Question 3A product is manufactured by passing materials through two processes. Production costs for2021 January are as follows:Direct materialsDirect labourOverheads4 000 kg @ $3.00 per kg$2.000100% of direct labour costThere is no beginning or ending work in progress inventory.Normal losses:Process AProcess BScrapped values:B.Process AProcess BOutput for 2021 January was:Process AProcess B10%5%$1.75 per kg$2.50 per kgProcess A3-500 kg5.050 kgPrepare Process A and Process B accounts.Prepare abnormal loss/gain accounts.Process B1 500 kg @ $2.50 per kg$1.500125% of direct labour cost& a

Process Costing- Process costing is a method of allocating manufacturing costs to the number of…

Question 3 A product is manufactured by passing materials through two processes. Production costs for 2021 January are as follows: Direct materials Direct labour Overheads There is no beginning or ending work in progress inventory. Normal losses: Process A 4 000 kg @ $3.00 per kg $2.000 100% of direct labour cost Process A Process B 10% 5% Process B 1 500 kg @ $2.50 per kg $1.500 125% of direct labour cost

Question 3 A product is manufactured by passing materials through two processes. Production costs for 2021 January are as follows: Direct materials Direct labour Overheads There is no beginning or ending work in progress inventory. Normal losses: Process A 4 000 kg @ $3.00 per kg $2.000 100% of direct labour cost Process A Process B 10% 5% Process B 1 500 kg @ $2.50 per kg $1.500 125% of direct labour cost

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

answer quickly
Problem 2 Jeffery Technologies used the weighted-average method in it process costing system. Data for the Assembly Department for October appears below: Work in Process, October 1 Costs added during October Equivalent Units of Production Required: Materials $25,000 $235,000 40,000 Conversion Costs $40,000 $260,000 25,000 1. Compute the cost per equivalent unit of production for materials and conversion costs. Show calculations. 2. Compute the total cost per equivalent whole unit.
PR 17-2A Cost of Production Report Obj. 2, 4 Hana Coffee Company roasts and packs coffee beans. The process begins by placing coffee beans into the Roasting Department. From the Roasting Department, coffee beans are then transferred to the Packing Department. The following is a partial work in process account of the Roasting Department at July 31: ACCOUNT Work in Process-Roasting Department Date July Item 1 Bal., 30,000 units, 10% completed 31 Direct materials, 155,000 units 31 Direct labor 31 Factory overhead 31 Goods transferred, 149,000 units 31 Bal.,? units, 45% completed Instructions Answer Check Figure: Conversion cost per equivalent unit, $0.76 Debit Credit 620,000 90,000 33,272 PICTIO ? ACCOUNT NO. Balance Debit Credit 121,800 741,800 831,800 865,072 1. Prepare a cost of production report, and identify the missing amounts for Work in Process -Roasting Department. ? 2. Assuming that the July 1 work in process inventory includes $119,400 of direct materials, determine the…
NORMAL LOSS – FIFO SUCCEEDING DEP’T The following data pertain to the production of the second department of Sumi Manufacturing Corp. for the month of March: WIP, beg 5,000 units ; ½ done Received from department A 20,000 units @ P1 WIP, end 6,000 units; 2/3 done Lost units 2,000 units Cost data: WIP, beg P14,100 Cost this Dep’t Materials 39,900 Direct labor 23,940 Factory Overhead 15,960 Factory costs are evenly applied and all lost units were considered normal. Required: Prepare the cost of production report of Department B for the month of March assuming the following independent cases: [a] Loss occurred at the start of process; [b] Loss occurred during process; [c] Loss occurred at the end of process.
< Prev A company uses the following standard costs to produce a single unit of output. Direct materials Direct Manufacturing pounds at $0.70 per pound- 0.4 hour at $8.00 per hour labor $ 5.60 $ 3.20 $ 1.96 overhead 53 0.4 hour at $4.90 per hour - During the latest month, the company purchased and used 77,000 pounds of direct materials ata price of $0.90 per pound to produce 10,000 units of output Direct le month totaled $29,100 based on 3,880 direct labor hours worked. Variable manufacturing overhead costs incurred totaled $15 600 and fixed manufacturing overhee $10,000. Based on this information, the direct materials price variace for the month was: Multiple Choice $2,000 favorable $15,400 unfavorable $5,600 unfavorable $6,400 unfavorable Ne $5,600 favorable 23 of 25
Smythe Co. makes furniture. The following data are taken from its production plans for the year. Direct labor costs Hazardous waste disposal costs $5,860,000 625,000 Chairs Expected production 207,000 units Direct labor hours required Hazardous waste disposed Tables 18,000 units 15,400 DLH 1,200 pounds 256,000 DLH 700 pounds Required: 1. Determine the hazardous waste disposal cost per unit for chairs and for tables if costs are assigned using a single plantwide overhead rate based on direct labor hours. Overhead costs 0 Product Activity Driver OH $ per direct labor hour Units Produced OH Cost per unit Chairs Total Overhead Cost 0.00 $ 0.00 $ 254,000 $ 16,400 $ 0 Tables 0 0 2. Determine hazardous waste disposal costs per unit for chairs and for tables if costs are assigned based on the number of pounds disposed of. -- ************ H 0
Details Product J Product G Product P Total Direct $25 $20 $11 $12,38,000 Material Cost Direct Labor 4/3 1 88,000 Hours Machine 4/3 1 76,000 Hours Direct Labor $8 $12 $6 Cost No. of 3 7 20 30 production run No. of 3 20 32 Deliveries No. of 15 35 220 270 Receipts (2*7) No. of 15 10 25 50 production orders Production 30,000 20,000 8,000 and sales units Raw material 11 usage units The total overhead costs is $18,48,000. Set-up 1.623377%, Machines 41.125541%, Receiving 23.538961%, Packing 13.528139% and Engineering 20.183983% of total overhead costs. The company operates a just-in-time inventory policy, and receives each component once per production per run. In the past the company has allocated overheads to products on the basis of direct labor hours. However, the majority of overheads are more closely related to machine hours than direct labor hours. The company has recently redesigned its cost system by recovering overheads using two volume-related bases: machine hours and materials…
None
Prob 5. 21-23
Please do not give solution in image format thanku
QUESTION 46 A company has $10,000 under-applied overhead at the end of a given period. The following information is given: Account Ending balance Overhead applied in the accountWork-in-process $95,000 $30,000 Finished goods $85,000 $10,000 Cost of goods sold $120,000 $60,000 Manufacturing overhead control $110,000 Applied manufacturing overhead $100,000 The company uses the proration method to allocate the under-applied overhead to the above accounts. The accounting treatment to dispose of the under-applied overhead does which of the following? A. Decrease (credit) Cost of goods sold by $10,000 B. Increase (dedit) Cost of goods sold by $4,000 C. Increase (debit)…
do not give Solution in image formet