From the schedule below provided for quality control activities, determine the appraisal costs:Quality control activitiesActivity costFinished goods inspection$12,000Product design$22,000Rework$8,900Processing returned products$21,000Training of machine operators$25,000Process audit$32,000$29.900$33,000$66.000$44.000

Appraisal costs are the costs that a company incurs for assessing its quality control processes and…

Answered: From the schedule below provided for…

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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Activity-Based Environmental Cost Assignments Pinter Company had the following environmental activities and product information: 1. Environmental activity costs Activity Costs Design products (to reduce pollution) $ 129,600 Test for contamination 230,400 Treat toxic waste 720,000 Operate pollution control equipment 576,000 2. Driver data Solvent X Solvent Y Design hours 2,900 1,900 Testing hours 5,100 7,700 Pounds of waste 600 15,400 Machine hours 2,900 61,100 3. Other production data Solvent X Solvent Y Nonenvironmental production costs $2,176,000 $4,128,000 Units produced 320,000 320,000 What if the design costs increased to $219,600 and the cost of toxic waste decreased to $360,000? Assume that Solvent Y uses 3,800 out of 7,600 design hours. Also assume that waste is cut by 50 percent and that Solvent Y is responsible for…
Tou Can Do It PRACTICE EXERCISE 3: EVALUATION: The following are data for PPE Limited Company for the year 2020: 650,000 87,000 136,000 104,000 46,000 200,000 P Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs 226,000 Inventories Raw materials Work in process Finished goods Beginning P8,800 P6,000 P78,000 Ending P11,000 P20,800 P25,900 Required: Write your answer on a separate sheet of paper 1. Assume all raw materials used in production were direct materials, prepare a statement of projected cost of goods manufactured. 2. Prepare projected income statement.
The Baker Company manufactures a product in a single process. The following information isavailable:Input material 5,000 kilos valued at $18,000Material added $4,000Direct labour cost incurred $14,000Manufacturing overhead incurred $20,500Normal losses 10% of inputScrap value of losses $5.00 per unitUnits completed and transferred out 4,300 unitsi) Calculate the cost per completed unitii) What is the value of the units completed and transferred to finished goods?iii) What is the value of the unexpected losses?iv) What is the manufacturer’s true loss?v) Prepare the journal entries necessary to record the assignment of direct materials anddirect labour and the allocation of manufacturing overhead to the process. Also, give thejournal entries for the transfer of units completed to Finished Goods Inventory.
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S [The following information applies to the questions displayed below.] Hosmer Industries provides the following information about resources and usage: Resources used Materials Power Setups Purchasing Client assistance Supervision Facility cost Resources supplied Materials Power Setups Purchasing Client assistance Supervision Facility cost Unused Resources Capacity $ 6,600 3,924 2,160 4,680 18,600 8,520 7,080 $ 352,200 47,988 59,076 62, 280 38,520 74,568 128,040 Required: a. Compute the cost driver rate for each resource. Cost Driver Volume 6,400 pounds 272 hours 62 setups 64 purchase orders 40 inquiries 256 labor-hours 3,360 square meters
H4. At Vol Corporation, production is started in the fab department. The work is then transferred to the finishing department, where goods are completed and then transferred to the finished goods storeroom. Data about the company’s costs during September 20X1 follows: Material costs placed into production Fab department $ 40,100.00 Finishing department 5,100.00 Direct labor costs Fab department 112,000.00 Finishing department 18,000.00 Taxes withheld from employees’ earnings Social security tax withheld 8,060.00 Medicare tax withheld 1,885.00 Federal income tax withheld 19,500.00 Overhead costs Fab department 44,800.00 Finishing department 7,200.00 During the month, products costing $167,000 were transferred from the fab department to the finishing department; goods costing $193,000 were transferred from the finishing department to finished goods inventory; and goods that cost $154,400 were sold on account for $201,000. Required: Give the journal entries on September 30 to summarize…
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Determine the missing amount for each letter. Total ifacturing Costs 431600 (a) 567,000 333,900 363,800 Tauthook and Media Work in Process Jan. 1 $40,200 541800 (d) 75,600 EA $ Work in Process Dec. 31 (b) 50,400 100,800 Cost of Goods Manufactured $453,600 592,200 176400 (f) 56,700 283500 (h) 340,200

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