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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In Mordica Company, total materials costs are $36,500, and total conversion costs are $53,520. Equivalent units of production are materials 10,000 and conversion costs 12,000. Compute the unit costs for materials and conversion costs. (Round answers to 2 decimal places, e.g. 2.25.) Materials cost per unit $enter a dollar amount rounded to 2 decimal places Conversion cost per unit $enter a dollar amount rounded to 2 decimal places eTextbook and Media Compute total manufacturing costs. (Round answer to 2 decimal places, e.g. 2.25.) Total manufacturing cost per unit $enter a dollar amount of total manufacturing cost per unit rounded to 2 decimal places
Do fast and step by step calculation with explanation for this accounting question
In Mordica Company, total materials costs are $39,000, and total conversion costs are $55,560. Equivalent units of production are materials 10,000 and conversion costs 12,000. Compute the unit costs for materials and conversion costs. (Round answers to 2 decimal places, e.g. 2.25.) Materials cost per unit $enter a dollar amount rounded to 2 decimal places Conversion cost per unit $enter a dollar amount rounded to 2 decimal places Compute total manufacturing costs. (Round answer to 2 decimal places, e.g. 2.25.) Total manufacturing cost per unit $enter a dollar amount of total manufacturing cost per unit rounded to 2 decimal places
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In Mordica Company, total materials costs are $ 33,000, and total conversion costs are $ 54,000. Equivalent units of production are materials 10,000 and conversion costs 12,000. Compute the unit costs for materials and conversion costs. (Round answers to 2 decimal places, e.g. 2.25.) Materials cost per unit $ enter a dollar amount rounded to 2 decimal places Conversion cost per unit $ enter a dollar amount rounded to 2 decimal places Compute total manufacturing costs. (Round answer to 2 decimal places, e.g. 2.25.) Total manufacturing cost per unit $ enter the Total manufacturing cost per unit in dollars rounded to 2 decimal places
What is the total manufacturing cost per unit of this accounting question?
In Mordica Company, total material costs are $37,000, and total conversion costs are $57,000. Equivalent units of production are materials 10,000 and conversion costs 12,000. Compute the unit costs for materials and conversion costs. Round answers to 2 decimal places Materials cost per unit $ _____ Conversion cost per unit $ _____ Compute total manufacturing costs. Round answer to 2 decimal places Total manufacturing cost per unit $_____
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