20TB MC Qu. 10-71 Thomas Enterprises...Thomas Enterprises purchased 58,300 pounds (cost = $378,950) of direct material to be used in the manufacture ofthe company's sole product. According to the production specifications, each completed unit requires five pounds ofdirect material at a standard cost of $6.80 per pound. Direct materials consumed by the end of the period totaled55,800 pounds in the manufacture of 11,400 finished units.5DintsеВookAn examination of Thomas' payroll records revealed that the company worked 23,100 labor hours (cost = $272,580)during the period, and specifications called for each completed unit requiring two hours of labor at a standard cost of$12.40 per hour. Use the information to compute the following variances.PrintReferencesThomas' direct-labor rate variance was:Multiple Choice$13,860 F.< Prev20 of 24Next > Check my$13,860 F.$13,860 U.$3,720 F.$3,720 U.None of the answers is correct.

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Description: 20TB MC Qu. 10-71 Thomas Enterprises...Thomas Enterprises purchased 58,300 pounds (cost = $378,950) of direct material to be used in the manufacture ofthe company's sole product. According to the production specifications, each completed unit requir

Direct Labor rate Variance is the Variance for the difference between Actual rate and Standard Rate…

Answered: Thomas' direct-labor rate variance was:

Business

Accounting

Thomas' direct-labor rate variance was:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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44 ABC Company uses a backflush costing system with three trigger points: Purchase of direct materials Completion of finished units Sale of finished units The following data are provided for April 2022: Purchase of raw materials – P3,000,000 Conversion costs incurred – P800,000 Standard direct material cost is P100 per unit while standard conversion cost is P25 per unit. ABC Company produced 28,500 units and was able to sell 28,300 units. How much is the Raw and In Process account as of the end of April?
Problem 9 Comely Products manufactures three products R, S, and T, in a joint Process. For every ten kilos of raw materials input, the output is five kilos of R, three kilos of S, and two kilos of T. During August, 50,000 kilos of raw materials costing P120,000 were processed and completed, with joint conversion costs of P200,000. Conversion costs are to be allocated to the products on the basis of market values. To make the products saleable, further processing which does not require additional raw materials was done at the following costs: Further processing cost Selling Price Product R P30,000 P10.00 Product S P20,000 P12.00 Product T P30,000 P15.00 If all units of Product T are sold, and selling and administrative expenses are 20% of sale, the net income from the sale of Product T is:
5) A production company with an annual normal production capacity of 4,800 units/year calculates its costs according to the normal cost method. The enterprise has actually produced 300 units/month in April 2021. The production costs of the enterprise for the period of April 2021 were realized as follows, according to the full cost method.Direct Raw Material and Material Expenses(D) 3.000.-₺Direct Labor Costs(D) 2.700.-₺General Production Expenses(D) 2.400.-₺General Production Expenses (S) 2.000.-₺Required: Business:a) Calculate the “Unit Cost of Goods Produced” for the period of April 2021.b) If the "Actual Production Amount" for the period of April 2021 was 340 units/month (assuming that other data remain constant and unchanged), calculate the "Unit Cost of Goods Produced". A. a) 32.88.-₺/br ; b) 32.00.-₺/brB. a) 33,66.-₺/br ; b) 29,70.-₺/brC. a) 32.00.-₺/br ; b) 32.00.-₺/brD. a) 32.00.-₺/br ; b) 32.88.-₺/brE. a) 32.00.-₺/br ; b) 28,82.-₺/brF. a) 27,41.-₺/br ; b) 24,24.-₺/br
Problem 9 Comely Products manufactures three products R, S and T, in a joint Process. For every ten kilos of raw materials input, the output is five kilos of R, three kilos of S and two kilos of T. During August, 50,000 kilos of raw materials costing P120,000 were processed and completed, with joint conversion costs of P200,000. Conversion costs are to be allocated to the products on the basis of market values. To make the products saleable, further processing which does not require additional raw materials was done at the following costs: Further processing cost Selling Price Product R P30,000 P10.00 Product S P20,000 P12.00 Product T P30,000 P15.00 Assuming that all units are sold, the gross margin on sales for Product S is
46 ABC Company uses a backflush costing system with three trigger points: Purchase of direct materials Completion of finished units Sale of finished units The following data are provided for April 2022: Purchase of raw materials – P3,000,000 Conversion costs incurred – P800,000 Standard direct material cost is P100 per unit while standard conversion cost is P25 per unit. ABC Company produced 28,500 units and was able to sell 28,300 units. How much is the ending Finished Goods as of the end of April?
