ii)Zara company Lid manufactures a single product and employs process costing. For themonth ended 31" December 2021 data relating to the last production process is as followsInputUnitsCostsPrevious process5,000125000Materials96,000Labour44,000Overhead21,000Output in the month was 3,600 units completed. Although normal loss is 4%, actual losswas 400 units complete in all respectsOn December 31" 2021 there were 1000 units of work in process (W.I.P) completed asfollow;MaterialsLabourOverheadRequireda) i) cost per unit80%40%20%ii) The value of W.I.P

Process Costing - It is the method of costing which is used wherein the product is completed through…

11) Zara company Lid manufactures a single product and employs process costing. For the month ended 31" December 2021 data relating to the last production process is as follows Input Units Costs 5,000 Previous process Materials Labour Overhead Output in the month was 3,600 units completed. Although normal loss is 4%, actual loss was 400 units complete in all respects On December 31" 2021 there were 1000 units of work in process (W.1.P) completed as follow; Materials Labour Overhead Required a) i) cost per unit 80% 40% 20% ii) The value of W.I.P 125000 96,000 44,000 21,000

11) Zara company Lid manufactures a single product and employs process costing. For the month ended 31" December 2021 data relating to the last production process is as follows Input Units Costs 5,000 Previous process Materials Labour Overhead Output in the month was 3,600 units completed. Although normal loss is 4%, actual loss was 400 units complete in all respects On December 31" 2021 there were 1000 units of work in process (W.1.P) completed as follow; Materials Labour Overhead Required a) i) cost per unit 80% 40% 20% ii) The value of W.I.P 125000 96,000 44,000 21,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Yamishi Production had the following inventories for the first quarter of 2022: MaterialsWork in process Finished goods Beginning $606,600 312,100 416,100 Ending $522,100 280,800 540,200 Purchases of materials during the quarter were $427,800. Total direct labor costs were incurred in the amount of $1,482,000. Actual overhead costs were incurred as follows: operating supplies used, $17,100; janitorial and maintenance, $87,300; employee benefits, $26,400; utilities, $162,000; depreciation of factory, $43,200; property taxes, $24,000; factory insurance, $29,000. Net sales for the quarter were $3,562,200. Selling and administrative expenses were $508,000. Income taxes should be computed at 40 percent. Calculate cost of goods manufactured. 6. Company produces small boats. Each boat uses 2 sheets of direct materials at $3 a sheet, it takes 2 hours to finish one boat and hourly rate is $5, factory utilities and supervision cost $6 per boat and variable cost amounts to $2 per direct labor…
Show Me How Print tem Equivalent Units of Materials Cost The Rolling Department of Kraus Steel Company had 13,100 tons in beginning work in process inventory (10% complete) on October 1. During October, 82,100 tons were completed. The ending work in process inventory on October 31 was 4,100 tons (10% complete). Fooback What are the total equivalent units for direct materials for October if materials are added at the beginning of the process? 70,710 X units Check My Work Are you determining the equivalent units of materials added or of conversion of materials? When would materials typically be added in the process? When would conversion of these materials take place? Recall the definition of work in process.
Give me correct answer with explanation
Borchardt Corporation has provided the following data concerning last month's operations. Direct materials Direct labor Manufacturing overhead applied to Work in Process Work in process inventory $169,000 O$235,000 How much is the cost of goods manufactured for the month on the Schedule of Cost of Goods Manufactured? $173,000 O$178.000 Beginning $ 66,000 hs $ 29,000 $ 58,000 $ 82,000 Ending $ 57,000
Required information [The following information applies to the questions displayed below.) Watercraft's predetermined overhead rate is 200% of direct labor. Information on the company's production activities during May follows. a. Purchased raw materials on credit, $220,000. b. Materials requisitions record use of the following materials for the month. Job 136 Job 137 Job 138 Job 139 Job 140 Total direct materials Indirect materials $ 49,500 34,000 20,000 22,800 6,400 132,700 20,500 Total materials requisitions $ 153,200 c. Time tickets record use of the following labor for the month. These wages were paid in cash. Job 136 Job 137 $ 12,100 Job 138 Job 139 Job 140 Total direct labor Indirect labor Total labor cost 10,700 37,900 39,000 4,000 103,700 26,500 $ 130,200 d. Applied overhead to Jobs 136, 138, and 139. e. Transferred Jobs 136, 138, and 139 to Finished Goods Inventory. f. Sold Jobs 136 and 138 on credit at a total price of $540,000. g. Recorded the cost of goods sold for Jobs…
Beehive Corporation incurred actual overhead of $201,600 and applied overhead of $210,000. Beehive has supplied the following data relating to its inventories: Jan. 1 Dec. 31 Direct materials $42,000 $56,000 Work-in-process 21,000 28,000 Finished goods 91,000 70,000 If cost of goods manufactured was $721,000, what would cost of goods sold be, assuming under- or overapplied overhead is allocated to inventories and cost of goods sold? • A.$749,420 • B.$733,600 • C.$713,580 D.$734,580
In March, Kelly Company had the following unit production costs: materials $ 10 and conversion costs $ 8. On March 1, it had no work in process. During March, Kelly transferred out 22,000 units. As of March 31, 4,000 units that were 40% complete as to conversion costs and 100% complete as to materials were in ending work in process. (a) Compute the total units to be accounted for. Total units
Don't give answer in image format
Borchardt Corporation has provided the following data concerning last month’s operations. Direct materials $29,000 Direct labor $58,000 Manufacturing overhead applied to Work in Process $82,000 Beginning Ending Work in process inventory $66,000 $57,000 How much is the cost of goods manufactured for the month on the Schedule of Cost of Goods Manufactured? Multiple Choice A. $235,000 B. $178,000 C.$173,000 D. $169,000