Question Two Pass-Well Company Limited produces a product that passes through two processes, Process 1 and Process 2. Details of activities for the month of December, 2020 is as follows; Process 1 @GH¢200.00 Process 2 Material introduced (4,000 units) Material added GHC25,000.00 Labour Costs (@GHC400 per hour) Output in units Scrap value of normal loss Note; i. Overhead is absorbed at 80% of labour costs. ii. Normal loss is estimated at 10% for both process. iii. No opening and closing stocks 200hrs 600hrs 3,500units GHC20 per unit 3,150units GHC40 per unit a. You are required to prepare the relevant accounts b. You are required to prepare the relevant Accounts With practical example, differentiate between cost assignment and cost apportionment; product cost and period costs; direct cost and indirect cost

Question Two Pass-Well Company Limited produces a product that passes through two processes, Process 1 and Process 2. Details of activities for the month of December, 2020 is as follows; Process 1 @GH¢200.00 Process 2 Material introduced (4,000 units) Material added GHC25,000.00 Labour Costs (@GHC400 per hour) Output in units Scrap value of normal loss Note; i. Overhead is absorbed at 80% of labour costs. ii. Normal loss is estimated at 10% for both process. iii. No opening and closing stocks 200hrs 600hrs 3,500units GHC20 per unit 3,150units GHC40 per unit a. You are required to prepare the relevant accounts b. You are required to prepare the relevant Accounts With practical example, differentiate between cost assignment and cost apportionment; product cost and period costs; direct cost and indirect cost

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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21. Joint products A, B and C are produced by JNT Corp. For the month just ended, these data are available: a. • P2.033 b. • P1.985 c. • P2.045 d. • P2.106
< 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
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.
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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

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Problem 7. Hua Corp. manufactures hats. All material is placed in process at the beginning of the period in Department A and the process and the conversion costs are added evenly throughout the process. Upon completion the goods are immediately transferred to Department B. Department A -Month of April 20xx. Status: -Work in process 3/31/xx conversion Units completed at a cost of $300,000 20,000 ($250,000 material and $50,000 conversion) -Units started during April 50,000 -Units completed during April 30,000 -Work in process April 30th were 50% 40,000 Completed for conversion -Direct material cost added during April $450,000 -Conversion cost added during April $100,000 Required: Prepare the 5 step production cost report
Problem 9 Comely Products manufactures three products R, S, and T, in a joint Process. For every ten kilos of raw materials input, the output is five kilos of R, three kilos of S, and two kilos of T. During August, 50,000 kilos of raw materials costing P120,000 were processed and completed, with joint conversion costs of P200,000. Conversion costs are to be allocated to the products on the basis of market values. To make the products saleable, further processing which does not require additional raw materials was done at the following costs: Further processing cost Selling Price Product R P30,000 P10.00 Product S P20,000 P12.00 Product T P30,000 P15.00 If all units of Product T are sold, and selling and administrative expenses are 20% of sale, the net income from the sale of Product T is: