Compute the following requirements for this financial accounting question Tang Chemicals Inc. accumulates the following data concerning rawmaterials in making one liter of the finished product:1. Price Net purchase price $2.80, freight-in $0.50, and receivingand handling $0.25.2. Quantity Required materials 3.10 pounds, allowance for wasteand spoilage 0.95 pounds.Compute the following:(a) Standard direct materials price per liter.(b) Standard direct materials quantity per liter.(c) Total standard materials cost per liter.

Step 1: Define Standard Direct Materials CostThe standard direct materials cost per unit represents…

Answered: Tang Chemicals Inc. accumulates the…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 7PB: The following data show the units in beginning work in process inventory, the number of units...

See similar textbooks

Similar questions

Kingbird Company accumulates the following data concerning raw materials in making one gallon of finished product. (1) Price—net purchase price $2.70, freight-in $0.60, and receiving and handling $0.50. (2) Quantity—required materials 3.50 pounds, allowance for waste and spoilage 0.90 pounds.Compute the following. (Round answers to 2 decimal places, e.g. 1.25.) (a) Standard direct materials price per gallon. $enter the standard direct materials price per gallon in dollars rounded to 2 decimal places (b) Standard direct materials quantity per gallon. enter the standard direct materials quantity per gallon in pounds rounded to 2 decimal places pounds (c) Total standard materials cost per gallon.
Jennifer Company accumulates the following data concerning raw materials in making its finished product. (1) Price per pound of raw materials is net purchase price $2.50, freight-in.$0.30, and receiving and handling $0.30. (2) Quantity per gallon of finished product is required materials 3.4 pounds and allowance for waste and spoilage 0.7 pounds. Compute the following. (Round answers to 2 decimal places, e.g. 1.25.) (a) Standard direct materials price per pound of raw materials. (b) (c) Standard direct materials quantity per gallon. Total standard materials cost per gallon. $ $ pounds
Melissa Company accumulates the following data concerning raw materials in making its finished product. (1) Price per pound of raw materials is net purchase price $2.70, freight-in $0.40, and receiving and handling $0.30. (2) Quantity per gallon of finished product is required materials 3.2 pounds and allowance for waste and spoilage 0.7 pounds. Compute the following. (Round answers to 2 decimal places, e.g. 1.25.) (a) Standard direct materials price per pound of raw materials. $ (b) Standard direct materials quantity per gallon. (c) Total standard materials cost per gallon. pounds $
Need help this question
None
If the standard quantity of materials is 83,800 units at $0.14 per unit and the actual quantity is 94,300 units at $0.11 per unit, then what is the journal entry to record the cost of materials used? subject. financial account.
Jackson Company has the following information for the current period for the Mixing Department: Costs of beginning work-in-process: Direct materials Conversion costs Costs added during the period: Direct materials Conversion costs Equivalent units of production for: Direct materials Conversion costs $15,000 26,000 100,000 150,000 12,600 units 9,100 units Using the weighted-average method, what is the cost per equivalent unit for conversion costs? A.$ 3.25 B.$ 9.13 C.$ 19.84 D.S 19.34
I will post this several times, dont answer it if you already answer it! I will mark down the second SAME answer if ever.
Umbria, Inc. has compiled the following data: View the data. Compute the amount of direct materials used. I = Direct Materials Used Data Purchases of Direct Materials Freight In Property Taxes Ending Direct Materials Beginning Direct Materials Print Done O $ 6,600 800 1,400 1,600 4,400 X
The following data show the units in beginning work in process inventory, the number of units started, the number of units transferred, and the percent completion of the ending work in process for conversion. Given that materials are added 50% at the beginning of the process and 50% at the end of the process, what are the equivalent units for material and conversion costs for each quarter using the weighted-average method? Assume that the quarters are independent.
The following data show the units in beginning work in process inventory, the number of units started, the number of units transferred, and the percent completion of the ending work in process for conversion. Given that materials are added at the beginning of the process, what are the equivalent units for material and conversion costs for each quarter using the weighted-average method? Assume that the quarters are independent.
The following product costs are available for Stellis Company on the production of erasers: direct materials, $22,000; direct labor, $35,000; manufacturing overhead, $17,500; selling expenses, $17,600; and administrative expenses; $13,400. What are the prime costs? What are the conversion costs? What is the total product cost? What is the total period cost? If 13,750 equivalent units are produced, what is the equivalent material cost per unit? If 17,500 equivalent units are produced, what is the equivalent conversion cost per unit?

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

Cornerstones of Cost Management (Cornerstones Ser…

Accounting

ISBN:

9781305970663

Author:

Don R. Hansen, Maryanne M. Mowen

Publisher:

Cengage Learning

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

Cornerstones of Cost Management (Cornerstones Ser…

Accounting

ISBN:

9781305970663

Author:

Don R. Hansen, Maryanne M. Mowen

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS