Each of the following independent situations relates to direct labor. Fill in the blanks.АВCDUnits produced4,0003,000Actual hours worked 1,9008,400Standard hours forproduction achieved2,0006,000Standard hours per unit0.523Standard rate per hourP12P10P12Actual labor costP83,600P24,500Rate varianceP310UP900UР300FEfficiency varianceP2,000UP1,800FP800 U

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Description: Each of the following independent situations relates to direct labor. Fill in the blanks.АВCDUnits produced4,0003,000Actual hours worked 1,9008,400Standard hours forproduction achieved2,0006,000Standard hours per unit0.523Standard rate per hourP12P1

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Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter4: Job-order Costing And Overhead Application

Section: Chapter Questions

Problem 47E: Cost Flows Consider the following independent jobs. Overhead is applied in Department 1 at the rate...

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The following product costs are available for Kellee Company on the production of eyeglass frames: direct materials, $32,125; direct labor, $23.50; manufacturing overhead, applied at 225% of direct labor cost; selling expenses, $22,225; and administrative expenses, $31,125. The direct labor hours worked for the month are 3,200 hours. A. What are the prime costs? B. What are the conversion costs? C. What is the total product cost? D. What is the total period cost? E. If 6.425 equivalent units are produced, what is the equivalent material cost per unit? F. What is the equivalent conversion cost per unit?
A company calculated the predetermined overhead based on an estimated overhead of $70.000, and the activity for the cost driver was estimated as 2,500 hours. If product A utilized 1,350 hours and product 8 utilized 1,100 hours, what was the total amount of overhead assigned to the products? A. $35000 B. $30.800 C. $37,800 D. $68,600
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Yohan Company has the following balances in its direct materials and direct labor variance accounts at year-end: Unadjusted Cost of Goods Sold equals 1,500,000, unadjusted Work in Process equals 236,000, and unadjusted Finished Goods equals 180,000. Required: 1. Assume that the ending balances in the variance accounts are immaterial and prepare the journal entries to close them to Cost of Goods Sold. What is the adjusted balance in Cost of Goods Sold after closing out the variances? 2. What if any ending balance in a variance account that exceeds 10,000 is considered material? Close the immaterial variance accounts to Cost of Goods Sold and prorate the material variances among Cost of Goods Sold, Work in Process, and Finished Goods on the basis of prime costs in these accounts. The prime cost in Cost of Goods Sold is 1,050,000, the prime cost in Work in Process is 165,200, and the prime cost in Finished Goods is 126,000. What are the adjusted balances in Work in Process, Finished Goods, and Cost of Goods Sold after closing out all variances? (Round ratios to four significant digits. Round journal entries to the nearest dollar.)
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Cost Flows Consider the following independent jobs. Overhead is applied in Department 1 at the rate of 6 per direct labor hour. Overhead is applied in Department 2 at the rate of 8 per machine hour. Direct labor wages average 10 per hour in each department. Required: Fill in the missing data for each job.
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Each of the following independent situations relates to direct labor. Fill in the blanks. ABCD Units produced4,000_____3,000_____ Actual hours worked1,9008,400__________ Standard hours forproduction achieved 2,000__________6,000 Standard hours per unit_____0.523 Standard rate per hourP12P10P12_____ Actual labor cost_____P83,600_____P24,500 Rate varianceP310U_____P900UP300F Efficiency variance_____P2,000UP1,800FP800 U