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.

Name: !Required information[The following information applies to the questi
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
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

See similar textbooks

Similar questions

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.
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?
Beatty Corporation recently started operations. They add material at the beginning of their production process, but they incur conversion cost evenly throughout manufacturing. During March, Beatty finished 15,000 units and had ending work in process of 2,000 units, 60% complete. Equivalent-unit costs were: materials, $15; conversion, $22.Using process costing, Beatty's completed production should be valued at: Select one: a. $225,000. b. $330,000. c. $333,000. d. $555,000. e. None of the answers is correct.
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
Sodius Chemical Inc. placed 220,000 liters of direct materials into the mixing process. At the end of the month, 5,000 liters were still in process, 30% converted as to labor and factory overhead. All direct materials are placed in mixing at the beginning of the process and conversion costs occur evenly during the process. Sodius uses weighted-average costing. How many direct materials units are completed and transferred? ○ 64,500 230,000 ○ 220,000 O 215,000
Please help me
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
K Herbert Sampson manages a Dairy World drive-in. His straight-time pay is $18 per hour, with time-and-a-half for hours in excess of 40 per week. Sampson's payroll deductions include withheld income tax of 30%, FICA tax, and a weekly deduction of $9 for a charitable contribution to United Way. Sampson worked 54 hours during the week. i (Click the icon to view payroll tax rate information.) Read the requirements. Requirement 1. Compute Sampson's gross pay and net pay for the week. Assume earnings to date are $13,000. (Round all amounts to the nearest cent.) Begin by computing Sampson's gross pay for the week. Gross Pay More info xt pages For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employee: Employer: OASDI: 6.2% on first $132,900 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. OASDI: 6.2% on first $132,900 earned; Medicare: 1.45%; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned. Print Get…
Nagkamali Inc. adds materials 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 normal lost units. Compute for the total cost of units transferred to finished goods using average costing assuming that the lost units were spoiled at the start of processing. (SOLUTIONS MUST BE IN GOOD ACCOUNTING FORM. EXCEL FORM WOULD BE GREAT. ACCOUNT TITLES ON THE LEFT, AMOUNTS ON THE RIGHT. USE TABLE IF NECESSARY. AVOID PARENTHETICAL SOLUTIONS. THANKS, A LOT!)