Foamy Inc. manufactures shaving cream and uses the weighted average cost method. In November, production is 14,800 equivalent units for materials and 13,300 units for labor and overhead. During the month, materials, labor, and overhead costs were as follows: Materials... $73,000 Labor 68,134 Overhead 200,רר Beginning work in process for November had a cost of $11,360 for materials, $11,666 for labor, and $9,250 for overhead. Compute the following: a. Weighted average cost per unit for materials b. Weighted average cost per unit for labor c. Weighted average cost per unit for overhead d. Total unit cost for the month

Foamy Inc. manufactures shaving cream and uses the weighted average cost method. In November, production is 14,800 equivalent units for materials and 13,300 units for labor and overhead. During the month, materials, labor, and overhead costs were as follows: Materials... $73,000 Labor 68,134 Overhead 200,רר Beginning work in process for November had a cost of $11,360 for materials, $11,666 for labor, and $9,250 for overhead. Compute the following: a. Weighted average cost per unit for materials b. Weighted average cost per unit for labor c. Weighted average cost per unit for overhead d. Total unit cost for the month

Name: Foamy Inc. manufactures shaving cream and uses the weighted average c
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Foamy Inc. manufactures shaving cream and uses the weighted average cost method. In November,production is 14,800 equivalent units for materials and 13,300 units for labor and overhead. During themonth, materials, labor, and overhead costs were as f

