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Individual Assignment 1 AFM

1. The document provides accounting cost data and questions for an individual assignment on classifying costs as direct materials, direct labor, or manufacturing overhead and identifying product and period costs. 2. It includes cost data for Truck Company and questions calculating total manufacturing costs and cost of work in process for Criba Company. 3. Additional questions involve classifying missing amounts for manufacturing cost data and determining totals for manufacturing overhead, product costs, and period costs from cost information provided for Kennedy Company.

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Sultan Iskandarsyah
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© © All Rights Reserved
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53 views

Individual Assignment 1 AFM

1. The document provides accounting cost data and questions for an individual assignment on classifying costs as direct materials, direct labor, or manufacturing overhead and identifying product and period costs. 2. It includes cost data for Truck Company and questions calculating total manufacturing costs and cost of work in process for Criba Company. 3. Additional questions involve classifying missing amounts for manufacturing cost data and determining totals for manufacturing overhead, product costs, and period costs from cost information provided for Kennedy Company.

Uploaded by

Sultan Iskandarsyah
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Course : Accounting and Financial Management

Lecturer : Dr. Mulyono, S.E., M.M.


Student : M. Sultan Iskandarsyah - 2301986175
Description : Individual Assigment 1

ASSIGNMENT 1
Question no 1a. (15 points)
Presented below are Truck Company’s monthly manufacturing cost data related to its
personal computer products.

(a) Taxes on factory building $ 820,000


(b) Raw materials $ 66,000
(c) Depreciation on manufacturing equip. $ 210,000
(d) Wages for assembly line workers $ 340,000

Instructions
Enter each cost item in the following table, placing an “X” under the appropriate headings.

Answers
Product Costs
Direct Manufacturin
Direct Labor
Materials g Overhead
(a
    X
)
(b
X    
)
(c
    X
)
(d
  X  
)

Question no 1b. (10 points)


Determine whether each of the following costs should be classified as direct materials (DM),
direct labor (DL), or manufacturing overhead (MO).
a. ____ Depreciation on factory equipment
b. ____ Table legs used in manufacturing tables
c. ____ Wages paid to assembly line workers
d. ____ Factory rent
Answers
a. MO
b. DM
c. DL
d. MO
Question no 2a. (10 points)
Identify whether each of the following is classified as a product cost or a period cost.
______________ 1. Direct labor
______________ 2. Direct materials
______________ 3. Factory utilities
______________ 4. Repairs to office equipment
______________ 5. Property taxes on factory building
______________ 6. Sales salaries
Answers
1. Product Cost
2. Product Cost
3. Product Cost
4. Period Cost
5. Product Cost
6. Period Cost

Question no 2b. (15 points)


Criba Company has the following data: direct labor $560,000, direct materials used $421,000,
total manufacturing overhead $206,000, and beginning work in process $47,000.

Instructions
Compute (a) total manufacturing costs and (b) total cost of work in process.
Answers
a. Direct labor $ 560,000
Direct materials used $ 421,000
Total manufacturing overhead $ 206,000
Total manufacturing costs $ 1,187,000

b. Beginning work in process $ 47,000


Total manufacturing costs $ 1,187,000
Total cost of work in process $1,234,000

Question no 3. (25 points)


Presented below are incomplete 2019 manufacturing cost data for Swartnez Corporation.

Instructions
Determine the missing amounts.

Answers
a. Total manufacturing costs $ 88,000
Direct materials used -$ 22,000
Direct labor -$ 42,000
Manufacturing overhead $ 24,000
b. Total manufacturing costs $ 460,000
Direct materials used -$ 148,000
Manufacturing overhead -$ 112,000
Direct labor $200,000

Question no 4. (25 points)


Kennedy Company reports the following costs and expenses in May.

Instructions
From the information, determine the total amount of:
(a) Manufacturing overhead.
(b) Product costs.
(c) Period costs.
Answers
a. Factory utilities $ 16,500
Depreciation on factory equipment $ 12,650
Indirect factory labor $ 48,900
Indirect materials $ 70,800
Factory manager's salary $ 8,000
Property taxes on factory building $ 2,500
Factory repairs $ 2,000
Manufacturing overhead $ 161,350

b. Direct materials used $ 157,600


Direct labor $ 79,100
Manufacturing overhead $ 161,350
Product costs $ 398,050

c. Depreciation on delivery trucks $ 3,800


Sales salaries $ 48,400
Repairs to office equipment $ 1,300
Advertising $ 23,000
Office supplies used $ 4,640
Period costs $ 81,140

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