TB MC Qu. 14-78 (Static) The total standard direct labor hours (SQ) in November for the output produced: Europa CompanyEuropa Company manufactures only one product. Presented below is direct labor information for November.Standard direct labor hours per unit of productNumber of finished units producedStandard wage rate per direct labor hour (SP)Total direct labor payroll for the period.Actual wage rate per direct labor hour worked (AP)The total standard direct labor hours (SQ) in November for the output produced was:Multiple ChoiceOOO18,720.20,800.19,200.O 22,464.22,400.3.206,500$19.20$ 359,424$ 16.00

Variance is the result of the amount of expected value and actual results. It can be calculated by…

Answered: TB MC Qu. 14-78 (Static) The total…

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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Costs per Equivalent Unit The following information concerns production in the Baking Department for August. All direct materials are placed in process at the beginning of production. Date Item Debit Credit BalanceDebit BalanceCredit August 1 Bal., 8,700 units, 3/5 completed 14,181 31 Direct materials, 156,600 units 203,580 217,761 31 Direct labor 59,950 277,711 31 Factory overhead 33,722 311,433 31 Goods finished, 158,700 units 301,269 10,164 31 Bal., ? units, 2/5 completed 10,164 a. Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent. Line Item Description Amount 1. Direct materials cost per equivalent unit $fill in the blank 1 2. Conversion cost per equivalent unit $fill in the blank 2 3. Cost of the beginning work in process completed during August $fill in the blank 3 4. Cost of units started and completed during August $fill in the blank 4 5. Cost…
BFAR Company is using the normal costing system. Direct Materials on March 1 was P30,000 and P38,000 on March 31. The following additional manufacturing cost data were available for March: Direct materials purchased Direct labor Manufacturing overhead - applied Manufacturing overhead - actual Increase in Work in Process Inventory Decrease in Finished Goods Inventory P 84,000 60,000 80,000 85,000 30,000 40,000 Compute the Cost of Goods Sold under normal costing system.
The following data refer to the month of May for Bonita Components. Fill in the blanks. Direct materials inventory, May 1 Direct materials inventory, May 31 Work-in-process inventory, May 1 Work-in-process inventory, May 31 Finished goods inventory, May 1 Finished goods inventory. May 31 Purchases of direct materials Cost of goods manufactured during the month Total manufacturing costs Cost of goods sold Gross margin Direct labor Direct materials used Manufacturing overhead Sales revenue 3,900 4,000 5,200 2,800 500 25,000 87,000 89,300 22,000 20,500 108,000
National Co. has the following data for the month of February Inventories: February 1 February 28 Rawmaterial Work in process Finished goods P28,000 9,000 27,000 P15,000 6,000 36,000 Additional information for February: Rawmaterial purchased Direct labor payroll Direct labor rate perhour Overhead rate per dired labor hour P45,000 30,000 7.50 10.00
Motopads Manufacturing, Inc. manufactures a single product. Variable manufacturing overhead is applied to products based on direct labor hours. The standard costs for each unit of product are as follows: Direct material: 6 grams at P5 per gram P30.00 Direct labor: 1.8 hours at P100 per hour 180.00 Variable manufacturing overhead: 1.8 hours at P50 per hour 90.00 Total standard variable cost per unit P300.00 During August, the company produced 2,000 units, with costs broken down as follows: Material purchased: 18,000 grams at 6 per gram P108,000.00 Material used in production: 14,000 grams - Direct labor: 4,000 hours at P97.50 per hour 390,000.00 Variable manufacturing overhead costs incurred 208,000.00 Requirement: Compute and show solutions for the: Direct materials variance Direct labor variance Variable manufacturing overhead variances
Nincada Inc Inc has provided the following data for the month of March. There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month. Work-in-Process Finished Goods Cost of Goods Sold Total Direct Materials ₱ 4,450 ₱ 5,800 ₱ 8,500 ₱ 18,750 Direct Labor ₱ 5,750 ₱ 5,374 ₱ 9,700 ₱ 20,824 Applied Overhead ₱ 6,200 ₱ 11,950 ₱ 7,876 ₱ 26,026 Total ₱ 16,400 ₱ 23,124 ₱ 26,076 ₱ 65,600 Manufacturing overhead for the month was OVERAPPLIED by ₱8,000. The company allocates any underapplied or overapplied overhead among work in process, finished goods, and cost of goods sold at the end of the month on the basis of the ending balances in those accounts. Nincada's Finished Goods after allocation of any underapplied or overapplied overhead for the month is closest to ₱_____________. Note: For interim calculations, use 5 decimal places; round-off final answer to…
larco Company shows the following costs for three jobs orked on in April. Balances on March 31 Direct materials used (in March) Direct labor used (in March) Overhead applied (March). Costs during April Direct materials used. Direct labor used Overhead applied Status on April 30 dditional Information Raw Materials Inventory has a March 31 balance of 85,200. Job 306 $ 34,200 25,200 15,200 5A 148,000 90,200 ? Finished (sold) Raw materials purchases in April are $513,000, and total actory payroll cost in April is $376,000. Actual overhead costs incurred in April are indirect materials, $53,250; indirect labor, $26,250; factory rent, 35,250; factory utilities, $22,250; and factory equipment epreciation, $54,250. Req 5B iterials process 1 goods 'entories Job 307 $ 40,200 23, 200 14,200 Predetermined overhead rate is 50% of direct labor cost. . Job 306 is sold for $648,000 cash in April. Inventories 233,000 163,000 ? Finished (unsold) Compute gross profit for April. how how the three…
The Wonder Drug Company's total overhead costs at various levels of activity are presented below: Month September October November December Assume that the overhead costs above consist of indirect labor, scheduling salaries, and maintenance. The breakdown of these costs for the month of November is as follows: Indirect labor (V) Maintenance (M) Scheduling Salaries (F) a. Direct Labor Hours 15,000 12,000 18,000 21,000 Total Overhead Direct Labor Hours High Required: (a.) Using the high-low method, determine the cost formula for maintenance. (b.) Express the company's total overhead costs in linear equation form. $ 21,000 $ 219,600 197,400 125,000 542,000 Low 12,000 Total Overhead $ 472,000 409,400 542,000 604,700 Difference
Subject - Acounting
Zoe Corporation has the following information for the month of March: Cost of direct materials used in production $16,307 Direct labor 24,952 Factory overhead 31,690 Work in process inventory, March 1 15,426 Work in process inventory, March 31 19,882 Finished goods inventory, March 1 23,292 Finished goods inventory, March 31 28,467 a. Determine the cost of goods manufactured. b. Determine the cost of goods sold. %24 %24
Makkah Equipment Co. sells machines and has the following information for the year: Actual Estimated Overhead cost OMR 2,400,000 OMR 3,000,000 Direct labor hours 120,000 300,000 Machine hours 300,000 150,000 Overhead is applied on the basis of machine hours. The amount of manufacturing overhead to be applied is:
For February, prime cost incurred was?

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