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Cost Accounting and Financial Statement Preparation: A Comprehensive Analysis of Manufacturing Costs

A cost accounting assignment analyzing the preparation of financial statements and manufacturing costs.

Michael Davis
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Cost Accounting and Financial Statement Preparation: A ComprehensiveAnalysis of Manufacturing Costs1.Kennedy Company reports the following costs and expenses in May.Factory utilities$16,500Direct labor$79,100Depreciation on factorySales salaries51,400equipment12,650Property taxes on factoryDepreciation on delivery trucks3,800building2,500Indirect factory labor48,900Repairs to office equipment1,300Indirect materials70,800Factory repairs2,000Direct materials used157,600Advertising23,000Factory manager's salary8,000Office supplies used2,640InstructionsFrom the information, determine the total amount of:(a)Manufacturing overhead.(b)Product costs.(c)Period costs.SHOW YOUR WORK.(a)Factory utilities ......................................................................$ 16,500Depreciation on factory equipment ........................................12,650Indirect factory labor ..............................................................48,900Indirect materials ...................................................................70,800Factory manager's salary ......................................................8,000Property taxes on factory building .........................................2,500Factory repairs ......................................................................2,000Manufacturing overhead ........................................................$161,350(b)Direct materials .....................................................................$157,600Direct labor ............................................................................79,100Manufacturing overhead ........................................................161,350Product costs ........................................................................$398,050(c)Depreciation on delivery trucks ................................................$ 3,800Sales salaries ..........................................................................51,400Repairs to office equipment .....................................................1,300Advertising ...............................................................................23,000Office supplies used ................................................................2,640Period costs .............................................................................$ 82,140

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Accounting

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