Marigold Company reports the following costs and expenses in May. Factory utilities $16,200 Direct labor $73,000 Depreciation on factory equipment 14,350 Sales salaries 51,000 Depreciation on delivery trucks 4,300 Property taxes on factory building 2,800 Indirect factory labor 50,700 Repairs to office equipment 1,400 Indirect materials 82,800 Factory repairs 3,040 Direct materials used 141,700 Advertising 16,800 Factory manager’s salary 8,100 Office supplies used 3,630 From the information:

A. Manufacturing Overhead = $177,990

B. Product Costs = $214,700

C. Period costs = $77,130

Explanation:

A. Manufacturing overhead is the combination of indirect labor, indirect cost, and indirect material.

Manufacturing overhead                              Amount

Factory utilities                                                    $16,200

Depreciation on factory equipment                   $14,350

Property taxes on factory building                     $2,800

Indirect factory labor                                           $50,700

Indirect materials used                                        $82,800

Factory repairs                                                     $3,040

Factory manager's salary                                    $8,100

Total                                                                   $177,990

Requirement B

B. Product cost is the cost that is directly aligned with the product. Alternatively, more precisely, it can be traceable with the manufacturing of a product. It is a combination of direct material and direct labor.

Product Cost                                                   Amount

Direct labor                                                        $73,000

Direct materials used                                         141,700

Total Product cost                                           $214,700

Requirement C

C. Period cost is the cost that is not directly required to produce a product. However, that cost is necessary to measure the total cost incurred for a product manufactured. The example of product cost includes sales commission, office rent, and advertising expense.

Period Cost                                                     Amount

Sales salaries                                                 $51,000

Depreciation on delivery trucks                       4,300

Repairs to office equipment                              1,400

Advertising                                                       16,800

Office supplies used                                         3,630

Total Period costs                                         $77,130

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