Cost of Production Report: No Beginning InventoriesOregon Paper Company produces newsprint paper through a special recycling process using scrap paperproducts. Production and cost data for October 2012, the first month of operations for the company'snew Portland plant, follow:Units of product started in process during OctoberUnits completed and transferred to finished goods.Machine hours operated...Direct materials costs incurred.Direct labor costs incurred.CARequiredPrepare a cost of production report for Oregon Paper Company for October.mentorice (105)90,000 tons75,000 tons10,000Raw materials are added at the beginning of the process for each unit of product produced, and laborand manufacturing overhead are added evenly throughout the manufacturing process. Manufacturingoverhead is applied to Work-in-Process at the rate of $24 per machine hour. Units in process at the endof the period were 65 percent converted.$486,000$190,530

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

Cost of Production Report: No Beginning Inventories Oregon Paper Company produces newsprint paper through a special recycling process using scrap paper products. Production and cost data for October 2012, the first month of operations for the company's new Portland plant, follow: Units of product started in process during October Units completed and transferred to finished goods. Machine hours operated Direct materials costs incurred. Direct labor costs incurred. 90,000 tons 75,000 tons 10,000 Required Prepare a cost of production report for Oregon Paper Company for October. $486,000 $190,530 Raw materials are added at the beginning of the process for each unit of product produced, and labor and manufacturing overhead are added evenly throughout the manufacturing process. Manufacturing overhead is applied to Work-in-Process at the rate of $24 per machine hour. Units in process at the end of the period were 65 percent converted.

Cost of Production Report: No Beginning Inventories Oregon Paper Company produces newsprint paper through a special recycling process using scrap paper products. Production and cost data for October 2012, the first month of operations for the company's new Portland plant, follow: Units of product started in process during October Units completed and transferred to finished goods. Machine hours operated Direct materials costs incurred. Direct labor costs incurred. 90,000 tons 75,000 tons 10,000 Required Prepare a cost of production report for Oregon Paper Company for October. $486,000 $190,530 Raw materials are added at the beginning of the process for each unit of product produced, and labor and manufacturing overhead are added evenly throughout the manufacturing process. Manufacturing overhead is applied to Work-in-Process at the rate of $24 per machine hour. Units in process at the end of the period were 65 percent converted.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Direct materials (cork board) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($42,000+ 210,000. units) Standard Quantity 2.50 square feet 1 hour Cost of corkboard used Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost. 1 hour Bullseye has the following actual results for the month of September: Number of units produced and sold Number of square feet of corkboard purchased and used Complete this question by entering vour answers in the tabs below. Standard Price (Rate) $2.30 per square feet $ 16.00 per hour. $0.50 per hour Required: 1. Calculate the direct materials price, quantity, and total spending variances for Bullseye. 2. Calculate the direct labor rate, efficiency, and total spending variances for Bullseye. 3. Calculate the variable overhead rate, efficiency, and total spending variances for Bullseye. < Prev 41 of 41 190,000 500,000 $1,100,000 198,000 $ 2,989,800 $ 90,000 $ 64,000…
Please do not give solution in image format thanku
Required information Use the following information for the Exercises below. (Algo) Skip to question [The following information applies to the questions displayed below.] Note: Assume all raw materials were used as direct materials. Beginning of Year End of Year Inventories Raw materials inventory $ 6,300 $ 8,100 Work in process inventory 12, 600 9,300 Finished goods inventory 9, 100 5,800 Activity during current year Raw materials purchased $ 124,100 Direct labor 94,300 Factory overhead 39,900 QS 14-17 (Algo) Schedule of cost of goods manufactured LO P2 Factory overhead of $39,900 consists of Indirect labor of $20,300, Depreciation expense-Factory of $15,300, and Factory utilities of $4,300. Compute total manufacturing costs. Prepare a schedule of cost of goods manufactured.
Please do not give solution in image format thanku
Provide a solution for number 10 and 11
Cebu Company adds materials at the beginning of the process in Department 1. Data concerning the materials used in November 2021 production are as follows: Units WIP, March 1 Started during March Completed and transferred to next department during March Normal spoilage incurred WIP, March 31 16,000 34,000 36,000 4,000 10,000 1. The equivalent units for the materials unit cost calculation using FIFO is 2. The equivalent units for the materials unit cost calculation using weighted average is
Cornerstones of Cost Management 4th Ed. - Chapter 4 Scenario II: Goodmark Company produces two types of birthday cards: scented and regular. Goodmark uses the Overhead Control account to accumulate both actual and applied overhead. The company has the following data for the past year: Actual overhead $760,000 Sales $3,500,000 Materials used $1,100,000 Applied Overhead (in each account): Work in process $72,000 Finished goods 216,000 Cost of goods sold 432,000 Required: 1. Calculate the overhead variance for the year and label it under- or overapplied. Overhead variance: $ ________ (underpaid or overpaid) 2. Assuming the variance is not material, the following closing entry would be made: Debit _________ for $___________ and credit _______ for $ __________ 3. If the overhead variance is material, indicate how much of the variance would be __________ to each of the following accounts (if an amount is zero, enter "0"): Work in…
Required information [The following information applies to the questions displayed below.] Select the best answer for each of the following independent multiple-choice questions. Required: a. Hillger Paints production cycle starts in Department A. The following information is available for April: Work in process, April 1 (30% complete) Started in April Work in process, April 30 (70% complete) Units 125,000 405,000 67,000 & Exi 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?
Direct Materials Used, Cost of Goods Manufactured In September, Lauren Ashley Company purchased materials costing $200,000 and incurred direct labor cost of $120,000. Overhead totaled $325,000 for the month. Information on inventories was as follows: Materials Work in process Finished goods Required: September 1 September 30 $120,000 80,000 70,000 $130,000 90,000 65,000 Download Excel spreadsheet 1. What was the cost of direct materials used in September? 2. What was the total manufacturing cost in September? 3. What was the cost of goods manufactured for September? 4. Assume that Lauren Ashley Company's monthly incurred direct labor cost increased by 25% and total overhead costs decreased by 20%. Using Excel (or some other spreadsheet software tool), calculate Lauren Ashely's new cost of goods manufactured that results from the changes in direct labor cost and overhead costs. Even for a relatively simple exercise, this requirement illustrates the time and effort savings of utilizing…
Rahul
Problem The Molding Department is the second department in Paxton Company production process. The data below summarize the operations in January. Cost for January Work in process, January 1 Added during the month Beginning work in process inventory Started in January Completed and transferred to the next department during January Ending work in process inventory All materials are added at the start of the process. Materials (Php) Conversion Costs (Php) 35,000 54,000 165,000 315,000 Units Percentage Complete 5,000 55,000 48,000 12,000 Prepare Cost of Production Report using Weighted Average and FIFO Method. 80% 20%
Better Choice Foods makes a single pocket using two processes. Quality control check takes place during the process, at which point rejected units are separated from good units. The following details relate to production for the month of April 2019, for process 2. Work in process, beginning inventory Transfer from process 1 , 15,000 units valued at $51.40 each Other Manufacturing costs incurred during April: Direct Material added $513,000 Direct Labour $365,000 Manufacturing overhead $211,000 1v. Normal losses were estimated to be 5% of input during the period. Losses from process 2 are deemed to be scrap, and sold at $40 per unit. At inspection ,1,750 units were rejected as scrap. These units had reached the following degree of completion: Input material 100% Direct Material added…