Provide solutions in good accounting form. Thank you! A job order for 500 units of children's party giveaways were processed with costs of P80,000 and P30,000for direct materials and direct labor, respectively. Factory overhead was applied at 50% of direct labor costwhich excludes a 5% provision for spoilage. Prior to transfer to the storeroom, 25 units were found to bespoiled with an estimated market value of P50 per unit.What is the unit cost of the goods transferred to the storeroom if the loss is charged to total production? A job order for 500 units of children's party giveaways were processed with costs of P80,000 and P30,000for direct materials and direct labor, respectively. Factory overhead was applied at 50% of direct labor costwhich excludes a 5% provision for spoilage. Prior to transfer to the storeroom, 25 units were found to bespoiled with an estimated market value of P50 per unit.Assuming that the 25 units were only defective and are not sold but instead reworked for total directmaterials cost of P375 and total direct labor cost of P500. What is the unit cost of the goods transferred tostoreroom if the rework costs are charged to the specific job?

Since you have asked multiple question, we will solve the first question for you. If you want any…

Answered: A job order for 500 units of children's…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 2PB: The following product costs are available for Kellee Company on the production of eyeglass frames:...

See similar textbooks

Similar questions

During the week of June 12, Harrison Manufacturing produced and shipped 15,000 units of its aluminum wheels: 3,000 units of Model A and 12,000 units of Model B. The following costs were incurred: Required: 1. Assume initially that the value-stream costs and total units shipped apply only to one model (a single-product value stream). Calculate the unit cost, and comment on its accuracy. 2. Calculate the unit cost for Models A and B, and comment on its accuracy. Explain the rationale for using units shipped instead of units produced in the calculation. 3. What if Model A is responsible for 40 percent of the materials cost? Show how the unit cost would be adjusted for this condition.
Davis Co. uses backflush costing to account for its manufacturing costs. The trigger points are the purchase of materials, the completion of goods, and the sale of goods. Prepare journal entries to account for the following: a. Purchased raw materials, on account, 70,000. b. Requisitioned raw materials to production, 70,000. c. Distributed direct labor costs, 15,000. d. Factory overhead costs incurred, 45,000. (Use Various Credits for the account in the credit part of the entry.) e. Completed all of the production started. f. Sold the completed production for 195,000, on account. (Hint: Use a single account for raw materials and work in process.)
Kenkel, Ltd. uses backflush costing to account for its manufacturing costs. The trigger points are the purchase of materials, the completion of goods, and the sale of goods. Prepare journal entries to account for the following: a. Purchased raw materials, on account, 80,000. b. Requisitioned raw materials to production, 80,000. c. Distributed direct labor costs, 10,000. d. Factory overhead costs incurred, 60,000. (Use Various Credits for the account in the credit part of the entry.) e. Completed all of the production started. f. Sold the completed production for 225,000, on account.
Kindly answer and explain the 2 questions.
Latex company manufactured clothes. Latex uses a process costing system. The following information on Assembly Process is extracted from Latexim’s record; Input materials 3,200 kilogram (kg) USD18 per kg Labour and overhead incurred USD12,000 Expected normal loss 7% of input Assuming that the losses can be sold as scrap for USD1.50 per kg. You are required to compute: i) Scrap value of normal loss in USD. ii) Expected output in kg. iii) Calculate cost per kg.
PVW Company manufactures products to customer specifications. A job costing system is used to accumulate production costs. During the month of September, an order (Job X2) by a customer comprised 5,000 units of the product; manufacturing cost is $5.00 per unit. The processing of this job, however, resulted in spoilage of 400 units, considered normal with no disposal value, attributable to this specific job. Required: How will you account for the above transaction, for example, in a journal entry? Determine the unit cost showing computations.
The Work in Process inventory account of Ninetales Publishing Inc shows a total manufacturing cost of ₱20,000 at the end of an accounting period. The job cost sheets of the two uncompleted jobs show charges of ₱6,000 and ₱5,000 for materials, and charges of ₱2,000 and ₱4,000 for direct labor. From this information, it appears that the company is using a predetermined overhead rate, as a percentage of direct labor costs, of _______%.
