R The standard cost card for a unit of Product AX at the Cleaning Chemicals Corp. shows the following standard cost information: 0 ences Materials: 4 gallons at $4 per gallon Labor: 3 hours at $14 per hour Overhead: 40% of direct labor Total $16 42 17 $75 During the month of October 20X1, Job O-3 was completed. It was the only job worked on during October. Five thousand three hundred units were produced from the job. The actual costs were as shown below: Materials: 21,400 gallons at $4.10 per gallon Labor: 16,000 hours at $14.10 per hour Actual overhead Total Standard price for materials Actual price for materials Actual usage Total price variance for materials $ 87,740 225,600 90,240 $403,580 Required: Calculate the price variance for materials for the month. (Indicate the effect of the variance by selecting "Favorable", "Unfavorable", and "None" for no effect (i.e., zero variance).)

R The standard cost card for a unit of Product AX at the Cleaning Chemicals Corp. shows the following standard cost information: 0 ences Materials: 4 gallons at $4 per gallon Labor: 3 hours at $14 per hour Overhead: 40% of direct labor Total $16 42 17 $75 During the month of October 20X1, Job O-3 was completed. It was the only job worked on during October. Five thousand three hundred units were produced from the job. The actual costs were as shown below: Materials: 21,400 gallons at $4.10 per gallon Labor: 16,000 hours at $14.10 per hour Actual overhead Total Standard price for materials Actual price for materials Actual usage Total price variance for materials $ 87,740 225,600 90,240 $403,580 Required: Calculate the price variance for materials for the month. (Indicate the effect of the variance by selecting "Favorable", "Unfavorable", and "None" for no effect (i.e., zero variance).)

Name: 77The standard cost card for a unit of Product AX at the Cleaning Che
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Description: 77The standard cost card for a unit of Product AX at the Cleaning Chemicals Corp. shows the following standard cost information:encesMaterials: 4 gallons at $4 per gallonLabor: 3 hours at $14 per hourOverhead: 40% of direct laborTotal$ 164217$75Duri

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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The following information is available for Department Z for the month of July: Work in process, July 1 (70% complete) Direct materials Direct labor Units 2,000 Cost $ 6,000 3,000 Manufacturing overhead 4,000 Total work in process, July 1 $13,000 Started in July 20,000 Costs added: Direct materials Direct labor Manufacturing overhead Total costs added during July Work in process, July 31 (7.5% complete) $18,000 8,000 10,000 $36,000 2,000 Materials are added at the beginning of the process. Department Z's cost of goods transferred out using the FIFO method would be: O a. $44,500. O b. $40,250. Oc. $45,540. Od. $47,056
ces of The standard cost card for a unit of Product AX at the Cleaning Chemicals Corp. shows the following standard cost information: Materials: 3 gallons at $3 per gallon Labor: 2 hours at $12 per hour Overhead: 80% of direct labor Total $9 24 19 $ 52 During the month of October 20X1, Job O-3 was completed. It was the only job worked on during October. Five thousand two hundred units were produced from the job. The actual costs were as shown below: Materials: 15,800 gallons at $3.10 per gallon Labor: 10,500 hours at $12.10 per hour Actual overhead Total Standard cost of materials Actual cost of materials Total variance for materials $ 48,980 127,050 101,640 $277,670 Required: Calculate the total variance for materials for the month. (Indicate the effect of the variance by selecting "Favorable", "Unfavorable", and "None" for no effect (i.e., zero variance).)
sanju
Clonex Labs, Incorporated, uses the weighted-average method in its process costing system. The following data are available for one department for October: Work in process, October 1 Work in process, October 31 Units 49,000 29,000 Equivalent units of production Percent Completed Materials 85% 70% The department started 391,000 units into production during the month and transferred 411,000 completed units to the next department. Required: Compute the equivalent units of production for October. Materials Conversion 55% 49% Conversion
After several months of planning, Jasmine Worthy started a haircutting business called Expressions. The following events occurred during its first month of business. 1. Arrange the following asset, liability, and equity titles in a table similar to the one in Exhibit: Cash; Accounts Receivable; Furniture; Store Equipment; Accounts Payable; J. Worthy, Capital; J. Worthy, With drawals; Revenues; and Expenses. Show the effects of each transaction using the accounting equation. 2. Prepare an income statement for August. 3. Prepare a statement of owner’s equity for August. 4. Prepare a balance sheet as of August 31. 5. Prepare a statement of cash flows for August. 6. Determine the return on assets ratio for August.
2. Blue Hose Company employees a standard cost system for product costing. The standard cost of the product is the following: Raw Materials 2 lbs per unit at $6 per lbLabor 4 hours per unit at $12 per hour Actual direct material cost was $418,000 for 76,000 lbs of material used to manufacture 30,400 units in November. All materials purchased were used in November. Workers were paid $1,510,000 for 125,000 hours of work. Compute the price/rate, quantity/efficiency and flexible spending variances for direct materials and direct labor. Please label all variances. For the price and quantity/efficiency variances, explain what happened and then give a possible explanation as to why it happened. Please Answer With A Step By Step Solution
The April Work in Process account for Coventry Co. contained the following: Beginning balance -- $19,000 debit Direct materials -- $11,000 debit Direct labor -- $8,000 debit Overhead -- $13,000 debit Transfer to finished goods -- $3,000 credit Overhead is applied at a rate of 125% of direct labor cost. The only job in process at April 30, Job #897, has been charged with direct labor cost of $4,000. What amount of direct materials cost has been charged to Job 897? $____________
Foley Manufacturing uses a process costing system. The following for one department in April: Units 15,000 40,000 Percent Completed Materials 65% 70% Work in Process April 1 Work in Process April 30 The department started 145,000 units during the month. Conversion 45% 50% Required: 1. Determine the physical flow of products. Show reconciliation below. 2. Compute the equivalent units of production for April assuming the company used the weighted-average method of accounting for units and costs.
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Ling Company has two departments, Assembly and Finishing. Consider the following data for the Assembly Department Beginning work in process Started during the month Completed during the month Ending work in process Costs added during month Units 3,300 19,300 16,300 6,300 Direct Direct % Complete Material Labor Overhead 90% b. Calculate the cost per equivalent unit. Note: Round your answer to 4 decimal places. 60% a. Equivalent units b. Cost per equivalent unit c. Costs transferred out d. Ending inventory cost $13,000 $8,050 $4,310 a. Compute the number of total equivalent units for the Assembly Department. Ling uses the weighted average method to determine equivalent units. c. Compute the amount of costs that should be transferred to the Finishing Department. Note: Round your answer to the nearest cent. d. Compute the amount of costs that should be assigned to the 6,300 units in ending inventory. Note: Round your answer to the nearest cent. per unit Total $2,735 $25,360