Neptune Corp's standard materials cost is $15 (5 pounds x $3). In September, they used 6,200 pounds costing $19,840 to produce 1,500 units.
Q: The Gasson Company uses the weighted-average method in its process costing system. The company's…
A: Step 1: Breakdown of Given DataEnding WIP inventory: 15,000 unitsMaterials Completion: 100%Labor and…
Q: ABC Company sold a machine for $8,500 that originally cost $16,000. The balance of the Accumulated…
A: Explanation of Book Value:Book Value refers to the value of an asset recorded on the balance sheet…
Q: General Accounting Question need help
A: Step 1: Define Cost of Units Transferred OutThe cost of units transferred out refers to the total…
Q: Calculate it's gross margin ratio?
A: Step 1: Define Gross Margin RatioThe gross margin ratio is a ratio used to indicate the…
Q: If a company purchases equipment costing $4,700 on credit, the effect on the accounting equation…
A: Equipment is purchased on creditEquipment is classified as an asset because it represents something…
Q: SOLVE TUTOR ASAP
A: Step 1: 2018 Costs incurred to date Costs incurred to date = Percentage of completion x Total…
Q: What would be the net income and return on assets for the year
A: We can calculate the net income and return on assets (ROA) as follows: 1. Net Income The profit…
Q: Hi expert please solve this question
A: Step 1: Calculation of Net SalesNet Sales = Sales - Sales ReturnNet Sales = $1,211,160 - $8,410Net…
Q: Based on this information, company B's return on sales general accounting
A: Step 1: Formula Return on sales = Operating income/Sales revenue Step 2: Substitution Company…
Q: Engstom's direct labor costs for the month may?
A: Explanation of Direct Labor Price Variance:Direct Labor Price Variance measures the difference…
Q: None
A: To forecast the earnings per share (EPS) after a 2% sales decline, we can use the following formula:…
Q: Direct labor is both a prime cost and a a. nonmanufacturing costs. b. selling expense. c. conversion…
A: Direct labor is a key cost in manufacturing that represents the wages paid to workers who are…
Q: Given below is the manufacturing data
A: Concept of Direct Material Inventory:Direct material inventory refers to the raw materials that a…
Q: Quick answer of this accounting questions
A: Step 1:First, calculate the rate of interest per week: Rate of interest per week = Two-week period…
Q: Please need help with this general accounting question not use ai
A: Step 1: Define Receivables Turnover Ratio:The Receivables Turnover Ratio measures how efficiently a…
Q: Gross profit? General accounting
A: To calculate gross profit, we need to determine net sales and cost of goods sold (COGS) and then…
Q: Please answer this question
A: Explanation of Direct Materials Cost:Direct materials cost refers to the expense incurred to…
Q: Need your help with Question
A: Concept of Beginning InventoryThe beginning inventory refers to the value of materials or goods…
Q: ?
A: Part a. (Determine Other Comprehensive Income)• Step 1: Identify the items that contribute to Other…
Q: How many pounds of raw materials should be purchased in February on these general accounting…
A: Step 1: Introduction to budgetingBudgeting is defined as the process of preparing a financial plan…
Q: The direct labor price variance?
A: Step 1: Define Labor CostLabor cost refers to the cost incurred in the production process in the…
Q: What was callie's gross profit? General accounting
A: Step 1: Definition of Gross ProfitGross profit is the difference between net sales and the cost of…
Q: I want to this question answer general Accounting
A: Step 1: Operating Cash Flow (OCF)Operating Cash Flow (OCF) represents the cash generated by a…
Q: general accounting question
A: Step 1: Define Executive Compensation ProposalAn executive compensation proposal involves increasing…
Q: do fast answer this general accounting question
A: Step 1:First calculate the change in working capital: Change in working capital = Increase in…
Q: Sub: Financial Accounting
A: Concept of Accounting EstimateAn accounting estimate refers to a judgment or approximation made by…
Q: Daya's Dogs has beginning net fixed assets of $520 and ending net fixed assets of $635. Assets…
A: Explanation of Net Fixed Assets:Net fixed assets refer to the value of a company's fixed assets…
Q: Kindly help me with general accounting question
A: Step 1: Define Balance SheetA balance sheet is a financial statement that shows three broad sections…
Q: Need help with this following requirements on these general accounting question
