Refer to Brief Exercise 2.1. For next year, Bob's Bistro predicts that 50,000units will be produced with the following total costs:Direct materials?Direct labor$100,000Variable overhead60,000Fixed overhead260,000Next year, Bob's Bistro expects to purchase $195,500 of direct materials. Pro-jected beginning and ending inventories for direct materials and work inprocess are as follows:Direct Materials Inven- Work-in-Process Inven-torytory.Beginning$9,500$4,500Ending5,0002,500Required:1. Prepare a statement of cost of goods manufactured in good form.2. What if the ending inventory of direct materials decreased by$3,000? Which line items on the statement of cost of goods manufac-tured would be affected and in what direction (increase or decrease)? Bob's Bistro produces party-sized hoagie sandwiches. For next year, Bob'sBistro predicts that 50,000 units will be produced with the following total costs:Direct materials$200,000Direct labor100,000Variable overhead60,000Fixed overhead260,000

The schedule of cost of goods manufacture is the statement that represents the total cost incurred…

Answered: Refer to Brief Exercise 2.1. For next…

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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calculate unit costs and create cost reconcilliation
In using average method, Cruz Company produces a product that undergoes three processes and the completed items at end of process 3 are the items to be sold to customers. For October 2021, Cruz Company presented the following costs on three processes: In October, what is the total costs transferred from Department A to Department B? P1,031,900 P 880,520 P 812,380 P 988,000
Subject: acounting
Relyx Manufacturing produces concrete garden border sections. At the beginning of the process, all material is added. Production and cost information for May 2010 are given below: WA EUP Direct material 160,000 sections Direct labor 152,000 sections Overhead 150,000 sections FIFO EUP Direct material 120,000 sections Direct labor 124,000 sections Overhead 132,000 sections Beginning WIP Inventory costs: Direct material $19,600 Direct labor 6,320 Overhead 10,020 Current period costs: Direct material $54,000 Direct labor 34,720 Overhead 84,480 Required: d. How many units were in beginning inventory and at what percentage of completion was each cost component? c. Using FIFO process costing, what is the cost per equivalent unit for each cost component?
The Welding Department of Concord Company has the following production and manufacturing cost data for February 2020. All materials are added at the beginning of the process. Manufacturing Costs Production Data Beginning work in process Beginning work in process 15,100 units, 1/10 complete Materials $18,100 Units transferred out 55,400 Conversion costs 14,960 $33,060 Units started 51,300 Materials 237,540 Ending work in process 11,000 units, 1/5 complete Labor 67,900 Overhead 89,940 Prepare a production cost report for the Welding Department for the month of February. (Round unit costs to 2 decimal places, e.g. 2.25 and all other answers to 0 decimal places, e.g. 1,225.)
Asteroid produces and sells mountain bikes and has four keys products. this year, for the first time,it is operating an activity based costing system in parallel with its long-standing traditional costing system (which absorbs overheads on a machine hour basis). the planned production activity-based cost pools and cost driver activity levels for all the output for the year are as follow: Activity Cost Pool Activity Level Purchasing materials 750.000 5000 purchase orders Storing materials 800.000 1600 issue notes Setting up machinery 600.000 600 set-ups Running machinery 990.000 10.000 machine hours Total production overheads 3140.000 An analysis of actual production output for its two star products shows the following figures: Activity Tour Giro Units produced 1500 800 Purchase orders 1500 500 Store issue notes 800 400 Set-ups 235 100 Machine Hours 4000 3000 furthermore, cost in euro for direct material and hour for these two models are as follow:…
View Policies Current Attempt in Progress The Smelting Department of Kiner Company has the following production data for November. Production: Beginning work in process 2,800 units that are 100% complete as to materials and 24% complete as to conversion costs; units transferred out 9,100 units; and ending work in process 7,200 units that are 100% complete as to materials and 46% complete as to conversion costs. Compute the equivalent units of production for (a) materials and (b) conversion costs for the month of November. Materials Conversion Costs Total equivalent units Save for Later Attempts: 0 of 3 used Submit Answer O 4) to search
Lovell Variety Seeds mass produces wildflower seed packs. Relevant information used for the process costing system is provided below: Beginning physical units 2,300 Physical units started 22,600 Units in ending WIP 9,500, 40% complete Beginning costs $3,100 Added direct materials costs $12,000 Added direct labor costs $19,500 Added manufacturing overhead costs $8,600 What is the costs completed and transferred out? Please round your answer to the nearest whole dollar.
Rivera Company has several processing departments. Costs charged to the Assembly Department for November 2020 totaled $2,268,894 as follows. Work in process, November 1 Materials Conversion costs Materials added Labor Overhead $78,800 48,800 $127,600 1,581,280 225,000 335,014 Production records show that 35,400 units were in beginning work in process 30% complete as to conversion costs, 656,300 units were started into production, and 25,400 units were in ending work in process 40% complete as to conversion costs. Materials are entered at the beginning of each process.
Barney makes a single product in two Departments. The production data for Dept. 2 for Aug 2020 follows: Production Cost Transferred in Materials Conversion Quantities In Process, beginning (40% done) Received from Dept. 1 Completed and transferred In Process, end (60% done) O 70,000 O 111,600 Last Month This Month O 111,400 40,750 222,750 O 68,600 9,500 168,750 4,850 202,500 10,000 Materials are added at the start of the process, and losses normally occur continuously. 75,000 Using the weighted average method, how much is the cost of the work in process, ending? 62,500 15,000
In using FIFO method, Cruz Company produces a product that undergoes three processes and the completed items at end of process 3 are the items to be sold to customers. For December 2021, Cruz Company presented the following costs on three processes: What is the equivalent units of production (EUP) on Materials in Department 1? 15,000 15,100 16,000 14,200 What is the equivalent units of production (EUP) on Materials in Department 2? 15,100 15,000 15,150 14,800

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