Concept explainers
Videos
Factory Overhead Account:
Factory overhead account consists of the cost which is incurred to maintain the production facility but is not direct cost to produce the product. It is lump sum expense which are incurred after a period end and charged to each product by dividing by number of product produced during that period.
It is a report which shows all the processes to produce the product and cost associated with each process.
Equivalent Unit of Production:
It shows the number of product produced with the manufacturer at the end of a particular time frame. At the end of the period, a manufacturer can have fully completed and partially completed product, it show all the product as equivalent fully completed product.
Work in Progress Inventory Account:
Work in progress inventory account is asset accounts which show the balances of all partial produced products.
Raw Material Inventory Account:
Raw material inventory account is an asset account which show the balance of all those material which are not yet used to make a final product or work in progress.
Material Requisition:
It is a list which is used to take the goods required from inventory to manufacture a final good.
Finished Goods Inventory Account:
Finished goods inventory account is an asset account which shows the balance of all the finished good in the company.
To identify: Description of the purpose.
Want to see the full answer?
Check out a sample textbook solution
Chapter 16 Solutions
FINANCIAL+MGRL.ACCT.(LL)-W/CODE>CUSTOM<
- The variable cost is $16 per unit for a product that sells for $20. For 2,000 units, what is the contribution margin and contribution margin per unit? A. $8,000; $4 B. $8,000; $8 C. $12,000; $16 D. $20,000; $20arrow_forwardgross profit on each glass ??arrow_forwardI am looking for help with this general accounting question using proper accounting standards.arrow_forward
- calculate net income ...?arrow_forwardgeneral accountingarrow_forwardGiven the following cost and activity observations for Smithson Company's utilities, use the high-low method to calculate Smithson's fixed costs per month. Cost Machine Hours January $3,080 14,719 February $2,669 10,205 March $2,806 12,138 April $3,573 18,476 A. $2,669 B. $3,032 C. $1,554 D. $1,471arrow_forward
- what is the unit variable cost ???arrow_forwardPlease provide the solution to this general accounting question using proper accounting principles.arrow_forwardThe output of a company's assembly department during the period consists of 32,000 units completed and transferred out, and 18,000 units in ending Work in Process that were 40% complete as to materials and conversion costs. The beginning inventory was 15,000 units that were 20% complete as to materials and conversion costs. Under the weighted-average method, what are the equivalent units of production for materials? a. 39,200 b. 32,000 c. 7,200 d. 41,000arrow_forward
AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,
Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSON
Intermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill Education
Financial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education