Chapter Cost Accounting Chapter-Cost AccountingJK Corp. obtained the following information from its absorption costingaccounting records:Operating income = $24,000Total product costs incurred during the period = $16,000Value of beginning work-in-process and finished goods inventories = $0Value of ending work-in-process and finished goods inventories = $0Sales$50,000What is the total period costs incurred for this period?

Explanation of Operating Income:Operating income represents the profit earned from a company's core…

Answered: Chapter-Cost Accounting JK Corp.…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 2PB: The following product costs are available for Kellee Company on the production of eyeglass frames:...

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The following product costs are available for Stellis Company on the production of erasers: direct materials, $22,000; direct labor, $35,000; manufacturing overhead, $17,500; selling expenses, $17,600; and administrative expenses; $13,400. What are the prime costs? What are the conversion costs? What is the total product cost? What is the total period cost? If 13,750 equivalent units are produced, what is the equivalent material cost per unit? If 17,500 equivalent units are produced, what is the equivalent conversion cost per unit?
a. Based on the data in Exercise 17-11, determine the following: 1. Cost of beginning work in process inventory completed this period 2. Cost of units transferred to finished goods during the period 3. Cost of ending work in process inventory 4. Cost per unit of the completed beginning work in process inventory b. Did the production costs change from the preceding period? Explain. c. Assuming that the direct materials cost per unit did not change from the preceding period, did the conversion costs per equivalent unit increase, decrease, or remain the same for the current period?
Cost Classification Loring Company incurred the following costs last year: Required: 1. Classify each of the costs using the following table format. Be sure to total the amounts in each column. Example: Direct materials, 216,000. 2. What was the total product cost for last year? 3. What was the total period cost for last year? 4. If 30,000 units were produced last year, what was the unit product cost?
Refer to the data in Problem 6.31. Assume that the FIFO method is used. Required: 1. Prepare a physical flow schedule. 2. Calculate equivalent units of production for direct materials and conversion costs. 3. Compute unit cost. Round to three decimal places. 4. Calculate the cost of goods transferred to Painting at the end of the month. Calculate the cost of ending inventory.
There were 1,500 units in ending work in process inventory that were 100% complete with regard to material and 60% complete with regard to conversion costs. Ending work in process inventory had a cost of $7,200 and a per-unit material cost of $3. What was the conversion cost per unit using the weighted-average method?
The following product Costs are available for Haworth Company on the production of chairs: direct materials, $15,500; direct labor, $22.000; manufacturing overhead, $16.500; selling expenses, $6,900; and administrative expenses, $15,200. What are the prime costs? What are the conversion costs? What is the total product cost? What is the total period cost? If 7,750 equivalent units are produced, what is the equivalent material cost per unit? If 22,000 equivalent units are produced, what is the equivalent conversion cost per unit?
For each of the following independent cases (A through E), compute the missing values in the table: Total Manufacturing Cost Case A B CDE Prime Cost 6,880 11,680 Conversion Cost 11,570 8,050 20,670 Direct Materials $ 2,040 2,200 1,450 3,490 $ Direct Manufacturing Labor Overhead 1,100 S 3,070 2,020 3,520 6,890 3,000 9,500 5,970
Compute conversion costs given the following data: direct materials, $394,600; direct labor, $193,500; factory overhead, $200,500 and selling expenses, $41,400. Oa. $394,000 Ob. $788,600 Oc. $159,100 Od. $595,100
For each of the following independent cases (A through E), compute the missing values in the table: Total Manufacturing Cost Case A B C DE E Prime Cost 6,950 11,660 Conversion Cost 11,580 7,970 20,510 Direct Materials $ 2,010 $ 2,120 1,410 3,340 Direct Labor Manufacturing Overhead 1,020 $ 3,140 2,030 3,620 6,750 2,900 9,380 5,990
Compute conversion costs given the following data: direct materials, $363,200; direct labor, $204,600; factory overhead, $192,100 and selling expenses, $39,100. a. $555,300 b. $759,900 O c. $153,000 od. $396,700
Use the following data from a company using a process costing system to answer the question below. Conversion cost per equivalent unit for materials $2.50 Cost per equivalent unit for conversion $3.75 Beginning inventory costs $1, 200 Equivalent units for beginning inventory conversion 2, 400 Equivalent Units started and completed for both materials and conversion 10,000 Compute cost of good manufactured A. $10, 200 B. $72, 700 C. $71,500 D. $62, 500
Indirect cost allocationCalculate the overhead surcharges for material, manufacturing & admin based on the followinginformation (numbers in kEUR, unless stated otherwise):Information on direct costsDirect material costs 5,000Direct manufacturing costs 7,500 Information on indirect costsEnergy 2,100Maintenance 500Vehicles 360Material 240Manufacturing 1,200Admin 750 Information on cost allocationEnergy 15,000 MWh manufacturing, 3,500 MWh maintenance, 1500 MWh material, 1,000 MWh admin Maintenance 5 hrs vehicles, 35 hrs manufacturing, 5 hrs material, 5 hrs adminVehicles 3 cars material, 6 cars manufacturing, 21 cars admin

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