Hi I do not understand how you got 374701 for B300 manufacturing overhead and for another product too? please explain how you calculate it

Understand manufacturing overhead: Manufacturing overhead refers to indirect costs incurred during…

Answered: Hi I do not understand how you got…

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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Need help with this accounting question. very precise and detailed answer
please question 5 and 6 is required. Thank you. ‘Process costing is a term used in cost accounting to describe one method for collecting and assigning manufacturing costs to the units produced.’ There are some statements about the process costing: 1. An abnormal loss occurs when expected output exceeds actual output.2. The scrap value of an abnormal loss is credited to the process account.3. The allocated cost of an abnormal gain is credited to the process account.4. The inputs to a process less the normal loss is the expected output.5. The normal loss in a process is allocated a cost in order to reconcile the costs of inputs and outputs.6. The FIFO method assumes opening WIP is the first group of units to be completed. Therefore, opening WIP is charged separately to completed production and CPU is based on current period costs.Required: Please identify which of the above statements are false and explain the reasons
Assigning manufacturing overhead to a specific job is complicated by all of the following except: Multiple Choice Manufacturing overhead is an indirect cost that is either impossible or difficult to trace to a particular job. Manufacturing overhead is incurred only to support some jobs. Manufacturing overhead consists of both variable and fixed costs. The average cost of actual fixed manufacturing overhead expenses will vary depending on how many units are produced in a perio
Kindly answer the 2 questions.
Waterway Industries has beginning and ending work in process inventories of $120000 and $135000 respectively. If total manufacturing costs are $680000, what is the total cost of goods manufactured? • A. $665000. • B. $815000. • C. S695000. D. s800000.
Please do not give solution in image format thanku
Thank you for the help, I have two follow up questions regarding this, -First question is 3. Calculation of cost per equivalent units in ( converstion) beginning Work in the process should it be 654,800 instead of 327,400 becuase converstion costs = direct labor + overhead and in this case it would be 327,400 + 100% * 327,400 = 654,800? and Cost incurred during the period for conversation cost = Direct labor cost + overhead cost = 7,207,400 + (100% * 7,207,400) = 14,414,800? -Second question is 5. Calculation of Cost of units Completed and Transferred out (Finished Goods) for December 31, 20x1, should it we use Equivalent Units (A) 1,134,000 units instead of 2,700,000 becuase we are preparing a schedule of December 31?
You have been employed as a cost accountant by Pared Inc. The president, I.M. Pared, is having a hard time understanding the flow of costs through the cost accounting system. Beginning with the purchase of material and ending with the transfer to cost of goods sold briefly flow chart (draw) and describe (write out) how the costs will travel through the cost accounting system explain this for me?
Why are some manufacturing firms switching from direct-labor hours to machine hours or throughput time as the basis for overhead application?
Hello, I need help with this question. The work I did was Rims: Direct materials: 17 Direct Labor: 96.42857 (6.4285 * $15) Manufacturing overhead: 4.8405 (.3 DLHS * $16.135) Unit Product Cost: 118.27 Posts: Direct materials: 15 Direct Labor: 17.76315789 (1.184210526 * $15) Manufacturing overhead: 9.681 (.6 DLHS * $16.135) Unit Product Cost: 42.44
Q6) Manufacturing overhead costs are easy to trace and can be ignored while calculating total costs. Select one: True False
I need help with the formula instead of the actual answer.

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