Units produced Manufacturing overhead is applied at a rate of P2 per direct labor hour for variable overhead, P3 per hour for fixed overhead. Jobs 1201, 1202, and 1203 were completed in July. What is the cost of the completed jobs? a. P62,900 200 100 1,000 300 b. 62,500 c. 72,900 d. 65,900

Units produced Manufacturing overhead is applied at a rate of P2 per direct labor hour for variable overhead, P3 per hour for fixed overhead. Jobs 1201, 1202, and 1203 were completed in July. What is the cost of the completed jobs? a. P62,900 200 100 1,000 300 b. 62,500 c. 72,900 d. 65,900

Name: 14. Sunshine Company employs a job order cost system, its manufacturi
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Description: 14. Sunshine Company employs a job order cost system, its manufacturing activities in July 2020, itsfirst month of operation, are summarized as follows:Job Numbers1202P5,8006,0001,000100Manufacturing overhead is applied at a rate of P2 per direct la

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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Question: Materials are added at the beginning of the production process at Santiago Company, which uses a FIFO process costing system. The following information on the physical flow of units is available for the month of April. Beginning work in process (40% complete) $22,500 10,000 units Started in April 50,000 units $255,000 Completed in April and transferred out $240,000 55,000 units Ending work in process 5,000 units (70% $37,500 complete) Compute the equivalent units for the conversion cost calculation. Equivalent units total:
When Job 117 was completed, direct materials totaled $4.400: direct labor, 55,600; and factory overhead, $2,400. A total of 1,000 units were produced at a per-unit cost of a $12,400 b. $1.240 c. S124 d. $12.40
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Subject : Accounting
If estimated annual factory overhead is $980,500; overhead is applied using direct labor hours; estimated annual direct labor hours are 265,000; actual March factory overhead is $88,800; and actual March direct labor hours are 23,500; then overhead is: Multiple Choice $1,450 overapplied. $850 overapplied. $1,450 underapplied. $850 underapplied. $1,850 underapplied.
- ok k int ences w 3 E Overhead information for Cran-Mar Company for October follows: Total factory overhead cost incurred Budgeted fixed factory overhead cost Total standard overhead rate per machine hour (MH) D Standard variable factory overhead rate per MH Standard MHS allowed for the units manufactured here to search Required: 1. What is the standard fixed factory overhead rate per machine hour (MH)? 2. What is the denominator activity level that was used to establish the fixed factory overhead application rate? 3. Two-way analysis (breakdown) of the total factory overhead cost variance: calculate the following factory overhead cost variances for October and indicate whether each variance is favorable (F) or unfavorable (U). a. Total flexible-budget variance. b. Production volume variance. c. Total overhead cost variance. 4. Calculate the production volume variance and indicate whether the variance is favorable (F) or unfavorable (U). Complete this question by entering your answers…
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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. ACCOUNT Work in Process-Baking Department ACCOUNT NO. Date Item Debit Credit 450,000 207,900 680,400 August 1 Bal., 36,000 units, 3/4 completed 31 Direct materials, 200,000 units 31 Direct labor 31 Factory overhead 31 Goods finished, 196,000 units 31 Bal., ? units, 1/2 completed a. Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent. 1. Direct materials cost per equivalent unit 2. Conversion cost per equivalent unit 3. Cost of the beginning work in process completed during August 4. ost of units started and completed during August 5. Cost of the ending work in process b. Assuming that the direct materials cost is the same for July and August, did the conversion cost per equivalent unit increase, decrease, or remain the same in August?…
Current Attempt in Progress Production costs chargeable to the Sanding Department in July in Monty Company are $41,160 for materials, $14,700 for labor, and $12,740 for manufacturing overhead. Equivalent units of production are 29,400 for materials and 19,600 for conversion costs. Compute the unit costs for materials and conversion costs. (Round answers to 2 decimal places, e.g. 15.25.) Unit costs $ Materials $ Conversion Costs
Anglian Products processes its products through three separate stages. Details of production for the month ending 31 May were as follows: Process Raw Materials Labour Over Normal Actual Cost heads Los Output (Kg) (K/kg) (K) (K) (%) (Kg) Primary 65000 0.60 5,730 3,240 10 55000 Secondary 7,200 4,100 53000 Finishing 8,280 5,160 48000 During the month K6,300 worth of materials were used in the secondary process. The nature of the processes require equipment to be cleaned at the end of each month. Thus there are no openings or closing stocks of products in process. Losses from the finishing process are sold at K1.25/kg. Required: i. The process account for each process; ii. The abnormal loss and abnormal gain accounts as appropriate.