Calculate the actual quantity of materials purchased and used in production during June.

Question

On December 31, Strike Company decided to sell one of its batting cages. The initial cost of the equipment was $308,000 with accumulated depreciation of $199,000. Depreciation has been taken up to the end of the year. The company found a company that is willing to buy the equipment for $35,000. What is the amount of the gain or loss on this transaction? Answer this question

Answer 1

Question

Chapter 24, Problem 8AP

a.

To determine

Calculate the actual quantity of materials purchased and used in production during June.

b.

To determine

Calculate the standard quantity of materials allowed for the productive output achieved during June.

c.

To determine

Calculate the actual average direct labor rate in June.

d.

To determine

Compute the standard direct labor hours allowed for the production output achieved during June.

e.

To determine

Compute the total overhead costs allowed for the production output achieved during June.

f.

To determine

Prepare a journal entry to record the transfer of all work in process to finished goods at the end of June.

g.

To determine

Close all cost variances directly to the Cost of Goods Sold account at the end of June.

h.

To determine

Explain whether Corporation R’s production output during the month of June was more or less than its normal level of output.

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On December 31, Strike Company decided to sell one of its batting cages. The initial cost of the equipment was $308,000 with accumulated depreciation of $199,000. Depreciation has been taken up to the end of the year. The company found a company that is willing to buy the equipment for $35,000. What is the amount of the gain or loss on this transaction? Answer this question

Ayayai Itzek manufactures and sells homemade wine, and he wants to develop a standard cost per gallon. The following are required for the production of a 50-gallon batch. - 2,910 ounces of grape concentrate at $0.08 per ounce. - 54 pounds of granulated sugar at $0.40 per pound. 60 lemons at $0.70 each. 250 yeast tablets at $0.29 each. - 200 nutrient tablets at $0.12 each. - 2,800 ounces of water at $0.005 per ounce. Ayayai estimates that 3% of the grape concentrate is wasted, 10% of the sugar is lost, and 25% of the lemons cannot be used. Compute the standard cost of the ingredients for one gallon of wine.

On December 31, Strike Company decided to sell one of its batting cages. The initial cost of the equipment was $308,000 with accumulated depreciation of $199,000. Depreciation has been taken up to the end of the year. The company found a company that is willing to buy the equipment for $35,000. What is the amount of the gain or loss on this transaction?

Answer 2

Question

Chapter 24, Problem 8AP

a.

To determine

Calculate the actual quantity of materials purchased and used in production during June.

b.

To determine

Calculate the standard quantity of materials allowed for the productive output achieved during June.

c.

To determine

Calculate the actual average direct labor rate in June.

d.

To determine

Compute the standard direct labor hours allowed for the production output achieved during June.

e.

To determine

Compute the total overhead costs allowed for the production output achieved during June.

f.

To determine

Prepare a journal entry to record the transfer of all work in process to finished goods at the end of June.

g.

To determine

Close all cost variances directly to the Cost of Goods Sold account at the end of June.

h.

To determine

Explain whether Corporation R’s production output during the month of June was more or less than its normal level of output.

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Answer 3

Question

Chapter 24, Problem 8AP

a.

To determine

Calculate the actual quantity of materials purchased and used in production during June.

b.

To determine

Calculate the standard quantity of materials allowed for the productive output achieved during June.

c.

To determine

Calculate the actual average direct labor rate in June.

d.

To determine

Compute the standard direct labor hours allowed for the production output achieved during June.

e.

To determine

Compute the total overhead costs allowed for the production output achieved during June.

f.

To determine

Prepare a journal entry to record the transfer of all work in process to finished goods at the end of June.

g.

To determine

Close all cost variances directly to the Cost of Goods Sold account at the end of June.

h.

To determine

Explain whether Corporation R’s production output during the month of June was more or less than its normal level of output.

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Answer 4

Question

Chapter 24, Problem 8AP

a.

To determine

Calculate the actual quantity of materials purchased and used in production during June.

b.

To determine

Calculate the standard quantity of materials allowed for the productive output achieved during June.

c.

