Fortune Producers manufactures three joint products, JKA, JKB, and JKC and a by- product JJD, all in a single process. Results for July are as follows: Materials used Conversion cost .10,000 kgs., P24,000 28,000 Output Kilograms 4,000 3,000 1,000 2,000 Product JKA JKB JKC JJD Sales Value per kg. P11 10 26 1 The revenue from the by-product is credited to the sales account. Process costs are apportioned on a relative sales value approach.

Q: What is equivalent production? Explain in terms of its effect on computed unit costs.

A: Process costing: It is a type of costing method, where the direct costs are accumulated and indirect…

Q: How does a product cost differ from a general, selling, and administrative cost? Give examples of…

A: Product Cost: Product costs are the expenses directly associated with making a particular product.…

Q: What is the difference between product costs and period costs?

A: Step 1 Costs incurred for the production of goods is referred to as product cost.  Direct materials,…

Q: ost flow methods and assumptions. What

A: The different cost flow methods and assumptions are as follows: FIFO LIFO Weighted average

Q: what is an indirect cost and how is it different than a direct cost?

A: Indirect Cost: Indirect costs are the costs of doing business that are not easily identified with a…

Q: how do I find direct cost per unit

A: Direct Cost A direct cost is a price that is directly associated with the production of particular…

Q: ! Required information The Foundational 15 (Algo) [LO1-1, LO1-2, LO1-3, LO1-4, LO1-5, LO1-6] [The…

A: Direct manufacturing costs :— It is the cost that are directly incurred in the manufacturing of…

Q: Year 2012 2013 2014 2015 60,000 15,000 45,000 6,000 90,000 17,000 67,500 8,500 30,000 7,500 22,500…

A: For every labor dollar spent, the approximate cost per meal  = Salary/Total meals served

Q: What is the relationship between total carrying cost and totalordering cost at the EOQ?

A: It indicates an inverse relationship between the cost of ordering and the cost of holding at…

Q: What is the standard cost income statement? Give an example?

A: Meaning of Standard cost income statement:A standard cost is the estimated cost of production based…

Q: How do I find the product cost per unit?

A: Product costing is the computation or determination of the total costs of the product that is…

Q: Given the following information Beginning Work in Process Inventory (70% complete as to conversion)…

A: When weighted average process costing is used , then percentage completion of opening work in…

Q: Why cant prime cost be added to conversion cost to get total product cost?

A: Product Costs: Product costs are the costs that are incurred to produce a product or providing a…

Q: What is this cost allocation?

A: Hey, since there are multiple questions posted, we will answer the first question. If you want any…

Q: What is a relationship between fixed, variable and semi-variable cost?

A: Cost can be defined as the amount incurred upon the production of goods and services for the final…

Q: Why do cost systems differ in terms of their level of sophistication

A: A cost system is a systematic framework or approach used by organizations to track, assign, and…

Q: What is a standard cost? Explain? Give an example?

A: Standard Cost: Standard cost is the benchmark amount of per unit product, per unit input or per unit…

Q: Which one of the following is another name for product costs? Select one: a. Direct costs b. Period…

A: Product cost means the cost of producing one unit of finished goods.

Q: Cost per unit for material?

A: Weighted average method is one of the method of process costing. Under this method, equivalent units…

Q: re the difference between traditional product costs and activity-based product

A: Traditional product costs: The traditional method of allocating product costs is to allocate the…

Q: Puget World, Incorporated, manufactures two models of television sets, the N 800 XL model and the N…

A: Unit production cost is the sum of unit direct material cost, unit direct labor cost, and unit…

Q: What does the Unit contribution margin express?

A: Break Even Point:                 Break Even Point is defined as the level where there is no profit…

Q: Consider the following transactions for DeTrees Company for the month shown in chronological order:…

A: The weighted average cost per unit is calculated as total cost divided by no. Of units.

Q: Required: Compute the total product costs

A: Introduction:- Product costs means any cost incurred for manufacture or create a product. Product…

Q: Briefly define total cost and marginal cost.

A: Cost: The amount paid to purchase the asset, install it, and put it into operations, is referred to…

Q: What is the difference between cost tracing and allocation of costs?

A: 1. COST TRACING : IT IS THE ASSIGNMENT OF DIRECT COSTS TO A PARTICULAR COST OBJECT .    2.…

Q: Holiday Company produces dog food. All direct materials are entered at the beginning of process.…

A: Process costing is used where there are many processes in the same line of business for…

Q: What connection exists between unit profit and labor costs?

A: A cost is the amount of money that was expended during the production or delivery of a good or…

Q: what is the weighted average cost per unit

A: The weighted average method of computing the ending inventory is used to calculate the cost of goods…

Q: What is meant by the term cost driver? What is a volume-based cost driver?

A: Activity-based costing: It is a method that helps in finding the activities performed by a company…

Q: Explain how a cost item can be both a direct cost and an indirect cost.

A: Direct Cost:  Direct Cost means Cost which can be directly allocated to Cost centre/Cost unit. It…