Total units of direct material ?
Q: What units (whole vs equivalent) are complete with respect to materials or conversion and what units…
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Q: The standards for direct materials are made up of which of the following components?
A: The pricing standard and quantity standard are the elements of direct material variances. Direct…
Q: How is the cost of goods manufactured calculated?
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Q: What is another name for total manufacturing cost??
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A: Raw materials are those materials which are used directly for the production and manufacturing of…
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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: How does the unit cost of producing an item depend on the total quantity of items that have been…
A: Unit cost is the cost of producing per unit. Unit cost includes both variable and fixed cost that…
Q: Define equivalent units of production.
A: Definition: Process costing: It is a method of cost accounting, which is used where the production…
Q: What is the equivalent production units of materials? What is the equivalent production units of…
A: Inventory refers to the stock that is held by the company or is not sold yet which is expected to be…
Q: Equivalent Units of Materials Equivalent Units of Conversion
A: Process costing: process costing is a costing method used by companies that produce homogeneous…
Q: equivalent units of production
A: We are given that units are 30% completed as to the conversion costs. So, first we calculate the…
Q: Calculate how much material A
A: Worth of a product will be decided by the current price to the company i.e it will consider the net…
Q: Difference between physical units and equivalent units
A: Here, units mean the amount of goods in inventory like goods which are in progress, transferred…
Q: What is the cost measurement? cost accumulation? what is the difference between the two?
A: Cost is the monetary value of an item or a service. While producing an item, there may be various…
Q: Calculate the units produced?
A:
Q: Direct material Direct labor Overhead Total
A: The overheads are applied to production on the basis of predetermined overhead rate. As per…
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 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 underapplied overhead? Overapplied overhead?
A: The under applied overhead is explained as below,
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 the term Raw-materials- inventory?
A: Inventory is the materials such as raw materials, finished products, in-process goods that are…
Q: Describe the purpose of raw material subsidiary ledger.
A: Raw material subsidiary ledger: This ledger refers to the individual account, which records the all…
Q: what is the equivalent units of production for materials? B) what is the equivalent units of…
A:
Q: What are the primary determinants for both materials and operations requirements?
A: Definition: Conversion cycle: A set of all processes that are used to collect inputs and convert…
Q: How do you compute the raw materials used in production?
A: The raw material consumed in the production is both by way of direct material consumed and indirect…
Q: Define unit costs.
A: Unit cost is the cost incurred by the company in the production, storage and selling of one unit of…
Q: What are the equivalent units of production?
A: Work-in-Process: It refers to the partially finished goods of a company waiting to be completed.…
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: cost of materials issuances under the fifo method
A: Meaning of FIFO method FIFO method is called as First in First Out method. Under FIFO method the…
Q: Units of production method with workings required.
A: Depreciation is a decrease in the value of assets due to normal wear and tear, the effect of time,…
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: What is meant by the term equivalent units of production when the weighted-average method is used?
A:
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: Describe the Units-of-Production Method?
A:
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: Explain the term transferred in costs.
A: Concept of transferred in costs are used in process costing system. Operations of a company…
Q: Explain the calculation of equivalent units of production.
A: Equivalents units for production (EUP): Equivalents units are a measure of the work done during an…
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: What amount should be reported as cost of goods manufactured?
A: Cost of Goods Manufactured :— It is the total cost incurred during manufacturing of the finished…
Q: Describe consumption and production externalities.
A: An externality is a benefit or cost imposed on third party who had not agree to incur the monetary…
Q: Define cost of construction.
A: Determination of cost: The procurement or acquisition cost of “property, plant and equipment”…
Q: Define Units-of-production method
A: The units-of-production method is the method of depreciation based on the total number of units…
Q: raw material used
A: Raw material used = Opening raw materials + Raw materials purchased - Closing raw materials
Q: How does the use of direct and indirect materials in production affect the accounts?
A: Step 1: Direct materials are the raw materials that are used directly in the process of production.…
Q: Distinguish between direct material and indirect material.
A: Direct materials will be materials that are devoured during the creation of an item as either…
Total units of direct 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.