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Giant Manufacturing Co. specializes in manufacturing different models of bicycles. Assume that the market has responded enthusiastically to a new model, the Jaguar. As a result, the company has established a separate manufacturing facility to produce these bicycles. The company produces 1,000 of these bicycles per month. Giant's monthly manufacturing cost and other expenses data related to these bicycles are as follows.
1.
Rent on manufacturing equipment (lease cost)
$2,000/month
2.
Insurance on manufacturing building
$750/month
3.
Raw materials (frames, tires, etc.)
$80/bicycle
4.
Utility costs for manufacturing facility
$1,000/month
5.
Supplies for administrative office
$800/month
6.
Wages for assembly line workers in manufacturing facility
$30/bicycle
7.
Depreciation on office equipment
$650/month
8.
Miscellaneous materials (lubricants, solders, etc.)
$1.20/bicycle
9.
Property taxes on manufacturing building
$2,400/year
10.
Manufacturing supervisor's salary
$3,000/month
11.
Advertising for bicycles
$30,000/year
12.
Sales commissions
$10/bicycle
13.
Depreciation on manufacturing building
$1,500/month
Instructions
(a)Prepare an answer sheet with the following column headings.
Product Costs
Cost
Direct
Manufacturing
Period
Item
Materials
Labor
Overhead
Costs
Enter each cost item on your answer sheet, placing an "X" under the appropriate headings.
(b) Compute total manufacturing costs for the month.
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