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Name: Direct materials$7,000Direct labor3,000Manufacturing overhead 2,000Se
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Description: Direct materials$7,000Direct labor3,000Manufacturing overhead 2,000Selling expense8,000Last month, 4,000 units were produced and sold.Determine Unit Product Cost

Business

Accounting

Direct materials $7,000 Direct labor 3,000 Manufacturing overhead 2,000 Selling expense 8,000 Last month, 4,000 units were produced and sold. Determine Unit Product Cost

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 10MC: Direct material costs $3 per unit, direct labor costs $5 per unit, and overhead is applied at the...

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Direct material costs $3 per unit, direct labor costs $5 per unit, and overhead is applied at the rate of 100% of the direct labor cost. What is the value of the Inventory transferred to the next department if beginning inventory was 2,000 units; 9,000 units were started; and 1.000 units were in ending inventory? A. $1,000 B. $13,000 C. $130.000 D. $20.000
Smartsets manufactures headphone cases. During September 2024, the company produced and sold 105,000 cases and recorded the following cost data: E (Click the icon to view the cost data.) Read the requirements. Requirement 1. Compute the cost and efficiency variances for direct materials and direct labor. Begin with the cost variances. Select the required formulas, compute the cost variances for direct materials and direct labor, and identify whether each variance is favorable (F) or unfavorable (U). (Abbreviations used: AC = actual cost; AQ = actual quantity; FOH = fixed overhead; SC = standard cost; SQ = standard quantity.) Formula Variance Direct materials cost variance Direct labor cost variance %3D
Direct materials $47,900 Direct labor $36,000 Manufacturing overhead $30,200 Selling expenses $20,800 Administrative expenses $32,300 Conversion costs during the month totaled: Multiple Choice $66,200 $78,100 $167,200 $83,900
Direct materials issued to production $170,000Indirect materials issued to production $45,000Other manufacturing overhead $255,000Overhead allocated $240,000Direct labour costs $80,000 Is the manufacturing overhead under- or over-applied? By how much?
Number of Materials Requisitions Number of Product Inspections 25 Hours of Number of Machine Product Machine Setups Operation 3,000 1,500 Product 001 12 35 Product 002 55 115 Cost per Pool $10,000 $90,000 $135,000 $22,000 Required: a. Compute the unit activity costs for each of the cost drivers listed. b. Assign the overhead costs to products 001 and 002 using activity-based costing.
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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…
ssment Tool iFrame A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured Standard Quantity and Cost 7 pounds @ $8 per pound 3 DLH @ $15 per DLH 3 DLH @ $12 per DLH Actual Results 59,200 pounds @ $8.10 per pound 24,900 hours @ $15.50 per hour $ 308,700 8,400 units Exercise 23-8 (Algo) Standard cost per unit, total budgeted and actual costs, and total cost variance LO P2 (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 1 Required 2 Required 3 Required 4 Prepare the standard cost card showing standard cost per unit. Direct materials Direct labor Overhead Total $ 0
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Inventories 4/1 4/30 Direct Materials $ 19,000 $ 15,800 Work in Process 9,400 6,300 Finished Goods 28,400 38,000 Additional information for the month of April: Direct materials purchased $ 33,600 Direct labor 32,000 Direct labor rate per hour 10 Factor overhead incurred 42,400 Overhead is applied at $12 per direct labor hour. For the month of April, prime cost incurred was:
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· Manufacturing overhead 30,800· Increase in direct materials 13, 000· Increase in work in process 9, 000· Decrease in finished goods 32,040Manufacturing overhead amounts to 50% of direct labor, and the direct labor and manufacturing overhead combined equal 50% of the total cost of manufacturing.How much is the costs of direct materials purchased?