Material Cost Initial Bal Shipped Final Bal Mat 1 $ 0.54 1000 100000 1300 Mat 2 $ 1.20. 300 145000 145 Mat 3 $ 0.78 4000. 200000 2000 Mat 4 $ 0.42 2300. 146000 1265 Determine the cost per unit of materials for a volume of 312,862

Material Cost Initial Bal Shipped Final Bal Mat 1 $ 0.54 1000 100000 1300 Mat 2 $ 1.20. 300 145000 145 Mat 3 $ 0.78 4000. 200000 2000 Mat 4 $ 0.42 2300. 146000 1265 Determine the cost per unit of materials for a volume of 312,862

Name: pls solve this ques within 15-20 minutes with a complete explanation I
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: pls solve this ques within 15-20 minutes with a complete explanation I'll give you multiple votes. Material Cost Initial Bal Shipped Final BalMat 1 $ 0.54 1000 100000 1300Mat 2 $ 1.20. 300 145000 145Mat 3 $ 0.78 4000. 200000 2000Mat 4 $ 0.42 2300. 14

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 10MC: Direct material costs $3 per unit, direct labor costs $5 per unit, and overhead is applied at the...

See similar textbooks

Similar questions

Question 3A product is manufactured by passing materials through two processes. Production costs for2021 January are as follows:Process A Process BDirect materials 4 000 kg @ $3.00 per kg 1 500 kg @ $2.50 per kgDirect labour $2 000 $1 500Overheads 100% of direct labour cost 125% of direct labour costThere is no beginning or ending work in progress inventory.Normal losses:Process A 10%Process B 5%Scrapped values:Process A $1.75 per kgProcess B $2.50 per kgOutput for 2021 January was:Process A 3 500 kgProcess B 5 050 kgA. Prepare Process A and Process B accounts. B. Prepare abnormal loss/gain accounts. C. Explain the term, equivalent units.
Vehicle Production Numbers Model 3/Y 292,731 Model S/X 13,109 Total 305,840 Estimated Total Annual Overhead $3,727,000,000 Possible Cost Driver Information Amount for Model 3 in Q4 2021 Amount for Model S in Q4 2021 Estimated Total Annual Amount Number of vehicles (units) 292,731 13,109 950,000 Direct labor hours 1,651,000 428,562 8,250,000 Number of machine hours 792,156 122,892 3,525,000 Factory square footage* 6,500,000 3,000,000 9,250,000 Number of setups 334,587 62,498 1,620,000 Number of inspections 6,425,896 1,825,694 33,150,000 Number of unique parts per vehicle* 7,400 8,800 8,750 Number of shipments 1,950 1,025 12,500 Number of engineering support calls 68,255 21,356 350,000 Number of parts 1,211,084,000 141,653,600 5,350,000,000 Number of engineering support hours 194,572 95,200 1,242,000 Number of unique…
Choose the correct letter of answer materials used, P500,000; labor cost, 60% of raw materials used; overhead, 30% of raw materials used; administrative and selling expenses, 40% of labor cost. The total period cost is equivalent to: a. P 120,000b. P890,000c. P800,000d. P590,000
Average Cost per UnitDirect materials . . . . . . . . . . . . . . . . . . . . . . . . . $7.00Direct labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4.00Variable manufacturing overhead . . . . . . . . . $1.50Fixed manufacturing overhead . . . . . . . . . . . $5.00Fixed selling expense . . . . . . . . . . . . . . . . . . . $3.50Fixed administrative expense . . . . . . . . . . . . . $2.50Sales commissions . . . . . . . . . . . . . . . . . . . . . . $1.00Variable administrative expense . . . . . . . . . . $0.50 Answer all questions independently.Required:1. For financial accounting purposes, what is the total amount of product costs incurred to make 20,000 units?2. For financial accounting purposes, what is the total amount of period costs incurred to sell 20,000 units?3. For financial accounting purposes, what is the total amount of product costs incurred to make 22,000 units?4. For financial accounting…
Inventories: March 1 March 31Raw material P18,000 P15,000Work in process 9,000 6,000Finished goods 27,000 36,000Additional information for March:Raw material purchased P42,000Direct labor payroll 30,000Direct labor rate per hour 7.50Overhead rate per direct labor hour 10.00 Required a. prime cost incurred b.conversion cost incurred c. Cost of Goods Manufactured
The amount of direct materials to be back-flushed to Finished Goods is: a. P5,076,000 c. P5,390,250 b. 5,100,000 d. P 5,414,250 The amount of conversion costs to be back-flushed to Finished Goods is: b. P39,750 a. P36,000 c. P75,750 d. P24,000
