Question

Concord Company reports the following costs and expenses in May.

Factory utilities		$15,800		Direct labor		$72,200
Depreciation on factory equipment		14,050		Sales salaries		50,300
Depreciation on delivery trucks		4,100		Property taxes on factory building		3,500
Indirect factory labor		52,200		Repairs to office equipment		1,700
Indirect materials		84,600		Factory repairs		2,890
Direct materials used		142,700		Advertising		16,500
Factory manager’s salary		8,700		Office supplies used		3,440

From the information:

(a)

• Your Answer
• Correct Answer (Used)

Determine the total amount of manufacturing overhead.

Manufacturing overhead

$

(b)

Correct answer iconYour answer is correct.

Determine the total amount of product costs.

Product costs

$

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Attempts: 1 of 3 used

  

(c)

Determine the total amount of period costs.

Period costs

$

Answer 1

Ans. 2	Particulars	Amount
	Factory utilities	$15,800
	Depreciation on factory equipment	$14,050
	Indirect factory labor	$52,200
	Indirect materials	$84,600
	Factory manager's salary	$8,700
	Property taxes on factory building	$3,500
	Factory repairs	$2,890
	Total manufacturing overhead costs	$181,740
	*Only indirect manufacturing costs are known as manufacturing overhead costs.
Ans. 3	Particulars	Amount
	Direct materials used	$142,700
	Direct labor	$72,200
	Total manufacturing overhead	$181,740
	Total product cost	$396,640
	*Total product cost is the sum of all manufacturing costs whether they are
	direct or indirect.
Ans. 4	Particulars	Amount
	Depreciation on delivery trucks	$4,100
	Sales salaries	$50,300
	Repairs to office equipment	$1,700
	Advertising	$16,500
	Office supplies used	$3,440
	Total period costs	$76,040
	*Total period cost is the sum of all selling, general, office and administrative costs.