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Zina [86]
2 years ago
14

Consider the following costs incurred in a recent period:Direct Materials $33,000Depreciation on Factory Equipment $12,000Factor

y Janitor's Salary $23,000Direct Labor $28,000Utilities for Factory $9,000Selling Expenses $16,000Production Supervisor's Salary $34,000Administrative Expenses $21,000What was the total amount of period costs listed above for the period?
Business
2 answers:
Lynna [10]2 years ago
8 0

Answer:  $37,000

Explanation:

Period costs are those costs that are not attributable to the production process so will mostly be administration expenses.

In the above, all expenses are related to the production whether directly or indirectly except selling expenses and admin expenses.

Period Costs = Selling Expenses + Admin expenses

= 16,000 + 21,000

= $37,000

asambeis [7]2 years ago
4 0

Answer:

$37,000

Explanation:

The following costs were incurred in a recent period

Direct Materials $33,000

Depreciation on Factory Equipment $12,000

Factory Janitor's Salary $23,000

Direct Labor $28,000

Utilities for Factory $9,000

Selling Expenses $16,000

Production Supervisor's Salary $34,000

Administrative Expenses $21,000

Therefore, the total amount of period cost can be calculated as follows

Total amount of period costs = Selling expenses + administrative expenses

= $16,000 + $21,000

= $37,000

Hence the total amount of period costs for the above period is $37,000

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School Days Furniture, Inc., manufactures a variety of desks, chairs, tables, and shelf units which are sold to public school sy
Blababa [14]

Answer:

Production Budget ( July August September)  5200,  6300,    9000        

Sales Budget   ( July August September)  $ 300,000   $ 360,000  $ 450,000      

Direct Materials Budget ( July August September) $ 31860   $ 39,420                $ 48,600    

Direct Materials Units  Budget   ( July August September)  53,100             65,700    81,000

Direct Labor Budget  ( July August September)  $ 163,800  $ 198450  $ 283,500  

Direct Labor Hours Budget  ( July August September)7800  9450     13500

Explanation:

The formula used are

<em>1) Production Budget = Sales + Desired Ending Inventory Less Opening Inventory</em>

<em>2) Sales Budget= Sales * Price Per unit</em>

<em>3) Raw Materials Budget = Production + Desired Ending Inventory Less Opening Inventory</em>

<em>Raw Materials Costs= Raw Materials Budget * Costs</em>

<em>4) Direct Labor Hours Budget = Production * Direct Labor Hours</em>

<em>Direct Labor Budget = Direct Labor Hours Budget* Wages Per Hour</em>

<em><u /></em>

<u>School Days Furniture, Inc.</u>

<u>Production Budget</u>

                                    <u>  July               August               September </u>

Sales                            5000              6000                   7500

+ Desired

Ending Inventory        1200               1500                     ------(assuming zero inv)

Less Opening

<u>Inventory                    1000               1200                     1500            </u>

<u>Production Budget    5200                6300                   9000    </u><u>     </u>

<u />

Production Budget = Sales + Desired Ending Inventory Less Opening Inventory

<u></u>

<u>School Days Furniture, Inc.</u>

<u>Sales Budget</u>

                                      <u>July                August             September </u>

Sales                            5000              6000                   7500

<u>Price Per unit                 $ 60              $60                     $ 60                    </u>

<u>Sales Budget            $ 300,000          $ 360,000             $ 450,000       </u>

<u />

Sales Budget= Sales * Price Per unit

<u></u>

<u>School Days Furniture, Inc.</u>

<u>Raw Materials Budget</u>

                                    <u>  July               August               September </u>

Production Budget         5200                6300                   9000    

+ Desired

Ending Inventory             630                   900      ------(assuming zero inv)

Less Opening

<u>Inventory                        520                   630                   900           </u>

<u>Materials Requiremnt    5310                6570                  8100  </u>

<u>Board (feet)                      10                      10                           10          </u>

Direct Materials          53,100             65,700                 81,000

<u>Plank Costs                  0.60                 0.60                        0.60         </u>

<u>Direct Materials          $ 31860            $ 39,420                $ 48,600  </u><u>  </u>

Raw Materials Budget = Production + Desired Ending Inventory Less Opening Inventory

Raw Materials Costs= Raw Materials Budget * Costs

<u></u>

<u>School Days Furniture, Inc.</u>

<u>Direct Labor Budget</u>

                                    <u>  July               August               September </u>

Production Budget         5200                6300                   9000    

<u>Direct Labor hours          1.5                     1.5                       1.5        </u>

<u>Direct Labor Hours        7800                9450                  13500</u>

Wages Per hour              $ 21                 $ 21                     $21

<u>Direct Labor Budget   $ 163,800         $ 198450          $ 283,500  </u>

Direct Labor Hours Budget = Production * Direct Labor Hours

Direct Labor Budget = Direct Labor Hours Budget* Wages Per Hour

<u />

<u />

4 0
3 years ago
Revenues, Expenses, and Cost of Goods Sold are closed to which of the following accounts:_________
iren2701 [21]

Answer: A) Income Summary

Explanation:

The Income Summary account is used to compile temporary accounts before posting them to capital accounts. Revenues, Expenses and Cost of Goods are temporary accounts which will be compiled in the Income summary account.

The Income summary account has a debit and a credit side with income going on the credit side and expenses going on the debit side. If the credit side is higher than the debit side then profits have been made. The reverse is true.

6 0
3 years ago
XYZ Company leased equipment to West Corporation under a lease agreement that qualifies as a finance lease to West but not as a
melomori [17]

Answer:

132,000$ will be recorded by west as amortization expense for the year.

Explanation:

Depreciation/amortization is systematic allocation of cost of asset over its useful life. In this case asset cost is not given so we assume that PV of lease payment is equal to market value (660,000 dollars) of asset.

In case of leased asset the useful life taken for calculation of depreciation is lower of 1) Useful life 2) Lease term as per applicable accounting standards.

So we have taken 5 years to charge depreciation on Straight line method.

Hence by dividing 660000 by five we get our answer.

7 0
2 years ago
Green Caterpillar Garden Supplies Inc. just reported earnings after tax (also called net income) of $9,750,000, and a current st
astra-53 [7]

Answer:

a. $12.08 per share

Explanation:

For computing the next year stock we have to do the following calculations  

Current Earning per share  = Net Income ÷ Number of Common Shares Outstanding

= $9,750,000 ÷ 5,500,000 shares  

= $1.77

Current Price Earning ratio = Current stock price ÷  Current EPS

= $14.74 ÷ $1.77

= 8.33

Now Next year earning per share = $9,750,000 ×  1.25 ÷ 8,400,000 shares = $1.45

So, the next year stock price = $1.45 x 8.33

= $12.08 per share

3 0
3 years ago
Scenario: Sports Stuff Inc. Herb Graham is vice president of Sports Stuff Inc., a business that develops, manufactures, and mark
Vladimir79 [104]

Answer:

Joint venture

Explanation:

A joint venture can be defined as a business arrangement in which two parties come together to achieve a purpose by combining resources of both parties.

A joint venture involves joint ownership of the business.

A joint venture is good because it helps with sharing of liabilities with a partner, access to knowledge, etc.

Cheers

5 0
3 years ago
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