If the standard quantity of materials is 83,800 units at $0.14 per unit and the actual quantity is 94,300 units at $0.11 per unit, then what is the journal entry to record the cost of materials used? subject. financial account.
Q: Correct option please. Tag. Account
A: Under variable costing, fixed manufacturing overhead is treated as a period cost and is not included…
Q: Hi expert please give me answer general accounting
A: Let us get the product mix. For every unit of Alpha, the company produces half as many units of…
Q: Answer this financial account question. In 5 min
A: Step 1:Opportunity cost refers to the value of the next best alternative that must be forgone when…
Q: Get correct answer general accounting
A: Step 1: Definition of Equivalent Units for Conversion CostsEquivalent Units for Conversion Costs are…
Q: Can you please solve this accounting question?
A: Step 1: Define Net IncomeNet income is the difference between expense and revenue. To calculate net…
Q: solve fast
A: Step 1: Key Information from the Income StatementIncome before income taxes: $3,750,000Current…
Q: Bubba Steakhouse has budgeted the following costs for a month in which 1,600 steak dinners will be…
A: To determine how much profit would increase if 10 more steak dinners were sold, we need to calculate…
Q: Pteri Manufacturing makes a single product - the Pteri. Information for 2005 appears below: Sales in…
A: Step 1: Understand Variable Costing :Under variable costing, only variable production costs are…
Q: Solve this accounting question problem without use Ai
A: Step 1: Define Return on Total Assets (ROA)Return on Total Assets (ROA) measures a company's ability…
Q: Do fast answer of this accounting questions
A: To determine the selling price for Kasaya to make a profit of $120, we need to add the desired…
Q: Glenn Corporation had the following list of account
A: Explanation of Net SalesNet sales represent the total revenue a company earns from selling its…
Q: Need answer the accounting question
A: Step 1: Define Accounting Rate of ReturnThe accounting rate of return or the average rate of return…
Q: I need answer of this accounting questions
A: Step 1: Definition of Partnership Distributions and Basis AdjustmentsIn a partnership, each…
Q: Subject:- General Account - On March 1, 2019, Annapolis Company has a beginning Work in Process…
A: To calculate the cost per equivalent unit of direct materials under the weighted-average process…
Q: Can you please give me correct answer the general accounting question?
A: Explanation: In the given case, we are required to calculate the direct materials price variance…
Q: HELP
A: Explanation of Cost of Goods Manufactured: Cost of goods manufactured represents the total cost of…
Q: Hii expert please given answer
A: To calculate the future value (FV) of the deposit, we use the formula for compound interest: FV…
Q: Calculate the net income for the firm. General accounting
A: Step 1: Define Retained EarningsRetained earnings refer to the accumulated net income earned since…
Q: Question: Shown below are a company's ledger accounts and their end-of-period balances before…
A: To determine the amount posted to Retained Earnings in the closing process, we first need to…
Q: Please provide correct answer
A: To calculate the future value of the investment, we use the compound interest formula:…
Q: During the month of November, Luffee Company had cash receipts of $5,100 and paid out $1,300 for…
A: To calculate the cash balance on November 1, we can use the following formula: Cash Balance on…
Q: Not use chart gpt solution please provide answer general Accounting
A: The Total Holding Period Percentage Return (THPR) is calculated using the formula: THPR = ((Ending…
Q: I won't to this question answer general Accounting
A: Step 1: Define Interest RevenueInterest revenue is the income earned by lending money or extending…
Q: General accounting
A: Step 1: Define Difference between Actual and Budgeted CostThe total difference between a company's…
Q: Sub. Account
A: Why Other Options Are Incorrect:a. The total inventory in the aggregate is incorrect because:Option…
Q: Subject = General Account
