Reference no: EM132047133
Question - Given the following data:
Administrative costs $40,000
Building depreciation (80% for plant) 30,000
Property, plant and equipment 150,000
Indirect materials and supplies 4,000
Sales commissions 15,000
Accounts receivable 15,000
Direct materials inventory, Jan 1 14,000
Direct labor 35,000
Direct materials inventory, Dec 31 17,000
Finished goods inventory, Jan 1 7,000
Finished goods inventory, Dec 31 8,000
Materials purchases 27,000
Accounts payable 12,000
Work in process inventory, Dec 31 12,000
Supervisory and indirect labor 12,000
Property taxes (80% for plant) 10,000
Utilities and power (90% for plant) 30,000
Work in process inventory, Jan 1 8,000
Sales revenue 250,000
Required:
a) Determine the cost of goods manufactured, the gross profit, and the operating income.
b) From the above list identify, what might be a product cost and what might be a period cost.
c) Explain the terms, cost object and cost driver.
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: Building depreciation (80% for plant) 30,000, Determine the cost of goods manufactured, the gross profit, and the operating income
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