Martinez Manufacturing Inc. showed the following costs for last month: Direct materials ....... $7,000 Direct labor .........

Question:

Martinez Manufacturing Inc. showed the following costs for last month:

Direct materials ....... $7,000

Direct labor ......... 3,000

Manufacturing overhead ... 2,000

Selling expense ........ 8,000

Last month, 6,000 units were produced and sold.

Required:

1. Classify each of the costs as product cost or period cost.

2. What is total product cost for last month?

3. What is the unit product cost for last month?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Cornerstones of Managerial Accounting

ISBN: 978-0324660135

3rd Edition

Authors: Mowen, Hansen, Heitger

See More Books

Question Posted: Feb 03, 2012 06:27 AM

See More Questions

Martinez Manufacturing Inc. showed the following costs for last month: Direct materials .....................................$17,000 Direct labour ............................................13,000...
Classify each of the following as a financial liability, an operating liability, or neither: a. Accrued compensation. b. Deferred revenues. c. Preferred stock. d. Deferred tax liability. e. Lease...
Classify each of the following as a (CA) current asset, (NA) noncurrent asset, (CL) current liability, (NL) noncurrent liability, or (E) equity account. Choose the best or most frequently used...
You have been directed to determine the value of Ebay's stock which is currently trading at $33.8. Ebay paid a dividend of $1.25 in the most recent year (Do). In addition, the risk free rate is 14%...
The case mentions that the traditional approach toward emerging countries had been to develop technology in the corporate offices and then hand them down to satellite operations. How has that changed...
Why is leverage a double-edged sword in the operation of the firm?
Consider the multiple linear regression model fit to the rental price data in Problem 3.42. Problem 3.42 Table B.24 contains data on median family home rental price and other data for 51 US cities....
The model for making tactical decisions described in the text has six steps. These steps are listed, out of order, below. Required: Put the steps in the correct order, starting with the step that...
UNIT 1- MY SELF THE FOOD YOU EAT THE 3 MACH NUTRIENT CATEGORIES FOR HUMAN DIGESTION ARE: CARBOHYDRATES, FATS, PROTEIN DIGESTIVE SYSTEM IS RESPONSIBLE FOR DIGESTING FOOD: 1) PHYSICALLY BREAKING DOWN....
Jake was stopped in his car at a red light. A pair of teenagers unexpectedly ran up to the vehicle and smashed the windshield with a baseball bat. Jake put his car into park and leaped out to chase...
Hummer Company uses manufacturing cells to produce its products (a cell is a manufacturing unit dedicated to the production of subassemblies or products). One manufacturing cell produces small motors...
Loring Company incurred the following costs last year: Direct materials ..................$216,000 Factory rent ...................24,000 Direct labor ....................120,000 Factory utilities...
Suppose the S&P 500 is at 900, and a one-year European call option with a strike price of $400 has a negative time value. If the interest rate is 5%, what can you conclude about the dividend yield of...
If one city lowers property taxes, then most of the benefits will go to landowners in that city when taxes are reduced. Evaluate this statement in terms of economics by analyzing first the effects of...
A national consumption-type VAT has the same base as a national retail sales tax (assuming no exemptions or the same exceptions for each). If one state has a consumption-type VAT, is that tax on the...
The sales tax treatment of consumer services is quite controversial, as discussed in the chapter. Does your state include services in the sales tax? What are common services that are taxed in your...
Suppose that the local legislative body in Your College Town (YCT) decides to levy a tax of $.50 for each 12 ounces of beer sold in the city (both by the drink and packages). The city sees the tax as...
Suppose it is proposed to create a single local jurisdiction and government for your entire metropolitan area or region, to be called Metroland. It would replace all cities and/or towns that...
The use of one product to satisfy demand for a different product is information centralization. specialization. product substitution. component commonality.
g(x) = x 5 5x 6 a. Show that g(x) = 0 has a root, , between x = 1 and x = 2. b. Show that the equation g(x) = 0 can be written as x = (px + q) 1/r , where p, q and r are integers to be found. The...
Assume that you have two moderately small samples, both drawn from separate populations that are normally distributed but with unequal variances. You want to compare the means of these two...
Use Apparels financial statements in Exercise 12-65 and the information below to respond to the following requirements. January 1, 2008 Statement Item (In Thousands) Total assets...
Use Apparels financial statements in Exercise 12-65 and the information below to respond to the following requirements. Required: 1. Compute the four stockholder ratios for 2008 and 2009. 2. Indicate...
Use Apparels financial statements in Exercise 12-65 to respond to the following requirements. January 1, 2008 Statement Item (In Thousands) Total assets ............ $3,485,233 Total stockholders...
Record the following transactions for Tri - State Corporation on the dates indicated. 1 . On March 3 1 , 2 0 2 0 , Tri - State Corporation discovered that Depreciation Expense on equipment for the...
William has decided to increase his sales price to $ 2 6 to offset the supplier's price increase. He believes that the increase will result in a 5 % reduction from last year's sales volume. What is...
The same scenarios exist as before, with labor costing either $ 1 3 / lawn or $ 2 5 / lawn . Assume that your mowing business will mow 3 5 0 lawns per month rather than 2 0 0 lawns per month. Also...

Martinez Manufacturing Inc. showed the following costs for last month: Direct materials ....... $7,000 Direct labor .........

Question:

Step by Step Answer:

1 Direct materials x Product cost Direct labor x Product cost Manufactu...View the full answer

Cornerstones of Managerial Accounting

Students also viewed these Managerial Accounting questions