QUESTION 2Appiah and Co. Ltd is a medium size company that have expertise in the manufacturing ofburglar proof doors for customers. It has three production departments through which all jobs areprocessed, namely, Assembling, Welding and Finishing departments. The following data relatesto the year ended 31st December, 2021:Budgeted Data:FinishingWelding118,800Assembling84,424Overheads (GH)89,320Direct labour hours15,400Machine hours6,9207,200Job FAA01 was undertaken during the last month of the year recording the following:Direct materials costGH¢ 38,000Direct labour:Assembling460 hours @ GH¢9/hrWelding550 hours @ GH¢9/hrFinishing1350hours @ GH¢8/hrTrial and testing cost of GH¢7,500 is incurred on each job.Production overheads (hours):Assembling 445Welding540Finishing1350It is company policy to make a mark-up of 50% of profit on each job.Required:i) Compute the relevant overhead absorption rate for each department for the year ended 31stDecember, 2021.ii) Determine the total cost and selling price of Job FAA01.manufacturing business which has the following quarterly

Overhead absorption rate=Total overhead/Total Overhead allocation base Total cost=Direct material+…

QUESTION 2 Appiah and Co. Ltd is a medium burglar proof doors for customers processed, namely, Assembling, V to the year ended 31st December, Budgeted Data: Overheads (GH) Direct labour hours Machine hours Job FAA01 was undertaken durin Direct materials cost Direct labour: Assembling 460 hours @ GHes Welding 550 hours @ GHe Finishing 1350hours @ GHe Trial and testing cost of GH¢7,5 Production overheads (hours): Assembling 445 Welding 540 Finishing 1350 It is company policy to make a ma Required: i) Compute the relevant overhead December, 2021. ii) Determine the total cost and se

QUESTION 2 Appiah and Co. Ltd is a medium burglar proof doors for customers processed, namely, Assembling, V to the year ended 31st December, Budgeted Data: Overheads (GH) Direct labour hours Machine hours Job FAA01 was undertaken durin Direct materials cost Direct labour: Assembling 460 hours @ GHes Welding 550 hours @ GHe Finishing 1350hours @ GHe Trial and testing cost of GH¢7,5 Production overheads (hours): Assembling 445 Welding 540 Finishing 1350 It is company policy to make a ma Required: i) Compute the relevant overhead December, 2021. ii) Determine the total cost and se

