Reference no: EM132477434
Old Skool, Inc. produces children's toys, and incurs the following costs:
Factory rent $3,000
Company advertising 1,000
Wages paid to assembly workers 30,000
Depreciation for salespersons' vehicles 2,000
Screws for production 500
Utilities for factory 800
Assembly supervisor's salary 3,500
Sandpaper 150
President's salary 5,000
Plastic tubing for production 4,000
Paint for production 250
Sales commissions 1,200
Factory insurance 1,000
Depreciation on
cutting machines 2,000
Wages paid to painters 7,500
Question a. Identify each of the costs above as: a component of prime (P) or conversion (C) cost, product (Pr) or period (Pe) cost, and manufacturing (M) or non-manufacturing (NM) cost.
Question b. What is the total cost for.
1. Prime cost (DM + DL) - it. Conversion cost (DL + MOH) -
Question 2. Define relevant, irrelevant and sunk costs.
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