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Product Cost:
The cost incurred on the production of a particular job or product is called product cost. The cost in production of a product usually involves raw material used, direct labor used and manufacturing
Cost Sheet:
The document which reports all the cost incurred on a particular job is called cost sheet. It contains all necessary information regarding the cost on specific production or job. The cost which typically shown in a cost sheet are; direct material, direct labor and manufacturing overhead.
To determine:
1. Computation of (a) cost of products transferred from weaving to sewing (b) cost of products transferred from sewing to finished goods, and (c) cost of goods sold.
2. Journalizing (a) goods transferred from weaving to sewing, (b) goods transferred from sewing goods, and (c) sale of finished goods.
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Chapter 20 Solutions
FUND.ACCT.PRIN -ONLINE ONLY >I<
- Financial Accounting Question please answerarrow_forwardHow much of every retail sales dollar is made up of merchandise cost on these general accounting question?arrow_forwardThe company where Daniel works produces skateboards locally but sells them globally for $60 each. Daniel is one of the production managers in a meeting to discuss preliminary results from the year just ended. Here is the information they had in front of them: Standard Quantity per Unit Standard Price Wood 2.50 feet $4.00 per foot Wheels 5.00 wheels $0.50 per wheel Direct labor 0.30 hours $14.00 per hour Actual results: . • Quantity of wood purchased, 225,000 feet; quantity of wood used, 220,000 feet. Quantity of wheels purchased, 418,800 wheels; quantity of wheels used, 400,800 wheels. Actual cost of the wood, $4.20 per foot. Actual cost of the wheels, $0.55 per wheel. • Quantity of DL hours used, 26,400 hours; actual cost of DL hours, $15.20 per hour. Actual units produced, 80,000 skateboards. (a) Complete a variance analysis for DM (both wood and wheels) and DL, determining the price and efficiency variances for each; be sure to specify the amount and sign of each variance. DM- Wood…arrow_forward
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