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Question 1 Part I Advent Corporation has provided the following data for its activities for the month of May.Beginning Raw Materials Inventory $75,000Ending Raw Materials Inventory $45,000Purchases of Raw Materials $550,000Direct Labour Incurred $120,000Manufacturing Overheads Incurred $250,000Beginning Work in Process $60,000Ending Work in Process $140,000 Required: Prepare a schedule of the Cost of Goods Manufactured for the month of May
erlal Accounting- Spring21 Time left 1:34:22 XYZ Co. manufactures three types of remote-control devices:X, Y, and Z. The company, which uses activity-based costing, has identified five activities (and related cost drivers). Each activity, its budgeted cost, and related cost driver is identified below. Activity Cost Driver Cost Material handling $225,000 Number of parts Material insertion 2,475,000 Number of parts Automated machinery 840,000 Machine hours Finishing 170,000 Direct labor hours Packaging 170,000 Orders shipped Total $3.880.000 The following information pertains to the three product lines for next year: Units to be produced 10,000 5,000 2,000 Orders to be shipped 1,000 500 200 10 15 25 Number of parts per unit Machine hours per unit 1 3 Labor hours per unit 2 Windows bu What is pool rate for the automated machinery activity? Is buu sc) NG
Question: Pioner limited makes four component A, B, C and D for which cost in the forthcoming year are expected to be as follows: A B C D Production (units) 22,000 16,000 26,000 18,000 Rupees per unit Direct material 32 28 36 40 Direct labour 30 28 32 28 Variable Overhead 6 8 4 4 68 64 72 72 A sub-contractor has offered to supply units of A, B, C and D for Rs. 75, Rs. 71, Rs. 73 and Rs. 65 respectively. Required: Which product should buy or make.
Please assist with this question
QUESTION 2 A company manufacture it main product in two different consecutive processes, process 1 and process 2. The output from process 1 is transferred to process 2 the output of process 2 is sent to the packaging department. Information for the week ended 31 August 2009 is as follows; Process 1 Input Material X 18,00kg @ GH¢1 per kg Material Y 12,000 kg @ GH¢2 per kg Labour 1,720 hours @ GH¢3 per hour Normal loss 5% of input Sales price of scrap GH¢0.32 per kg Output 27,000 kg There was no opening stock but 600 kg of closing work in progress in process 1 at the end of the week which is estimated to be 60% complete with regard to conversion cost. Process 2 Input Material P 19,800 kg @ GH¢2.5 per kg Material Y 12,600 kg @ GH¢1.5 per kg Additives GH¢1,800 Labour 1,480 hours @ GH¢3 per hour Normal loss 5% of input Output 56,000 kg There was no opening WIP but there 3,000 kg in process 2 at the end of the week which is estimated to be 50% complete with…
20 EXERCISES Soved Prepare jourmal entries to record the following production activities for Hotwax. 1. Incurred $145,000 of direct labor in its Mixing department and $70,000 of direct labor in its Shapi Wages Payable). 2 Incured indirect labor of $11,500 (credit Factory Wages Payable). 3. Total factory payroll of $226,500 was paid in cash. View transaction list Journal entry worksheet 1 Record direct labor used, but not yet paid. Note: Enter debits before credits. Transaction General Journal Debit Credit Work in process inventory-Shaping 70,000 Work in process inventory-Mixing < Prev 6 of 8 Next search 0 門
answer quickly
ob Costs Using a Plantwide Overhead Rate Naranjo Company designs industrial prototypes for outside companies. Budgeted overhead for the year was $332,500, and budgeted direct labor hours were 19,000. The average wage rate for direct labor is expected to be $35 per hour. During June, Naranjo Company worked on four jobs. Data relating to these four jobs follow: Job 39 Job 40 Job 41 Job 42 Beginning balance $22,700 $33,700 $18,600 $1,300 Materials requisitioned 20,500 20,200 13,800 15,700 Direct labor cost 11,600 17,300 8,450 6,600 Overhead is assigned as a percentage of direct labor cost. During June, Jobs 39 and 40 were completed; Job 39 was sold at 110 percent of cost. (Naranjo had originally developed Job 40 to order for a customer; however, that customer was near bankruptcy and the chance of Naranjo being paid was growing dimmer. Naranjo decided to hold Job 40 in inventory while the customer worked out its financial difficulties. Job 40 is the only job in Finished Goods…
Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured Standard Quantity and Cost 7 pounds @ $8 per pound 3 DLH @ $16 per DLH 3 DLH @ $12 per DLH Actual Results 62,900 pounds @ $8.20 per pound 26,500 hours @ $16.50 per hour $ 325,700 8,900 units (1) Prepare the standard cost card showing standard cost per unit. (2) Compute total budgeted cost for June production. (3) Compute total actual cost for June production. (4) Compute total cost variance for June. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Prepare the standard cost card showing standard cost per unit. Direct materials Direct labor Overhead Total S
Kindly answer
Problem 4 Marvin Inc. produces special machines made to customer's specifications. The following data pertain to Job 109 composed of 20 drilling units with a total contract price of P 25,000. Week ending April 8 P 2,400 P 8.20/hour Week ending April 15 P 1,300 P 8.20/hour Materials Department 1 Direct labor rate - Dept. 1 Labor hours used - Dept. I Direct labor rate - Labor hours used - Dept. 2 Machine hours used - Dept. 2 Applied factory overhead Department 1 Department 2 300 200 - Dept. 2 P 8.00/hour P 8.00/hour 150 70 200 120 P 4.00 per labor hour P 1.00 per machine hour Marketing and administrative costs are charged to each order at a rate of 25% of the cost to manufacture. Requirements: 1. Compute the total direct materials cost of Job 109. 2. Compute the total direct labor cost of the Job 109. 3. Compute the total factory overhead applied to Job 109. 4. Compute the total gross profit of the order. 5. Compute the net income of the order.
Question 4.4 Dundar Mifflin makes electronic products for the RCMP. The following data is for the first six months: Direct Labor Hours Manufacturing Overhead $295,000 $320,000 January 45,000 60,000 57,000 52,000 February March $323,000 April May $247,250 $178,200 $162,500 34,000 June 25,000 Submission Instructions: 1. Use the high-low method to estimate the cost formula 2. Estimate the total overhead cost at an activity level of 48,000 machine hours, using the separate estimates you obtained for its components.