Lenox Solvents manufactures a special fluid at its Hazelridge plant. Operating data for June follow. Materials$ 2,499,000Labor214,200Manufacturing overhead857,800 The Hazelridge plant produced 1,070,000 liters in June. The plant never has any beginning or ending inventories. Required: Compute the cost per liter of liquid produced in June. Note: Round your answer to 2 decimal places.

Lenox Solvents manufactures a special fluid at its Hazelridge plant. Operating data for June follow. Materials$ 2,499,000Labor214,200Manufacturing overhead857,800 The Hazelridge plant produced 1,070,000 liters in June. The plant never has any beginning or ending inventories. Required: Compute the cost per liter of liquid produced in June. Note: Round your answer to 2 decimal places.

Name: Lenox Solvents manufactures a special fluid atits Hazelridge plant. O
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Lenox Solvents manufactures a special fluid atits Hazelridge plant. Operating data for Junefollow.Materials$ 2,499,000Labor214,200Manufacturingoverhead857,800The Hazelridge plant produced 1,070,000 litersin June. The plant never has any beginning or

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: To follow is information about the units produced and total manufacturing costs for Pine Enterprises…

A: Formula: Total cost = Variable cost + fixed cost Sum of both variable and fixed cost derives the…

Q: Smelly Cat Shoe Spray Company sells air freshener for running shoes. During June, they ran…

A: Variable cost per hour = (Highest level cost - Lowest level cost)/(High level activity - Low level…

Q: Pharoah Corp. has collected the following data concerning its maintenance costs for the past 6…

A: Highest activity = 48,200 units Lowest activity = 21,700 units

Q: Cozy, Inc., manufactures small and large blankets. It estimates $350,000 in overhead during the…

A: Factory overhead is the indirect cost incurred in the process of manufacturing. Therefore, it is…

Q: What amount are the fixed

A: We use the high-low method in Cost Accounting to find out the amounts for the fixed and variable…

Q: Ma4 . Tord Company processes 18.100 gallons of direct materials to produce two products, Product X…

A: Taking an inventory refers to the process of counting or cataloging items. Inventory, or a current…

Q: Grin Company manufactures digital cameras. In January, Grin produced 2,750 cameras with the…

A: Direct costs are the expenses that are directly used for the production of goods and services for…

Q: A chemical factory manufactures three kinds of chemicals namely Eucalyptus oil, Hexachlorobenzen and…

Q: The manufacturing costs of Mocha Industries for three months of the year are as follows: Total Cost…

A: Variable costs: These are the costs that vary with the number of units produced. The more the units…

Q: Strait Co. manufactures office furniture. During the most productive month of the year, 3,300 desks…

A: Variable costs are those which varies with the change in the level of production. It is the cost…

Q: Finch Manufacturing Co. expects to make 30,100 chairs during the year 1 accounting period. The…

A: A product's selling price is the price at which it is provided to clients or purchasers. sometimes…

Q: Sheridan Corp. has collected the following data concerning its maintenan July August September…

A: Variable costs fluctuate with manufacturing or marketing levels and are incurred as a direct…

Q: In Sheridan Company, total materials costs are $37,600, and total conversion costs are $61,560 for…

A: Total manufacturing cost is the total costs incurred in the manufacturing of product during the…

Q: 3

A: The correct answer is B) $5,330Explanation:We'll follow these steps to calculate the fixed costs:…

Q: Strait Co. manufactures office furniture. During the most productive month of the year, 3, 100 desks…

A: Variable cost is the cost that changes with change in the activity of cost driver used. The variable…

Q: method of cost estimation, total fixed costs are

A: SolutionThe High - Low point of cost estimation method is used to divide the a mixed cost in to its…

Q: ABC Co. manufactures pens. During the most productive month of the year, 3,650 pens were…

A: The calculation of the Variable cost per desk is as follows : PensTotal costHigh level of…

Q: Required information EX 10-26, 27 (Algo) Use the following information for the Exercises below.…

A: Standard costing: Under this costing setting of the predetermined estimate of costs and the…

Q: What is the minimum price per unit on the special order below which the company should not go? HI

A: Since the company's fixed manufacturing overhead and fixed selling and administrative expense would…

Q: Strait Co. manufactures office furniture. During the most productive month of the year, 3,800 desks…

A: Every organization involved in the production sector incurs various costs, which are mainly divided…

Q: The following information is related to manufacturing overhead costs. MOH cost pool includes…

A: High low method is one of the method used for cost estimation. Under this, fixed costs and variable…

Q: Want the Correct Answer with calculation and explanation of the question

A: To solve the problem given in the image, we need to calculate both the materials variances and the…

Q: Strait Co. manufactures office furniture. During the most productive month of the year, 3,700 desks…

A: d. $51,008Explanation:To use the high-low method of cost estimation, we need to identify the…

Q: Strait Co. manufactures office furniture. During the most productive month of the year, 3,600 desks…

A: The high low method is used to differentiate the fixed cost and variable cost from the mixed cost.

