Cost per unit for material?
Q: Define direct labour cost variance.
A: Definition: Variance analysis: Variance analysis is the process of evaluating the differences…
Q: Explain unit product cost under variable costing.
A: Variable Costing: “Variable costing is a method that allocates only variable manufacturing costs to…
Q: conversion cost per unit
A: Conversion costs are costs incurred to produce raw materials into Finished goods. These are labour…
Q: what is variable cost per unit?
A: Variable Cost = Cost which changes with change in units. Variable Cost Per unit = It is Variable…
Q: What is another name for total manufacturing cost??
A: The total manufacturing cost is the total expense incurred by a firm for production of the goods…
Q: What is the direct labor rate variance
A: Solution: Direct labor rate variance is computed as = (SR - AR) *AH Where SR = Standard rate AR =…
Q: total cost function
A: We know that fixed cost remains constant irrespective of the level of activity and variable cost…
Q: present. What is the cost of direct material used?
A: Direct material used = Opening Stock + Raw materials purchased - Closing Stock
Q: Difference between standard cost and actual cost.
A: A standard cost is a pre-determined or pre-established cost to make a unit of finished product.…
Q: What is a manual factoring cost
A: A type of financial transaction in which a business sells its account receivables to a third party…
Q: What is the relationship between total carrying cost and totalordering cost at the EOQ?
A: It indicates an inverse relationship between the cost of ordering and the cost of holding at…
Q: How to calculate Manufacturing cost
A: The manufacturing cost is total of (1) cost of direct materials, (2) cost of direct labor and (3)…
Q: How much is the cost of goods manufactured?
A: Cost of goods manufactured in the business shows total costs incurred in manufacture and production…
Q: Need help to calculate the production cost per unit
A: The financial position of the company can be arrived from the income statement prepared by the…
Q: what is the total cost of ?goods manufactured
A: Cost of goods manufactured = Beginning Work in progress + Manufacturing costs incurred - Ending work…
Q: What is the Equivalent Units of Production?
A: Equivalent unit of production is a term that is used to be applied to the work in progress inventory…
Q: What is the variable cost per unit produced?
A: Variable costs are those costs which changes directly with change in level of activity. For example,…
Q: Cost per unit for conversion cost
A: Conversion costs is that cost which is the cost of direct labour and factory overhead costs which…
Q: What is Units-of-production method?
A:
Q: What is the purpose for determining the cost per equivalent unit?
A: Equivalent units of production are applied to the work-in process inventory at the end of an…
Q: what is weighted average cost method?
A: The weighted average cost method is one of the methods to ascertain the unit cost of a product. It…
Q: What are the differences between cost accounting and cost management?
A: Cost Accounting: Cost accounting refers that branch of accounting, which records and analyzes the…
Q: determine unit cost under variable costing?
A: Costing techniques are important concept used in cost accounting branch. There are two type of…
Q: Formula for computing the unit cost of transferred out units
A: In the process costing the cost of each stage is added to the completed units in the same process.
Q: define direct manufacturing-labor costs?
A: Cost: It refers to the economic value incurred by a company to produce a product or deliver a…
Q: what is the difference in unit costs?
A: Solution:- Given, Steel Costing = 8 Ounce Aluminum Costing = 5 Ounce Penalty for each extra pound =…
Q: do you determine the production
A:
Q: What does the Unit contribution margin express?
A: Break Even Point: Break Even Point is defined as the level where there is no profit…
Q: Provide the meaning of material cost and the procedure for estimation of material cost
A: Material costs are those costs incurred to produce a product or provide a service. Any product has a…
Q: Weighted-average cost per unit
A: Inventory: Inventory means to stock it may be raw materials, work-in-process or finished goods Goods…
Q: How much is the total cost of goods manufactured?
A: Cost of goods manufactured is the sum total of all direct expenses like material and labour costs…
Q: What is cost management?