A: Step 1: Define Contribution MarginThe Contribution Margin (CM) is the difference between the selling…
Q: Please solve this question answer financial Accounting question
A: Step 1: Define Adjusted Cost BasisThe adjusted cost basis is the cost value of any asset or security…
Q: On July 1, 2022, Burrough Company acquired 136,000 of the outstanding shares of Carter Company for…
A: If you have any clarifications (i.e., expand the explanation) or want different, expanded, or…
Q: General Accounting question
A: Explanation: The current ROE of XYZ is given as 18%. It is stated that the Board of Directors is…
Q: Answer this Question
A: Net Income =Sales- Total Costs- Depreciation Expense- Interest Expense - TaxesStep 1: Calculate…
Q: What was the cost of goods sold for 2018
A: Step 1: Total manufacturing costs Total manufacturing costs = Direct materials used + Direct labor…
Q: FIND @ General Account Solution
A: Problem Restatement:The Gasson Company uses the weighted-average method in process costing. The…
Q: Sales 128 units
A: Explanation of Gross Profit:Gross Profit is the difference between net sales revenue and the cost of…
Q: Please give me true answer this general accounting question
A: Step 1: Define Labor Rate VarianceLabor Rate Variance is the difference between the actual hourly…
Q: General accounting
A: Step 1: Definition of Total DebtTotal debt includes all liabilities a company owes, including both…
Q: I need this question answer general Accounting
A: Step 1: Definition:Return on Equity (ROE): Shows how much profit a company generates using…
Q: It's a general accounting question please answer
A: Step 1: Define Receivables TurnoverReceivables Turnover is a financial ratio that measures how…
Q: None
A: Now we can calculate the gross profit rate by dividing the gross profit by the net sales and…
Q: I need Solution
A: Concept of High-Low Method:The high-low method is a cost accounting technique used to estimate fixed…
Q: Sub: Accounting 09
A: Step 1:Calculate the earnings before tax as follows:EBT = Sales - Total cost - Depreciation -…
Q: Please provide solution for this general accounting
A: Step 1: Define Accounting EquationThe accounting equation is the foundation of the balance sheet and…
Q: A company's balance sheet information is shown below: Total assets Total liabilities Beginning of…
A: To calculate the change in stockholders' equity, we use the accounting equation:…
Q: General Accounting get correct answer
A: Step 1: Define Labor Rate VarianceLabor Rate Variance (LRV) measures the difference between the…
Q: General Accounting
A: Calculation of Net SalesNet Sales = Sales - Sales Return = $90000 - $5000…
Q: General Account
A: Step 1: Calculation of Manufacturing OverheadManufacturing overhead = Depreciation on factory…
Q: Bajaj's Automotive started the year with total assets of $322,000 and total liabilities of $194,000.…
A: Explanation of Assets:Assets are resources owned by a business that have economic value and are…
Q: What is the
A: Step 1: Calculate the total cost of all purchases.Add the total cost of each purchase together.In…
general accounting
Step by step
Solved in 2 steps
- Colonels uses a traditional cost system and estimates next years overhead will be $480,000, with the estimated cost driver of 240,000 direct labor hours. It manufactures three products and estimates these costs: If the labor rate is $25 per hour, what is the per-unit cost of each product?Box Springs. Inc., makes two sizes of box springs: queen and king. The direct material for the queen is $35 per unit and $55 is used in direct labor, while the direct material for the king is $55 per unit, and the labor cost is $70 per unit. Box Springs estimates it will make 4,300 queens and 3,000 kings in the next year. It estimates the overhead for each cost pool and cost driver activities as follows: How much does each unit cost to manufacture?Gent Designs requires three units of part A for every unit of Al that it produces. Currently, part A is made by Gent, with these per-unit costs in a month when 4.000 units were produced: Variable manufacturing overhead is applied at $1.00 per unit. The other $0.30 of overhead consists of allocated fixed costs. Gent will need 6,000 units of part A for the next years production. Cory Corporation has offered to supply 6,000 units of part A at a price of $7.00 per unit. It Gent accepts the offer, all of the variable costs and $1,200 of the fixed costs will be avoided. Should Gent Designs accept the offer from Cory Corporation?
