost data for the year just ended pertain to Sentiments, Inc., a greeting card manufacturer: Direct materia Advertising expense Depreciation on factory building Direct labor: wages Cost of finished goods inventory at year-end Indirect labor wages Production supervisor's salary Service department costs Direct labor: fringe benefits Indirect labor: fringe benefits Fringe benefits for production supervisor Total overtime premiums paid Cost of idle time: production employees Administrative costs Rental of office space for sales personnel Sales commissions Product promotion costs $2,200,000 98,000 116,000 520,000 115,000 141,000 46,000 100,000 86,000 30,000 9,000 55,000 40,000 150,000 15,000 5,000 10,000 "All services are provided to manufacturing departments. SCost of idle time is an overhead item; it is not included in the direct-labor wages given above. The rental of sales space was made necessary when the sales offices were converted to storage space for raw material
Service department costs Direct labor fringe benefits Indirect labor: fringe benefits Fringe benefits for production supervisor Total overtime premiums paid Cost of idle time: production employees Administrative costs Rental of office space for sales personnel Sales commissions Product promotion costs 100,000 86,000 30,000 9,000 55,000 40,000 150,000 15,000 5,000 10,000 "All services are provided to manufacturing departments. Cost of idle time is an overhead item; it is not included in the direct labor wages given above. The rental of sales space was made necessary when the sales offices were converted to storage space for raw material. Required: 1. Compute each of the following costs for the year just ended: a. Total prime costs b. Total manufacturing overhead costs c. Total conversion costs d. Total product costs e. Total period costs

Answers

Answer -

a. Total prime costs $2806000
b. Total manufacturing overhead costs $537000
c. Total conversion costs $1143000
d. Total product costs $3343000
e. Total period costs $278000

Calculation:

a. Total prime costs:

= Direct materials + Direct labor: wages + Direct labor: fringe benefits

= $2200000 + $520000 + $86000

= $2806000

b. Total manufacturing overhead costs:

= Depreciation on factory building + Indirect labor: wages + Production supervisor’s salary + Service department costs + Indirect labor: fringe benefits + Fringe benefits to production supervisor + Total overtime premium paid + Cost of idle time: production employees

= $116000 + $141000 + $46000 + $100000 + $30000 + $9000 + $55000 + $40000

= $537000

c. Total conversion costs:

= Direct labor: wages + Direct labor: fringe benefits + Total manufacturing overhead costs

= $520000 + $86000 + $537000

= $1143000

d. Total production costs:

= Total prime costs + Total manufacturing overhead costs

= $2806000 + $537000

= $3343000

e. Total period costs:

= Advertising expense + Administrative costs + Rental of office space for sales personnel + Sales commission + Product promotional costs

= $98000 + $150000 + $15000 + $5000 + $10000

= $278000


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