The Jamaica Company manufactures a product in a single process, The following information isavailable:Input MaterialMaterial AddedDirect Labour Cost IncurredManufacturing Overhead IncurredNormal LossesScrap value of lossesCompleted and transferred to Finished Goods2,500 kilos valued at $14.40 per kilo$8,000$38,500$30,50010% of input$20.00 per kilo2,150 kilosGiven that 20 of the unexpected losses was because of pilferage, What is the amount to becharged to the costing profit and loss account for the period?Select one:OA. $4,800O B. $2,000O C. $3,200OD. $2,800Clear my choiceB

Step 1:(1) Calculate the total cost of input material: The total cost of input material is the…

Answered: The Jamaica Company manufactures a…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 1PB: The following product costs are available for Stellis Company on the production of erasers: direct...

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Wrappers Tape makes two products: Simple and Removable. It estimates it will produce 369,991 units of Simple and 146,100 of Removable, and the overhead for each of its cost pools is as follows: It has also estimated the activities for each cost driver as follows: Â How much is the overhead allocated to each unit of Simple and Removable?
K-Briggs Company uses the FIFO method to account for the costs of production. For Crushing, the first processing department, the following equivalent units schedule has been prepared: The cost per equivalent unit for the period was as follows: The cost of beginning work in process was direct materials, 40,000; conversion costs, 30,000. Required: 1. Determine the cost of ending work in process and the cost of goods transferred out. 2. Prepare a physical flow schedule.
Lampierre makes silver and gold candlesticks. The company computed this information to decide whether to switch from the traditional allocation method to ABC. The estimated overhead for the material cost pool is estimated as $45,000, and the estimate for the machine setup pool is $55,000. Calculate the allocation rate per unit of silver and per unit of gold using: A. The traditional allocation method B. The activity-based costing method
The following product costs are available for Kellee Company on the production of eyeglass frames: direct materials, $32,125; direct labor, $23.50; manufacturing overhead, applied at 225% of direct labor cost; selling expenses, $22,225; and administrative expenses, $31,125. The direct labor hours worked for the month are 3,200 hours. A. What are the prime costs? B. What are the conversion costs? C. What is the total product cost? D. What is the total period cost? E. If 6.425 equivalent units are produced, what is the equivalent material cost per unit? F. What is the equivalent conversion cost per unit?
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[The following information applies to the questions displayed below.) The first production department of Stone Incorporated reports the following for April. Direct Materials Conversion Percent Units Complete Percent Complete 35% Beginning work in process inventory Units started this period. 76,000 65% 402,000 Completed and transferred out 350,000 Ending work in process inventory 98,000 85% 35% Exercise 20-9 (Algo) Weighted average: Cost per equivalent unit; costs assigned to output and inventory LO P1 The production department had the cost information below. Beginning work in process inventory Direct materials 5.180,444 45,559 Conversion $ 226,003 Costs added this period, Direct materials Conversion 1,278,951 845,186 Total costs to account for 2.124,137 $2,350,140 a. Compute cost per equivalent unit for both direct materials and conversion. (Round "Cost per EUP" to 2 decimal places.) b. Using the weighted average method, assign April's costs to the department's output-specifically,…
Overton Company has gathered the following information. Units in beginning work in process Units started into production Units in ending work in process Percent complete in ending work in process: Conversion costs Materials Costs incurred: 22,000 1,82,000 25,500 60% 100% Direct materials Direct labor Overhead $ 1,02,000 $2,68,030 $ 1,87,400 a. Compute equivalent units of production for materials and for conversion costs. b. Determine the unit costs of production. c. Show the assignment of costs to units transferred out and in process.
Q. 2
The Jamaica Company manufactures a product in a single process, The following information is available: Input Material Material Added Direct Labour Cost Incurred Manufacturing Overhead Incurred Normal Losses Scrap value of losses Completed and transferred to Finished Goods Time left 1:02:56 2,500 kilos valued at $14.40 per kilo $8,000 $38,500 $30,500 10% of input $20.00 per kilo 2,150 kilos Given that 20 of the unexpected losses was because of pilferage, What is the amount to be charged to the costing profit and loss account for the period? Select one: ○ A. $2,000 ○ B. $4,800 ○ C. $3,200 ○ D. $2,800
For each of the following independent cases (A to E), compute the missing values in the table: Case B C D E Prime Conversion Cost Cost $ 9,450 $ 16,420 $ 56,200 110,700 49,250 Direct Materials 4,070 10,150 41,800 19,600 Direct Manufacturing Labor Overhead BIM $ 7,440 11,350 13,600 11,040 24,800 23,900 Total Manufacturing Cost 42,390 68,850 56,600
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)
a. Using FIFO method, what is the equivalent production in units of Materials? b.Using FIFO method, what is the equivalent-unit material cost for the period? c. Using FIFO method, what is the equivalent production in units of Conversion Costs?

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