- At the beginning of the year, Craig Company had the following standard cost sheet for one of its plastic products: Direct Materials (5lbs. @ $4.00) $20.00 Direct Labor (2hrs @ $15.00) $30.00 Standard Prime Cost per Unit $50.00 The actual results for the year are as follows: Units produced: 410,000. Materials purchased: 2,075,000 pounds @ $3.95. Materials used: 2,100,000 pounds. Direct labor: 825,000 hours @ $14.85. Questions: Compute price and usage variances for materials.At the beginning of the year, Craig Company had the following standard cost sheet for one of its plastic products: Direct Materials (5lbs. @ $4.00) $20.00 Direct Labor (2hrs @ $15.00) $30.00 Standard Prime Cost per Unit $50.00 The actual results for the year are as follows: Units produced: 410,000. Materials purchased: 2,075,000 pounds @ $3.95. Materials used: 2,100,000 pounds. Direct labor: 825,000 hours @ $14.85. Questions: Compute the labor rate and labor efficiency variances, using both the formula and columnar approaches.At the beginning of the year, Craig Company had the following standard cost sheet for one of its plastic products: Direct materials (5 lbs. @ $4.00) Direct labor (2 hrs. @ $15.00) Standard prime cost per unit The actual results for the year are as follows: a. Units produced: 380,000. b. Materials purchased: 2,660,000 pounds @ $4.80. c. Materials used: 2,242,000 pounds. d. Direct labor: 684,000 hours @ $11.52. Required: Labor rate variance 1. Compute price and usage variances for materials. Enter amounts as positive numbers and select Favorable or Unfavorable. 1,793,600 X Labor efficiency variance $20.00 Material price variance Material usage variance 2. Compute the labor rate and labor efficiency variances. Enter amounts as positive numbers and select Favorable or Unfavorable. $ 30.00 $ $50.00
- In May, Seville Chemicals produced 26,000 barrels of the additive. Labor costs were $16,400, and manufacturing overhead was $326,000. The cost per barrel was $15.90. Required: What was the materials cost in May?At the beginning of the year, Craig Company had the following standard cost sheet for one of its plastic products: Direct materials (5 lbs. @ $4.00) $20.00 Direct labor (2 hrs. @ $15.00) 30.00 Standard prime cost per unit $50.00 The actual results for the year are as follows: Units produced: 490,000. Materials purchased: 3,430,000 pounds @ $5.00. Materials used: 3,087,000 pounds. Direct labor: 1,078,000 hours @ $11.88. Required: 1. Compute price and usage variances for materials. Enter amounts as positive numbers and select Favorable or Unfavorable. Material price variance $fill in the blank 1 Material usage variance $fill in the blank 3 2. Compute the labor rate and labor efficiency variances. Enter amounts as positive numbers and select Favorable or Unfavorable. Labor rate variance $fill in the blank 5 Labor efficiency variance $fill in the blank 7Richard Inc. expects to sell 28,000 units. Each unit requires 4 pounds of direct materials at $15 per pound and 3 direct labor hours at $12 per direct labor hour. The overhead rate is $9 per direct labor hour. The beginning inventories are as follows: direct materials, 2,500 pounds; finished goods, 3,100 units. The planned ending inventories are as follows: direct materials, 4,000 pounds; finished goods, 3,200 units. What is the planned production?
- At the beginning of the year, Craig Company had the following standard cost sheet for one of its plastic products: Direct materials (5 lbs. @ $4.00) $20.00 Direct labor (2 hrs. @ $15.00) 30.00 Standard prime cost per unit $50.00 The actual results for the year are as follows: Units produced: 400,000. Materials purchased: 2,060,000 pounds @ $3.95. Materials used: 2,100,000 pounds. Direct labor: 825,000 hours @ $14.85. Required: 1. Compute price and usage variances for materials. Enter amounts as positive numbers and select Favorable or Unfavorable. Material price variance $fill in the blank 1 Favorable Material usage variance $fill in the blank 3 Unfavorable 2. Compute the labor rate and labor efficiency variances. Enter amounts as positive numbers and select Favorable or Unfavorable. Labor rate variance $fill in the blank 5 Favorable Labor efficiency variance $fill in the blank 7 UnfavorableThe standard cost of product B manufactured by Blue Spruce Company includes 3 units of direct materials at $5.25 per unit. During June, the company purchases 29,000 units of direct materials at a cost of $4.94 per unit and uses 29,000 units of direct materials to produce 9,500 units of product B.At the beginning of the year, Craig Company had the following standard cost sheet for one of its plastic products: Direct materials (5 lbs. @ $4.00) $20.00 Direct labor (2 hrs. @ $15.00) 30.00 Standard prime cost per unit $50.00 The actual results for the year are as follows: Units produced: 500,000. Materials purchased: 3,500,000 pounds @ $4.75. Materials used: 2,950,000 pounds. Direct labor: 1,100,000 hours @ $13.44. Compute price and usage variances for materials. Enter amounts as positive numbers and select Favorable or Unfavorable. Compute the labor rate and labor efficiency variances. Enter amounts as positive numbers and select Favorable or Unfavorable