1 8 01:16:53 The following costs were incurred in May: Direct materials Direct labor Manufacturing overhead Selling expenses Administrative expense Prime costs during the month totaled: $47,300 $31,400 $25,400 $15,200 $35,600

1 8 01:16:53 The following costs were incurred in May: Direct materials Direct labor Manufacturing overhead Selling expenses Administrative expense Prime costs during the month totaled: $47,300 $31,400 $25,400 $15,200 $35,600

Name: Ch 1- Cost Concepts Quiz i101:16:53McGrawHillThe following costs were
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Description: Ch 1- Cost Concepts Quiz i101:16:53McGrawHillThe following costs were incurred in May:Direct materialsDirect laborManufacturing overheadSelling expensesAdministrative expensePrime costs during the month totaled:Multiple ChoiceOOO$104,100$154,900$78,

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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PROBLEM 6 During the month of May, Russnak Corporation, a manufacturing company, purchased raw materials costing $73,000. The cost of goods manufactured for the month was $102,000. The beginning balance in the raw materials account was $26,000 and the ending balance was $39,000. The beginning balance in the finished goods account was $42,000 and the ending balance was $46,000. Required: a. What was the cost of raw materials used in production during May? Show your work. b. What was the cost of goods sold for May? Show your work.
Discussion Question J & G Manufacturing makes a single product by way of three separate processes. Details of production for the month ending June 30 were as follows: Process Process 1 Process 2 Process 3 Input material: Material added 16,250 kg $390,000 $36,750 $92,200 $63,000 Direct Labour cost $57,300 $112,800 Manufacturing Overhead Normal losses Output Scrap value of losses $61,000 $97,080 8% 6% 6% 13,750 kg 13,250 kg 12,000 kg $16.00/kg $32.00/kg The nature of the process requires equipment to be cleaned at the end of each month; hence there is no opening or closing stock of product in process. Required: i) The process account for each process: and ii) The abnormal loss/gain account(s) showing J & G Manufacturing true loss/gain.
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Question 8 Apple Corporation produces a single product. The standard costs for one unit of its product are as follows: Direct materials (6 pounds at $0.50 per pound) $3 Direct labor (2 hours at $10 per hour) Variable manufacturing overhead (2 hours at $5 per hour) 10 During November, 6,000 units were produced. The costs associated with November operations were as follows: Material purchased (36,000 pounds at $0.60 per pound) $21,600 Material used in production (28,000 pounds) Direct labor (12,800 hours at $9.75 per hour) 117,000 Variable manufacturing overhead incurred 53,760 What is the variable overhead efficiency variance for the product for November? O $8,000 Favorable O $8,000 Unfavorable O $4,000 Unfavorable O $4,000 Favorable 20
3,800 units, 60% completed Direct materials, 32,000 units Direct labor Factory overhead Total cost to be accounted for $ 60,400 378,000 274,000 168.000 $880.400 During June, 32,000 units were placed into production and 31,200 units were completed, including those in inventory on June 1. On June 30, the inventory of work in process consisted of 4,600 units which were 85% completed. Inventories are costed by the first-in, first-out method and all materials are added at the beginning of the process. Determine the following (round unit cost data to four decimal places to minimize rounding differences): Equivalent units of production for conversion cost (a) (b) Conversion cost per equivalent unit Total and unit cost of finished goods started in prior period and completed in the current period Total and unit cost of finished goods started and completed in the current period (c) (d) (e) Total cost of work in process inventory, June 30
Exercise 17-15 (Algo) Computing activity rates, overhead allocation, and cost per unit LO P3 Lucern Company reports the following for its overhead cost for the year. Activity Budgeted Cost Budgeted Activity Usage Engineering support $ 34,300 70 design changes Electricity 35,400 3,540 machine hours Setup 58,800 490 setups 1. Compute the activity rate for each activity using activity-based costing.2. The company’s Pro model used these activities to produce 1,200 units during the year: 2 design changes, 130 machine hours, and 10 setups. Allocate overhead cost to the Pro model and compute its overhead cost per unit using activity-based costing.
Exercise 16.6 (Algo) Flow of Costs through Manufacturing Accounts (LO16-3, LO16-4, LO16-5) Lind Manufacturing had the following account balances as of January 1: $ 8,700 76,500 Direct Materials Inventory Work in Process Inventory Finished Goods Inventory Manufacturing Overhead 53,000 During the month of January, all of the following occurred: 1. Direct labor costs were $48,000 for 1,800 hours worked. 2. Direct materials costing $29,000 and indirect materials costing $4,500 were purchased. 3. Sales commissions of $15.500 were earned by the sales force. 4. Direct materials of $21,000 were used in production. 5. Miscellaneous selling and administrative costs of $6,300 were incurred. 6. Factory supervisors earned salaries of $10,807. 7. Indirect labor costs for the month were $3,000. 8. Monthly depreciation on factory equipment was $4,500. 9. Monthly utilities expenses of $7,268 were incurred in the factory. 10. Completed units with manufacturing costs of $69,000 were transferred to…
Exercise 4-31 The Charito Company is planning an overhead budget cost budget for the next month, July, 2021. Past cost studies indicate that costs have followed behavior patterns as given below: Variable Rate Per Hour Indirect materials PO.90 Heat, light & power 1.20 Repairs & maintenance Lubrication 4.60 0.50 In addition, management has estimated fixed factory overhead as follows: Supervision P44,000 36,000 14,500 Indirect labor Heat, light & power 17,200 Repairs & maintenance Taxes & insurance 9,000 Total P129,000 During the next month, the company plans to manufacture 150,000 units of product. Products are produced at the rate of 6 units per hour. Normal plant capacity is 30,000 hours. REQUIRED: 1. Prepare the factory overhead budget for July, 2021. 2. Determine the unused normal capacity, if any.
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Direct labour 5Direct material 8Variable production overhead 2Fixed production overhead 5 Standard production cost 20 The fixed production overhead figure has been calculated on the basis of a budgeted normal output of 36,000 units per annum. The fixed production overhead actually incurred in March was $15,000 Selling and admin expense Fixed $10,000 per monthVariable 15% of the sales value The selling price per unit is $50 and the number of units produced and sold were: Production 2,000 Sales 1,500 1a Prepare the absorption costing and marginal costing statements of profit or loss for March
Im a factory the budgeted and actual figures of the cost of materials and direct labour incurred in the production during the month of January are as under: Budgeted 1,00,000 Actual Units of Finished Goods Produced Materials : 90,000 Materials: Units 1,82,000 $0.52 $94640 2,00,000 Cost of Materials per unit Total Cost of Materials $0.5 $1,00,000 Direct Labour Hours |(2 units of finished goods in one hour) 47,000 50,000 $2.10 per hour $98,700 $2.00 per hour $1,00,000 Wages Total Direct Labour Cost You are required to calculate the material and labour variances