Felix’s Fine Jewelry produces fine jewelry for department stores, Managerial Accounting and Cost Concepts homework help

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Felix’s Fine Jewelry produces fine jewelry for department stores. The following costs incurred by the company may be classified as direct materials, direct labor, manufacturing overhead, or period costs.

a.

Wages paid to Jewelry workers

$ 1,200,000

b.

Utilities in the administrative area

  300,000

c.

Depreciation on chain linking machinery utilized in the plant

  200,000

d.

Silver, gold, and gemstones used in producing necklaces

  4,000,000

e.

Company attorney’s salary

  150,000

f.

Lease rental charge on forklift for material and finished goods handling

  10,000

g.

Telephone expense for customer service office

  20,000

h.

Wages of plant heating and cooling technicians

  100,000 

i.

Utilities for the assembly area of the plant

  250,000

j.

Maintenance on computers utilized in the administrative assistant’s office

  1,500

k.

Salary paid to the CEO

  200,000

l.

Fine paid for introducing cyanide into the local water supply

  1,000,000

m.

Signature red jewelry boxes used for packaging

  50,000

n.

Expedited freight of product to major customer

  50,000

Instructions:

Classify the costs and total by classification. Assume Felix’s Fine Jewelry’s revenue for the period was $8,000,000 and there is no change in ending inventory. Prepare an operating income statement that shows the deductions of expense in terms of total classification by category: direct materials, direct labor, manufacturing overhead, or period costs.

Provide your answers in clearly organized Excel spreadsheet. Refer to your text to aid you in this assignment.

Check spelling and formatting for readability. All responses must comply with the APA Requirements. Be sure to review the Module 1 Critical Thinking grading rubric, which may be accessed through the Course Information page.

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