Expert Q&A Don Question 14 Atasoy Aquatics manufactures submarines used by the government for national security. It has just launched a new product called MNGRL - 65 Manufacturing data for the first unit of MNGRL - 65 follow: Direct Material $480,000 Direct Labor $250,000 Variable Overhead $196.000 (allocated based on machine hours) Additional information about the production process follows: Units of Output Total Labor Hours Total Machine Hours 1 unit 12.500 1,000 2 units 22,000 2.000 3 units 30,091 3.000 Variable Overhead $196,000 (allocated based on machine hours) Additional information about the production process follows: Total Machine

Expert Q&A Don Question 14 Atasoy Aquatics manufactures submarines used by the government for national security. It has just launched a new product called MNGRL - 65 Manufacturing data for the first unit of MNGRL - 65 follow: Direct Material $480,000 Direct Labor $250,000 Variable Overhead $196.000 (allocated based on machine hours) Additional information about the production process follows: Units of Output Total Labor Hours Total Machine Hours 1 unit 12.500 1,000 2 units 22,000 2.000 3 units 30,091 3.000 Variable Overhead $196,000 (allocated based on machine hours) Additional information about the production process follows: Total Machine

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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Y2 Part 1 Clean−It−Up, Inc., is a manufacturer of vacuums and uses standard costing. Manufacturing overhead (both variable and fixed) is allocated to products on the basis of budgeted machine-hours. In 2020, budgeted fixed manufacturing overhead cost was$18,000,000. Budgeted variable manufacturing overhead was $8 per machine-hour. The denominator level was 1,000,000 machine-hours.
Chapter 23, Question 2
QUESTION 15 The following data relate to Process 2 of Danvee Ltd, a camera film manufacturer, for the financial year ended 31 December 2020. At the beginning of the year, there were 800 units partly completed which had the following values: Value GHC Percentage complete Input material (from process 1) 8,200 100 Material introduced 5,600 55 Labour 3,200 60 Overheads 2,400 45 During the period, 4300 units were manufactured from Process 1 at a value of GHC46,500. Other costs were: GHC Material introduced 24,000 Labour 19,500 Overheads 18,200 At the end of the year, the closing WIP was 600 units which were at the following stages of completion:- Input material - 100% complete Material introduced - 50% complete Labour - 45% complete Overheads - 40% complete The balance of 4500 was transferred to finished goods. Required: (i) Calculate the value of units transferred to finished goods and the value of WIP using the FIFO method. (ii) Prepare the Process 2 Account using the FIFO method (iii)…
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