%24eBookShow Me HowCosts per Equivalent UnitGeorgia Products Inc. completed and transferred 226,000 particle board units of production from the Pressing Department. There was no beginninginventory in process in the department. The ending in-process inventory was 20,000 units, which were 3/5 complete as to conversion cost. All materialsare added at the beginning of the process. Direct materials cost incurred was $701,100, direct labor cost incurred was $77,110, and factory overheadapplied was $18,090.Determine the following for the Pressing Department., Round "cost per equivalent unit" answers to the nearest cent.a. Total conversion costb. Conversion cost per equivalent unitC. Direct materials cost per equivalent unit $

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Description: %24eBookShow Me HowCosts per Equivalent UnitGeorgia Products Inc. completed and transferred 226,000 particle board units of production from the Pressing Department. There was no beginninginventory in process in the department. The ending in-process

Direct labor = $ 77,110 Factory Overhead = $ 18,090 Total…

Answered: There was no beginning nversion cost.…

Business

Accounting

There was no beginning nversion cost. All materia 10, and factory overhead

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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! Required information [The following information applies to the questions displayed below.] Cane Company manufactures two products called Alpha and Beta that sell for $135 and $95, respectively. Each product uses only one type of raw material that costs $6 per pound. The company has the capacity to annually produce 105,000 units of each product. Its unit costs for each product at this level of activity are given below: Direct materials Direct labour Variable manufacturing overhead Traceable fixed manufacturing overhead Variable selling expenses Common fixed expenses Cost per unit Alpha $30 23 10 19 15 18 $115 Beta $18 16 8 21 11 13 $87 The company considers its traceable fixed manufacturing overhead to be avoidable, whereas its common fixed expenses are deemed unavoidable and have been allocated to products based on sales dollars.
N1. Account
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Ht.16.
Which of the following is a batch-related cost driver?a. number of machine hoursb. number of setupsc. number of engineering changesd. number of direct labor hour
Manufacturing overhead is what is left after subtracting direct labor and direct material from total manufacturing costs. True or False True False
A Company has a single production process and it manufactures three products A, B and C by same pant & same process. The overheads & relevant costs drivers for a period are as follows: Data for the period: Fashed goods in units. Raw materiais required per unit of output Orect labor hour per unit of output.. Machine hour per unit of output.. Ne of production runs per product.. cost Short-term-variable are expenses Set-up-cost... Serial handling cost Products Activities A 7,000 4kg 14 Cost drivers Machine hours Direct labor hours Production runs Qty of materials (kgs.) Total B 5,000 3kg 3 10 C 3,000 2kg 3 2 Overheads(Rs.) 58,800 66,600 24,000 29,400 Rs.1,78,800 Required: Overheads per unit under: Machine hour rate b. Activity based costing Ans. a. Rs. 14.596 per unit, Rs. 10.947 per unit, Rs. 7.298 per unit b. Rs. 13.3 per unit, Rs. 12.4 per unit, 7.9 per unit Cor under:
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‘Process costing is a term used in cost accounting to describe one method for collecting and assigning manufacturing costs to the units produced.’ There are some statements about the process costing: An abnormal loss occurs when the expected output exceeds actual output. The scrap value of an abnormal loss is credited to the process account. The allocated cost of an abnormal gain is credited to the process account. The inputs to a process less than the normal loss are the expected output. The normal loss in a process is allocated a cost in order to reconcile the costs of inputs and outputs. The FIFO method assumes opening WIP is the first group of units to be completed. Therefore, opening WIP is charged separately to completed production, and CPU is based on current period costs. Required: Please identify which of the above statements are false and explain the reasons.
Factory or Manufacturing Overhead costs would include all of the following except: A) Indirect materials B) Direct materials C) Depreciation expense D) Insurance expense
A company has the following overhead costs and activities: Estimated Expected Activity Product V Product W Product X Overhead Activities and Activity Measures Machine setups (setups) Processing customer orders (orders) Assembling products (assembly-hours) $9,178.00 Cost S7,234.50 $3,565.50 69 12 10 20 21 492 697 111 4. A company sells two products, one with sales of $10,000 and variable expenses of $2,500, another with sales of $46,000 and variable expenses of $15,420. Fixed expenses are $33,100. Breakeven point for the whole company is close to: А. 833,100 В. $22,900 C. $51,020 D. $48,676 A company that reduces the proportion of variable costs in its cost structure will: A. enjoys higher stability in profits. B. increase its profits more when the economy is good. C. have a loss more easily when the economy is bad. D. be indifferent. 5. 6. is normally recorded on any financial statement but irrelevant in decision making which is not. A. Sunk cost B. Incremental cost C. Differential…
1. Overhead is most often applied to production on the basis ofa. direct labor hours.b. machine hours.c. raw material usage.d. number of units made.e. direct labor costs.