udard Selling Price ct Materials ect Labour
Q: What are the inventory accounts used in JIT costing?
A: JIT (Just-In-Time) inventory system is usually implemented in an organization to reduce the amount…
Q: Required: a) Compute prime cost, manufacturing cost and cost of goods manufactured. b) Compute cost…
A: Prime costs is the cost of raw materials used and direct labour costs. Manufacturing costs includes…
Q: Sales to Y Sales to others Cost of goods sold
A: A consolidated financial statement is inclusive of all the subsidiary companies where the owner has…
Q: Cost behavior Costs Value Chain O Cost drivers
A: Answer: Cost behavior is defined as the changing nature of cost dependent on any units. Costs are of…
Q: What is Re-order quantity? What is Re-order level? What is Maximum stocklevel? With respect to…
A: Inventory management consist of various levels namely re-order level, re-order quantity, maximum and…
Q: what is the total cost of ?goods manufactured
A: Cost of goods manufactured = Beginning Work in progress + Manufacturing costs incurred - Ending work…
Q: Research and development costs are classified as: O a. Inventoriable costs. O b. O c. O d. Product…
A: A cost accounting system is a system of accounting that is helpful for the internal management to…
Q: How to calculate manufacturing costs
A: How to calculate manufacturing costs.
Q: What is Cost account payable
A: All variable costs are reduced from sales revenue to get at a contribution margin, from which all…
Q: Delivered price
A: Delivered price indicates the agreed price to deliver an item in the FOB pricing model. It includes…
Q: d. Compute the total manufacturing cost. Total Manufacturing Cost e. Compute the prime cost.
A: Solution:- d)Calculation of Total manufacturing cost as follows:- Total manufacturing cost =Direct…
Q: What means of cost
A: Cost denotes the amount of money that a company spends on the creation or production of goods or…
Q: e the cost of goods manufactured:
A: Direct Material used $ 120 Direct Labour $ 200 Manufacturing…
Q: Costs labor and uo o1ɔ IJed o O UoueAIm:
A: In this problem , Nelly Co. incurred a cost for plannting…
Q: What product cost is both a prime cost and a conversion cost?
A:
Q: bject:cost account
A: Cost of Production report states the cost per Equivalent unit produced and transferred and cost of…
Q: d. Perpetual system, LIFO cost flow. e. Periodic system, weighted-average cost flow. f.…
A: Perpetual inventory system - Movement of inventory is recorded on regular basis. Periodic inventory…
Q: Manufacturing costs include selling and administrative costs. Select one: O a. TRUE O b. FALSE
A: Manufacturing cost: It is a cost incurred for the production of a product like Direct labor, direct…
Q: Define basic earning power (BEP) ratio
A: The formula to compute basis earning power ratio as follows:
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: as a Cost Center a Line It Production Li
A: Line item budget Actual variance % variance Production Line wages 20,000…
Q: The cost equation and the distinction between product and period costs are described
A: The cost equation and the distinction between product and period costs are described will be…
Q: The product cost period cost opertunity cost
A: Solution:- 1)Calculation of product cost as follows under:- Product cost means costs incurred to…
Q: Describe how changes in the demand, ordering cost,or holding cost affect the EOQ.
A: Conceptual base- Economic Order Quantity (EOQ) is the order quantity that minimizes total inventory…
Q: What is the prime cost
A: What is Prime Cost.
Q: cos cost
A: Total cost of products = (New variable cost per unit * New number of units) + New fixed costs
Q: fit - Expenses = aterials Direct Labor = Manufacturing Costs = Cost of Goods Manufactured : WTD
A: As per rule, allowed to answer one question at a time and post the remaining in the next submission.
Q: hat is distinguish between product and period cos
A: Product costs are the costs directly linked with the creation of a product or service for sale.…
Q: What is cost hierarchy?
A: Cost: Cost can be defined as the cash and cash equivalent which is incurred against the products…
Q: Y,a,b and X explain these with help of examples according to cost behaviour
A: Cost behavior analysis helps to understand the change in the total cost with respect to the change…
Q: al productivities and input pri g too much labor relative to
A: In economics, particularly neoclassical economics, the marginal product or marginal physical…
Q: How do period costs differ from product costs?
A:
Q: Required: (a)Compute prime cost, manufacturing cost and cost of goods manufactured. (b)Compute cost…
A: Prime Cost= Direct Material Cost+ Direct labor Cost Manufacturing Cost= Prime Cost +Manufacturing…
Q: Describe Estimating Supplier Costs Using Reverse Price Analysis?
A: Reverse pricing analysis is a pricing model which allows its consumers in order to establish the…
Q: Product costs are also called:
A: Product costs are the direct costs associated with the manufacturing of a product and therefore…
Q: What is the role of Cost Accounting in Price Determination ?
