Required information[The following information applies to the questions displayed below.]A manufactured product has the following information for June.StandardActual6 lbs. @ $7 per lb.2 hrs. @ $16 per hr.2 hrs. @ $11 per hr.49, 200 lbs. @ $7.10 per lb.16,000 hrs. @ $16.50 per hr.$183,4008,100Direct materialsDirect laborOverheadUnits manufacturedCompute the direct materials price variance and the direct materials quantity variance. (Indicate the effect of each variance byselecting for favorable, unfavorable, and no variance. Round "Cost per unit" answers to 2 decimal places.)AQ = Actual QuantitySQ = Standard QuantityAP = Actual PriceSP = Standard PriceActual CostStandard CostAQAPAQSP49.200$ 7.10$ 349,320$$2$

Answered: Image /qna-images/answer/5dd61904-68aa-4479-b588-a82568ae3321.jpg

Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Standard Actual 6 lbs. @ $7 per lb. 2 hrs. @ $16 per hr. 2 hrs. @ $11 per hr. Direct materials Direct labor Overhead 49, 200 lbs. @ $7.10 per lb. 16,000 hrs. @ $16.50 per hr. $183,400 Units manufactured 8,100 Compute the direct materials price variance and the direct materials quantity variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Cost per unit" answers to 2 decimal places.) AQ = Actual Quantity SQ = Standard Quantity AP Actual Price SP = Standard Price Actual Cost Standard Cost AQ AP AQ SP 49,200 $ 7.10 X $ 349,320 ol $

Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Standard Actual 6 lbs. @ $7 per lb. 2 hrs. @ $16 per hr. 2 hrs. @ $11 per hr. Direct materials Direct labor Overhead 49, 200 lbs. @ $7.10 per lb. 16,000 hrs. @ $16.50 per hr. $183,400 Units manufactured 8,100 Compute the direct materials price variance and the direct materials quantity variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Cost per unit" answers to 2 decimal places.) AQ = Actual Quantity SQ = Standard Quantity AP Actual Price SP = Standard Price Actual Cost Standard Cost AQ AP AQ SP 49,200 $ 7.10 X $ 349,320 ol $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Equivalent Units of Materials Cost The Rolling Department of Oak Ridge Steel Company had 2,600 tons in beginning work in process inventory (50% complete) on July 1. During July, 42,800 tons were completed. The ending work in process inventory on July 31 was 2,100 tons (90% complete). What are the total equivalent units for direct materials for July if materials are added at the beginning of the process? X units Feedback
The following information pertains to Bacolod Company's Division D for the month of May: Cost of materials P 11,000 P 36,000 Number of units Beginning WIP Started in May Units completed Ending WIP 30,000 80,000 85,000 25,000 All materials are added at the beginning of the process. 1. The cost per equivalent unit for materials using FIFO is 2. The cost per equivalent unit for materials using Avera ecosting
Cost per Equivalent Unit The following information concerns production in the Forging Department for November. All direct materials are placed into the process at the beginning of production, and conversion costs are incurred evenly throughout the process. The beginning inventory consists of $87,570 of direct materials. ACCOUNT Work in Process—Forging Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit Nov. 1 Bal., 6,300 units, 40% completed 93,114 30 Direct materials, 57,000 units 780,900 874,014 30 Direct labor 57,750 931,764 30 Factory overhead 79,744 ? 1,011,508 30 Goods finished, ? units ? 30 Bal., 5,000 units, 80% completed ? a. Determine the number of units transferred to the next department.fill in the blank 1 units b. Determine the costs per equivalent unit of direct materials and conversion. If required, round your answer to two decimal places. Cost per equivalent unit of…
A manufactured product has the following information for June. Standard Actual Direct materials 5 lbs. @ $8 per lb. 41,000 lbs. @ $8.10 per lb. Direct labor 2 hrs. @ $15 per hr. 15,900 hrs. @ $15.40 per hr. Overhead 2 hrs. @ $12 per hr. $ 201,200 Units manufactured 8,100 (1) Compute the standard cost per unit.(2) Compute the total cost variance for June.
Costs per Equivalent Unit The following information concerns production in the Baking Department for August. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process-Baking Department Date Item August 1 Bal., 6,300 units, 4/5 completed 31 Direct materials, 113,400 units 31 Direct labor 31 Factory overhead 31 Goods finished, 114,900 units 31 Bal., 2 units, 2/5 completed Debit Credit 147,420 42,920 24,148 ACCOUNT NO. 218,058 1. Direct materials cost per equivalent unit 2. Conversion cost per equivalent unit 3. Cost of the beginning work in process completed during August 4. Cost of units started and completed during August 5. Cost of the ending work in process Balance Balance Debit Credit 10,962 158,382 201,302 225,450 7,392 7,392 a. Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent. 00000 $ $
Costs per Equivalent Unit The following information concerns production in the Baking Department for August. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process-Baking Department ACCOUNT NO. Balance Balance Date Item 0 Debit Credit Debit Credit August 1 Bal., 6,600 units, 4/5 completed 12,144 31 Direct materials, 118,800 units 166,320 178,464 31 Direct labor 45,340 223,804 31 Factory overhead 25,508 249,312 31 Goods finished, 120,300 units 240,336 8,976 31 Bal., ? units, 3/5 completed 8,976 a. Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent. 1. Direct materials cost per equivalent unit 1.33 X 2. Conversion cost per equivalent unit $ 0.60 3. Cost of the beginning work in process completed during August $ 792 X 4. Cost of units started and completed during August $ 219,441 X 7,584.16 X 5. Cost of the ending work in process b. Assuming that the direct materials cost is…
Costs per Equivalent Unit The following information concerns production in the Baking Department for August. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process-Baking Department ACCOUNT NO. Balance Balance Date Item Debit Credit Debit Credit August 1 Bal., 4,200 units, 3/5 completed 9,870 31 Direct materials, 75,600 units 143,640 153,510 31 Direct labor 31 Factory overhead 38,550 21,690 192,060 213,750 31 Goods finished, 76,500 units 206,424 31 Bal., ? units, 2/5 completed 7,326 7,326 a. Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent. 1. Direct materials cost per equivalent unit $ X 2. Conversion cost per equivalent unit $ 3. Cost of the beginning work in process completed during August $ 4. Cost of units started and completed during August $ 5. Cost of the ending work in process b. Assuming that the direct materials cost is the same for July and August, did the…
Question: Materials are added at the beginning of the production process at Santiago Company, which uses a FIFO process costing system. The following information on the physical flow of units is available for the month of April. Beginning work in process (40% complete) $22,500 10,000 units Started in April 50,000 units $255,000 Completed in April and transferred out $240,000 55,000 units Ending work in process 5,000 units (70% $37,500 complete) Compute the equivalent units for the conversion cost calculation. Equivalent units total:
Marigold Company has the following equivalent units of production for July: materials 23240 and conversion costs 18500. Production cost data are: Work in process, July 1 Costs added in July Materials $2.50 $2.50 $2.28 Materials Conversion The unit production costs for July are: $2.28 $5100 53000 Conversion Costs $2.22 $2.40 $2.40 $3400 $2.22 41000
in details
Costs per Equivalent Unit The following information concerns production in the Baking Department for March. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process-Baking Department ACCOUNT NO. Balance Date Mar. Item 1 Bal., 5,100 units, 4/5 completed 31 Direct materials, 91,800 units 31 Direct labor Debit 156,060 40,880 23,002 Credit Debit 222,996 11,322 167,382 208,262 231,264 8,268 8,268 31 Factory overhead 31 Goods finished, 93,000 units 31 Bal. ? units, 3/5 completed a. Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent. 1. Direct materials cost per equivalent unit 2. Conversion cost per equivalent unit 3. Cost of the beginning work in process completed during March 4. Cost of units started and completed during March 5. Cost of the ending work in process b. Assuming that the direct materials cost is the same for February and March, did the conversion cost per equivalent…
answer both questions pls