If 10,000 pounds of direct materials are purchased for$9,300 on account and the standard cost is $.90 per pound,the journal entry to record the purchase isupport9,300O Raw Materials Inventory9,300Accounts Payable9,300O Raw Materials Inventory9,000Accounts Payable300Materials Price Variance9,000O Raw Materials Inventory300Materials Price Variance9,300Accounts Payable9,300O Work In Process Inventory9,000Accounts Payable300Materials Quantity Variancerchhp12insprt sf4f5f6f11f9144f8f106%3DY.6000TO

Computation of Material Price Variance:

Answered: If 10,000 pounds of direct materials…

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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A process's beginning work in process inventory consists of 10,000 units that are 20% complete with respect to conversion costs. A total of 40,000 units are completed this period. There are 15,000 units in work in process, one-third complete for conversion, at period-end. The equivalent units of production (EUP) with respect to conversion at period-end, assuming the weighted-average method, are a. 45,000 EUP. c. 5,000 EUP. e. 43,000 EUP. b. 40,000 EUP. d. 37,000 EUP.
Equivalent Units of Conversion Costs The Filling Department of Ivy Cosmetics Company had 3,100 ounces in beginning work in process inventory (60% complete). During the period, 51,500 ounces were completed. The ending work in process inventory was 4,600 ounces (80% complete). What are the total equivalent units for conversion costs? X units Feedback V Check My Work Are you determining the equivalent units of materials added or of conversion of materials? When would materials typically be added in the process? When would conversion of these materials take place? Recall the definition of work in process.
Equivalent Units of Conversion Costs The Filling Department of Ivy Cosmetics Company had 2,300 ounces in beginning work in process inventory (80% complete). During the period, 32,300 ounces were completed. The ending work in process inventory was 2,900 ounces (20% complete). What are the total equivalent units for conversion costs? X units Feedback Check My Work Are you determining the equivalent units of materials added or of conversion of materials? When would materials typically be added in the process? When would conversion of these materials take place? Recall the definition of work in process.
TaskMaster Enterprises employs a standard cost system in which direct materials inventory is carried at standard cost. TaskMaster has established the following standards for the prime costs of one unit of product. Standard Quantity Standard Price Standard Cost Direct Materials 8 pounds $ 2.20 per pound $ 17.60 Direct Labor 0.25 hour $ 8.80 per hour 2.20 $ 19.80 During November, TaskMaster purchased 162,000 pounds of direct materials at a total cost of $372,600. The total factory wages for November were $46,000, 90% of which were for direct labor. TaskMaster manufactured 19,200 units of product during November using 144,000 pounds of direct materials and 5,040 direct labor-hours. What is the direct materials efficiency variance for November? $21,120 $18,420 $18,270 $20,020
Carmelita Inc., has the following information available: Costs from beginning Costs from current Direct materials Conversion costs inventory $2,500 $6,200 period $22,252 $150,536 At the beginning of the period, there were 500 units in a process that was 60% complete as to conversion costs and 100% complete as to direct materials costs. During the period 4,500 units were started and completed. Ending inventory contained 340 units that were 30% complete as to conversion costs and 100% complete as to materials costs. The total costs that will be transferred into Finished Goods for units started and completed were a. $162,855 b. $161,775 c. $156,960 d. $161,505 man Corporation basarguided t Requ 1400 $80,000 ** =
A-7
Cost of Units Transferred Out and Ending Work in Process The costs per equivalent unit of direct materials and conversion in the Filling Department of Ivy Cosmetics Company are $2.10 and $0.45, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials Conversion Inventory in process, beginning of period 0 2,200 Started and completed during the period 43,000 43,000 Transferred out of Filling (completed) 43,000 45,200 Inventory in process, end of period 4,000 1,200 Total units to be assigned costs 47,000 46,400 The beginning work in process inventory had a cost of $1,500. Determine the cost of completed and transferred-out production and the ending work in process inventory. If required, round to the nearest dollar. Completed and transferred out of production $fill in the blank 1 Inventory in process, ending $fill in the blank 2
What is the amount of raw materials used?
For each of the following independent cases (1 to 4), compute the missing values. (Enter all amounts as positive values.) Case 1 Case 2 Case 3 Case 4 Beginning raw material $7,000 $16,000 $55,000 Raw materials purchases Indirect materials issued Ending raw materials 63,000 24,500 33,312 1,400 2,000 1,200 1,000 2,800 4,500 46,750 Direct materials used 27,000 26,976 Direct labor 40,600 61,625 Manufacturing overhead applied 72,800 80,700 24,864 270,865 Total current manufacturing costs 151,200 74,320 Beginning work in process 57,400 65,200 51,260 Ending work in process 33,000 118,050 Cost of goods manufactured 194,600 159,600 71,380 412,950 Beginning finished goods 100,800 41,520 Ending finished goods 112,000 60.200 198,600 Cost of goods sold 142,000 90,700 419,700
Select the accurate option
The cost of raw materials purchases for 2019 is?
Carmelita Inc., has the following information available: Direct materials Conversion costs Costs from Costs from Beginning Inventory Current Period $2,000 6,200 $22,252 150,536 At the beginning of the period, there were 500 units in process that were 60% complete as to conversion costs and 100% complete as to direct materials costs. During the period, 4,500 units were started and completed. Ending inventory contained 340 units that were 30% complete as to conversion costs and 100% complete as to materials costs. The company uses the FIFO process cost method. The equivalent units of production for direct materials and conversion costs, respectively, were a. 5,340 for direct materials and 4,902 for conversion costs b. 4,902 for direct materials and 4,802 for conversion costs c. 4,602 for direct materials and 4,802 for conversion costs d. 4,840 for direct materials and 4,802 for conversion costs

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