Problem 11 Data presented below were taken from the books of the Diamond Company for the month of September. 2012. 55,000 5,000 48,000 12,000 Units transferred in Units added to production Units transferred out Units in process, end Materials 100% complete, conversion costs 70% complete C'osts transferred in 24,750 Cost added in the department Direct materials Conversion cost 7,200. 53,580 Cs Scanned with CamScanner Requirement: Prepare the production report

Q: By referring the documents in lecture notes indicate your answer in the following table where an X…

A: Please see the next step.

Q: Classify the following activities as per their respective categories under quality cost or as per…

A: The value chain means the process or activities by which a company adds value to an article,…

Q: Define Raw materials.

A: Cost: The amount paid to purchase the asset, install it, and put it into operations, is referred to…

Q: When the purchase of materials is journalized in a process cost accounting system, the materials…

A: Journalization refers to the process of recording each and every business transaction having…

Q: Prepare the journal entries to record the raw materials used in production and the direct labor…

A: Journal entry to record raw materials used in production is: Date Particulars Debit ($) Credit…

Q: Which of the following is the step in which materials, labor, and overhead are detailed?

A: Direct material is the cost of the raw materials or parts that go directly into the production of a…

Q: The standards for direct materials are made up of which of the following components? a.variance…

A: The question is multiple choice question. Required  Choose the Correct Option.

Q: Shipping of Costs for a Shipping Department

A: What is shipping and handling? Shipping and handling is the process of preparing and packing an…

Q: What is a production report? What purpose does this report serve?

A: Production refers to the sum total of value of goods created by an entity over a particular time…

Q: Describe the use of process costing.

A: Process Costing: Process costing is method of cost accounting in which all the costs that are…

Q: Explain the use of costing method in the preparation of production cost report.

A: Cost:   It is an economic value incurred by the business to produce a product or to render a…

Q: Choose from the following selections the best definition of the Manufacturing Operations process. O…

A: Cost accounting is a mechanism adopted by entities to find out the true cost of a specific service,…

Q: Materials that enter into and become a significant part of the finished product are called

A: Cost:   Cost can be defined as the cash and cash equivalent which is incurred against the products…

Q: What variables should be considered while selecting between a task order and a process cost system…

A: Process costing: process costing is a costing method used by companies that produce homogeneous…

Q: how to allocate manufacturing overhead by department?

A: Manufacturing overhead costs: The costs, which do not relate openly with the manufacturing of…

Q: Describe ways the production cost report can be used by management.

A: Production Cost Report: A report which gives information about the total units produced and total…

Q: Explain how overhead is assigned to production when a predetermined overhead rate is used?

A: Overhead is kind of cost or expenditure which is not directly related to manufacturing but somehow…

Q: What is the most significant function of a cost of production report, and why is it important? What…

A: The significance and use of a cost of production report:

Q: diffentiate between contract costing and service costing

A: Contract costing is the costing method adopted to do the cost accounting for a specific contract…

Q: Prepare the journal entry to record the overhead cost applied to production.

A: Journal entry: It is prepared to record the financial and non financial transaction of the business…

Q: How is the selection of the allocation base for a production department made?

A: The selection of the allocation base for a production department is typically based on factors such…

Q: What are the four steps in preparing a production cost report?

A: There are typically four steps to follow while preparing the cost report of production. These are:…