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
Petro Chemicals has a mixing department and a refining department. Its process costing system in the mixing department has two direct materials cost categories (Chemical X and Chemical Y) and one conversion costs pool. The following data pertains to the mixing department for October 2020: Work in process on October 1st. 2020 = zero Units started 100,000 Completed and transferred to refining = 70% of started Costs: Chemical X $600,000 Chemical Y = 23.33 of Chemical X Conversion costs= 257% of Chemical Y Chemical X is introduced at the start of operating in the mixing department and chemical Y is added when the product is 75% completed in the mixing department. Conversion costs are added evenly during the process. The ending WIP in the mixing department is 67% completed. Required: (A) Compute the equivalent units in the mixing department for Oct. 2020 for each cost category.…
1 What was the equivalent units for materials costs 2 What was the equivalent units for conversion cost 3 The cost of a finished unit is 4 The cost of the goods completed is Summer Company makes a single chemical product in 2 departments. The addition of chemicals in the second department increases the weight of the product by 10% because of additional chemicals added when production reaches 50% of completion stage. The following are the information of Dept B for May 2021: Units: In Process Beg 70% done 10,000 Received from Dept A Completed and Transferred In Process End 60% Costs: In Process, Beg Preceding Dept Cost Materials Conversion 30,000 28,000 ??? P20,150 P97.350 P80,850 P81,000
Subject: acounting
Star Wars Corporation has identified the following overhead activities, costs, and activity drivers for the coming year. Activity Setup Inspecting Grinding Excepted Cost $180,000 $90,000 $630,000 Direct Material Direct Labor Units Completed Activity Driver Number setups Inspection hours Machine hours Number of setups Inspection hours Machine hours The company produces two different types of Starfighter aircrafts to be used by the Galactic Republic. Information regarding the production of each type is as follows: Aircraft A Activity Capacity $850,000 $200,000 1,000 35 2,000 13,000 75 6,000 18,000 Aircraft B $950,000 $200,000 500 40 4,000 5,000 The company's normal activity is estimated at 6,000 direct labor hours. Each batch uses approximately 3,000 hours of direct labor. 1,000 units of A uses 3,000 D/L hrs and 500 units of B uses 3,000 of D/L hrs. a) Determine the unit cost for each product using direct labor hours to apply overhead. b) Determine total overhead cost (for Aircrafts A &…
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.)
The Assembly Department of the Long-Distance Golf Club Super Driver Company, has the following production and cost data at the end of March, 2021. Production: 12,600 units started into production; 11,500 units transferred out and 1,100 units 100% completed as to materials and 70% completed as to conversion costs. Manufacturing Costs: Materials added at beginning of process, $49,750; Labor, $61,550; Overhead $32,440. Instructions Prepare a Production Cost Report for the Company for the month of March 2021.
Sarah 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 Process 2Material introduced (4,000 units) @GH₵200.00 - Material added - GH₵25,000.00Labour Costs (@GH₵400 per hour) 200hrs 600hrsOutput in units 3,500units…
Tech Enterprise makes a single product in two departments. The production data for Department B for August 2019 follows: Quantities: In process, August 1 (40% complete) 4,000 units Received from Department A 30,000 units Completed and transferred 25,000 units In process, August 31 (60% complete) 6,000 units Production costs: August 1 August 31 Transferred in P48,900 P267,300 Materials 11,400 202,500 Conversion cost 5,820 243,000 Materials are added at the start of the process, and losses normally occur during the early stage of the operation. Cost of goods manufactured using FIFO method.
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a. The equivalent units of production for conversion cost in Department Y is? b. The unit cost for materials in Department X is? c. The unit cost for conversion in Department X is?
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.

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