Reference no: EM133125732
Questions -
Q1) All of the costs reported on the income statement of a manufacturing company are period costs.
A) true
B) false
Q2) ABC Company had the following estimated costs for 2022:
Direct materials $28,000
Direct labor $22,000
Advertising expense $15,000
Rent on factory building $13,000
Depreciation on factory equipment $11,000
Indirect materials $10,000
Sales commissions $28,000
Production supervisor's salary $40,000
Insurance on factory equipment $15,000
ABC Company estimates that 25,000 machine hours will be used during 2022.
Calculate ABC Company's 2022 pre-determined overhead rate based on machine hours.
Q3) Baker Company produces refrigerators. Each refrigerator contains a small thermostat that costs $6. During March, 800 of the thermostats were taken from the supply room and installed in refrigerators that were in production.
60% of these refrigerators were completed and transferred into the finished goods warehouse. Of the refrigerators that were completed, 70% were still unsold at the end of March. Assume that there were no inventories of any kind at March 1.
Calculate the cost of thermostats in cost of goods sold for March.
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