Prepare the February cost of production report for the Assembly Dep’t. Exercise 6-7. UNEVEN APPLICATION OF COSTZay Corporation manufactures a product in two departments, Cutting and Assembly. DuringFebruary, the Assembly department received 2,100 units from the Cutting department and 2,000 unitswere transferred out of the Assembly department to finished goods. At the end of the month, 500units were still in process, they were 80% complete as to materials and 60% complete as to conversioncost. Cost data related to February operations follow:Costs charged to the dep'tBeg. InvtyAdded this PeriodCosts from preceding Dep'tP11,800P63,200Materials4,00021,200Direct labor1,20017,660Factory Overhead2,40035,320

Zay Corporation Production Report For the month of February Particulars Equivalents Units…

Answered: Zay Corporation manufactures a product…

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.] Alvarez Company for the current period shows a $28,000 favorable volume variance and a $69,000 unfavorable controllable variance. Standard overhead applied for the period is $228,000. a. What is the actual total overhead cost incurred for the period? b. What is the total overhead variance and is it favorable or unfavorable? a. Actual total overhead b. Total overhead variance S 269,000
So I have to finish the Cost of production Report, as you can see I need help with the cost sections below on my report. See attached photo of my work in progress for this report
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how do you define prime costs? conversion costs? The following costs were incurred in July: Direct Materials $39,500 Direct Labor $30, 400 Manufacturing Overhead $28, 900 Selling Expenses $26, 500 Administrative Expenses $35, 800 What are total conversion costs during the month of July?
Savita
I need to finish with these three questions and need help please. Journalize the entries for costs transferred from Milling to Sifting and the costs transferred from Sifting to Packaging. 2. Determine the increase or decrease in the cost per equivalent unit from June to July for direct materials and conversion costs. 3.Discuss the uses of the cost of production report and the results of part (c).
Daosta Inc. uses the FIFO method in its process costing system. The following data concern the operations of the company's first processing department for a recent month. Required: Using the FIFO method: a. Determine the equivalent units of production for materials and conversion costs. b. Determine the cost per equivalent unit for materials and conversion costs. c. Determine the cost of ending work in process inventory. d. Determine the cost of units transferred out of the department during the month. Work in process, beginning: Units in process Percent complete with respect to materials Percent complete with respect to conversion Costs in the beginning inventory: Materials cost Conversion cost Units started into production during the month Units completed and transferred out Costs added to production during the month: Daosta Inc. uses the FIFO method in its process costing system. The following data concern the operations of the company's first processing department for a recent…
(a) Develop a physical flow schedule for the mixing department for the month of May. (b) Calculate the equivalent units of production for materials and conversion of the mixing department for the month of May. (c) Calculate the unit cost for materials and conversion of the mixing department for the month of May. (d) Calculate the costs of units transferred out and the cost of EWIP for the mixing department for the month of May. (e) Develop a cost reconciliation for the mixing department for the month of May.
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Briefly describe various variances relating to factory overheads. How material, labor and overhead variances calculated and recorded?
Imran Corporation uses the weighted-average method in its process costing system. The ‘B’ Department is the second department in its production process. The data below summarize the department’s operations in January. Units Percent Complete with Respect to Conversion Beginning work in process inventory...................................................... 6,900 60% Transferred in from the prior department during January..................... 93,900 Completed and transferred to the next department during January...... 86,200 Ending work in process inventory........................................................... 14,600 40% The accounting records indicate that the conversion cost that had been assigned to beginning work in process inventory was Rs. 20,174 and a total of Rs. 588,210 in conversion costs were incurred in the department during January. The cost per equivalent unit (single unit cost) for conversion costs for January in the Molding Department is closest…
Shirley Processing. Incorporated (SPI) makes adhesive tape. The following information on the physical flow of units and costs for month of March: Quantities Beginning work-in-process Started To account for Transferred out Ending work in process Accounted for Cost Beginning work-in-process Current period Total Physical 108,000 957,588 1,065,500 976,588 89,000 1,065,508 Total $ 188,570 1,891,498 $ 2,088,068 Equivalent units Percentage Complete Conversion 48% Materials 100% 100% 100% Required A Direct Materials $ 168,180 1,244,750 $ 1,412,938 Required: a. Compute the equivalent units for the conversion cost calculation for March assuming Shirley Processing, Incorporated uses the weighted-average method. b. Compute the cost per equivalent unit for direct materials and conversion costs for March assuming Shirley Processing, Incorporated uses the weighted-average method. Complete this question by entering your answers in the tabs below. 100% 28% Conversion $ 28,390 646,748 $ 667,138 Required…

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