A: The primary difference between fixed as well as variable costs is made in cost accounting.…
Q: total manufacturing cost to account fo
A:
Q: Tracking the cost of product is belong to the cost accounting Select one: O True O False
A: Product cost includes the total cost of goods manufacturing. So it includes direct material, direct…
Q: per direct labor hou
A: Sollution:- Predetermined shop overhead rate:- =…
Q: What are product costs?
A: Product costs refer to the costs incurred by a business from manufacturing a product or providing a…
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- Wrappers Tape makes two products: Simple and Removable. It estimates it will produce 369,991 units of Simple and 146,100 of Removable, and the overhead for each of its cost pools is as follows: It has also estimated the activities for each cost driver as follows: Â How much is the overhead allocated to each unit of Simple and Removable?(Appendix 3A) Scattergraph, High-Low Method, Method of Least Squares, Use of Judgment The management of Wheeler Company has decided to develop cost formulas for its major overhead activities. Wheeler uses a highly automated manufacturing process, and power costs are a significant manufacturing cost. Cost analysts have decided that power costs are mixed. The costs must be broken into their fixed and variable elements so that the cost behavior of the power usage activity can be properly described. Machine hours have been selected as the activity driver for power costs. The following data for the past 8 quarters have been collected: Note: For the following requirements, round the fixed cost to the nearest dollar, round the variable rates to three decimal places, and the R2 to two decimal places. Required: 1. Prepare a scattergraph by plotting power costs against machine hours. Does the scatter-graph show a linear relationship between machine hours and power cost? 2. Using the high and low points (i.e., the high-low method), compute a power cost formula. (Note: Round answers to three decimal places.) 3. Use the method of least squares to compute a power cost formula. Evaluate the coefficient of determination. 4. CONCEPTUAL CONNECTION Rerun the regression, and drop the point (20,000, 26,000) as an outlier. Compare the results from this regression to those for the regression in Requirement 3. Which is better?Question No. 4: Production under Constrained Resources Glover Company makes three products in a single facility. These products have the following unit product costs:ProductABCDirect materials$35.10$51.60$58.00Direct labor22.5025.1015.90Variable manufacturing overhead2.301.701.60Fixed manufacturing overhead12.207.808.40Unit product cost$72.10$86.20$83.90Additional data concerning these products are listed below.ProductABCMixing minutes per unit1.300.800.20Selling price per unit$81.00$103.40$96.90Variable selling cost per unit$2.90$3.40$3.20Monthly demand in units310044002400The mixing machines are potentially the constraint in the production facility. A total of 7930 minutes are available per month on these machines. Direct labor is a variable cost in this company.Required : a. How many minutes of mixing machine time be required to satisfy demand for all three products?b. How much of each product should be produced to maximize net operating income?ABCOptimal productionc. Up to how much…
- Question 2: How much of each product should be produced to maximize net operating income? Holton Company makes three products in a single facility. Data concerning these products follow: Product A Product B Product C Selling Price per Unit $95.80 74.90 113.40 Direct Materials $41.80 $41.80 $68.20 Direct Labor $30.10 $13.40 $17.20 Variable Manufacturing Overhead $5.80 $4.50 $8.00 Variable Selling Cost per Unit $7.70 $3.20 $4.90 Mixing Minutes per Unit 13.70 3.00 2.00 Monthly Demand in Units 3,000 1,000 2,000SM3 Koontz Company manufactures a number of products. The standards relating to one of these products are shown below, along with actual cost data for May. Standard Cost per UnitActual Cost per UnitDirect materials:Standard: 1.80 feet at $2.00 per foot$ 3.60Actual: 1.75 feet at $2.20 per foot$ 3.85Direct labor:Standard: 0.90 hours at $20.00 per hour18.00Actual: 0.95 hours at $19.40 per hour18.43Variable overhead:Standard: 0.90 hours at $6.40 per hour5.76Actual: 0.95 hours at $6.00 per hour5.70Total cost per unit$ 27.36$ 27.98Excess of actual cost over standard cost per unit$ 0.62 The production superintendent was pleased when he saw this report and commented: “This $0.62 excess cost is well within the 5 percent limit management has set for acceptable variances. It's obvious that there's not much to worry about with this product." Actual production for the month was 12,500 units. Variable overhead cost is assigned to products on the basis of direct labor-hours. There were no…The Friday company manufactures several different products. Unit costs associated with product ABC are as follows.Direct materials P60Direct manufacturing labor… P10VARIABLE MANUFACTURING OVERHEAD… 18FIXED MANUFACTURING OVERHEAD… 32SALES COMMISSIONS… 4ADMINISTRATIVE SALARIES… 16TOTAL… 140 1.HOW MUCH IS THE VARIABLE COST PER UNIT2.HOW MUCH IS THE FIXED COST PER UNIT3.HOW MUCH IS THE INVENTORIES COST PER UNIT4.HOW MUCH IS THE PERIOD COST PER UNIT
