Your firm has the following manufacturing figures. $ Prime cost 56,000 Factory overheads 4,500 Opening work in progress 6,200 Factory cost of goods completed 57,000 Closing work-in-progress is A $700 B $2,700 C $9,700 D $11,700

Your firm has the following manufacturing figures. $ Prime cost 56,000 Factory overheads 4,500 Opening work in progress 6,200 Factory cost of goods completed 57,000 Closing work-in-progress is A $700 B $2,700 C $9,700 D $11,700

Name: Your firm has the following manufacturing figures.$Prime cost 56,000Fa
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Your firm has the following manufacturing figures.$Prime cost 56,000Factory overheads 4,500Opening work in progress 6,200Factory cost of goods completed 57,000Closing work-in-progress isA $700B $2,700C $9,700D $11,700

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Following are the details extracted from cost sheet of a firm. Work in progress (opening) Stage of Completion 200 units @ Rs. 4 per unit 100% Material, 40% Labour, 40% Overhead Units introduced 1050 Material cost : RO 1050, Labour: RO 2250, Production overhead: RO 3375 Transfer to next process 1100 units Closing Stock 150 units Stage of Completion 100% Material, 70% Labour, 70% Overhead You are required to compute equivalent production and prepare process account
Refer to the following data to answer the question: Direct material used Selling costs Indirect labour Administrative costs Depreciation on factory equipment Direct labour Overtime premiums paid Indirect materials The prime costs are: Select one: O a. $142 000. O b. $40 000. O c. $150 000. O d. $190 000. $ 150 000 $ 5.000 $ 7.000 $ $ $ Ent tit. $ $ Eft 10 000 70 000 40 000 20 000 45 000
Please help with question marks and show work Cookie Business Productions Costs: Direct material $ 0.60 Direct labor $ 1.00 Variable manufacturing overhead $ 0.40 Total variable manufacturing costs per unit $ 2.00 Fixed manufacturing overhead per year $ 139,000.00 In addition, the company has fixed selling and administrative costs: Fixed selling costs per year $ 50,000.00 Fixed administrative costs per year $ 65,000.00 Selling price per cookie $ 3.75 Number of cookies produced 2,780,000 Number of cookies sold 2,600,000 Full (absorption) costing : Full cost per unit $ ??? Ending Inventory Full (absorption) costing $ ??? Variable costing : Variable cost per unit $ ??? Ending Inventory Variable costing $ ???
Bowie Inc., a manufacturer of earnings, has accumulated the following cost information for products A and B: Production volume Engineering costs incurred Engineering costs per batch Batch size Total direct manufacturing labor hours Direct manufacturing labor hours/unit A $2.67 $4.00 $1.60 B $2.14 $3.00 500 $1.50 $2,000 $800 200 750 1.5 B 1,000 Assuming activity-based costing (ABC) is used, what is the engineering cost per unit for products A and B? $3,000 $1,500 500 1,400 Total $5,000 2,150
2
The following information has been provided by Charity Company: Cost of goods manufactured P 7,500,000 Work-in-process, beginning 1,200,000 Work-in-process, ending 1,400,000 Direct labor 4,000,000 Materials used in production 1,500,000 What is the amount of Factory Overhead? Group of answer choices P 2,200,000 P 5,500,000 P 1,400.000 P 2,000,000
Problem number 2 The information below has been taken from the cost records of H Company for the past year: Direct materials used Rs.1,250 Total manufacturing costs 6,050 Manufacturing overhead 2,800 Selling expenses 1,000 Prime Cost 270% of Purchases Direct materials inventory, January 1 130 Direct materials inventory, December 31 Work in process, January 1 80 250 Work in process, December 31 400 |Finished goods, January 1 300 Finished goods, December 31 200 Required: Compute the cost of Raw Material purchased. Compute the cost of direct labor for the year. Compute the Cost of Goods Manufactured for the year. Compute the Cost of Goods Sold for the year. а. b. с. d.
PROBLEM 1: UVW Company produces three products. Production and cost information is as follows: Model A1 2,000 4,000 100 Model B2 Units produced Direct labor hours Number of setups Number of shipments Engineering change orders. Overhead costs include setups P 45,000, shipping costs P 70,000, and engineering costs, P 90,000. 1. What would be the overhead cost per unit for Model A1 if traditional costing were used? 2. What would be the overhead cost per unit for B2 if activity-based costing (ABC) were used? 200 15 Model C3 6,000 2,000 150 225 10 12,000 4,000 250 275 5 ||
Question 6: Your company currently produces a range of three products, D, E, and F to which the following details relate for Period 2. D E F Production (units) 1,500 2,500 14,000 Material cost per unit Br. 18 Br. 10 Br. 20 Labor hours per unit 1 3 2 Machine hours per unit 3 2 6 Labor costs are Br. 8 per hour and production overheads are currently absorbed in the conventional system by reference to machine hours. Total production overheads for Period 2 have been analyzed as follows: Set-up cost 327,250 Handling cost 187,000 Machine cost 140,250 Inspection cost 280,500 935,000 Calculate the cost per unit for each product using conventional The introduction of an ABC is being considered and to that end the following volume…
sequential method please Chekov Company has two support departments, Human Resources and General Factory, and two producing departments, Fabricating and Assembly. Direct costs Normal activity: Number of employees Square footage Human Resources General Factory Support Departments Human Resources $160,000 1,200 Direct costs Allocate: General Factory $330,000 General Factory Human Resources Total after allocation 40 Human Resources Producing Departments Fabricating Assembly The costs of the Human Resources Department are allocated on the basis of number of employees, and the costs of General Factory are allocated on the basis of square footage. Now assume that Chekov Company uses the sequential method to allocate support department costs. The support departments are ranked in order of highest cost to lowest cost. Required: $114,400 1. Calculate the allocation ratios (rounded to four significant digits) for the four departments using the sequential method. If an amount is zero, enter "0".…
Beginning direct materials Beginning finished goods Beginning work in process Selling & administrative expenses Gross profit Cost of goods manufactured Factory overhead Direct labor $20,900 32,000 21,200 17,000 42,000 328,000 ? Direct materials purchases Ending direct materials Ending work in process Ending finished goods 124,100 24,800 16,500 40,000 Manufacturing costs incurred =
Unity University Final Exam for Management And Financial Accounting Consider zagol manufacturing which is engaged in the manufacturing of product ABC. To produce one unit of the product the company incurs the following costs: Direct material ______$5/kg Direct labor_________$10/hour Total Manufacturing overhead __________________$30000 The company produces a total of 10000 units per month. And the actual price the product is sold is around $24. Company XYZ offers to buy a total of 5000 units this month at the price of $ 17/unit. Would you accept the order if you are the manager? (assume 20% of the manufacturing overhead is variable cost). Describe the basic financial statements , their purpose and their importance to various internal and external users. Clearly discuss which users are most interested in which financial statement and why. Form question one above considering all the manufacturing costs are fixed calculate the Breakeven point both in unit and quantity using the…