(b)Your answer is incorrect.What is the unit materials cost for May? (Round answer to 2 decimal places, e.g. 12.55.)Unit materials cost $ The ledger of Blossom Company has the following work in process inventory account:5/15/315/315/31 Manufacturing overhead5/31 BalanceBalanceDirect materialsFactory labour(a)Your answer is correct.Work in Process Inventory-Painting$3,5907,9302,400Work in process inventory841Production records show that there were 390 units in the beginning inventory, 35% complete, 1,250 units started intoproduction, and 1,250 units completed and transferred out. The beginning work in process inventory had materials costs of$1,910 and conversion costs of $1,680. The units in ending inventory were 40% complete as to conversion costs. Materials areentered at the beginning of the painting process, and conversion costs are incurred uniformly throughout the process.How many units are in process at May 31?$?5/31 Completed and transferred out $?390

Equivalent units means where the some goods remain incomplete at the end of process and we need to…

Answered: (b) Your answer is incorrect. What is…

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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Arntson, Incorporated, manufactures and sells two products: Product R3 and Product NO. The annual production and sales of Product of R3 is 800 units and of Product NO is 500 units. Data concerning the expected production of each product and the expected total direct labor-hours (DLHs) required to produce that output appear below: Product R3 Product NO Total direct labor-hours Activity Cost Pools Labor-related Production orders. Order size Direct Labor- Expected Hours Per Production 800 500 The direct labor rate is $20.80 per DLH. The direct materials cost per unit is $276.00 for Product R3 and $280.00 for Product NO. The company is considering adopting an activity-based costing system with the following activity cost pools, activity measures, and expected activity: Estimated Overhead Cost Activity Measures DLHS orders MHS Unit 4.0 2.0 Total Direct Labor- Hours 3,200 1,000 4, 200 $ 40,836 64, 650 433, 275 $ 538,761 Expected Activity Product R3 Product No 1,000 3,200 900 500 2,500 3,100…
Menk Corporation has provided the following information: Cost per Unit Cost per Period Direct materials $ 6.80 Direct labor $ 3.80 Variable manufacturing overhead $ 2.00 Fixed manufacturing overhead $ 20,200 Sales commissions $ 0.50 Variable administrative expense $ 0.40 Fixed selling and administrative expense $ 10,100 Required: a. If 5,220 units are sold, what is the variable cost per unit sold? Note: Round "Per unit" answer to 2 decimal places. b. If 5,220 units are sold, what is the total amount of variable costs related to the units sold? c. If 5,220 units are produced, what is the total amount of manufacturing overhead cost incurred? a. Variable cost per unit sold b. Total variable costs c. Total manufacturing overhead cost
Riverbed's Classic Cars restores classic automobiles to showroom status. Budgeted data for the current year are as follows. 2 W S X Restorers' wages and fringe benefits Purchasing agent's salary and fringe benefits Administrative salaries and fringe benefits Other overhead costs Total budgeted costs (a) Your Answer Correct Answer # 3 E The company anticipated that the restorers would work a total of 12,720 hours this year. Expected parts and materials were $1,335,600. D In late January, the company experienced a fire in its facilities that destroyed most of the accounting records. The accountant remembers that the hourly labor rate was $70.00 and that the material loading charge was 83.00%. Your answer is correct. C 80 $ 4 R F V % 5 T G A Time Charges $292,560 6 63,600 25,440 $381,600 B Y H & 7 ← Material Loading Charges $71,550 U N 21,942 66,780 $160,272 * 00 8 J M ▶ 9 K O L P
What type of cost is this? Total Costs Units January $100,4881,057 February $100,488880 If it is a mixed cost, enter a 1 for your answer. If it is a variable cost, enter a 2 for your answer. If it is a fixed cost, enter a 3 for your answer.
Kubin Company's relevant range of production is 22,000 to 27,000 units. When it produces and sells 24,500 units, its average costs per unit are as follows: Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead. Fixed selling expense Fixed administrative expense Sales commissions Variable administrative expense Average Cost per Unit $ 8.20 $5.20 $ 2.70 $ 6.20 $ 4.70 $ 3.70 $ 2.20 $ 1.70
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9. 3. exercise )uagement. Problem 1 Rosanna Di Magiba Ltd recorded the following costs for the past six months: Using High-Low Method and Least Square Method. Month Total cost Activity level Units (000) K'000 1 40 6,586 30 5,826 36 6,282 4 38 6,396 42 6,700 33 6,052 Required: a. Estimate the fixed cost per month b. Estimate the total costs for the following activity levels in a month 75units 90 units Problem 2 Meng Company is preparing a flexible budget for the next year and requir

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(b) Your answer is incorrect. What is the unit materials cost for May? (Round answer to 2 decimal places, e.g. 12.55.) Unit materials cost $