I need help calculating for each month, the conversion cost and the materials Sheffield Company has the following production data for selected months.EndingWork in ProcessBeginningUnits% Complete as toMonthWork in ProcessTransferred OutUnitsConversion CostJanuary-0-36,70014,00044 %March-0-42,5009,10073July-0-47,10017,10021Compute equivalent units of production for materials and conversion costs, assuming materials are entered at the beginning of theprocess.

Equivalent units are those on which the cost has been incurred. For example, 100 units that are 60%…

Answered: Sheffield Company has the following…

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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2. Assume that Kizzle's management allocates Maintenance costs based on the number of service calls. Further assume that in a given period, the Janitorial, Mixing, and Cooking activities incur 16, 40, and 24 service calls, respectively, and that the Janitorial and Maintenance costs of that period are $3,000 and $4,200, respectively. Determine the total costs allocated from each support activity to the other three activities using the reciprocal services method. Malntenance cost allocation: Janitorial: Mixing: $4 Cooking: Janitorial cost allocation: Maintenance: Mixing: Cooking: 3. The company is considering changing from the reciprocal service method to a simpler method. Why should the company continue with the reciprocal service method? a. It is complex, but more accurate. b. It can be practiced if the company has sufficient resources and capacity. C. The simpler cost allocation methods are less accurate. d. All the above.
Please help answer the Income statement. Use the data at the top of the schedule to complete the report. use the data from your cost of services provided schedule. The cost to use is: Daycare $18 - 22 dogs per day Boarding $25 - 12 dogs per day Grooming $25 - 4 grooms per day
Requirement 2. 1,900 pipes were produced for Job M1. Calculate the cost per pipe. (Round your answer to the nearest whole dollar.) If 1,900 pipes were produced, the cost per each pipe for Job M1 is
Could you please answer all the reuired fields correctly.
Classifying Costs and Decision-Making In July, Carrie's Rock Walls Inc. completed several projects, one of which was a rock wall for city hall. Costs for the month of July for the company included the following. City hall project Salary of consultant who prepared proposals on all new projects Salary of the designer who prepares designs for all new projects City permit for city hall project Cost of brick and mortar for city hall project Monthly depreciation on equipment used for project Miscellaneous tools (shovel, chisel, etc.) used for projects Miscellaneous supplies used during the month on projects Salary of rock layer based on hours worked on project Gas and maintenance expense on vehicles to transport heavy equipment Rent on office space for designer, consultants, and other personnel July $4,000 $4,500 $40 $6,000 $1,000 $6,000 $1,400 $4,500 $500 $2,000 REQUIRED a. Relative to the city hall project, classify each of the following costs as variable or fixed AND direct or indirect.…
At the beginning of the year, you estimated the following - Production - 75,000 units Raw Material - 270,000 pounds at a cost of $1,026,000 Direct Labor - 187,500 hours at a cost of $4,125,000 Variable Overhead - 135,000 machine hours at a cost of $567,000 Fixed Overhead - $900,000 At the end of year, the actual results were as follows - Production - 73,000 units Raw Material - 265,720 pounds purchased and used at a cost of $1,036,308 Direct Labor - 179,580 hours at a cost of $3,968,718 Variable Overhead - 133,590 machine hours at a cost of $558,406.20 Fixed Overhead - $891,000
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a. Determine the number of units transferred to the next department. 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 direct materials Cost per equivalent unit of direct materials c. Determine the cost of units started and completed in November.
Use the information provided to calculate standard costs: To make one switch it takes 19 feet of plastic-coated copper wire and 0.8 pounds of plastic material. The plastic material can usually be purchased for $20 per pound, and the wire costs $2.12 per foot. The labor necessary to assemble a switch consists of two types. The first type of labor is assembly, which takes 3.1 hours. These workers are paid $27 per hour. The second type of labor is finishing, which takes 2.4 hours. These workers are paid $28 per hour. Overhead is applied using labor hours. The variable overhead rate is $14.25 per labor hour. The fixed overhead rate is $15.26 per hour. What is the total standard cost for manufacturing overhead? Round to the nearest penny, two decimal places.
Please show your work.
Checker Inc. produces automobile bumpers. Overhead is applied on the basis of machine hours required for cutting and fabricating. A predetermined overhead application rate of $12.70 per machine hour was established for 2019. Required: If 9,000 machine hours were expected to be used during 2019, how much overhead was expected to be incurred? Actual overhead incurred during 2019 totaled $121,650, and 9,100 machine hours were used during 2019. Calculate the amount of over- or underapplied overhead for 2019. (Input the amount as positive value.) Whether the overapplied or underapplied overhead for the year is normally transferred to cost of goods sold in the income statement?
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