Q: Lenox Solvents manufactures a special fluid at its Hazelridge plant. Operating data for June follow.…

A: Total manufacturing costs = Materials + Labor + Manufacturing overhead Cost per liter = Total…

Q: Hapza cleaning services has opening hours that fluctuate from month to month. The electricity costs…

A: A high low method of cost estimation is used to calculate the variable cost and fixed cost of the…

Q: Sharp Company manufactures a product for which the following standards have been set: Standard…

A: Lets understand the basics.Direct material quantity variance is a variance between the quantity that…

Q: Dietrick Corporation produces and sells two products. Data concerning those products for the most…

A: The break-even point indicates that total units are to be sold by the business entity to recover the…

Q: Lenox Solvents manufactures a special fluid at its Hazelridge plant. Operating data for June follow.…

A: 3.22Explanation:Step 1: First is to get the total manufacturing cost by getting the total of…

Q: BlueDenim Company makes blue jeans. The company controller wants to calculate the fixed and variable…

A: To address the problem presented, we'll use different methods to calculate the fixed and variable…

Q: Waterway Company uses a standard cost accounting system. In 2022, the company produced 28,000 pounds…

A: Standard price per unit states the price which should be paid for single unit of the materials…

Concept explainers

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.

Topic Video

Question

Lenox Solvents manufactures a special fluid at
its Hazelridge plant. Operating data for June
follow.
Materials$ 2,499,000Labor214,200Manufacturing
overhead857,800
The Hazelridge plant produced 1,070,000 liters
in June. The plant never has any beginning or
ending inventories.
Required:
Compute the cost per liter of liquid produced in
June.
Note: Round your answer to 2 decimal places.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Introduce to manufacturing cost

VIEW

Step 2: Working for total manufacturing cost

VIEW

Step 3: Working for cost per litre of liquid produced

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 4 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Please do not give solution in image format thanku
Do not give image format
Family Fun Time, Inc. makes board games. The following data pertains to the last six months: Manufacturing Overhead Direct Labor Hours 45,000 63,000 57,000 Month 1 Month 2 Month 3 Month 4 Month 5 $247,250 $178,200 $165,500 Month 6 Based on this data, what is the linear cost equation? (Round intermediary calculations to the nearest cent. Use the "high" data month to calculate your final answer. Do not use the "low" month, as it will result in an approximation of the cost.) 52,000 34,000 24,000 O A. y = $0.26X + $152,500 O B. y = $5.40X + $33,100 O C. y = $3.91X + $71,670 O D. Cannot be determined from information given. $295,000 $318,000 $323,000
For the month of July, Jacobs Company incurs a direct materials cost of $6,000 for 6,000 gallons of paint produced in its Mixing Department. It also incurs conversion costs of $1,470 with 70% completed. If the conversion cost per equivalent unit was $0.25 per gallon in June, what is the difference in the conversion cost per equivalent unit between the two months? a. $1.00 b. $0.10 c. $0.75 O d. $0.35
A micro brewery has provided the following information for last month. The inputs into Process 1 last month were: Materials Labour and Overhead The normal loss Losses are sold for € 0.50 per kg. Actual output 1,650 kg Which accounting entry is correct? (round calculations to two decimal places) Select one: O a. 2,000 kgs @ €1.60 per kg € 800 10%. Dr Abnormal Loss Account € 250.00 Cr Profit and Loss Account €250.00 O b. Dr Profit and Loss Account € 250.00 Cr Abnormal Loss Account €250.00 Dr Abnormal Loss Account €325.00 Cr Profit and Loss Account € 325.00 d. Dr Profit and Loss Account € 325.00 Cr Abnormal Loss Account €325.00
Compute the cost per gallon of liquid cleaner produced in June.
Pena Co. manufactures concert merchandise. During the most productive month of the year, 6,000 hoodies were manufactured at a total cost of $161,600. In its slowest month, the company made 2,800 hoodies at a cost of $104,000. Using the high-low method of cost estimation, total fixed costs are: $53,600 $28,600 $58,000 Cannot be determined from the data given
Enviro Corporation manufactures a special liquid cleaner at its Green Plant. Operating data for June follow: Material $714,000 Labor 61,200 Manufacturing Overhead 244,800 The green plant produced 850,000 gallons in June. The plant never has any beginning or ending inventories. Compute the cost per gallon of liquid cleaner produced in June.
Enviro Corporation manufactures a special liquid cleaner at its Green plant. Operating data for June follow: Materials $ 484,000 Labor 47,000 Manufacturing overhead 234,000 The Green plant produced 1,700,000 gallons in June. The plant never has any beginning or ending inventories. Required: Compute the cost per gallon of liquid cleaner produced in June. (Round your answer to 2 decimal places.)
Need help with this problem (number 27). Need help with the blank data. Thanks!
The following information is available about electricity costs for the first six months of the year. Management think that electricity costs are likely to be related to how long machines are running. Month Machinehours ElectricityCost January 2,800 $2,925 February 5,600 $5,526 March 6,200 $5,980 April 3,500 $3,620 May 2,300 $2,470 June 4,500 $4,450 You may wish to refer to the formula sheet to answer this question. If you haven't already downloaded it, you can download it here. Required: Using the high-low method, (a) calculate the fixed costs b. state the cost formula for estimating the electricity cost based on the machine hours
Strait Co. manufactures office furniture. During the most productive month of the year, 3,200 desks were manufactured at a total cost of $84,500. In the month of lowest production, the company made 1,170 desks at a cost of $55,500. Using the high-low method of cost estimation, total fixed costs are a.$84,500 b.$55,500 c.$29,000 d.$38,772