To determine

Calculate the actual average direct labor rate in June.

d.

To determine

Compute the standard direct labor hours allowed for the production output achieved during June.

e.

To determine

Compute the total overhead costs allowed for the production output achieved during June.

f.

To determine

Prepare a journal entry to record the transfer of all work in process to finished goods at the end of June.

g.

To determine

Close all cost variances directly to the Cost of Goods Sold account at the end of June.

h.

To determine

Explain whether Corporation R’s production output during the month of June was more or less than its normal level of output.

Expert Solution & Answer

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Answer 5

Chapter 24, Problem 8AP

a.

To determine

Calculate the actual quantity of materials purchased and used in production during June.

b.

To determine

Calculate the standard quantity of materials allowed for the productive output achieved during June.

c.

To determine

Calculate the actual average direct labor rate in June.

d.

To determine

Compute the standard direct labor hours allowed for the production output achieved during June.

e.

To determine

Compute the total overhead costs allowed for the production output achieved during June.

f.

To determine

Prepare a journal entry to record the transfer of all work in process to finished goods at the end of June.

g.

To determine

Close all cost variances directly to the Cost of Goods Sold account at the end of June.

h.

To determine

Explain whether Corporation R’s production output during the month of June was more or less than its normal level of output.

Answer 6

Chapter 24, Problem 8AP

a.

To determine

Calculate the actual quantity of materials purchased and used in production during June.

Answer 7

Chapter 24, Problem 8AP

a.

To determine

Calculate the actual quantity of materials purchased and used in production during June.

Answer 8

b.

To determine

Calculate the standard quantity of materials allowed for the productive output achieved during June.

Answer 9

b.

To determine

Calculate the standard quantity of materials allowed for the productive output achieved during June.

Answer 10

c.

To determine

Calculate the actual average direct labor rate in June.

Answer 11

c.

To determine

Calculate the actual average direct labor rate in June.

Answer 12

d.

To determine

Compute the standard direct labor hours allowed for the production output achieved during June.

Answer 13

d.

To determine

Compute the standard direct labor hours allowed for the production output achieved during June.

Answer 14

e.

To determine

Compute the total overhead costs allowed for the production output achieved during June.

Answer 15

e.

To determine

Compute the total overhead costs allowed for the production output achieved during June.

Answer 16

f.

To determine

Prepare a journal entry to record the transfer of all work in process to finished goods at the end of June.

Answer 17

f.

To determine

Prepare a journal entry to record the transfer of all work in process to finished goods at the end of June.

Answer 18

g.

To determine

Close all cost variances directly to the Cost of Goods Sold account at the end of June.

Answer 19

g.

To determine

Close all cost variances directly to the Cost of Goods Sold account at the end of June.

Answer 20

h.

To determine

Explain whether Corporation R’s production output during the month of June was more or less than its normal level of output.

Answer 21

h.

To determine

Explain whether Corporation R’s production output during the month of June was more or less than its normal level of output.

Answer 22

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Answer 23

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Answer 33

Ch. 24 - Prob. 1STQ Ch. 24 - Prob. 2STQ Ch. 24 - 3. An unfavorable overhead volume variance...Ch. 24 - Prob. 4STQ Ch. 24 - Prob. 5STQ Ch. 24 - Prob. 1DQ Ch. 24 - Prob. 2DQ Ch. 24 - Prob. 3DQ Ch. 24 - Prob. 4DQ Ch. 24 - Prob. 5DQ

Calculate the actual quantity of materials purchased and used in production during June.

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Calculate the actual quantity of materials purchased and used in production during June.

Calculate the standard quantity of materials allowed for the productive output achieved during June.

Calculate the actual average direct labor rate in June.

Compute the standard direct labor hours allowed for the production output achieved during June.

Compute the total overhead costs allowed for the production output achieved during June.

Prepare a journal entry to record the transfer of all work in process to finished goods at the end of June.

Close all cost variances directly to the Cost of Goods Sold account at the end of June.

Explain whether Corporation R’s production output during the month of June was more or less than its normal level of output.

Chapter 24 Solutions