Required information [The following information applies to the questions displayed below.] The November production of MVP's Minnesota Division consisted of batch P25 (3,600 professional basketballs) and batch S33 (6,000 scholastic basketballs). Each batch was started and finished during November, and there was no beginning or ending work in process. Costs incurred were as follows: Direct Material: Batch P25, $115,200, including $9,000 for packaging material; batch S33, $91,500. Conversion Costs: Preparation Department, predetermined rate of $5.00 per unit; Finishing Department, predetermined rate of $4.00 per unit; Packaging Department, predetermined rate of $0.40 per unit. (Only the professional balls are packaged.) 2. Compute the November product cost for each type of basketball. Note: Round your answers to 2 decimal places.

Required information [The following information applies to the questions displayed below.] The November production of MVP's Minnesota Division consisted of batch P25 (3,600 professional basketballs) and batch S33 (6,000 scholastic basketballs). Each batch was started and finished during November, and there was no beginning or ending work in process. Costs incurred were as follows: Direct Material: Batch P25, $115,200, including $9,000 for packaging material; batch S33, $91,500. Conversion Costs: Preparation Department, predetermined rate of $5.00 per unit; Finishing Department, predetermined rate of $4.00 per unit; Packaging Department, predetermined rate of $0.40 per unit. (Only the professional balls are packaged.) 2. Compute the November product cost for each type of basketball. Note: Round your answers to 2 decimal places.

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Description: !Required information[The following information applies to the questions displayed below.]The November production of MVP's Minnesota Division consisted of batch P25 (3,600 professional basketballs) and batchS33 (6,000 scholastic basketballs). Each b

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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Leandro Corp. manufactures wooden desks. Production consists of three processes: cutting, assembly, and finishing. The following costs are given for April: Cutting Assembly Finishing direct materials $7,000 $10,000 $3,000 direct labor 3,000 14,000 2,000 applied overhead 4,000 5,000 6,000 There were no work in process inventories and 1,000 podiums were produced.What is the cost transferred out of the assembly department. a. $54,000 b. $14,000 c. $29,000 d. $43,000 e. None of these choices are correct.
Gent Designs requires three units of part A for every unit of A1 that it produces. Currently, part A is made by Gent, with these per-unit costs in a month when 3,900 units were produced: Direct materials $4.00 Direct labor 1.50 Manufacturing overhead 1.20 Total $6.70 Variable manufacturing overhead is applied at $1.00 per unit. The other $0.20 of overhead consists of allocated fixed costs. Gent will need 5,800 units of part A for the next year's production. Cory Corporation has offered to supply 5,800 units of part A at a price of $6.90 per unit. If Gent accepts the offer, all of the variable costs and $780 of the fixed costs will be avoided. A. Calculate the differential cost? Cost to buy %$4 Cost to make Differential cost B. Should Gent Designs accept the offer from Cory Corporation? Gent Designs
Pasternik Company produces and sells two products, Alpha and Zeta. The following information is available relating to its setup activities: Alpha Zeta Units produced 250 20,000 Batch size (units) 10 500 Total direct labor hours 1,000 39,000 Cost per setup $2,000 $2,000 Use of activity-based costing would allocate the following amounts of setup cost to each unit (rounded to the nearest cent): Alpha Zeta A) $200.00 $4.00 B) $500.00 $1,025.64 C) $6.42 $6.50 D) $80.00 $50.00 E) $8.00 $0.10
The November production of MVP’s Minnesota Division consisted of batch P25 (2,000 professional basketballs) and batch S33 (4,000 scholastic basketballs). Each batch was started and finished during November, and there was no beginning or ending work in process. Costs incurred were as follows:Direct Material:Batch P25, $42,000, including $2,500 for packaging material; batch S33, $45,000.Conversion Costs:Preparation Department, predetermined rate of $7.50 per unit; Finishing Department, predetermined rate of $6.00 per unit; Packaging Department, predetermined rate of $.50 per unit. (Only the professional balls are packaged.)Required:1. Draw a diagram depicting the division’s batch manufacturing process. Refer to Exhibit 4–10 for guidance.2. Compute the November product cost for each type of basketball.3. Prepare journal entries to record the cost flows during November.
For Tabik Corp, materials are added at the start of the process in Department B. Units received from Department A costs P11.10 while in Department B, unit costs for materials and conversion costs were P1 and P1.22 respectively. The company’s quantity data showed that WIP beg, which had a cost of P80,000, had 8,000 units and were ¾ done. During the period, Department A transferred 50,000 units to Department B. At the end of the period, WIP has 10,000 units which are 1/5 done and there were 3,000 lost units. What is the unit cost transferred to finished goods if the 3,000 units were lost at the end of processing but were considered abnormal?
Lawn Products produces two products (X and Y) and a by-product (Z) from a joint process using a raw material (Alpha). The company chooses to allocate the costs on the basis of the physical quantities method. Last month, it processed 23,000 pounds of Alpha at a total cost of $99,000. The output of the process consisted of 28,800 units of product X, 35,200 units of product Y, and 7,100 units of by-product Z. By-product Z can be sold for $12,000. This is considered to be its net realizable value, which is deducted from the processing costs of the main products. Required: What amount of joint costs should be assigned to each of product X and product Y? Product X Product Y Joint Costs
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The November production of MVP's Minnesota Division consisted of batch P25 (2, 600 professional basketballs) and batch S33 (5,000 scholastic basketballs). Each batch was started and finished during November, and there was no beginning or ending work in process. Costs incurred were as follows: Direct Material: Batch P25, $57,200, including $4,000 for packaging material; batch S33, $63,750. Conversion Costs: Preparation Department, predetermined rate of $5.30 per unit; Finishing Department, predetermined rate of $6.00 per unit; Packaging Department, predetermined rate of $0.40 per unit. (Only the professional balls are packaged.) 3. Prepare journal entries to record the cost flows during November.
Kaagapay2 Company has the following information for the month of November: Started in process units, 400,000; Work in process, beg, (35% complete) 80,000 units; Normal spoilage, 14,000 units; Abnormal spoilage, 20,000 units; Work in process, end (70% complete), 58,000 units; Completed and transferred out, 388,000 units. Costs incurred last month were: Materials, P60,000; Conversion costs, P40,000. All materials are added at the start of the production process. The company inspects goods at 75% completion as to conversion costs. The costs per EUP for materials and conversion costs are P1 and P1.50 respectively. What is the amount assigned to period cost for the month using FIFO? PO P37,500 P42,500 P50,000
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Candace's Candies, Inc. produces gummy bears. The company purchases raw materials, stores them in a warehouse, and then runs them through two processes: production and packaging. During September, the production process incurred the following costs in processing: Wages of workers operating production equipment Manufacturing overhead allocated to the production department Direct materials $50,700 5,000 250,000 Equivalent units of production was 23,000 units for materials and 22,500 units for conversion. Use the FIFO method to compute the September cost per equivalent unit of production for direct materials. OA. $2.42 OB. $2.48 O C. $11.11 OD. $10.87