Managerial Accounting: Creating Value in a Dynamic Business Environment
11th Edition
ISBN: 9781259569562
Author: Ronald W Hilton Proffesor Prof, David Platt
Publisher: McGraw-Hill Education
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Chapter 4, Problem 24E
The November production of MVP’s Minnesota Division consisted of batch P25 (2,000 professional basketballs) and batch S33 (4,000 scholastic basketballs). Each batch was started and finished during November, and there was no beginning or ending work in process. Costs incurred were as follows:
Direct Material:
Batch P25, $42,000, including $2,500 for packaging material; batch S33, $45,000.
Conversion Costs:
Preparation Department, predetermined rate of $7.50 per unit; Finishing Department, predetermined rate of $6.00 per unit; Packaging Department, predetermined rate of $.50 per unit. (Only the professional balls are packaged.)
Required:
- 1. Draw a diagram depicting the division’s batch manufacturing process. Refer to Exhibit 4–10 for guidance.
- 2. Compute the November product cost for each type of basketball.
- 3. Prepare
journal entries to record the cost flows during November.
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Chapter 4 Solutions
Managerial Accounting: Creating Value in a Dynamic Business Environment
Ch. 4 - Explain the primary differences between job-order...Ch. 4 - List five types of manufacturing in which process...Ch. 4 - Prob. 3RQCh. 4 - What are the purposes of a product-costing system?Ch. 4 - Define the term equivalent unit and explain how...Ch. 4 - List and briefly describe the purpose of each of...Ch. 4 - Show how to prepare a journal entry to enter...Ch. 4 - Prob. 8RQCh. 4 - Prob. 9RQCh. 4 - Prob. 10RQ
Ch. 4 - How does process costing differ under normal or...Ch. 4 - How would the process-costing computations differ...Ch. 4 - Explain the concept of operation costing. How does...Ch. 4 - Prob. 14RQCh. 4 - In each case below, fill in the missing amount.Ch. 4 - Rainbow Glass Company manufactures decorative...Ch. 4 - Terra Energy Company refines a variety of...Ch. 4 - The Evanston plant of Fit-for-Life Foods...Ch. 4 - Idaho Lumber Company grows, harvests, and...Ch. 4 - Otsego Glass Company manufactures window glass for...Ch. 4 - Savannah Textiles Company manufactures a variety...Ch. 4 - The following data pertain to Tulsa Paperboard...Ch. 4 - The November production of MVPs Minnesota Division...Ch. 4 - Timing Technology, Inc. manufactures timing...Ch. 4 - Piscataway Plastics Company manufactures a highly...Ch. 4 - The following data pertain to the Vesuvius Tile...Ch. 4 - Triangle Fastener Corporation accumulates costs...Ch. 4 - Moravia Company processes and packages cream...Ch. 4 - Albany Company accumulates costs for its product...Ch. 4 - Goodson Corporation assembles various components...Ch. 4 - A-1 Products manufactures wooden furniture using...Ch. 4 - The following data pertain to the Hercules Tire...Ch. 4 - Scrooge and Zilch, a public accounting firm in...Ch. 4 - GroFast Company manufactures a high-quality...Ch. 4 - Plasto Corporation manufactures a variety of...Ch. 4 - (Contributed by Roland Minch.) Glass Glow Company...Ch. 4 - Orbital Industries of Canada, Inc. manufactures a...Ch. 4 - Laredo Leather Company manufactures high-quality...
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