The Leprechaun Company uses Normal Costing and Job Order Costing, Job 57 was charged $30,000 for Direct Materials, $20,000 for Direct Labor, and $25,000 for Overhead. Overhead is charged to jobs using Direct Labor Cost. The job consisted of 150 units. After the job was completed, but before it was sent to the Finished Goods Warehouse, 6 units were found to be spoiled. For each of the following three situations, tell how many dollars would be transferred to Finished Goods Control after we take care of the spoilage. 20. The 6 bad units are thrown away. Treat the spoilage as abnormal. 21. The 6 bad units are thrown away. Treat the spoilage as normal specific. 22. The 6 bad units are sold for $50 each. Treat the spoilage as normal generic.
How can resolve this problem? The Polaris Company uses a job-order costing system. The following transactions occurred in October: Raw materials purchased on account, $210,000. Raw materials used in production, $191,000 ($152,800 direct materials and $38,200 indirect materials). Accrued direct labor cost of $49,000 and indirect labor cost of $21,000. Depreciation recorded on factory equipment, $105,000. Other manufacturing overhead costs accrued during October, $129,000. The company applies manufacturing overhead cost to production using a predetermined rate of $10 per machine-hour. A total of 76,100 machine-hours were used in October. Jobs costing $513,000 according to their job cost sheets were completed during October and transferred to Finished Goods. Jobs that had cost $450,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 34% above cost. Required: 1. Prepare journal entries to record the…
Using the information given in the problem (please see pictures) I have to find: 1. What was the amount of inventory in the beginning Finished Goods and beginning Work-in-Process accounts for year 3? 2. What was the final (total) cost charged to job MC-275? O’Leary incurred direct materials costs of $60,600 and used an additional 660 hours in year 3 to complete job MC-275. 3. What was the over- or underapplied overhead for year 3? 4. What is the minimum amount O’Leary can bid on the job and still not incur a loss? A customer has asked O’Leary to bid on a job to be completed in year 4. O’Leary estimates that the job will require about $94,300 in direct materials and 5,180 direct labor-hours. Because of the economy, O’Leary expects demand for its services to be low in year 4, and the CEO wants to bid aggressively, but does not want to lose any money on the project. O’Leary estimates that there would be virtually no sales or administrative costs associated with this job. I have…
Heintz Products uses activity-based costing to account for product costs. The plant manager has estimated the following cost drivers and rates. Activity Centers Materials inspection Equipment maintenance Machine setups Packing and shipping Direct materials costs were $552,000 and direct labor costs were $392,000 during November, when the plant finished 7,000 pounds of product, had 20 setups, and ran the machines for 15,000 hours. There were no work-in-process inventories. Beginning Balance Required: Use T-accounts to show the flow of materials, labor, and overhead costs from the four overhead activity centers through Work-in- Process Inventory and out to Finished Goods Inventory. Use the accounts Materials Inventory, Wages Payable, Work-in-Process Inventory, Finished Goods Inventory, and four overhead applied accounts. Ending Balance Beginning Balance Ending Balance Cost Drivers Direct materials cost Machine-hours Number of production runs Pounds of finished output Debit Debit…
Assuming cost of defective units is charged to all the jobs, what is the unit cost of finished goods?

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

Cornerstones of Cost Management (Cornerstones Ser…

Accounting

ISBN:

9781305970663

Author:

Don R. Hansen, Maryanne M. Mowen

Publisher:

Cengage Learning

Principles of Cost Accounting

Accounting

ISBN:

9781305087408

Author:

Edward J. Vanderbeck, Maria R. Mitchell

Publisher:

Cengage Learning

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

Cornerstones of Cost Management (Cornerstones Ser…

Accounting

ISBN:

9781305970663

Author:

Don R. Hansen, Maryanne M. Mowen

Publisher:

Cengage Learning

Principles of Cost Accounting

Accounting

ISBN:

9781305087408

Author:

Edward J. Vanderbeck, Maria R. Mitchell

Publisher:

Cengage Learning

Managerial Accounting: The Cornerstone of Busines…

Accounting

ISBN:

9781337115773

Author:

Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS