31 pointThere were 20,000 units completed and transferred out and 5,000 units that are 20% completed for conversion costs. All materials costs are added at the beginning ofproduction. Using the weighted average method, the total equivalent units of production accounted for is 21,000 units for conversion costs.TrueFalseA3

Step 1: Show formula version of the solution sheet for a better understanding of the calculations:…

Answered: 3 1 point There were 20,000 units…

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

None
A 1 Original Data: 2 3 4 5 6 7 8 9 10 11 12 Part 1 13 14 15 16 Estimated MOH Estimated DLHS 28 29 B Selling price per unit Direct materials per unit Direct labour per unit Direct labour-hours per unit Estimated annual productio POR: 17 18 Sales 19 Less product costs 20 21 22 23 Total product costs 24 Product margin Direct materials Direct labour Manufacturing overhead 25 Units produced and sold: 26 Product margin per unit 27 $1,350,000 112,500 High Grade $212.50 $83.50 $30.00 1.00 75,000 High Grade D Professional $387.00 $212.00 $45.00 1.50 25,000 per DLHs Professional Total
QUESTION 1 E22.1 E22.1 (LO 1) Bonita Company manufactures a single product. Annual production costs incurred in the manufacturing process are shown below for two levels of production. Define and classify variable, fixed, and mixed costs. Costs Incurred Production in Units 5,000 10,000 Production Costs Total Cost Cost/Unit Total Cost Cost/Unit Direct materials $8,000 $1.60 $16,000 $1.60 Direct labor 9,500 1.90 19,000 1.90 Utilities 2,000 0.40 3,300 0.33 Rent 4,000 0.80 4,000 0.40 Maintenance 800 0.16 1,400 0.14 Supervisory salaries 1,000 0.20 1,000 0.10 Instructions a. Define the terms variable costs, fixed costs, and mixed costs. b. Classify each cost above as either variable, fixed, or mixed.
Question 8 Cost per Equivalent Unit The cost of direct materials transferred into the Filling Department of Eve Cosmetics Company is $128,400. The conversion cost for the period in the Filling Department is $140,740. The total equivalent units for direct materials and conversion are 42,800 ounces and 45,400 ounces, respectively. Determine the direct materials and conversion costs per equivalent unit. If required, round to the nearest cent. Direct materials cost per equivalent unit: $fill in the blank 1 per ounce Conversion costs per equivalent unit: $fill in the blank 2 per ounce
5 part 1
Q. 2
A-5
PROBLEM 1: UVW Company produces three products. Production and cost information is as follows: Model A1 2,000 4,000 100 Model B2 Units produced Direct labor hours Number of setups Number of shipments Engineering change orders. Overhead costs include setups P 45,000, shipping costs P 70,000, and engineering costs, P 90,000. 1. What would be the overhead cost per unit for Model A1 if traditional costing were used? 2. What would be the overhead cost per unit for B2 if activity-based costing (ABC) were used? 200 15 Model C3 6,000 2,000 150 225 10 12,000 4,000 250 275 5 ||
5 part 2
2uestion 3: PQ Itd. is manufacturing product X and Y only. It provides the following information X Sales X – 70,000 units @ $12 $ 840,000 Sales Y – 90,000 units @ $8 Total Material Cost ($259,000) Total Labor Cost ($233,000 Total Overheads ($190,000) Profit/(Loss) $158,000 Additional Information: Labour includes fixed cost $65,000 Overheads include fixed cost $36,000 Required: Calculate the Contribution per unit of Y & interpret the answers. Part B Raw materials Purchases ... $290,000 Manufacturing overhead applied to work in process. . $285,000 Total actual manufacturing overhead costs. .... $270,000 Selling expenses.. $140,000 Direct labor....? Admin expenses. $100,000 Inventory balances were as follows: Beginning of Year $40,000 End of Year Raw materials Work in process Finished goods. $10,000 $35,000 $50,000 Cost of goods available for sale $740,000; Net operating income was $30,000. Unadjusted cost of goods sold totaled $660,000; Total manufacturing costs for the year were…
Larner Corporation is a diversified manufacturer of industrial goods. The company's activity-based costing system contains the following six activity cost pools and activity rates: Activity Rates Activity Cost Pool Labor-related Machine-related Machine setups Production orders Shipments General factory ME $ 5.00 per direct labor-hour $ 4.00 per machine-hour $ 60.00 per setup $ 100.00 per order $ 120.00 per shipment $ 4.00 per direct labor-hour Cost and activity data have been supplied for the following products: 378 852 Direct materials cost per unit Direct labor cost per unit $ 3.50 $ 20.00 $ 3.75 Number of units produced per year $9.00 400 2,000 Direct labor-hours Machine-hours Machine setups Production orders Chinmante Total Expected Activity 378 852 1,200 40 2,800 20 4 4 A 7 7 4
Question 2 Like Company manufactures a number of products. The standards relating to one of these products are shown below, along with actual cost data for May. Standard cost per unit Actual costs used in production of 12,000 units Direct materials 1.80 feet at $6.00 per foot 24,000 feet purchased at a total cost of $139,800, used only 21,000 feet in production Direct labor 1.8 hours at $18.00 per hour 22,800 hours at $17.40 per hour. Variable overhead 1.8 hours at $10.00 per hour 22,800 hours at a total cost of $250,800 Required: 1, Compute the total standard costs and total actual costs for May’s production. How much is the difference in the total cost and unit cost? (Actual material costs should include actual costs of the materials used in production.) 2, Compute the following variances for May: a, Materials quantity and price variances.b, Labor efficiency and rate variances.c, Variable overhead…

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS