RyxUnstoppable Company produces a variety of products. The company operates 24 hours per day with three daily work shifts. The 1st shift workers receive regular pay. The 2nd shift workers receive 10% pay premium and the 3rd shift workers receive 20% pay premium. In addition, the Company pays overtime premium of 50% based on the pay rate for the 1st shifts. The actual payroll for the month is as follows: Total wages for 16,000 hours ?? Wage rate per hour for 1st shift P35 Total regular hours worked 15,000

Q: What are transferred in costs? When do they occur?

A: Transferred in costs: Cost that is assigned to partially completed products that have been finished…

Q: What are life-cycle costs? How do these costs relate to the production life cycle?

A: Life cycle cost is the summation of all costs related to a product, structure, system, or service…

Q: What are the three categories of manufacturing costs?

A: Manufacturing costs are the costs of materials plus cost to convert the material into products. All…

Q: How does a product cost differ from a general, selling, and administrative cost? Give examples of…

A: Product Cost: Product costs are the expenses directly associated with making a particular product.…

Q: What are the factors affecting equipment costs?

A: Equipment cost is the total cost incurred to bring the equipment in the useable state. It includes…

Q: How does the planning of fixed overhead costs differ from the planning of variable overhead costs?

A: Variable cost: The cost which fluctuates on the basis of the output level produced. The variable…

Q: What are the cost associated with production? (COSTING METHOD)

A: The cost associated with production includes costs like direct material costs, direct labor costs,…

Q: How does standard costing differ from actual costing?

A: Actual cost system: An actual cost system uses actual costs for “direct materials, direct labor, and…

Q: Is hiring of specialized manufacturing equipment a manufacturing overhead cost? Explain why or why…

A: Overhead cost is the sum of all indirect costs which are not directly traceable to the final goods…

Q: Why is it that product costs are distinguished from period costs?

A: Product cost is the cost that is incurred to manufacture the product. The product cost will include…

Q: What are the differences between a product cost and a period cost

A: In accounting we say that costs are often product costs or period costs. The difference between the…

Q: Why is industrial overhead calculated using direct labor

A: This question explains about  industrial overhead that which is  using direct labor:

Q: Which among the following is not a direct cost? a. Labour b. Raw material c. Factory wages d.…

A: Introduction : Direct costs: The cost which are directly linked to the manufacturing of a product…

Q: how to calculate average labor time?

A: Lets understand the basics. Direct material and direct labor is required to produce goods or…

Q: What accounts in the income statement are used to determine labor cost per man hour? Wages would be…

A: Labor costs include wages, salaries, benefits, and any additional expenses incurred by the employer,…

Q: Need help to calculate the production cost per unit

A: The financial position of the company can be arrived from the income statement prepared by the…

Q: What is the Cost Flows in a Manufacturing Company?

A: Cost flows allude to the way or course through which costs go through business.

Q: Why factory overhead is computed based on direct labor?

A: Refer Step 2 for explanation

Q: what is period costs?

A:

Q: What happens to overhead rates based on direct labor when automated equipment replaces direct labor?

A: Predetermined Overhead Rate: Predetermined overhead rate is a measure used to allocate the estimated…

Q: What is normal costing?

A: Normal Costing Normal costing is refer as the method of costing which helps for derivation of cost.…

Q: Question: In a manufacturing setting, direct labor costs are considered: a) Variable costs b) Fixed…

A: Variable costs - Fixed costs - Mixed costs- Overhead costs

Q: what are relevent cost of direct material

A: The management of the manufacturing firm has to take certain decisions regarding the…

Q: Why cant prime cost be added to conversion cost to get total product cost?

A: Product Costs: Product costs are the costs that are incurred to produce a product or providing a…

Q: What are the differences between Underapplied Factory Overhead and Overapplied Factory Overhead?

A: Overhead: Overhead cost means expenses referred to indirect cost. The overhead cost like rent,…

Manufacturing Costs

Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.