A: The lower-of-cost-or-market (LCM) rule requires valuing inventory at the lower of its cost or market…
Q: get correct answer general accounting question
A: The Equity Multiplier is calculated using the formula: Equity Multiplier = 1 / (1 - Debt Ratio)…
Q: On September 1, 2024, Baxter Inc. reported Retained Earnings of $432,000. During the month, Baxter…
A: Explanation of Retained Earnings: Retained earnings represent the cumulative profits that a company…
Q: Explore the concept of accounting flexibility and its impact on the reliability and usefulness of…
A: Key DefinitionsAccounting Flexibility: The degree of discretion and choice available to…
Q: Given answer accounting questions
A: Step 1: Definition of the Extended Accounting EquationThe extended accounting equation…
Q: SUBJECT ACCOUNTING
A: To calculate the return on investment (ROI) for Firoz Company, we use the formula: ROI = (Net Income…
Q: Company had 20,000 units
A: Explanation of Work in Process (WIP): Work in Process represents units that have started production…
Q: Correct answer ✅✅✅
A: Explanation of Accounting Performance:Accounting performance is a measure of a firm's financial…
Q: Get correct answer general accounting
A: To calculate Sarah's capital balance at the end of the year, we use the basic accounting equation…
Q: Need help with this accounting questions
A: Step 1: Definition of Predetermined Overhead RateThe predetermined overhead rate is calculated…
Q: Do fast answer of this general accounting questions
A: Step 1: Define Gross Profit PercentageThe gross profit percentage is an important financial ratio…
Q: Elite pens is considering two production solve this accounting questions
A: Step 1: Definition of Operating LeverageOperating Leverage: Operating leverage measures the…
Q: Star manufacturing estimates manufacturing overhead solve this accounting questions
A: Step 1: Definition of Predetermined Overhead RatePredetermined Overhead Rate: It is the rate…
Q: What is the firm's assets turnover? General accounting
A: Step 1: Define Asset turnover ratioAsset turnover ratio is calculated to find out the efficiency and…
Q: Please help me this question general accounting
A: Step 1: Define Capital Turnover RatioCapital Turnover Ratio is the ratio of net annual sales and…
Q: Kindly help me with general accounting questions
A: Step 1: Define Standard CostingIn advance accounting, standard costing is controlling cost and…
Q: Jacoby Company received an offer from an exporter for22400 units of a product at 19 per unit
A: Explanation of Differential Revenue:Differential revenue is the additional revenue generated by…
Q: What was the total assets on AWQ's balance sheet at end of the year?
A: Explanation of Common Stock:Common stock represents ownership in a company and is issued to raise…
Q: General Account Subjects Questions
A: Step 1: Calculate the total variable costs (materials + hourly labor)Step 2: Compute the variable…
Q: Explain the concept of revenue recognition. What are the criteria that must be met before revenue…
A: Detailed explanation:Revenue recognition is the accounting principle that determines the specific…
Q: General Accounting
A: Step 1: Define Trading ProfitTrading profit is the first computation of the profit and loss account.…
Q: Do fast answer of this General accounting questions
A: Step 1:First, calculate the number of preferred shares issued: Preferred share issued = Total par…
Q: Fixed Manufacturing
A: Explanation of Absorption Costing:Absorption costing is a costing method where all manufacturing…
Q: Gyro Gear Company produces a single product, a special gear used in automatic transmissions. Each…
A: Step 1: Identify variable costs associated with production (Direct Material, Direct Labor, Variable…
Q: I want to correct answer general accounting question
A: To calculate the cost of goods sold (COGS) using the conventional retail inventory method, follow…
If the standard quantity of materials is 83,800 units at $0.14 per unit and the actual quantity is 94,300 units at $0.11 per unit, then what is the journal entry to record the cost of materials used? subject. financial account.
