A2 The standard costs and actual costs for direct materials for the manufacture of 2,440 actual units of product are as follows:Direct materialsStandard Costs2,440 kilograms at $8.70Actual CostsDirect materials2,500 kilograms at $8.30The direct materials quantity variance isa. $418 favorableb. $418 unfavorablec. $522 unfavorableOd. $522 favorable

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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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Apple Juice Corp plans to take up a project that will cost $150,000 of investment in Building and $80,000 in new machinery. Apple Juice Corp has already spent $8000 on research and analysis about the products that will be developed in this unit. By taking up this project, Apple Juice Corp. estimates additional cash flows of $85000 per annum for the next five years. COGS are expected to be 40% of the revenues, SG&A will be 4% of the revenues. This project will require an additional inventory of $60,000 and an increase in payables by $25000 Tax Rate is 20% The target Debt: Equity is 1:4 Cost of new debt: 6% Cost of Equity: Need to calculate using the beta of 0.9, Rf of 4%, and market risk premium of 6% The equipment that would be used has a 3-year tax life. Under the new tax law, the equipment used in the project is eligible for 100% bonus depreciation, so it will be fully depreciated at t = 0. The Salvage value of Building and Machinery after 5 years is $100,000. You, as a financial…
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Activity 3.5.2.
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Cost of Production Report The debits to Work in Process—Roasting Department for Morning Brew Coffee Company for August, together with information concerning production, are as follows: Work in process, August 1, 800 pounds, 30% completed $3,400* *Direct materials (800 X $3.80) $3,040 Conversion (800 X 30% X $1.50) 360 $3,400 Coffee beans added during August, 25,000 pounds 93,750 Conversion costs during August 39,440 Work in process, August 31, 1,300 pounds, 30% completed ? Goods finished during August, 24,500 pounds ? All direct materials are placed in process at the beginning of production. a. Prepare a cost of production report, presenting the following computations: Direct materials and conversion equivalent units of production for August Direct materials and conversion costs per equivalent unit for August Cost of goods finished during August Cost of work in process at August 31 If an amount is zero, enter in "0".…
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