A-4 Hybrid costingPat Koontz makes necklaces from glass beads, metal beads, and natural beads. After reading about hybrid costing, she realized that the different types of necklaces did not cost the sameamount of money to make, even though they took the same amount of time and effort to assemble. Koontz developed the following standard costs for each type of necklace:BeadsDirect labor (1.5 hours)Overhead (based on 1.5 hours)Glass Metal Natural$24.00 $15.00 $7.0015.00 15.00 15.008.00 8.00 8.00$47.00 $38.00 $30.00TotalKoontz began the year with no beginning WIP Inventory after she experienced an extreme holiday rush. During January, 286 necklaces were started: 154 were glass, 55 were metal, and 77were natural. At the end of January, 55 necklaces were not yet complete: 11 glass, 29 metal, and 15 natural. The stage of completion for each cost component for the 55 unfinished necklaceswas as follows:Material100% completeConversion 60% completea. Calculate the cost of necklaces completed during January. $b. Calculate the cost of necklaces in ending WIP Inventory. $XX

Name: A-4 Hybrid costingPat Koontz makes necklaces from glass beads, metal b
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Description: A-4 Hybrid costingPat Koontz makes necklaces from glass beads, metal beads, and natural beads. After reading about hybrid costing, she realized that the different types of necklaces did not cost the sameamount of money to make, even though they took

The costs incurred for direct materials, direct labor, and manufacturing overhead are allocated to…

Answered: a. Calculate the cost of necklaces…

Business

Accounting

a. Calculate the cost of necklaces completed during January. $ b. Calculate the cost of necklaces in ending WIP Inventory. $ X x

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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