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topic : Process Costing PLS HELP ME ANSWER THE REQUIRED ANSWERS!

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Process Costing Problem Download the file to complete the problem in Excel, then upload your file in the answer box Excel Process Costing A producer of midcentury modern doll chairs, Santa, Inc. uses a process costing system. The following information pertains to operations for the month of November Percentage Complete Units Direct Materials Conversion Beginning Work in Process Inventory, 19,800 60% 20% November 1 Started in production 96,700 during November Ending Work in Process 16,500 90% 40% Inventory Beginning Work in Process Inventory Costs: Material $68,200 Conversion $44,560 Current Period Costs: Material $793,175 Conversion $1,367,890 REQUIRED Using the weighted-average method, answer the following questions: 1. How many units were completed and transferred to finished goods? 2. What are the total equivalent units for each cost component? 3. What is the cost per equivalent unit for each cost component? 4. What is the cost transferred to Finished Goods Inventory? 5. What is the…

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Part 2:  Job Order Costing Mr. Suncat is trying to determine if he should use a job order costing system or an activity-based costing system to better determine the cost of each of his products.  He has provided you with the following information and has requested that you help him by answering these questions/calculating these amounts.     Basic Multi-Layer Custom Direct Material Costs per wedding cake type $20 $35 $50 Direct Labor Hours per wedding cake type 3 hours 5 hours 7 hours Number of cakes expected to be produced by wedding cake type 1500 1700 1000 Direct Labor Costs per hour per wedding cake type $50/hour $50/hour $50/hour   Total estimated manufacturing overhead cost is $150,000.   Using the information given above, compute the predetermined manufacturing overhead rate based on total direct labor hours for Suncat Cake Shop. Show all calculations and clearly label your answer.

Part 2:  Job Order Costing Mr. Suncat is trying to determine if he should use a job order costing system or an activity-based costing system to better determine the cost of each of his products.  He has provided you with the following information and has requested that you help him by answering these questions/calculating these amounts.     Basic Multi-Layer Custom Direct Material Costs per wedding cake type $20 $35 $50 Direct Labor Hours per wedding cake type 3 hours 5 hours 7 hours Number of cakes expected to be produced by wedding cake type 1500 1700 1000 Direct Labor Costs per hour per wedding cake type $50/hour $50/hour $50/hour   Total estimated manufacturing overhead cost is $150,000.   Using job-order costing, compute the total manufacturing overhead cost that is expected to be allocated to each product. Show all calculations and clearly label your answer. Basic Wedding Cake   Multi-layer Wedding Cake   Custom Wedding…

Part 2:  Job Order Costing Mr. Suncat is trying to determine if he should use a job order costing system or an activity-based costing system to better determine the cost of each of his products.  He has provided you with the following information and has requested that you help him by answering these questions/calculating these amounts.     Basic Multi-Layer Custom Direct Material Costs per wedding cake type $20 $35 $50 Direct Labor Hours per wedding cake type 3 hours 5 hours 7 hours Number of cakes expected to be produced by wedding cake type 1500 1700 1000 Direct Labor Costs per hour per wedding cake type $50/hour $50/hour $50/hour   Total estimated manufacturing overhead cost is $150,000. Using job-order costing, compute the product cost for each Show all calculations and clearly label your answer.   Basic Wedding Cake   Multi-layer Wedding Cake   Custom Wedding Cake

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Activity Pools Materials handling Quality control Machine maintenance Cost Driver Number of moves Number of inspections Number of machine hours Cost Assigned to Pool Basic Model Timing Model $ 3,552 $ 35,200 Complete this question by entering your answers in the tabs below. Overhead Assigned Overhead Accinned Required: 1. Suppose Hazelnut used a traditional costing system with machine hours as the cost driver. Determine the amount of overhead assigned to each product line. 2. Calculate the activity rates for each activity pool in Hazelnut's ABC system. 3. Calculate the amount of overhead that Hazelnut will assign to the basic line if it uses an ABC system. Required 5 Quantity or Amount Consumed by Basic $ 120,900 5,200 hours 4. Determine the amount of overhead Hazelnut will assign to the luxury line if it uses an ABC system. 5. Compare the results for a traditional system with that of an ABC system. Which do you think is more accurate? 10 moves 220 inspections machine Required 1…

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eBook Print Item Cycle Time, Velocity, Product Costing Mulhall, Inc., has a JIT system in place. Each manufacturing cell is dedicated to the production of a single product or major subassembly. One cell, dedicated to the production of mopeds, has four operations: machining, finishing, assembly, and qualifying (testing). The machining process is automated, using computers. In this process, the model’s frame and engine are constructed. In finishing, the frame is sandblasted, buffed, and painted. In assembly, the frame and engine are assembled. Finally, each model is tested to ensure operational capability. For the coming year, the moped cell has the following budgeted costs and cell time (both at theoretical capacity): Budgeted conversion costs $5,541,120   Budgeted materials $18,668,000   Cell time 35,520   Theoretical output 17,760 models During the year, the following actual results were obtained: Actual conversion costs $5,541,120   Actual materials $4,009,000…