A: Cost: The amount paid to purchase the asset, install it, and put it into operations, is referred to…
Q: How is conversion costs per equivalent unit calculated?
A: The cost per unit is calculated as total cost divided by number of units.
Q: how to calculate unit manufacturing cost
A: How to calculate unit manufacturing cost.
Q: What the mean of standar cost
A: Standard cost is defined in the CIMA ‘ the planned unit cost of the product, component or service…
Q: Why is the cost per equivalent unit often determined separately for direct materials and conversion…
A: Process costs: It is a method of cost accounting, which is used where the production is continuous,…
Q: How is the cost per equivalent unit of production calculated?
A:
Q: What is recalculated cost?
A: Cost: It implies to the amount that is paid or spent on a specified task or activity. It indicates…
Q: how much is the cost of goods manufactured?
A: Cost of goods manufactured shows total costs incurred on production and manufacturing of goods in…
Q: .What is the amount of cost of goods manufactured
A: We are given abstract of few accounts from the books of Sharp Manufacturing. Sharp Manufacturing…
Q: Define direct manufacturing-labor costs with an example?
A: Cost: Cost refers to the expenses incurred by the business to earn revenue from sales, in other…
Q: How do you compute the unit varible cost for an item in manufacturing?
A: Variable costs: Variable costs are costs that vary in direct proportion with changes in production…
Q: What are product costs?
A: Product costs refer to the costs incurred by a business from manufacturing a product or providing a…
Q: Product and period cost according to absorption costing and Variable costing with examples ?
A: Absorption costing is a method where all the cost related to the manufacturing process is considered…
Q: What is a target cost per unit?
A: The target cost per unit refers to the cost that is to be estimated that the customers are willing…
Q: total cost
A: We know that fixed cost remains constant irrespective of the level of activity and variable cost…
Cost per unit for material?
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- The records of Burris Inc. reflect the following data: Work in process, beginning of month2,000 units one-half completed at a cost of 1,250 for materials, 675 for labor, and 950 for overhead. Production costs for the monthmaterials, 99,150; labor, 54,925; factory overhead, 75,050. Units completed and transferred to stock38,500. Work in process, end of month3,000 units, one-half completed. Compute the months unit cost for each element of manufacturing cost and the total per unit cost.Chavez Concrete Inc. has two production departments. Blending had 1,000 units in process at the beginning of the period, two-fifths complete. During the period 7,800 units were received from Mixing, 8,200 units were transferred to the finished goods storeroom, and 600 units were in process at the end of the period, 1/3 complete. The cost of the beginning work in process was: The costs during the month were: 1. Using the data in E5-15, prepare a cost of production summary for the month ended January 31, 2016. 2. Prepare a journal entry to transfer the cost of the completed units from Blending to the finished goods storeroom.Ardt-Barger has a beginning work in process inventory of 5.500 units and transferred in 25,000 units before ending the month with 3.000 u flits that were 100% complete with regard to materials and 80% complete with regard to conversion costs. The cost per unit of material is $5.45, and the cost per unit for conversion is $6.20 per unit, Using the weighted-average method, prepare the companys process cost summary for the month.
