A company's overhead rate is 200% of direct labor cost. Using the following incomplete accounts, determine the cost of direct materials 2 used. Work in Process Inventory 65,000 ? Beginning WIP Direct materials Direct labor Applied overhead ? > To finished goods Ending WIP 75,000 Factory Overhead 153,000 155,000 Finished Goods Inventory Beginning FG 55,000 280,000 285,000 Ending FG 50,000
A company's overhead rate is 200% of direct labor cost. Using the following incomplete accounts, determine the cost of direct materials 2 used. Work in Process Inventory 65,000 ? Beginning WIP Direct materials Direct labor Applied overhead ? > To finished goods Ending WIP 75,000 Factory Overhead 153,000 155,000 Finished Goods Inventory Beginning FG 55,000 280,000 285,000 Ending FG 50,000
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter3: Process Cost Systems
Section: Chapter Questions
Problem 6BE: The costs per equivalent unit of direct materials and conversion in the Rolling Department of Kraus...
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Variance Analysis
In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.
Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
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