Step by step
Solved in 2 steps
- The equivalent units for the FIFO unit cost represent: a. work done during the current period. b. work done during the current period and the previous period. c. work done on units completed during the current period. d. work done during the previous period. e. the same thing as the equivalent units for the weighted average unit cost.Lights Incorporated calculates cost for an equivalent unit of production using the weighted-average method. Data for July: Work-in-process inventory, July 1 (39,500 units): Direct materials (93% completed) Conversion (57% completed) Balance in work in process inventory, July 1 Units started during July Units completed and transferred Work-in-process inventory, July 31: Direct materials (93% completed) Conversion (57% completed) Cost incurred during July: Direct materials Conversion costs $ 122,750 77,200 $ 199,950 93,500 108,300 24,700 $ 183,500 291,500 Total equivalent units for materials under the weighted-average method are calculated to be:Required: 1) Calculate the raw material used by Pro-Leather Company. 2) Calculate the indirect materials used by Pro-Leather Company 3) What is the total manufacturing overhead cost incurred by Pro-Leather Company during the period? 4) Determine the prime cost & conversion cost of the cases manufactured. 5) Prepare a schedule of cost of goods manufactured for the year ended December 31, 2020, clearly showing total manufacturing cost & total manufacturing costs to account for. 6) Prepare an income statement for Pro-Leather Company for the year ended December 31, 2020. List the non-manufacturing overheads in order of size starting with the largest. 7) What is the factory cost per case if Pro-Leather manufactured 19,200 cases for tablets for the year? 8) How does the format of the income statement for a manufacturing concern differ from the income statement of a merchandising entity? thank you very much
- Victory Company uses weighted-average process costing to account for its production costs. Conversion cost is added evenly throughout the process. Direct materials are added at the beginning of the first process. During November, the first process transferred 800,000 units of product to the second process. Additional information for the first process follows. At the end of November, work in process inventory consists of 194,000 units that are 80% complete with respect to conversion. Beginning work in process inventory had $516,880 of direct materials and $191,040 of conversion cost. The direct material cost added in November is $3,459,120, and the conversion cost added is $3,629,760. Beginning work in process consisted of 79,000 units that were 100% complete with respect to direct materials and 80% complete with respect to conversion. Of the units completed, 79,000 were from beginning work in process and 721,000 units were started and completed during the period.Benoit Company produces three products, A, B, and C. Data concerning the three products follow (per unit): Product Selling price 70 2$ 50 60 Variable expenses: Direct materials 21.00 15.00 4.20 Other variable 21.00 22.50 37.80 expenses Total variable 42.00 37.50 42.00 expenses Contribution margin $28.00 $ 12.50 $ 18.00 Contribution margin ratio 40% 25% 30% Demand for the company's products is very strong, with far more orders each month than the company can produce with the available raw materials. The same material is used in each product. The material costs $6 per pound with a maximum of 4,000 pounds available each month. %24please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)
- Figuring a predetermined overhead rate using direct materials as the allocation base. $130500 estimated manufacturing overhead cost and $87000 as allocation base. Then whats next in the formulaCompute the unit costs for materials and conversion costs. (Round answers to 2 decimal places, e.g. 2.25.) Materials cost per unit Conversion cost per unit LINK TO TEXT INTERACTIVE TUTORIAL Compute total manufacturing costs. (Round answer to 2 decimal places, e.g. 2.25.) Total manufacturing cost per unitHmm.126.
- Assuming that the direct materials used are $1,500,000, compute the total manufacturing costs using the following information.Data table Units of D4H produced and sold 1. 2. Selling price 3. Direct materials (kilograms) 4. Direct material cost per kilogram 5. Manufacturing capacity (units of D4H) 6. Total conversion costs 7. 8. Selling and customer-service capacity 9. Total selling and customer-service costs 10. Selling and customer-service capacity cost per customer 11. Design staff 12. Total design costs 13. Design cost per employee Conversion cost per unit of capacity Alt+Q Print Done $ $ 210 41,000 $ 310,000 7.25 $ 250 2,125,000 $ 8,500 $ $ $ 2,150,000 8,600 95 customers 90 customers 900,000 10,000 12 1,045,000 $ 11,000 $ 12 1,212,000 $ 101,000 $ $ $ ZUZT $ $ ZUZZ 235 43,000 325,000 7.75 250 1,218,000 101,500 (similar to) Data table HW Score: 3.03%, 0.12 of 4 points Daint 0 10 of 1 Revenue effect of growth Cost effect of growth The company has chosen a product differentiation strategy. The growth, price- recovery, and productivity components of the change in operating income from 2021 to 2022 are as…For each of the following independent cases (A through E), compute the missing values in the table: Total Manufacturing Cost Case A B C DE E Prime Cost 6,950 11,660 Conversion Cost 11,580 7,970 20,510 Direct Materials $ 2,010 $ 2,120 1,410 3,340 Direct Labor Manufacturing Overhead 1,020 $ 3,140 2,030 3,620 6,750 2,900 9,380 5,990