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

In July, Econo Company purchased materials costing $18,400 and incurred direct labor costs of $72,000. Overhead totaled $32,700 for the month. Information on inventories was as follows: July 1 July 31 Materials $5,400 $5,200 Work in process $ 700 $1,200 Finished goods $3,100 $2,700 What was the cost of direct materials used in July?
Layla Inc. manufactures a product that passes through two processes: mixing and molding. All manufacturing costs are added uniformly in the mixing department. Information for the mixing department for October is as follows: Work in process, October 1 (45% complete) 7,200 Units completed and transferred out 38,400 Work in Process, October 31 (85% complete) 3,600 Cost per Equivalent Unit of Production $12.13 Layla uses the weighted average method. Which of the following is Layla's cost of October's ending work in process for the mixing department? (Round answers to 2 decimal places). O $37,117.80 O $22,520.50 O $27,500.40 O $29,200.60
Cello Industries commenced operations in January and uses a standard cost accounting system. During the month of January, Cello purchased and used 32,000 pounds of raw materials at a cost of $2.80 per pound. The standard price is $3.00 per pound. Cello completed 15,500 units of finished goods during January and the standard quantity of raw materials per unit is 2.0 pounds.. Which of the following journal entries properly records the purchase and use of raw materials in January? A. B. C. D. WIP inventory Dr. $93,000 Dr. $93,000 Dr. $92,600 Dr. $92,600 O Choice A O Choice B O Choice C O Choice D O None of the above Price variance Cr. $6,400 Cr. $6,200 Dr. $6,200 Dr. $6,400 Quantity variance Dr. $3,000 Dr. $2,800 Cr. $2,800 Cr. $3,000 Accounts payable Cr. $89,600 Cr. $89,600 Cr. $96,000 Cr. $96,000
Barry Pottery Supplies manufacturers supplies used during the pottery process. They have multiple processes, the first of which is Molding. The following information relates to the Molding beginning balance: 5,300 physical units $184,700 beginning cost During the period, 12,400 additional physical units are started. An additional costs of $77,900 in direct materials and $84,000 in manufacturing overhead are incurred. Additionally, 1,890 direct labor hours were incurred. Factory laborers are paid at a rate of $50 per hour. At the end of the period, 6,900 physical units remained in progress. These physical units were 60% complete. Using the information provided, calculate the work in progress ending balance. Round your answer to the nearest whole dollar.
The following costs were incurred during the month of June: Direct Materials $34,000 Direct Labor $72,000 Variable Manufacturing Overhead $3,000 Fixed Manufacturing Overhead $16,000 Selling Expenses $13,000 Administrative Expenses $16,000 What were the total inventoriable costs for June?
ces of The standard cost card for a unit of Product AX at the Cleaning Chemicals Corp. shows the following standard cost information: Materials: 3 gallons at $3 per gallon Labor: 2 hours at $12 per hour Overhead: 80% of direct labor Total $9 24 19 $ 52 During the month of October 20X1, Job O-3 was completed. It was the only job worked on during October. Five thousand two hundred units were produced from the job. The actual costs were as shown below: Materials: 15,800 gallons at $3.10 per gallon Labor: 10,500 hours at $12.10 per hour Actual overhead Total Standard cost of materials Actual cost of materials Total variance for materials $ 48,980 127,050 101,640 $277,670 Required: Calculate the total variance for materials for the month. (Indicate the effect of the variance by selecting "Favorable", "Unfavorable", and "None" for no effect (i.e., zero variance).)
Discover Motor Company uses a standard cost system to collect costs related to the production of its toothpick motors. The direct labor standard for each toothpick motor is 1.25 hours at a standard cost of $9.50 per hour. During the month of May, Discover's toothpick motor production used 5,900 direct labor-hours at a total direct labor cost of $54,575. This resulted in production of 4,800 toothpick motors for May. What is Discover's labor efficiency variance for the month of May? A. $950 favorableB. $1,475 favorableC. $8,975 unfavorableD. $10,450 unfavorable
Relevant Range and Fixed and Variable Costs Child Play Inc. manufactures electronic toys within a relevant range of 20,000 to 150,000 toys per year. Within this range, the following partially completed manufacturing cost schedule has been prepared: Complete the cost schedule. When computing the cost per unit, round to two decimal places. Toys produced 40,000 80,000 120,000 Total costs: Total variable costs $720,000 d. $ j. $ Total fixed costs 600,000 k. е. Total costs $1,320,000 f. $ I. $ Cost per Unit Variable cost per unit а. $ g. $ m. $ Fixed cost per unit b. h. n. Total cost per unit с. $ i. $ o. $
The Cool Company uses standard costing and has established the following direct material and direct labor standards for each unit of the single product it makes: Direct materials - 4 gallons at P8 per gallon Direct labor - 1 hour at P16 per hour During January, the company made 6,000 units of product and incurred the following costs: Direct materials purchased - 26,800 gallons at P8.20 per gallon Direct materials used - 25,200 gallons Direct labor used - 5,600 hours at P15.30 per hour The material price variance for January was (U):________
Puvo, Incorporated, manufactures a single product in which variable manufacturing overhead is assigned on the basis of standard direct labor-hours. The company uses a standard cost system and has established the following standards for one unit of product: Direct materials Direct labor Variable manufacturing overhead During March, the following activity was recorded by the company: • The company produced 4,200 units during the month. • A total of 21,200 pounds of material were purchased at a cost of $15,380. • There was no beginning inventory of materials on hand to start the month; at the end of the month, 5,420 pounds of material remained in the warehouse. . During March, 1,270 direct labor-hours were worked at a rate of $48.50 per hour. • Variable manufacturing overhead costs during March totaled $15,861. The direct materials purchases variance is computed when the materials are purchased. The variable overhead rate variance for March is: Multiple Choice O $2,780 F Standard Quantity…
Quality Brick Company produces bricks in two processing departments-Molding and Firing. Information relating to the company's operations in March follows: a. Raw materials used in production: Molding Department, $27,200; and Firing Department, $4,700. b. Direct labor costs incurred: Molding Department, $19,400; and Firing Department, $5,700. c. Manufacturing overhead was applied: Molding Department, $24,900; and Firing Department, $39,600. d. Unfired, molded bricks were transferred from the Molding Department to the Firing Department. According to the company's process costing system, the cost of the unfired, molded bricks was $67,800. e. Finished bricks were transferred from the Firing Department to the finished goods warehouse. According to the company's process costing system, the cost of the finished bricks was $109,300. f. Finished bricks were sold to customers. According to the company's process costing system, the cost of the finished bricks sold was $103,300. Required: Prepare…
Munabhai