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Part 3: Activity-Based Costing Similarly, Mr. Suncat has a couple of questions for you regarding the activity-based costing method. He has provided the following additional information: Cost Pools Initial customer meeting Purchasing ingredients Cost Drivers Number of hours spent with customer Number of purchase requisitions Direct Labor hours Estimated Overhead $15,000 $15,000 $40,000 $70,000 3. Custom Wedding Cake Expected Use of Cost Drivers 4.5 hours $10,000 1000 requisitions 5.5 hours 9.5 hours Expected Use of Cost Driver: Basic Wedding Cake 0.75 hour Making and baking the wedding cakes Decorating the wedding cakes Final customer Direct Labor hours Number of meeting and cake wedding cakes delivery a. Explain the difference between a job-order costing system and an activity-based costing system. 4200 150 requisitions 1.25 hour 1.75 hours Expected Use of Cost Driver Multi-Layer Wedding Cake 1.25 hours 1500 cakes 300 requisitions 2 hours 3 hours Expected Use of Cost 1700 cakes Driver…

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oad Assignment: Module 4 E x * CengageNoWv2 | Online teachin x cakeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionlocator=&inprogress-false eBook Show Me How Costs per Equivalent Unit The following information concerns production in the Baking Department for March. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process-Baking Department ACCOUNT NO. Date Item Balance Debit Credit Debit Credit Mar. 1 Bal., 7,500 units, 2/5 completed 15,750 31 Direct materials, 135,000 units 243,000 258,750 31 Direct labor 69,670 328,420 31 Factory overhead 39,194 367,614 31 Goods finished, 136,800 units 355,530 12,084 31 Bal. ? units, 2/5 completed 12,084 a. Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent. 1. Direct materials cost per equivalent unit 2. Conversion cost per equivalent unit 3. Cost of the beginning work in process completed during March 4. Cost of units…

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Part 3:  Activity-Based Costing Similarly, Mr. Suncat has a couple of questions for you regarding the activity-based costing method.  He has provided the following additional information:           Cost Pools         Cost Drivers         Estimated Overhead       Expected Use of Cost Drivers Expected Use of Cost Driver:  Basic Wedding Cake Expected Use of Cost Driver Multi-Layer Wedding Cake Expected Use of Cost Driver Custom Wedding Cake Initial customer meeting Number of hours spent with customer $15,000 4.5 hours 0.75 hour 1.25 hours 2.5 hours Purchasing ingredients Number of purchase requisitions $15,000 1000 requisitions 150 requisitions 300 requisitions 550 requisitions Making and baking the wedding cakes Direct Labor hours $40,000 5.5 hours 1.25 hour 2 hours 2.25 hours Decorating the wedding cakes Direct Labor hours $70,000 9.5 hours 1.75 hours 3 hours 4.75 hours Final customer meeting and cake…

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eBook   Show Me How Question Content Area High-Low Method, Cost Formulas The controller of the South Charleston plant of Ravinia, Inc., monitored activities associated with materials handling costs. The high and low levels of resource usage occurred in September and March for three different resources associated with materials handling. The number of moves is the driver. The total costs of the three resources and the activity output, as measured by moves for the two different levels, are presented as follows: Resource        Number of Moves        Total Cost Forklift depreciation:                   Low        4,500                $3,400       High        15,500                3,400       Indirect labor:                   Low        4,500                $59,800       High        15,500                130,200       Fuel and oil for forklift:                   Low        4,500                $3,285       High        15,500                11,315       Required:…

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Part 3:  Activity-Based Costing Mr. Suncat has a couple of questions for you regarding the activity-based costing method.  He has provided the following additional information:           Cost Pools         Cost Drivers         Estimated Overhead       Expected Use of Cost Drivers Expected Use of Cost Driver:  Basic Wedding Cake Expected Use of Cost Driver Multi-Layer Wedding Cake Expected Use of Cost Driver Custom Wedding Cake Initial customer meeting Number of hours spent with customer $15,000 4.5 hours 0.75 hour 1.25 hours 2.5 hours Purchasing ingredients Number of purchase requisitions $15,000 1000 requisitions 150 requisitions 300 requisitions 550 requisitions Making and baking the wedding cakes Direct Labor hours $40,000 5.5 hours 1.25 hour 2 hours 2.25 hours Decorating the wedding cakes Direct Labor hours $70,000 9.5 hours 1.75 hours 3 hours 4.75 hours Final customer meeting and cake delivery…

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Knowledge Check Bluebean Incorporated produces two lines of coffee cups: espresso coffee cups and travel coffee mugs. The unit cost information is shown here. The company uses a traditional volume-based costing system and believes that the number of labor hours is the appropriate cost driver. Activity Cost Pool Selling price Direct materials Direct labor Units produced Direct labor hours Estimated total overhead costs Item Number 1-Predetermined overhead rate Item Number 2- Total manufacturing overhead allocated Item Number 3-Manufacturing cost per unit Item Number 4-Gross profit per unit Espresso Coffee Cups $ 20 $6 $2 10,000 units 10,000 hours $ 80,000 Travel Coffee Mugs $ 25 58 $5 4,000 units 6,000 hours Espresso Coffee Cups Travel Coffee Mugs

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Please see the pictures for info on questions 1 and 2. See below for format of questions 3 and 4: 3) Per Unit Direct Materials Direct Labor Overhead Product Cost per Unit Model X         Model Z         4)         Per Unit Selling Price Product cost per unit Gross Profit Model X       Model Z