[The following Information applies to the questions displayed below.]Carson Palnt Company, which manufactures quality palnt to sell at premlum prices, uses a single production department. Production begins by blending the varlous chemicals that are added at the beginning of the process and ends by filling the palnt cans. The gallon cansthen transferred to the shipping department for crating and shipment. Direct labor and overhead are added continuously throughout the process. Factory overhead Is applied at the rate of $3 per direct labor dollar. The company combines direct labor and overhead In compproduct cost.Prior to May, when a change in the manufacturing process was Implemented, Work-In-Process Inventories were Insignificant. The changed manufacturing process, which has resulted in Increased equipment capacity, allows Increased production but also results In consideraamounts of Work-In-Process Inventory. Also, the company had 1,000 spolled gallons in May-one-half of which was normal spollage and the rest abnormal spollage. The product Is Inspected at the end of the production process.These data relate to actual production during the month of May:.CostsWork-in-Process Inventory, May 1$ 104,89615.372Direct materialsDirect laborMay costs added:419.58461,488Direct materialsDirect laborUnitsWork-in-Process Inventory, May 12,00030% complete as to conversion activity100% complete as to direct materialsSent to shipping departmentStarted in MayWork-in-Process Inventory, May 3125,60031,1006.50080% complete as to conversion activity100% complete as to direct materialsTotal spoilage (units), in May* Spoilage considered normalStage of processing when spolage is detected50%100% Required1. Prepere a production cost report for May using the weighted-everege method. (Round "Cost per EU" answers to 2 deolimal places.)Carcon Paint OompanyProduotion Coet Report - MayProduotion InformationPhycloni UntsDireotMaterialeConversionGuantity Recap: Phycloal UnitsInputBeginning WPUnts started or Trans-inTotal units to account forOutputUnts finished cr Trans-cutNomai spolegeAbnamal spalageEnding WIPTotal units acounted forEquivalent Units: Weighted-AverageMaterlelsConversionCost AddedDireot Materials ConvercionTotalEeginning WPCurent costsTotalDivide by equivelent unitsWTAVG Cost per equivalent unit0.00Coct aummary: Weighted-Average MethodFinished goodsGood productionuntsNorma spoliageuntsunitsAbnamal spalageEnding WIPunitsDirect materiaisConversionTotal cost accounted for

Equivalent units of products concept came in to existence when some units are not fully completed at…

Answered: Required 1. Piecarea production 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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View Policies Current Attempt in Progress In which of the following categories do indirect materials belong? Product Cost Manufacturing Overhead Period Cost No No Yes Yes No No Yes Yes No Yes Yes Yes eTextbook and Media Save for Later O Attempts: 0 of 3 used Submit Answer
Cumulaaim bws Lid operatea à standard costing system. The standard direct materials to produce 600 units of output is as follows Alateral Grade Imput quantity (titres) Standard price per litre(E) 200 1.10 300 0.55 120 1.20 180 1.50 During December 2021 the actual output of the product was 10,500 units. The actual Materials issued to production were: Material Grade Quantity (litres) E 2,000 F 5,000 2,000 H 3,000 You are required to: a. Calculate the material mix and yield variance for each material and in total. Comment on the figures calculated. b. Explain briefly, with examples, your understanding of the following terms: I. Planning Variance ii. Goal Congruence iii. Sub-Optimality
Part B: Compute the cost per equivalent unit fir direct materials and conversion costs Please avoid solutions image based solutions thanku
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Tableau DA 16-1: Quick Study, Computing equivalent units LO P1 Monsta Cola hires us to help assign and report costs. The company has two departments: mixing and bottling. To aid our analysis, the following Tableau Dashboard is provided with information for the mixing department. The company uses the weighted average method. Work in Process Inventory (In Units) 190000 Beginning inventory Units started this period 640000 Units completed and transferred Ending inventory 200000 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,0 Work in Process Inventory Percent Complete Beginning Ending 10... 80% 70%. 60%. 60% 神 40%. 40% 20% 30% 0% Direct Materials Conversion Direct Materials Conversion Work in Process Inventory Costs Beginning Inventory Costs Inventory Costs Added During 142500 Conversion konversion Conversion Costs, Added: $1,810,000 390000 Direct Materials Direct Materials 2460000 * + ableau 1. Compute the number of units completed and transferred out. 2. Compute the total…
ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A% merica AS... rk i Required information Use the following information for the Problems below. (Algo) [The following information applies to the questions displayed below.] Trini Company set the following standard costs per unit for its single product Direct materials (30 pounds @ $5.00 per pound) $ 150.00 98.00 Direct labor (7 hours @ $14 per hour) Variable overhead (7 hours @ $7 per hour) Fixed overhead (7 hours @ $9 per hour) Standard cost per unit Production (in units) Standard direct labor hours (7 DLH per unit) Budgeted overhead (flexible budget) Fixed overhead Variable overhead Overhead is applied using direct labor hours. The standard overhead rate is based on a predicted activity level of 80% of the company's capacity of 51,000 units per quarter. The following additional information is available. 49.00 63.00 $360.00 70% 35,700 249,900 Direct materials (1,377,000 pounds @ $5.00 per pound)…
b. Prepare a contribution format income statement for May.
Ises A Cost Syste X C Acme Inc. Has The Following Info x C Dog Bone Bakery, Which Bakes D x ment/takeAssignmentMain.do?invoker &takeAssignmentSessionLocator=&inprogress=false еВook Sitka Industries uses a cost system that carries direct materials inventory at a standard cost. The controller has established these standards for one ladder (unit): Standard Standard Standard Quantity Price Cost Direct materials 3 pounds $4.50 per pound $13.50 Direct labor 2.00 hours 12.00 per hour 24.00 Total cost $37.50 Sitka Industries made 3,000 ladders in July and used 8,800 pounds of material to make these units. Sitka Industries bought 15,400 pounds of material in the current period. There was a $250 unfavorable direct materials price variance. Enter all amounts as positive numbers. A. How much in total did Sitka pay for the 15,400 pounds? Amount paid $ 69,550 V B. What is the direct materials quantity variance? Direct materials quantity variance $ 900 V Favorable v C. What is the total direct…

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