Bell & Porter has the following average times (in hours). 1.60 Inspecting product Manufacturing product Storing inventory Transporting product 4.10 1.65 5.45 Required: Calculate the manufacturing cycle efficiency. (Round final answer to nearest whole percent.) Manufacturing cycle efficiency Looking for cost savings in administrative areas, the vice-president for human resources at McMahon Corporation asked his assistant to collect data on the employee cafeterias in the four McMahon locations around the country. After two days, the assistant returned with the following data for the previous year. Spokane 24,300 71,000 Lansing 5,400 Mobile Pecos Labor-hours 36,200 118,000 58,200 218,000 Meals served 14,400 Required: a. Compute the partial productivity measures for labor for the four locations. (Round your answers to 3 decimal places.) Partial Labor Location Productivity Mobile Pecos Spokane Lansing

Bell & Porter has the following average times (in hours). 1.60 Inspecting product Manufacturing product Storing inventory Transporting product 4.10 1.65 5.45 Required: Calculate the manufacturing cycle efficiency. (Round final answer to nearest whole percent.) Manufacturing cycle efficiency Looking for cost savings in administrative areas, the vice-president for human resources at McMahon Corporation asked his assistant to collect data on the employee cafeterias in the four McMahon locations around the country. After two days, the assistant returned with the following data for the previous year. Spokane 24,300 71,000 Lansing 5,400 Mobile Pecos Labor-hours 36,200 118,000 58,200 218,000 Meals served 14,400 Required: a. Compute the partial productivity measures for labor for the four locations. (Round your answers to 3 decimal places.) Partial Labor Location Productivity Mobile Pecos Spokane Lansing

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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Good day! Can you please answer the following five problems: 1. In EASY company on November 1, 10,000 units of product that were 30% complete were in process. During the month, 104,000 units were placed into production and 106,000 units were transferred out to the next department. The ending work in process inventory is 70% complete. a. Compute for the equivalent units of production using FIFO. b. Compute for the equivalent units of production using Average. 2. The first processing department of BAKAL CO., the Welding Department, started the month with 18,000 units in its beginning work in process inventory that were 60% complete with respect to conversion costs. The conversion cost in this beginning work in process inventory was P64,800. An additional 84,000 units were started into production during the month and 78,000 units were completed and transferred to the next processing department. At the end of the month there were 24,000 units in the ending work in process inventory that…
Solid Enterprises produces 2 models of computer tables: Executive and Office. Both models undergo identical assembly operations, the difference is in the quality of the materials used. The following data are available for July: Executive Office Total Number assembled 1,200 1,800 3,000 Materials per table $1,000 $550 Direct Labor $1,500,000 Factory Utilities 450,000 Other overhead 1,350,000 Total $3,300,000 Solid uses the operations costing and assigns conversion costs based on the number of units produced. Regular selling price of each is $3,000 for the Executive table and $2,200 for the Office table. A gross profit rate of 30 % is considered adequate by the company financial officer. Required: a) Compute for the cost of each unit of model and the total cost of goods…
Use the following information for the Quick Study below. (Algo) Skip to question [The following information applies to the questions displayed below.] Carlberg Company has two manufacturing departments, Assembly and Painting. The Assembly department started 11,800 units during November. The following production activity in both units and costs refers to the Assembly department’s November activities. Assembly Department Units Percent Complete for Direct Materials Percent Complete for Conversion Beginning work in process inventory 2,500 60% 40% Units started this period 11,800 Units completed and transferred out 9,500 Ending work in process inventory 4,800 80% 30% Cost of beginning work in process Direct materials $ 1,816 Conversion 2,003 $ 3,819 Costs added this month Direct materials 24,864 Conversion 25,347 50,211 QS 3-13 (Algo) Weighted average: Entry to transfer costs LO P4 Prepare the November 30 journal entry to…
"I think we goofed when we hired that new assistant controller," said Ruth Scarpino, president of Provost Industries. "Just look at this report that he prepared for last month for the Finishing Department. I can't understand it." Finishing Department costs: Work in process inventory, April 1, 450 units; materials 100% complete; conversion 60% complete Costs transferred in during the month from the preceding department, 1,950 units Materials cost added during the month Conversion costs incurred during the month Total departmental costs Finishing Department costs assigned to: Units completed and transferred to finished goods, 1,800 units at $25.71 per unit Work in process inventory, April 30, 600 units; materials 0% complete; conversion 35% complete Total departmental costs assigned $ 8,208* 17,940 6,210 13,920 $ 46,278 $ 46,278 0 $ 46,278 *Consists of cost transferred in, $4,068; materials cost, $1,980; and conversion cost, $2,160. "He's struggling to learn our system," replied Frank…
Surf, Inc. Post-Closing Trial Balance January 1, 2021 (in thousands) DR CR Cash and cash equivalents $ 20,289 Short-term marketable securities 53,892 Accounts receivable, allowance of $65 and $48, respectively 21,568 Inventories 37,223 Vendor and nontrade receivables 28,568 Other current assets 15,473 Long-term marketable securities 87,562 Land 26,589 Buildings Accumulated depreciation, building Equipment Accumulated depreciation, equipment Leasehold improvements Page 97,523 $ 45,263 | 58,963 27,532 99,652 Accumulated amortization, leaseholds 56,325 58,623 67,825 Trademark Goodwill Other noncurrent assets 10,236 Accounts payable Salaries and wages payable 27,862 12,586 | 89,542 Long-term notes payable Retained earnings 264,922 Common stock 159,954 | Total $ 683,986 $ 683,986 Required Prepare a classified balance sheet utilizing the post closing trial balance of Surf, Inc.
Silven Company has identified the following overhead activities, costs, and activity drivers for the coming year: Activity Expected Cost Activity Driver Activity Capacity $138,000 Number of setups 10,200 Number of orders 92,400 Machine hours 18,480 Receiving hours phones with the following expected activity demands: Setting up equipment Ordering materials Machining Receiving Silven produces two models of cell Model X 5,000 80 200 6,600 385 Units completed Number of setups Number of orders Machine hours Receiving hours Required: Model Y 10,000 40 400 4,950 770 120 600 11,550 1,155
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A Chair Company manufactures a standard recliner. During February, the firm's Assembly Department started production of 75,000 chairs. During the month, the firm completed 85,000 chairs, and transferred them to the Finishing Department. The firm ended the month with 15,000 chairs in ending inventory. All direct materials are added at the beginning of the production cycle. How many chairs were in inventory at the beginning of the month? Using weighted-average costing, what were the equivalent units for materials for February? Using FIFO costing, what were the equivalent units for direct materials for February? Using weighted average costing, what were the equivalent units for conversion costs for February if the beginning inventory was 70% complete as to conversion costs, and the ending inventory was 40% complete as to conversion costs?
Urban Africa cosmetics has used a traditional cost accounting system to apply quality-control costs uniformly to all products at a rate of 14% of direct-labor cost. Monthly direct-labor cost for Nile Blush makeup is 27,500. In an attempt to more equitably distribute quality-control costs, management is considering activity-based costing. The monthly data shown in the following chart have been gathered for Nile Blush makeup. Activity Cost Pool Incoming material inspection In-process inspection Product certification Required: Calculate the monthly quality-control cost to be assigned to the Nile Blush product line under each of the following product- costing system. a. Traditional system ,which assigns overhead on the basis of direct-labor costs b. ABC Does the traditional product-costing system overcost or undercost the Nile Blush product line with respect to quality-control costs? By what amount? Quantity of Driver for Nile Blush 10 types 18,000 units 20 orders Cost Driver Pool Rates…
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