ces [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured Standard Quantity and Cost 6 pounds @ $8 per pound 3 DLH @$16 per DLH. 3 DLH $12 per DLH Actual Results 52,800 pounds @ $8.10 per pound 25,800 hours @ $16.60 per hour $ 318,500 8,700 units (1) Prepare the standard cost card showing standard cost per unit. (2) Compute total budgeted cost for June production. (3) Compute total actual cost for June production. (4) Compute total cost variance for June. Complete this question by entering your answers in the tabs below. Required Required 2 Required 3 Required 4 Prepare the standard cost card showing standard cost per unit. Direct materials Direct labor Overhead Total Required 1 Required 2 >

ces [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured Standard Quantity and Cost 6 pounds @ $8 per pound 3 DLH @$16 per DLH. 3 DLH $12 per DLH Actual Results 52,800 pounds @ $8.10 per pound 25,800 hours @ $16.60 per hour $ 318,500 8,700 units (1) Prepare the standard cost card showing standard cost per unit. (2) Compute total budgeted cost for June production. (3) Compute total actual cost for June production. (4) Compute total cost variance for June. Complete this question by entering your answers in the tabs below. Required Required 2 Required 3 Required 4 Prepare the standard cost card showing standard cost per unit. Direct materials Direct labor Overhead Total Required 1 Required 2 >

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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Question: Materials are added at the beginning of the production process at Santiago Company, which uses a FIFO process costing system. The following information on the physical flow of units is available for the month of April. Beginning work in process (40% complete) $22,500 10,000 units Started in April 50,000 units $255,000 Completed in April and transferred out $240,000 55,000 units Ending work in process 5,000 units (70% $37,500 complete) Compute the equivalent units for the conversion cost calculation. Equivalent units total:
Marigold Company has the following equivalent units of production for July: materials 23240 and conversion costs 18500. Production cost data are: Work in process, July 1 Costs added in July Materials $2.50 $2.50 $2.28 Materials Conversion The unit production costs for July are: $2.28 $5100 53000 Conversion Costs $2.22 $2.40 $2.40 $3400 $2.22 41000
Hardev
Costs per Equivalent Unit The following information concerns production in the Baking Department for March. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process-Baking Department ACCOUNT NO. Balance Date Mar. Item 1 Bal., 5,100 units, 4/5 completed 31 Direct materials, 91,800 units 31 Direct labor Debit 156,060 40,880 23,002 Credit Debit 222,996 11,322 167,382 208,262 231,264 8,268 8,268 31 Factory overhead 31 Goods finished, 93,000 units 31 Bal. ? units, 3/5 completed a. Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent. 1. Direct materials cost per equivalent unit 2. Conversion cost per equivalent unit 3. Cost of the beginning work in process completed during March 4. Cost of units started and completed during March 5. Cost of the ending work in process b. Assuming that the direct materials cost is the same for February and March, did the conversion cost per equivalent…
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Required: a. Hillger Paints production cycle starts in Department A. The following information is available for April: Work in process, April 1 (30% complete) Units 125,000 405,000 67,000 Started in April Work in process, April 30 (70% complete) Materials are added at the beginning of the process in Department A. Using the weighted-average method, what are the equivalent units of production for the month of April? Multiple Choice Materials 347,000; Conversion 372,500 Materials 347,000; Conversion 395,100 Materials 458,000; Conversion 420,500 Materials 530,000; Conversion 509,900 None of the options are correct Check my work
Costs per Equivalent Unit The following information concerns production in the Baking Department for December. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process-Baking Department Date Item Debit Credit 161,460 47,970 26,982 ACCOUNT NO. 239,193 Balance Debit Dec. 1 Bal., 6,900 units, 3/5 completed 31 Direct materials, 124,200 units 31 Direct labor 31 Factory overhead 31 Goods finished, 126,000 units 31 Bal., ? units, 3/5 completed a. Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent. Credit 11,247 172,707 220,677 247,659 8,466 8,466 00000 1. Direct materials cost per equivalent unit 2. Conversion cost per equivalent unit 3. Cost of the beginning work in process completed during December 4. Cost of units started and completed during December 5. Cost of the ending work in process b. Assuming that the direct materials cost is the same for November and December, did the…
A manufactured product has the following Information for June. Standard Actual 6 lbs. @ $7 per lb. 3 hrs. @ $15 per hr. 3 hrs. @ $11 per hr. 46, 800 lbs. @ $7.20 per lb. 22,900 hrs. @ $15.50 per hr. $259, 300 7,700 Direct materials Direct labor Overhead Units manufactured Exercise 21-10 Direct labor variances LO P3 Compute the direct labor rate variance and the direct labor efficiency variance. (Indicate the effect of each varlance by selectlng for favorable, unfavorable, and no varlance. Round "Rate per hour" answers to 2 decimal places.) AH = Actual Hours SH = Standard Hours AR = Actual Rate SR = Standard Rate Actual Cost Standard Cost
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Just trying to figure out the standard hours!
Activity Rates and Product Costs using Activity-Based Costing Lonsdale Inc. manufactures entry and dining room lighting fixtures. Five activities are used in manufacturing the fixtures. These activities and their associated budgeted activity costs and activity bases are as follows: Budgeted Activity Activity Cost Activity Base Casting $215,160 Machine hours Assembly 189,550 Direct labor hours Inspecting 30,520 Number of inspections Setup 39,730 Number of setups Materials handling 36,960 Number of loads Corporate records were obtained to estimate the amount of activity to be used by the two products. The estimated activity-base usage quantities and units produced follow: Activity Base Entry Dining Total Machine hours 5,180 4,600 9,780 Direct labor hours 4,460 6,690 11,150 Number of inspections 1,660 520 2,180 Number of setups 230 60 290 Number of loads 700 180 880 Units produced 10,400 5,200 15,600 a. Determine the activity rate for each activity. If required, round the rate to the…
Costs per Equivalent Unit The following information concerns production in the Baking Department for August. All direct materials are placed in process at the beginning of production. Date Item Debit Credit BalanceDebit BalanceCredit August 1 Bal., 8,700 units, 3/5 completed 14,181 31 Direct materials, 156,600 units 203,580 217,761 31 Direct labor 59,950 277,711 31 Factory overhead 33,722 311,433 31 Goods finished, 158,700 units 301,269 10,164 31 Bal., ? units, 2/5 completed 10,164 a. Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent. Line Item Description Amount 1. Direct materials cost per equivalent unit $fill in the blank 1 2. Conversion cost per equivalent unit $fill in the blank 2 3. Cost of the beginning work in process completed during August $fill in the blank 3 4. Cost of units started and completed during August $fill in the blank 4 5. Cost…