A review of accounting records for last year disclosed the following selected information:
| Variable costs: | |
| Direct materials used | 48,000 |
| Direct labor | 165,000 |
| Manufacturing overhead | 95,000 |
| Selling costs | 86,000 |
| Fixed costs: | |
| Manufacturing overhead | 250,000 |
| Selling costs | 100,000 |
| Administrative costs | 223,000 |
In addition, the company suffered a $15,200 uninsured factory fire loss during the year.
What were the product costs and period costs for last year?
The accounting records of Reynolds Corporation revealed the following selected costs: Sales commissions, $74,000; plant supervision, $280,000; and administrative expenses, $196,000. Reynolds’s period costs total:
a. $270,000
b. $550,000
c. $476,000
d. $354,000
e. $196,000
Which of the companies below would be most likely to not use job-order costing?
a. A contract printer
b. A custom boat builder
c. A chemical manufacturer
d. A specialty coffee roaster
The following costs were incurred in June: Direct Materials $25,000 Direct Labor $20,000 Manufacturing (Factory) Overhead $25,000 Selling and Administrative Expenses $40,000.
A. What is the amount of the prime costs?
B. What is the amount of the period costs?
C. What is the amount of the conversion costs?
D. What is the amount of the product costs?
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