Hybrid costingPat Koontz makes necklaces from glass beads, metal beads, and natural beads. After reading about hybrid costing, she realized that the different types of necklacesdid not cost the same amount of money to make, even though they took the same amount of time and effort to assemble. Koontz developed the following standardcosts for each type of necklace:Glass Metal Natural$24.00 $15.00 $7.0015.00 15.00 15.008.00 8.00 8.00$47.00 $38.00 $30.00BeadsDirect labor (1.5 hours)Overhead (based on 1.5 hours)TotalKoontz began the year with no beginning WIP Inventory after she experienced an extreme holiday rush. During January, 364 necklaces were started: 196 were glass,70 were metal, and 98 were natural. At the end of January, 70 necklaces were not yet complete: 14 glass, 36 metal, and 20 natural. The stage of completion for eachcost component for the 70 unfinished necklaces was as follows:Material 100% completeConversion 60% completea. Calculate the cost of necklaces completed during January. $0b. Calculate the cost of necklaces in ending WIP Inventory. $ 0XX

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Hybrid costing Pat Koontz makes necklaces from glass beads, metal beads, and natural beads. After reading about hybrid costing, she realized that the different types of necklaces did not cost the same amount of money to make, even though they took the same amount of time and effort to assemble. Koontz developed the following standard costs for each type of necklace: Beads Direct labor (1.5 hours) Overhead (based on 1.5 hours) Total Glass Metal Natural $24.00 $15.00 $7.00 15.00 15.00 15.00 8.00 8.00 $47.00 $38.00 8.00 $30.00 Koontz began the year with no beginning WIP Inventory after she experienced an extreme holiday rush. During January, 364 necklaces were started: 196 were glass 70 were metal, and 98 were natural. At the end of January, 70 necklaces were not yet complete: 14 glass, 36 metal, and 20 natural. The stage of completion for each cost component for the 70 unfinished necklaces was as follows: Material 100% complete Conversion 60% complete a. Calculate the cost of necklaces completed during January. $0 b. Calculate the cost of necklaces in ending WIP Inventory. $ 0 X x

Hybrid costing Pat Koontz makes necklaces from glass beads, metal beads, and natural beads. After reading about hybrid costing, she realized that the different types of necklaces did not cost the same amount of money to make, even though they took the same amount of time and effort to assemble. Koontz developed the following standard costs for each type of necklace: Beads Direct labor (1.5 hours) Overhead (based on 1.5 hours) Total Glass Metal Natural $24.00 $15.00 $7.00 15.00 15.00 15.00 8.00 8.00 $47.00 $38.00 8.00 $30.00 Koontz began the year with no beginning WIP Inventory after she experienced an extreme holiday rush. During January, 364 necklaces were started: 196 were glass 70 were metal, and 98 were natural. At the end of January, 70 necklaces were not yet complete: 14 glass, 36 metal, and 20 natural. The stage of completion for each cost component for the 70 unfinished necklaces was as follows: Material 100% complete Conversion 60% complete a. Calculate the cost of necklaces completed during January. $0 b. Calculate the cost of necklaces in ending WIP Inventory. $ 0 X x

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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