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Auto Novelties. Inc. manufactures a small robot that can be moved around by remote control. It can be used as a novelty to serve food and drinks to guests, and with a special attachment it can vacuum the carpet. The materials are all added at the beginning of the Assembly Operation (the first operation). Labor and overhead are added uniformly during the month.. Data for the month of July in the Assembly Operation are given as follow Units Work in process, July 1 L'inits started in process Costs Work in process, July 1 15,000 250,000 P 210,000 60,000 Materials Labor and overhead July costs: Materials Labor and overhead 3,500,000 1,458,000 The inventory of work in process on July 1 was complete as to materials but only 2/3 complete as to labor and overhead. On July 31, the inventory consisted of 20,000 units that were 40% complete with respect to labor and overhead. Required: Using average method and FIFO method compute for 1. Equivalent production for materials, labor and overhead 2 Unit cost for materials, labor and overhead 3. Total costs of units completcd ad transferred 4. Total costs of units in process, end

Auto Novelties. Inc. manufactures a small robot that can be moved around by remote control. It can be used as a novelty to serve food and drinks to guests, and with a special attachment it can vacuum the carpet. The materials are all added at the beginning of the Assembly Operation (the first operation). Labor and overhead are added uniformly during the month.. Data for the month of July in the Assembly Operation are given as follow Units Work in process, July 1 L'inits started in process Costs Work in process, July 1 15,000 250,000 P 210,000 60,000 Materials Labor and overhead July costs: Materials Labor and overhead 3,500,000 1,458,000 The inventory of work in process on July 1 was complete as to materials but only 2/3 complete as to labor and overhead. On July 31, the inventory consisted of 20,000 units that were 40% complete with respect to labor and overhead. Required: Using average method and FIFO method compute for 1. Equivalent production for materials, labor and overhead 2 Unit cost for materials, labor and overhead 3. Total costs of units completcd ad transferred 4. Total costs of units in process, end

Principles of Cost Accounting
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter8: Standard Cost Accounting—materials, Labor, And Factory Overhead
Section: Chapter Questions
Problem 6P: RDI Products Co. manufactures a variety of products made of plastic and aluminum components. During...
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Auto Novelties. Ine. manufactures a small robot that can be moved around by remote control. It can be used as a novelty to serve food and drinks to guests, and with a special attachment it can vacuum the carpet. The materials are all added at the beginning of the Assembly Operation (the first operation). Labor and overhead are added uniformly during the month.. Data for the month of July in the Assembly Opcration are given as follow Units Work in process, July 1 LUnits started in process Costs Work in process, July 1 15,000 250,000 Materials Labor and overhead P 210,000 60,000 July costs: Materials Labor and overhead 3,500,000 1,458,000 The inventory of work in process on July 1 was complete as to materials but only 2/3 complete as to labor and overhead. On July 31, the inventory consisted of 20,000 units that were 40% complete with respect to labor and overhead. Required: Using average method and FIFO method compute for 1. Equivalent production for materials, labor and overhead 2 Unit cost for materials, labor and overhead 3. Totál costs of units completcd ad transferred 4. Totał costs of units in process, end
Transcribed Image Text:Auto Novelties. Ine. manufactures a small robot that can be moved around by remote control. It can be used as a novelty to serve food and drinks to guests, and with a special attachment it can vacuum the carpet. The materials are all added at the beginning of the Assembly Operation (the first operation). Labor and overhead are added uniformly during the month.. Data for the month of July in the Assembly Opcration are given as follow Units Work in process, July 1 LUnits started in process Costs Work in process, July 1 15,000 250,000 Materials Labor and overhead P 210,000 60,000 July costs: Materials Labor and overhead 3,500,000 1,458,000 The inventory of work in process on July 1 was complete as to materials but only 2/3 complete as to labor and overhead. On July 31, the inventory consisted of 20,000 units that were 40% complete with respect to labor and overhead. Required: Using average method and FIFO method compute for 1. Equivalent production for materials, labor and overhead 2 Unit cost for materials, labor and overhead 3. Totál costs of units completcd ad transferred 4. Totał costs of units in process, end
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