Problem
Knight Company reports the following costs and expenses in May.
Factory utilities $16,000
Direct labor $72,700
Depreciation on factory equipment 14,250
Sales salaries 50,000
Depreciation on delivery trucks 4,900
Property taxes on factory building 2,600
Indirect factory labor 53,500
Repairs to office equipment 1,800
Indirect materials 85,000
Factory repairs 2,970
Direct materials used 141,700
Advertising 15,600
Factory manager's salary 8,100
Office supplies used 3,420
From the information:
Determine the total amount of product costs.
Determine the total amount of period costs.