! Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured Standard Quantity and Cost 7 pounds @$8 per pound 3 DLH @$16 per DLH 3 DLH @ $12 per DLH Actual Results 62,900 pounds @ $8.20 per pound 26,500 hours @ $16.50 per hour $ 325,700 8,900 units (1) Prepare the standard cost card showing standard cost per unit. (2) Compute total budgeted cost for June production. (3) Compute total actual cost for June production. (4) Compute total cost variance for June. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Prepare the standard cost card showing standard cost per unit. Direct materials Direct labor Overhead Total

! Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured Standard Quantity and Cost 7 pounds @$8 per pound 3 DLH @$16 per DLH 3 DLH @ $12 per DLH Actual Results 62,900 pounds @ $8.20 per pound 26,500 hours @ $16.50 per hour $ 325,700 8,900 units (1) Prepare the standard cost card showing standard cost per unit. (2) Compute total budgeted cost for June production. (3) Compute total actual cost for June production. (4) Compute total cost variance for June. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Prepare the standard cost card showing standard cost per unit. Direct materials Direct labor Overhead Total

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Description: Required information[The following information applies to the questions displayed below.]A manufactured product has the following information for June.Direct materialsDirect laborOverheadUnits manufacturedStandard Quantity and Cost7 pounds @ $8 per

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 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
Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Standard 5 lbs. e $7 per lb. 2 hrs. e $16 per hr. 2 hrs. e $11 per hr. Actual Direct materials Direct labor 44,500 lbs.e $7.10 per lb. 17,400 hrs.e $16.50 per hr. $200,200 8,800 Overhead Units manufactured 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
Required information [The following information applies to the questions displayed below.] Silver Company manufactures kites and has the following information available for the month of April: Work in process, April 1 (100% complete for materials, 40% for conversion) Direct materials Conversion cost Number of units started April costs Direct materials Conversion cost Work in process, April 30 (100% complete for materials, 20% for conversion) 3. Calculate the cost per equivalent unit. 4. Reconcile the total cost of work in process. 1. Reconcile the number of physical units worked on during the period. 2. Calculate the number of equivalent units. Required 1 Required: Using the weighted-average method, complete each of the following steps: Required 2 Beginning Units Units Started Total Units Reconcile the number of physical units worked on during the period. Physical Units Complete this question by entering your answers in the tabs below. Required 3 Required 4 Physical Units 0 Units…
Manufacturing costs for Colbert Company for the selected months are as follows Jule Beginning work in process Direct materials used Direct labor Manufacturing overhead Total manufacturing costs Total cost of work in process Ending work in process Cost of goods manufactured Beginning finished goods Cost of goods available for sale Ending finished goods Cost of goods sold $100,000 250,000 200,000 700.000 60.000 060,000 710.000 August 180,000 140,000 120,000 440,000 500,000 400,000 150.000 70,000 September $100,000 140.000 95,000 335,000 335,000 405.000 295,000 Instructions: Indicate the missing amounts Do NOT use 5 signs. Use commas in numbers (NO $10000) (NO 10000) (YES 10.000) Failure to follow these Instructions WILL RESULT IN AN INCORRECT ANSWER.
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4 Holly Company has the following information for December 1 to December 31. All direct materials are 100% complete. Work-in-Process Beginning balance December 230 units, 20% complete for conversion Direct materials. Direct labor Factory overhead. Property taxes Depreciation Utilities Indirect labor Ending balance December 31, 330 units, 40% complete. Direct materials Conversion Equivalent Units Weighted Average $ 28,750 62,100 39,100 Required: 1. Calculate equivalent units using the weighted-average and FIFO methods. Weighted-average method O FIFO method 6,600 33,500 FIFO 18,600 4,600 36,791 Completed 830 units and transferred to finished goods inventory $ 156,459 2. Use the given information to determine whether Holly Company is using the FIFO or weighted-average method. The beginning balance of Work-in-Process (WIP) consists of $16,362 of direct materials and $12,388 of conversion costs.
The debits to Work in Process-Assembly Department for May, together with data concerning production, are as follows: May 1, work in process: Materials cost, 3,000 units Conversion costs, 3,000 units, 66.7% completed Materials added during May, 10,000 units Conversion costs during May Goods finished during May, 11,500 units May 31 work in process, 1,500 units, 50% completed $7,600 5,100 26,700 30,700 a. $2.32 Ob. $2.67 C. $3.83 Od. $3.07 0 All direct materials are placed in process at the beginning of the process and the first-in, first-out method is used to cost inventories. The materials cost per equivalent unit for May is
Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Standard 5 lbs. @ $7 per lb. 2 hrs. @ $16 per hr. 2 hrs. @ $11 per hr. Actual Direct materials 44,500 lbs. @ $7.10 per lb. 17,400 hrs. @ $16.50 per hr. $200,200 8,800 Direct labor Overhead Units manufactured (1) Compute the standard cost per unit. (2) Compute the total cost variance for June. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the standard cost per unit. Direct materials Direct labor Overhead Total
Betty DeRose, Inc. operates two departments, the handling department and the packaging department. During April, the handling department reported the following information: work in process, April 1 units started during April work in process, April 30 units 27,000 59,000 34,000 work in process, April 1 costs added during April total costs % complete DM 60% DM $ 25,310 $190,720 $216,030 70% The cost of beginning work in process and the costs added during April were as follows: % complete conversion 85% Conversion $191,175 $208,985 $400,160 40% Total cost $216,485 $399,705 $616,190 Calculate the total cost of the handling department's work in process inventory at April 30 using the weighted average process costing method.
1. Chen Comnpany manufactures basketballs. Materials are added at the beginning of the production process and conversion costs are incured uniformly. Production and cost data for the month of July 2010 are as follows. Basketballs Units |Percent Complete Production Data Work in process units, July1 Units started nto production Work in process units, July 31 500 1,000 600 60% 30% Cost Data Work in process, July 1 Materials Conversion costs Direct materials Direct labor Manufacturing overhead $750 600 $1.350 2.400 1,580 1,060 Instructions (01 (a) Calculate the following. (1) The equivalent units of production for materials and conversion. (2) The unit costs of production for materals and conversion costs. (3) The assignment of costs to units transferred out and in process at the end of the accounting period. (b) Prepare a production cost report for the month of July for the basketballs