“Requirements:1. For a manufacturing company, identify the following as either a product cost or a period cost:2. Show how to compute cost of goods manufactured. Use the following amounts:direct materials used, $ 19,000; direct labor, $ 14,000; manufacturing overhead, $ 22,000; beginning Work-in-Process Inventory, $ 33,000; and ending Work-in-Process Inventory, $ 7,000.3. Using the results from Requirement 2, calculate the cost per unit for goods manufactured assuming 1,500 units were manufactured.4. Beginning Finished Goods Inventory had 225 units that had a unit cost of $48 each. Ending Finished Goods Inventory has 250 units left. Using the results from Requirement 3, calculate cost of goods sold assuming FIFO inventory costing is used.”,”Requirement 1. For a manufacturing company, identify the following as either a product cost or a period cost: a. Depreciation on plant equipment / product cost b. Depreciation on salespersons’ automobiles / period cost c. Insurance on plant building / product cost d. Marketing manager’s salary / period cost e. Raw materials / product cost f. Manufacturing overhead / product cost g. Electricity bill for home office / period cost h. Production employee wages / product costRequirement 2.Cost of Goods ManufacturedBeginning Work-in-Process Inventory: $33,000Direct Materials Used: $19,000Direct Labor: 14,000Manufacturing Overhead: 22,000Total Manufacturing Costs Incurred during the Year: 55,000Total Manufacturing Costs to Account For: 88,000Ending Work-in-Process Inventory: (7,000)Cost of Goods Manufactured: $81,000Requirement 3:Cost of goods manufactured / total units produced = unit product cost81,000 / 1,500 = $54Requirement 4:Beginning Finished Goods Inventory: $10,800+ Cost of Goods Manufactured: 81,000= Cost of Goods Available for Sale: 91,800- Ending Finished Goods Inventory: (13,500)= Cost of Goods Sold: $78
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