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

Question

??!!

Answer 1

Question

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

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 2

Question

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

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 3

Question

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

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 4

Question

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

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 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 24

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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.

Concept explainers

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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