Answered: CPR Abnormal Loss in second department:…

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 02: CPR with loss: Akroain corporation manufacture a product which passes through two department the production and the cost of department 1 during may 20xx ae as follow. 42,500 units were started in process.38000 units were completed and transferred to department number 2. Some 4000 units were in process at the end of month; these units were complete as to material but ½ converted. Remaining 500 units lost during processing. Costs incurred by the department were direct material 126,000 dollars, Direct Labor 80,000 dollars and FOH 40,000 dollars. You ae required to make a cost of production report for the month of may 20xx.
Environmental Cost Report Verde Company reported operating costs of $56,000,000 as of December 31, 20x5, with the following environmental costs: Testing for contamination $ 672,000 Inspecting products 1,008,000 Treating toxic waste 2,352,000 Obtaining ISO 14001 certification 840,000 Designing processes 784,000 Cleaning up oil spills 4,200,000 Maintaining pollution equipment 1,008,000 Cleaning up contaminated soil 6,216,000 Required: 1. Prepare an environmental cost report, classifying costs by quality category and expressing each as a percentage of total operating costs. Round percentages to two decimal places, if rounding is required. For example, 5.79% would be entered as "5.79". Verde Company Environmental Cost Report For the Year Ended December 31, 20x5 Environmental Cost Total Environmental Cost Percentage of Operating Costs Prevention costs: $fill in the blank 6b95f0094fe707f_2 fill in the blank 6b95f0094fe707f_4 $fill in…
Consider the following data. Department B of Ethel Manufacturing Corp. suffers an average of evaporation loss of 10%. The following data were obtained for the month of October, 2019: Units: In process, October 1 (2/5 completed) 9,600 gallons Received from Department A 30,000 gallons Finished and transferred 25,200 gallons In process, October 31 (1/4 complete) 11,700 gallons Costs: In process beginning P5,760 Received from Department A 30,000 Current costs Materials 19,440 Labor…
Standard Quantities of Labor and Materials Stillwater Designs rebuilds defective units of its S12L7 Kicker speaker model. During the year, Stillwater rebuilt 8,500 units. Materials and labor standards for performing the repairs are as follows: Direct materials (1 recon kit @ $160) $160 Direct materials (1 cabinet @ $20) 20 Direct labor (4 hrs. @ $14) 56 Required: 1. Compute the standard hours allowed for a volume of 8,500 rebuilt units.fill in the blank 1 hours 2. Compute the standard number of kits and cabinets allowed for a volume of 8,500 rebuilt units. Standard number of kits: fill in the blank 2 kits Standard number of cabinets: fill in the blank 3 cabinets 3. Suppose that during the first month of the year, 3,200 standard hours were allowed for the units rebuilt. How many units were rebuilt during the first month? Round your answer to the nearest whole unit.fill in the blank 4 units
Costs incurred are summarized as follows: WIP - Polishing Process A/C January 1 Bal. $ 0 Transfer from Moulding 20,000 1,310,000 Direct Materials Added 391,600 Direct Labour 638,000 Manufacturing Overhead 307,400 Normal losses are estimated to be 2½% of input during the period. Inspection takes place during the processing operation, at which point damaged products are separated from good products and sold at $85 each. At inspection, 2,000 products were rejected as scrap. These units had reached the following degree of completion: Transfer from Moulding 100% Direct material added 40% Conversion costs 20% Work-in-progress at the end of January was 4,000 handles and had reached the following degree of completion: Transfer from Moulding 100%…
(a) Given that 30% of the unexpected losses were because of pilferage, prepare the abnormal spoilage statement, clearly showing All Things Brass true loss associated with the Polishing Process.
Johnson Johnson produces a single product called Swizzle which requires two processes. Normal loss in each process is 10%. Scrap units are sold for $4 each. The following information is available for the processes: Process 1 Process 2 Direct materials (4000 units) $32 400 Added direct materials $6480 Direct Labour $18 640 $20 000 Production Overheads $24 000 $33 000…
TOPIC: PROCESS COSTING-LOST UNITS
Use FIFO method
Consider the following data. Department B of Ethel Manufacturing Corp, suffers an average of evaporation loss of 10%. The following data were obtained for the month of October, 2019: Units: In process, 9.600 gallons October 1 (2/5 completed) 30,000 gallons Received from Department A 25.200 gallons Finished and transferred 11.700 gallons In process, October 31 (1/4 complete) Costs: In process beginning P5.760 Received from Department A 30,000 Current costs Materials 19.440 Labor 7:290 Overhead 2.430 Under FIFO method, what was the actual units of the Work in Process Beginning Inventory?
Costs incurred are summarized as follows: WIP - Polishing Process A/C January 1 Bal. $ 0 Transfer from Moulding 20,000 1,310,000 Direct Materials Added 391,600 Direct Labour 638,000 Manufacturing Overhead 307,400 Normal losses are estimated to be 2½% of input during the period. Inspection takes place during the processing operation, at which point damaged products are separated from good products and sold at $85 each. At inspection, 2,000 products were rejected as scrap. These units had reached the following degree of completion: Transfer from Moulding 100% Direct material added 40% Conversion costs 20% Work-in-progress at the end of January was 4,000 handles and had reached the following degree of completion: Transfer from Moulding 100%…

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