Carbata Company manufactures low-cost, basic tool kits in bulk. Below is the latest information for last month's production. Inventory on September 1 % Complete Units Started Costs Added in September Inventory on September 30 % Complete Beginning Inventory Units Started Units to Account for Units Ending Inventory Units Completed and Transferred Units to Account for 3,150 950 $ 1,200 Units Materials Cost Conversion Cost 2,354 5,550 $ 60% 950 3,150 4,100 1,200 2,900 1.700 $ 28,940 $ Required: Use the information above to complete a Process Costing Production Report under the Weighed Average Assumption. Step 1: Account for all Units 80% 30% 8,156 60%

Carbata Company manufactures low-cost, basic tool kits in bulk. Below is the latest information for last month's production. Inventory on September 1 % Complete Units Started Costs Added in September Inventory on September 30 % Complete Beginning Inventory Units Started Units to Account for Units Ending Inventory Units Completed and Transferred Units to Account for 3,150 950 $ 1,200 Units Materials Cost Conversion Cost 2,354 5,550 $ 60% 950 3,150 4,100 1,200 2,900 1.700 $ 28,940 $ Required: Use the information above to complete a Process Costing Production Report under the Weighed Average Assumption. Step 1: Account for all Units 80% 30% 8,156 60%

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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TaskMaster Enterprises employs a standard cost system in which direct materials inventory is carried at standard cost. TaskMaster has established the following standards for the prime costs of one unit of product. Direct Materials Direct Labor Multiple Choice O $34,150 During November, TaskMaster purchased 169,500 pounds of direct materials at a total cost of $610,200. The total factory wages for November were $61,000, 90% of which were for direct labor. TaskMaster manufactured 20,000 units of product during November using 150,000 pounds of direct materials and 5,190 direct labor-hours. What is the direct materials efficiency variance for November? $35,900 $37,000 Standard Quantity 8 pounds 0.25 hour $34,300 Standard Price $ 3.70 per pound $11.80 per hour Standard Cost $ 29.60 2.95 $ 32.55
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TaskMaster Enterprises employs a standard cost system in which direct materials inventory is carried at standard cost. TaskMaster has established the following standards for the prime costs of one unit of product. Direct Materials Direct Labor Standard Quantity 8 pounds 0.25 hour Standard Price $ 3.80 per pound $ 12.00 per hour Standard Cost $ 30.40 3.00 $ 33.40 During November, TaskMaster purchased 170,000 pounds of direct materials at a total cost of $663.000. The total factory wages for November were $62.000, 90% of which were for direct labor. TaskMaster manufactured 20,100 units of product during November using 150.750 pounds of direct materials and 5.200 direct labor-hours. What is the direct labor rate variance for November? Multiple Choice $1,874 $2,900 $6,600 54.200
Production data for the month of September was: 13,400 units Completed and Transferred out 4,800 partially complete units in Ending Inventory, which were 70% complete as toconversion and 100% complete as to material
Lansing, Inc. provides the following information for one of its department’s operations for June (no new material is added in Department T). WIP inventory—Department T Beginning inventory (8,300 units, 20% complete with respect to Department T costs) Transferred-in costs (from Department S) $ 37,100 Department T conversion costs 9,842 Current work (19,100 units started) Prior department costs 91,680 Department T costs 183,150 The ending inventory has 3,300 units, which are 60 percent complete with respect to Department T costs and 100 percent complete for prior department costs. Required: Complete the production cost report using FIFO. (Round "Cost per equivalent unit" to 2 decimal places.)
Subject: accounting
A production department's beginning inventory cost includes $490,000 of conversion costs. This department incurs an additional $1,037,500 in conversion costs in the month of March. Equivalent units of production for conversion total 925,000 for March. Calculate the cost per equivalent unit of conversion using the weighted-average method. Cost per equivalent unit of conversion Choose Numerator Choose Denominator Cost per equivalent unit of production
TaskMaster Enterprises employs a standard cost system in which direct materials inventory is carried at standard cost. TaskMaster has established the following standards for the prime costs of one unit of product Standard Quantity Standard Price Standard Cost Direct Materials 8 pounds $ 2.00 per pound $ 16.00 Direct Labor 0.25 hour $ 8.40 per hour 2.10 $ 18.10 During November, TaskMaster purchased 161.000 pounds of direct materials at a total cost of $338.100. The total factory wages for November were $44.000, 90% of which were for direct labor. TaskMaster manufactured 19.100 units of product during November using 143,250 pounds of direct materials and 5.020 direct labor hours. Is the direct materials price variance favorable or unfavorable? Multiple Choice Unfavorable The varlance Is zero and Is nether favorable nor unfavorable. Favorable There Is not enough information to determine.
TaskMaster Enterprises employs a standard cost system in which direct materials inventory is carried at standard cost. TaskMaster has established the following standards for the prime costs of one unit of product. Standard Quantity Standard Price Standard Cost Direct Materials 8 pounds $ 1.90 per pound $ 15.20 Direct Labor 0.25 hour $ 8.20 per hour 2.05 $ 17.25 During November, TaskMaster purchased 160,500 pounds of direct materials at a total cost of $288,900. The total factory wages for November were $43,000, 90% of which were for direct labor. TaskMaster manufactured 19,000 units of product during November using 142,500 pounds of direct materials and 5,010 direct labor-hours. What is the direct labor rate variance for November?