FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Concept explainers

Manufacturing Costs
Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.
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Q no.4,5,6,7

Cotton White, Incorporated, makes specialty clothing for chefs. The company reported the following costs for the current year: Factory rent Company advertising Wages paid to sewing personnel Depreciation on salespersons' vehicles Thread Utilities for factory Cutting room supervisor's salary President's salary Premium quality cotton material Buttons Factory insurance Depreciation on sewing machines Wages paid to cutters 1. Direct Materials Cost 2. Direct Labor Cost 3. Manufacturing Overhead Cost 4. Total Manufacturing Cost 5. Prime Cost 6. Conversion Cost 7. Total Period Cost $36,100 24,500 76,400 30,900 1,150 Required: 1. Compute the cost of direct materials for Cotton White. 2. Compute the cost of direct labor for Cotton White. 3. Compute the cost of manufacturing overhead for Cotton White. 4. Compute the total manufacturing cost for Cotton White. 5. Compute the prime cost for Cotton White. 6. Compute the conversion cost for Cotton White. 7. Compute the total period cost for Cotton White. $ 41,200 $ 126,000 $ 118,500 $ 285,700 $ 167,200 $ 244,500 $ 177,400 24,000 31,700 75,800 40,100 765 19,700 7,200 50,400
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Transcribed Image Text:Cotton White, Incorporated, makes specialty clothing for chefs. The company reported the following costs for the current year: Factory rent Company advertising Wages paid to sewing personnel Depreciation on salespersons' vehicles Thread Utilities for factory Cutting room supervisor's salary President's salary Premium quality cotton material Buttons Factory insurance Depreciation on sewing machines Wages paid to cutters 1. Direct Materials Cost 2. Direct Labor Cost 3. Manufacturing Overhead Cost 4. Total Manufacturing Cost 5. Prime Cost 6. Conversion Cost 7. Total Period Cost $36,100 24,500 76,400 30,900 1,150 Required: 1. Compute the cost of direct materials for Cotton White. 2. Compute the cost of direct labor for Cotton White. 3. Compute the cost of manufacturing overhead for Cotton White. 4. Compute the total manufacturing cost for Cotton White. 5. Compute the prime cost for Cotton White. 6. Compute the conversion cost for Cotton White. 7. Compute the total period cost for Cotton White. $ 41,200 $ 126,000 $ 118,500 $ 285,700 $ 167,200 $ 244,500 $ 177,400 24,000 31,700 75,800 40,100 765 19,700 7,200 50,400
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