61. Fundador Inc. makes two products, Wet and Dry, from a joint operating process. For the month of May 2021, the total joint costs of processing was P120,000 and the costs of further processing after the point of split-off, as well as other relevant data, are as follows: a. • P60,000 b. • P66,000 c. • P72,000 d. • P80,000
5. NESTING, Inc. is employing a sophisticated just-in-time manufacturing system. The company uses backflush costing for recording its production. The following transactions occurred for the year ended December 31,2020: A. Purchased Php 170,000.00 of raw materials on account. B. All materials purchased were requisitioned for production. C. Incurred direct labor costs of Php 80,000.00. D. Actual Factory overhead costs amounted to Php 122,000.00. E. Applied conversion costs totaled Php 202,000.00 including direct labor cost of Php 80,000.00. F. All telephones were completed and sold. What is the cost of goods sold for the year ended December 31,2020? * 3 points
Q42 Mixing Company manufactured 2,709 units of its only product during 2022. The inputs for this production are as follows: 515 pounds of Material A at a cost of $2.15 per pound 430 pounds of Material H at a cost of $3.40 per pound 560 direct labor hours at $46 per hour The firm manufactured 2,775 units of the same product in 2021 with the following inputs: 630 pounds of Material A at a cost of $1.85 per pound 490 pounds of Material H at a cost of $3.15 per pound 530 direct labor hours at $44 per hour In 2022, the partial operational productivity of Material H is: Multiple Choice 6.25 units per pound. 6.30 units per pound. 5.26 units per pound. 2.29 units per pound. 6.20 units per pound.
Q21 Mixing Company manufactured 2,200 units of its only product during 2022. The inputs for this production are as follows: 520 pounds of Material A at a cost of $2.20 per pound 370 pounds of Material H at a cost of $3.45 per pound 580 direct labor hours at $48 per hour The firm manufactured 2,268 units of the same product in 2021 with the following inputs: 540 pounds of Material A at a cost of $1.40 per pound 400 pounds of Material H at a cost of $2.70 per pound 450 direct labor hours at $18 per hour In 2021, the partial financial productivity of direct labor is: Multiple Choice 0.28. 5.04. 4.48. 0.25. 5.60.
Q47 Mixing Company manufactured 1,600 units of its only product during 2022. The inputs for this production are as follows: 460 pounds of Material A at a cost of $1.60 per pound 310 pounds of Material H at a cost of $2.85 per pound 340 direct labor hours at $24 per hour The firm manufactured 1,620 units of the same product in 2021 with the following inputs: 540 pounds of Material A at a cost of $1.20 per pound 370 pounds of Material H at a cost of $2.50 per pound 420 direct labor hours at $22 per hour In 2021, the partial financial productivity of Material A is: Multiple Choice 0.27. 0.23. 2.50. 2.78. 3.00.
9. The Modelling Department of AMC Inc. incurred $295,000 in direct material costs and $120,600 in conversion costs during the period. The beginning work-in-process inventory costs include $25,000 in direct material costs and $38,000 in conversion costs. The equivalent units of production for direct materials and conversion costs are 8,000 and 5,200, respectively. At the end of the period, 4,500 units are completed and transferred to the next processing department. Compute the costs per equivalent units for conversion costs under the weighted-average method. (Round your answer to the nearest cent.) Group of answer choices $23.19 per EUP $36.88 per EUP $30.50 per EUP $40.00 per EUP 10. The use of activity-based costing (ABC) normally results in: Group of answer choices Decreased setup costs being charged to low-volume products. Substantially lower unit costs for low-volume products than is reported by traditional product costing. Equalizing setup costs for all product lines.…
55. Arrow Industries employs a standard cost system in which direct materials inventory is carried at standard cost. Arrow has established the following standards for the prime costs of one unit of product. Standard Quantity Standard Price Standard Cost Direct materials 8 pounds $1.80 per pound $14.40 Direct labor .25 hour $8.00 per hour 2.00 $16.40 During November, Arrow purchased 160,000 pounds of direct materials at a total cost of $304,000. The total factory wages for November were $42,000, 90% of which were for direct labor. Arrow manufactured 18,000 units of product during November using 142,500 pounds of direct materials and 5,000 direct labor hours. Arrow’s direct labor usage (efficiency) variance for November is Group of answer choices $2,000 unfavorable $4,000 unfavorable $2,000 favorable $2,200 favorable $1,800 unfavorable $4,000 favorable