INSTRUCTIONS: Answer ALL the following questions.பA product is manufactured by passing materials through twoprocesses. Production costs for 2021 January are as follows:Process AProcess BDirect materials 4 000 kg @ $3.00 per kgDirect labourOverheads$2.0001 500 kg @ $2.50 per kg$1 500100% of direct labour cost 125% of direct labour costThere is no beginning or ending work in progress inventory.Normal losses:Process A 10%Process B 5%Scrapped values:Process A $1.75 per kgProcess B $2.50 per kgOutput for 2021 January was:Process A 3 500 kgProcess B 5 050 kgA. Prepare Process A and Process B accounts.B. Prepare abnormal loss/gain accounts.C. Explain the term, equivalent units.

A. Process A and Process B Accounts**Process A Account**| Particulars | Amount ($)** | Particulars |…

Answered: INSTRUCTIONS: Answer ALL the following…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Select the accurate option
plz solve!?
The information relating to process1 of a two-stage production process is as fallows for August 2019. Opening inventory 500 units (degree of completion 60%) Cost to date RO 2,800. Costs incurred in August 2019 Direct materials (2,500 units introduced) RO 13,200. Direct labor RO 6,600 Production overhead RO 6,600 Closing inventory 300 units (Degree of completion 80%) There was no loss in the process. Prepare Process Account for the month of august. Prepare (a) Statement of Equivalent Production Equivalent Units Material Output Items Input Units Units Labgur P. Overheads Qty Qty Qty b) Statement of Cost Equivalent Units Element of Cost Cost Cost per unit Material abou Overheads c.) statement of valuation Material Labour Overheads Total Einished Goods Closing WIP
Costs incurred are summarized as follows: WIP - Polishing Process A/C January 1 Bal. $ 0 Transfer from Moulding 20,000 1,310,000 Direct Materials Added 391,600 Direct Labour 638,000 Manufacturing Overhead 307,400 Normal losses are estimated to be 2½% of input during the period. Inspection takes place during the processing operation, at which point damaged products are separated from good products and sold at $85 each. At inspection, 2,000 products were rejected as scrap. These units had reached the following degree of completion: Transfer from Moulding 100% Direct material added 40% Conversion costs 20% Work-in-progress at the end of January was 4,000 handles and had reached the following degree of completion: Transfer from Moulding 100%…
VARIABLE COSTING AND ABSORPTION COSTINGUmdloti Ltd, which manufactures liquid hand soap, commenced operations on 01 November 2021. Standard production for a typical month is expected to be 160 000 bottles. During November 2021 the company manufactured 170 000 bottles of hand soap. On 30 November 2021 there were 46 000 bottles of hand soap in inventory. Manufacturing and commercial costs during November 2021 were as follows:Direct materials R212 500Direct labour R680 000Variable manufacturing overheads R37 400Variable marketing costs R135 160Fixed administration costs R84 320Fixed manufacturing overheads R113 900The hand soap was sold at R12 per bottle during November 2021. During December 2021, Umdloti Ltd decided to increase the selling price by 10% because the fixed manufacturing costs increased by R27 100 and the variable marketing costs increased by R0.11 per unit sold with effect from 01 December 2021. The company manufactured 150 000 bottles of hand soap during December 2021.…
Please do not give solution in image format thanku
Please do not give solution in image format
Assume the following information appears in the standard cost card for a company that makes only one product: Standard Quantity or Hours Standard Price or Rate Standard Cost Direct materials 5 pounds $ 11.00 per pound $ 55.00 Direct labor 2 hours $ 17.00 per hour $ 34.00 Variable manufacturing overhead 2 hours $ 3.80 per hour $ 7.60 During the most recent period, the following additional information was available: 20,000 pounds of material was purchased at a cost of $10.50 per pound. All of the material that was purchased was used to produce 3,900 units. 8,000 direct labor-hours were recorded at a total cost of $132,000. The actual variable overhead cost incurred during the period was $25,000. Assuming the company uses direct labor-hours to compute its predetermined overhead rate, what is the variable overhead efficiency variance?
Johnson Johnson produces a single product called Swizzle which requires two processes. Normal loss in each process is 10%. Scrap units are sold for $4 each. The following information is available for the processes: Process 1 Process 2 Direct materials (4000 units) $32 400 Added direct materials $6480 Direct Labour $18 640 $20 000 Production Overheads $24 000 $33 000…
Time left 1:25:35 For XYZ Company, the following information related to costs is available for the last quarter: direct materials $2,000, direct labor $3,000, variable MOH $400, fixed MOH $1,600 and selling and administrative expenses $3,000. The product cost under absorption costing is: O a. $10,000 O b. $5,400 O c. none of the given answers O d. $6,600 e. $7,000 During June at XYZ company, OMR 85,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect
A proforma cost sheet of a company provides the following particulars :- Element of cost – 40% Raw Materials – 10% Labour – 30% The following further particulars are available : (a) Raw materials are to remain in stores on an average – 6 weeks . (b) Processing time – 4 weeks ( assume 50% completion stage with full material consumption ). (c) Finished goods are required to be in stock on an average period – 8 weeks . (d) Credit period allowed to debtors ,on average – 10 weeks . (e) Lag in payment of wages – 2 weeks . (f) Credit period allowed by creditors – 4 weeks . (g) Selling price – Rs.50 per unit . You are required to prepare an estimate of working capital requirements adding 10% margin for contingencies for a level of activity of 130000 units of production .The post A proforma cost sheet of a company provides the following particulars :- Element appeared first on Princeton Papers.
Subject: accounting

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS