Melissa Company accumulates the following data concerning raw materials in making its finished product. (1) Price per pound of rawmaterials is net purchase price $2.70, freight-in $0.40, and receiving and handling $0.30. (2) Quantity per gallon of finished product isrequired materials 3.2 pounds and allowance for waste and spoilage 0.7 pounds.Compute the following. (Round answers to 2 decimal places, e.g. 1.25.)(a)Standard direct materials price per pound of raw materials.$(b)Standard direct materials quantity per gallon.(c)Total standard materials cost per gallon.pounds$

Step 1: Standard direct materials price per pound of raw materials includes the purchase price,…

Answered: Melissa Company accumulates the…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 7PB: The following data show the units in beginning work in process inventory, the number of units...

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Jennifer Company accumulates the following data concerning raw materials in making its finished product. (1) Price per pound of raw materials is net purchase price $2.50, freight-in.$0.30, and receiving and handling $0.30. (2) Quantity per gallon of finished product is required materials 3.4 pounds and allowance for waste and spoilage 0.7 pounds. Compute the following. (Round answers to 2 decimal places, e.g. 1.25.) (a) Standard direct materials price per pound of raw materials. (b) (c) Standard direct materials quantity per gallon. Total standard materials cost per gallon. $ $ pounds
Kingbird Company accumulates the following data concerning raw materials in making one gallon of finished product. (1) Price—net purchase price $2.70, freight-in $0.60, and receiving and handling $0.50. (2) Quantity—required materials 3.50 pounds, allowance for waste and spoilage 0.90 pounds.Compute the following. (Round answers to 2 decimal places, e.g. 1.25.) (a) Standard direct materials price per gallon. $enter the standard direct materials price per gallon in dollars rounded to 2 decimal places (b) Standard direct materials quantity per gallon. enter the standard direct materials quantity per gallon in pounds rounded to 2 decimal places pounds (c) Total standard materials cost per gallon.
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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
For each of the following independent cases (A to E), compute the missing values in the table: Case B C D E Prime Conversion Cost Cost $ 9,450 $ 16,420 $ 56,200 110,700 49,250 Direct Materials 4,070 10,150 41,800 19,600 Direct Manufacturing Labor Overhead BIM $ 7,440 11,350 13,600 11,040 24,800 23,900 Total Manufacturing Cost 42,390 68,850 56,600
The following selected information was extracted from the 20x1 accounting records of Lone Oak Products: Required:1. Calculate Lone Oak’s manufacturing overhead for the year.2. Calculate Lone Oak’s cost of goods manufactured.3. Compute the company’s cost of goods sold.4. Determine net income for 20x1, assuming a 30% income tax rate.5. Determine the number of completed units manufactured during the year.6. Build a spreadsheet: Construct an Excel spreadsheet to solve all of the preceding requirements. Show how the solution will change if the following data change: indirect labor is $115,000 and other factory costs amount to $516,000.
A production department within a company received materials of $8,000 and conversion costs of $11,000 from the prior department. It added material of $23,280 and conversion costs of $42,550. The equivalent units are 17,000 for material and 15,300 for conversion. What is the unit cost for materials and conversion? When required, round final answers to two decimal places. Unit Cost Materials $ Conversion $
C) what's is the cost per equivalent unit for materials ? ( round your answer to 2 decimal places.) D) what is the cost equivalent unit for conversion? (Round your answer to 2 decimal places.) E) what is the cost of units transferred out? (Round your cost per equivalent unit to 2 decimal places.)
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Annual depreciation of equipment, where the amount of depreciation charged is computed by the machine-hours method.
If beginning and ending work in process inventories are $6,400 and $16,400, respectively, and cost of goods manufactured is $185,000, what is the total manufacturing cost for the period? For

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