Your friend, Suzie Whitson, has designed a new type of outdoor toy that helps children learn basic concepts such as colors, numbers, and shapes. Suzie’s product will be targeted for two groups: day care centers in warm climates and home school programs for which few activity-intensive programs aim at toddlers’ developmental processes. Suzie has come to you for help in getting her idea off the ground. She has never managed a business before and is not sure what functions she will need to perform to make her venture successful.
Assume that Suzie Whitson has decided to begin production of her outdoor children’s toy. Her company is Jiffy Jet and costs for last month follow.
Factory rent $ 3,000
Company advertising 1,000
Wages paid to assembly workers 30,000
Depreciation for salespersons’ vehicles 2,000
Screws 500
Utilities for factory 800
Assembly supervisor’s salary 3,500
Sandpaper 150
President’s salary 5,000
Plastic tubing 4,000
Paint 250
Sales commissions 1,200
Factory insurance 1,000
Depreciation on cutting machines 2,000
Wages paid to painters 7,500
Note: It is believed that screws, sandpaper and paint are not worth the effort to trace to specific units.
Requirement 1:
Identify each of the preceding costs as either a product or a period cost. If the cost is a product cost, decide whether it is for direct materials (DM), direct labor (DL), or manufacturing overhead (MOH). (Select “NA” wherever necessary.)
Factory rent
Company advertising
Wages paid to assembly workers
Depreciation for salespersons’ vehicles
Screws
Utilities for factory
Assembly supervisor’s salary
Sandpaper
President’s salary
Plastic tubing
Paint
Sales commissions
Factory insurance
Depreciation on cutting machines
Wages paid to painters
Requirement 2:
Determine the total cost for each of the following. (Omit the “$” sign in your response.)
a. Direct material $
b. Direct labor $
c. Manufacturing overhead $
d. Prime cost $
e. Conversion cost $
f. Total product cost $
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