- XYZ Company has two divisions, X and Y. X makes product X1 and Y makes product Y+. Every unit of product Y+ requires one unit of product X1 as a component. Y purchases most of its X1 requirement from X although sometimes it makes purchases from outside suppliers. Relevant details of products X1 and Y+ are tabulated as follows: Product X1 Product Y+ Established selling price $30 $50 Variable Cost Per Unit - Mat 8 5 Transfer price 30 Labor 5 3 Overhead 2 2 Total Variable Cost 15 40 Fixed Costs 500,000 225,000 Annual Outside Demand 100,000 25,000 Plant Capacity 130,000 30,000 Investment in Divisions: (X) $ 6,625,000 (Y) $ 1,250,000 Division Y is currently achieving an ROI below target. It’s manager blames this on the high transfer price of product X1. The manager of Division X claims that the current transfer price ($30) is appropriate since ‘it is determined by the market’. The manager of division…XYZ Company has two divisions, X and Y. X makes product X1 and Y makes product Y+. Every unit of product Y+ requires one unit of product X1 as a component. Y purchases most of its X1 requirement from X although sometimes it makes purchases from outside suppliers. Relevant details of products X1 and Y+ are tabulated as follows: Product X1 Product Y+ Established selling price $30 $50 Variable Cost Per Unit - Mat 8 5 Transfer price 30 Labor 5 3 Overhead 2 2 Total Variable Cost 15 40 Fixed Costs 500,000 225,000 Annual Outside Demand 100,000 25,000 Plant Capacity 130,000 30,000 Investment in Divisions: (X) $ 6,625,000 (Y) $ 1,250,000 Division Y is currently achieving an ROI below target. It’s manager blames this on the high transfer price of product X1. The manager of Division X claims that the current transfer price ($30) is appropriate since ‘it is determined by the market’. The manager of division…Question Content Area If variable manufacturing costs are $18 per unit and total fixed manufacturing costs are $542,700, what is the manufacturing cost per unit if: a. 6,700 units are manufactured and the company uses the variable costing concept?$fill in the blank 1 b. 8,100 units are manufactured and the company uses the variable costing concept?$fill in the blank 2 c. 6,700 units are manufactured and the company uses the absorption costing concept?$fill in the blank 3 d. 8,100 units are manufactured and the company uses the absorption costing concept?$fill in the blank 4
- Question 5: The Information below is taken from production department of Salalah Company for April: The number of units produced is 10000. All amounts are in OMR. Total Costs Variable Cost Fixed Cost Direct material cost 500000 ? ? Total labor cost ? 400000 100000 Manufacturing Overhead 90000 30000 ? Calculate: A. Find the missing information in the above table. Some values may not be applicable, explain. B. Calculate cost per unit C. Describe the production costs in the equation form Y = f + vX. D. Assume Salalah intends to produce 10000 units next month. Calculate total production costs for the month Question 6: Find the missing information for different companies Output (units) Fixed Costs Variable Costs Total Costs Cost per unit Company A 4000 70000 50000 ? ? Company B 5000 80000 ? 140000 ? Company C 8000 30000 130000 ? ? Company D ? ? 80000 100000 20Question 2 RU Limited operates a system of standard costing in respect of one its products which is manufactured within a single cost centre. The standard price of material is N$20 per litre. The standard wage rate is N$ 12 per hour and 5 hours are allowed to produce on unit Fixed production overhead is absorbed at the rate of 100% of wages cost. During the month of September 2020 the following took place: N$ Actual price (paid for materials purchased) 19.50 per litre Total direct wages cost 156 000 Fixed production overhead 158 000 Variances N$ Type Favour (F) Unfavourable (U) Direct material price 80 000 Direct material usage 5 000 Direct labour rate 5 760 Direct labour efficiency 2 760…1) Eberling, Incorporated, manufactures and sells two products: Product Q9 and Product Z8. Data concerning the expected production of each product and the expected total direct labor-hours (DLHs) required to produce that output appear below: Expected Production Direct Labor-Hours Per Unit Total Direct Labor-Hours Product Q9 900 8.0 7,200 Product Z8 1,000 7.0 7,000 Total direct labor-hours 14,200 The direct labor rate is $27.70 per DLH. The direct materials cost per unit is $122.40 for Product Q9 and $103.20 for Product Z8. The company has an activity-based costing system with the following activity cost pools, activity measures, and expected activity: Activity Cost Pools Activity Measures Estimated Overhead Cost Expected Activity Product Q9 Product Z8 Total Labor-related DLHs $ 531,080 7,200 7,000 14,200 Production orders Orders 74,880 600 700 1,300 Order size MHs 541,944 3,800 4,000 7,800 $ 1,147,904 Required: Determine the unit product cost of each product under the activity-based…