Question # 1 Standard and the actual costs for direct materials and direct labor are given as under: Standard costs Direct materials 8,000 units at total direct material costs Rs. 40,000 Direct labor: 7,000 hours at Rs. 6 per hour Actual costs Direct materials 8,500 units at Rs. 4.5 per unit Direct labor: 6,500 hours at Rs. 6.25 per hour Required c. Entries in general journal to record the above information d. What do you realize whether the overall variation is in favorable or unfavorable?
P2. Computation of costs per equivalent unit. The Grinding department of Miller Inc. has provided the following costs information: Compute the costs per equivalent units for direct materials under the weighted-average method. (Round your answer to the nearest cent.) Beginning WIP: Direct materials $40,000 Conversion $10,000 $50,000 Costs added during the period: Direct materials $290,000 Conversion $120,000 $410,000 Total costs in the process to account for $460,000 The equivalent units of production for direct materials and conversion costs are 40,000 and 50,000, respectively. At the end of the period, 30,000 units are completed and transferred to the next processing department. Required: a) Compute the costs per equivalent unit for direct materials and conversion. b) Compute the…
Q-5. A company manufactures three products A, B, and C using the same equipment and processes. Data for the period is given below. C B A 20000 25000 2000 Production (units) $20 $20 $20 Sales price (per unit) $5 S10 $10 Material cost per unit hour Labour hours per unit hours hour Labour is paid at the rate of S5 per hour Overheads for the period were as follows: 90000 Set up costs 30000 Receiving 15000 Dispatch Machining 55000 $190000 Cost driver data: B Machine hours per unit 10 13 2 Number of set ups Number of deliveries received 2 20 20 20 Number of orders dispatched Required: 1.Calculate the cost per unit, absorbing all the overheads on the basis of labour hours. (5) 2. Calculate the cost per unit, absorbing the overheads on the basis of Activity based costing approach. (5)
Inputs Standard Quantity Standard Price Direct materials 3.0 pounds $4.00 per pound Direct labor 0.50 hours $22.00 per hour Variable manufacturing overhead 0.50 hours $6.00 per hour Actual results: Actual output 2,000 units Actual variable manufacturing overhead cost $7,140 Actual Quantity Actual price Actual direct materials cost 6,500 pounds $3.80 per pound Actual direct labor cost 1,050 hours $21.60 per hour Enter a formula into each of the cells marked with a ? below Main Example: Chapter 10 Exhibit 10-4: Standard Cost Variance Analysis–Direct Materials Standard Quantity Allowed for the Actual Output, at Standard Price ? pounds × ? per pound = Actual Quantity of Input, at Standard Price ? pounds × ? per pound = ? Actual Quantity of Input, at Actual Price ? pounds × ? per pound = ? Direct materials…
slove only 4 part Cost information of the Alpha Pvt Ltd. show the following purchases and issues of materialsduring October:October 1. Beginning Balance: 2800 units @ Rs. 12.00 per unit.4. Issued 1200 units.6. Received 1000 units @ Rs.13.30 per unit.8. Issued 1000 units.14. Received 400 units @ Rs.14.00 per unit.17. Issued 800 units.20. Received 500 units @ Rs.14.16 per unit.25. Issued 900 units.27. Received 1200 units @ Rs.13.00 per unit.Required:1. The cost of material consumed and the cost assigned to the inventory at the end ofthe month, using FIFO Method. Which industry uses FIFO method and Why?2. The cost of material consumed and the cost assigned to the inventory at the end ofthe month, using Average Cost Method. Which industry uses average cost method andWhy?3. The cost of material consumed and the cost assigned to the inventory at the end ofthe month, using LIFO Method4. The comparative statement showing the effect of each method on gross profit?
Subject: Cost management & accounting Q.3 Compute Factory Cost:Direct Material = Rs. 50,000Conversion Cost = 150,000Prime Cost = 100,000 Q.4 Compute Factory Cost:Prime Cost = Rs. 250,000Direct Material = 100,000Conversion Cost = 380,000 Q.5 Compute: i) Prime Cost ii) Factory CostMaterial = Rs. 75,000 ( 80% Direct )Labour = 100,000 ( 20 % Indirect )Conversion Cost = 180,000 (Indirect Material and Labour are included)