- Baxter Company has two processing departments: Assembly and Finishing. A predetermined overhead rate of 10 per DLH is used to assign overhead to production. The company experienced the following operating activity for April: a. Materials issued to Assembly, 24,000 b. Direct labor cost: Assembly, 500 hours at 9.20 per hour; Finishing, 400 hours at 8 per hour c. Overhead applied to production d. Goods transferred to Finishing, 32,500 e. Goods transferred to finished goods warehouse, 20,500 f. Actual overhead incurred, 10,000 Required: 1. Prepare the required journal entries for the preceding transactions. 2. Assuming Assembly and Finishing have no beginning work-in-process inventories, determine the cost of each departments ending work-in-process inventories.During March, the following costs were charged to the manufacturing department: $22,500 for materials; $45,625 for labor; and $50,000 for manufacturing overhead. The records show that 40,000 units were completed and transferred, while 10,000 remained in ending inventory. There were 45,000 equivalent units of material and 42,500 units of conversion costs. Using the weighted-average method, prepare the companys process cost summary for the month.Clearwater Candy Co. had a cost per equivalent pound for the month of 4.56 for materials, 1.75 for labor, and 1.00 for overhead. During the month, 10,250 lb were completed and transferred to finished goods. The 3,200 lb in ending work in process were 100% complete as to materials and 60% complete as to labor and overhead. At the beginning of the month, 1,500 lb were in process, 100% complete as to materials and 50% complete as to labor and overhead. The beginning inventory had a cost of 8,775. Clearwater uses FIFO costing. Required: 1. Calculate the cost of the pounds completed and transferred to finished goods. 2. Calculate the cost of the ending work in process.
- AAA Appliances Inc. has two production departments. The nature of the process is such that no units remain in process in Finishing at the end of the period. At the beginning of the period, 10,000 units with a cost of 30,000 were transferred from Assembly to Finishing. Finishing incurred costs of 8,800 for materials, 7,200 for labor, and 8,800 for factory overhead, and finished 10,000 units during the month. Using the data in E5-9, prepare a statement of cost of goods manufactured for the month ended January 31, 2016, assuming that no further work was done in Assembly during January.Narwhal Swimwear has a beginning work in process inventory of 13,500 units and transferred in 130,000 units before ending the month with 14,000 units that were 100% complete with regard to materials and 30% complete with regard to conversion costs. The cost per unit of material is $5.80 and the cost per unit for conversion is $8.20 per unit. Using the weighted-average method, what is the amount of material and conversion costs assigned to the department for the month?On December 1, Carmel Valley Production Inc. had a work in process inventory of 1,200 units that were complete as to materials and 50% complete as to labor and overhead. December 1 costs follow: During December the following transactions occurred: a. Purchased materials costing 50,000 on account. b. Placed direct materials costing 49,000 into production. c. Incurred production wages totaling 50,500. d. Incurred overhead costs for December: e. Applied overhead to work in process at a predetermined rate of 125% of direct labor cost. f. Completed and transferred 10,000 units to finished goods. (Hint: You should first compute equivalent units and unit costs. The unit cost should include applied, not actual, factory overhead.) Carmel Valley uses the weighted average cost method. The ending inventory of work in process consisted of 1,000 units that were completed as to materials and 25% complete as to labor and overhead. Required: Prepare the journal entries to record the above December transactions.
- Kokomo Kayak Inc. uses the process cost system. The following data, taken from the organizations books, reflect the results of manufacturing operations during the month of March: Production Costs Work in process, beginning of period: Costs incurred during month: Production Data: 18,000 units finished and transferred to stockroom. Work in process, end of period, 3,000 units, two-thirds completed. Required: Prepare a cost of production summary for March.Dublin Brewing Co. uses the process cost system. The following data, taken from the organizations books, reflect the results of manufacturing operations during October: Production Costs Work in process, beginning of period: Costs incurred during month: Production Data: 13,000 units finished and transferred to stockroom Work in process, end of period, 2,000 units one-half completed Required: Prepare a cost of production summary for October.Using the same data found in Exercise 6.22, assume the company uses the FIFO method. Required: Prepare a schedule of equivalent units, and compute the unit cost for the month of December. Fordman Company has a product that passes through two processes: Grinding and Polishing. During December, the Grinding Department transferred 20,000 units to the Polishing Department. The cost of the units transferred into the second department was 40,000. Direct materials are added uniformly in the second process. Units are measured the same way in both departments. The second department (Polishing) had the following physical flow schedule for December: Costs in beginning work in process for the Polishing Department were direct materials, 5,000; conversion costs, 6,000; and transferred in, 8,000. Costs added during the month: direct materials, 32,000; conversion costs, 50,000; and transferred in, 40,000.