2AN INTRODUCTION TO COST TERMS AND PURPOSES 1. Calculate (a) direct manufacturing labor, (b) idle time, (c) overtime and holiday premium, and (d) total earnings for David in December 2 Is idle time and overtime premium a direct or indirect cost of the products that David worked on in December? Explain. Missing records, computing inventory costs. Ron Howard recently took over as the cotrller d Johnson Brothers Manufacturing. Last month, the previous controller left the company with little and left the accounting records in disarray. Ron needs the ending inventory balances to report first-quarter 244 numbers. For the previous month (March 2017) Ron was able to piece together the following information Direct materials purchased Work-in-process inventory, 3/1/2017 Direct materials inventory, 3/1/2017 Finished-goods inventory, 3/1/2017 Conversion costs Total manufacturing costs added during the period Cost of goods manufactured Gross margin as a percentage of revenues $120,000 $35,000 $ 12,500 $160,000 $330,000 $420,000 4 times direct materials used 20% Revenues 518,750 Calculate the cost of: 1.Finished-goods inventory, 3/31/2017 2 Work-in-process inventory, 3/31/2017 3. Direct materials inventory, 3/31/2017 2-45 Comprehensive problem on unit costs, product costs. Atlanta Office Equipment manufactures and sells metal shelving. It began operations on January 1, 2017. Costs incurred for 2017 are as follows stands for variable; F stands for fixed) Direct materials used Direct manufacturing labor costs Plant energy costs Indirect manufacturing labor costs Indirect manufacturing labor costs Other indirect manufacturing costs Other indirect manufacturing costs Marketing, distribution, and customer-service costs Marketing, distribution, and customer-service costs Administrative costs $140,000V 22.000V 5.000 V 18,000 V 14.000F a.c00 V 25,000 F 120000 V 43.000F 54.000 F Garden Scapes Manufacturing classifies all costs directly related to s product costs. These costs are inventor
2AN INTRODUCTION TO COST TERMS AND PURPOSES 1. Calculate (a) direct m
2AN INTRODUCTION TO COST TERMS AND PURPOSES 1. Calculate (a) direct manufacturing labor, (b) idle time, (c) overtime and holiday premium, and (d) total earnings for David in December 2 Is idle time and overtime premium a direct or indirect cost of the products that David worked on in December? Explain. Missing records, computing inventory costs. Ron Howard recently took over as the cotrller d Johnson Brothers Manufacturing. Last month, the previous controller left the company with little and left the accounting records in disarray. Ron needs the ending inventory balances to report first-quarter 244 numbers. For the previous month (March 2017) Ron was able to piece together the following information Direct materials purchased Work-in-process inventory, 3/1/2017 Direct materials inventory, 3/1/2017 Finished-goods inventory, 3/1/2017 Conversion costs Total manufacturing costs added during the period Cost of goods manufactured Gross margin as a percentage of revenues $120,000 $35,000 $ 12,500 $160,000 $330,000 $420,000 4 times direct materials used 20% Revenues 518,750 Calculate the cost of: 1.Finished-goods inventory, 3/31/2017 2 Work-in-process inventory, 3/31/2017 3. Direct materials inventory, 3/31/2017 2-45 Comprehensive problem on unit costs, product costs. Atlanta Office Equipment manufactures and sells metal shelving. It began operations on January 1, 2017. Costs incurred for 2017 are as follows stands for variable; F stands for fixed) Direct materials used Direct manufacturing labor costs Plant energy costs Indirect manufacturing labor costs Indirect manufacturing labor costs Other indirect manufacturing costs Other indirect manufacturing costs Marketing, distribution, and customer-service costs Marketing, distribution, and customer-service costs Administrative costs $140,000V 22.000V 5.000 V 18,000 V 14.000F a.c00 V 25,000 F 120000 V 43.000F 54.000 F Garden Scapes Manufacturing classifies all costs directly related to s product costs. These costs are inventor
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