Wong Corporation had 25,000 finished units and 8,000 units that were 35% complete. The equivalent units totaled 27,800. True
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Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
Wong Corporation had 25,000 finished units and 8,000 units that were 35% complete. The equivalent units totaled 27,800.
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- Company XYZ is currently producing and selling 100 units. At this level, the total direct materials cost is $500, the total direct labor cost is $1,000 and the total manufacturing overhead cost is $1,220, which includes $800 fixed manufacturing overhead cost. The company's total selling and administrative expenses are $2,600, which include $1,500 fixed selling and administrative costs. Assume that the company wishes to increase the number of units produced and sold to 102 units, what would be the incremental cost? (rounded to nearest ($) value) a. 54 O b. 60 O c. None of the given answers d. 38 e. 30 XYZ Company had the following information for the year:Company XYZ is currently producing and selling 100 units. At this level, the total direct materials cost is $500, the total direct labor cost is $1,000 and the total manufacturing overhead cost is $1,220, which includes $800 fixed manufacturing overhead cost. The company's total selling and administrative expenses are $2,600, which include $1,500 fixed selling and administrative costs. Assume that the company wishes to increase the number of units produced and sold to 102 units, what would be the incremental cost? (rounded to nearest ($) value) a. 30 ОБ. 60 O c. 38 O d. None of the given answers e. 54Company XYZ is currently producing and selling 100 units. At this level, the total direct materials cost is $500, the total direct labor cost is $1,800 and the total manufacturing overhead cost is $1,260, which includes $800 fixed manufacturing overhead cost. The company's total selling and administrative expenses are $2,800, which include $1,500 fixed selling and administrative costs. Assume that the company wishes to increase the number of units produced and sold to 102 units, what would be the incremental cost? (rounded to nearest ($) value) O a. 71 O b. 81 О с. None of the given answers O d. 41 О е. 55 AGE NEXT PAGE %3D ere to search
- Company XYZ is currently producing and selling 100 units. At this level, the total direct materials cost is $500, the total direct labor cost is $1,400 and the total manufacturing overhead cost is $1,240, which includes $800 fixed manufacturing overhead cost. The company's total selling and administrative expenses are $2,700, which include $1,500 fixed selling and administrative costs. Assume that the company wishes to increase the number of units produced and sold to 102 units, what would be the incremental cost? (rounded to nearest ($) value) a. 63 Ob. None of the given answers O c. 35 O d. 71 17Company XYZ is currently producing and selling 100 units. At this level, the total direct materials cost is $500, the total direct labor cost is $1,400 and the total manufacturing overhead cost is $1,240, which includes $800 fixed manufacturing overhead cost. The company's total selling and administrative expenses are $2,700, which include $1,500 fixed selling and administrative costs. Assume that the company wishes to increase the number of units produced and sold to 102 units, what would be the incremental cost? (rounded to nearest ($) value) O a. 63 O b. 47 None of the given answers O C. O d. 71 e. 35Company XYZ is currently producing and selling 100 units. At this level, the total direct materials cost is $500, the total direct labor cost is $1,400 and the total manufacturing overhead cost is $1,240, which includes $800 fixed manufacturing overhead cost. The company’s total selling and administrative expenses are $2,700, which include $1,500 fixed selling and administrative costs. Assume that the company wishes to increase the number of units produced and sold to 102 units, what would be the incremental cost? (rounded to nearest ($) value)
- Company XYZ is currently producing and selling 100 units. At this level, the total direct materials cost is $500, the total direct labor cost is $1,600 and the total manufacturing overhead cost is $1,250, which includes $800 fixed manufacturing overhead cost. The company's total selling and administrative expenses are $2,750, which include $1,500 fixed selling and administrative costs. Assume that the company wishes to increase the number of units produced and sold to 102 units, what would be the incremental cost? (rounded to nearest ($) value) a. 51 O b. 67 None of the given answers O d. 76 e. 38Company XYZ is currently producing and selling 100 units. At this level, the total direct materials cost is $500, the total direct labor cost is $1,600 and the total manufacturing overhead cost is $1,250, which includes $800 fixed manufacturing overhead cost. The company's total selling and administrative expenses are $2,750, which include $1,500 fixed selling and administrative costs. Assume that the company wishes to increase the number of units produced and sold to 102 units, what would be the incremental cost? (rounded to nearest ($) value) O a. None of the given answers O b. 67 O C. 76 O d. 38 O e. 51 Which of the following represents the cost of materials purchased but not yet issued to production? a. None of the given answer is correct b. Work in Process Inventory O c. Raw Materials Inventory O d. Finished Goods Inventory Oe. Cost of Goods Sold https://elearn.squ.ed PREDATORMazomanie Farm completed 20,000 units during the quarter and has 2,500 units still in process. The units are 100% complete with regard to materials and 55% complete with regard to conversion costs. What are the equivalent units for materials and conversion?
- Company XYZ is currently producing and selling 100 units. At this level, the total direct materials cost is $500, the total direct labor cost is $1,800 and the total manufacturing overhead cost is $1,260, which includes $800 fixed manufacturing overhead cost. The company's total selling and administrative expenses are $2,800, which include $1,500 fixed selling and Finis administrative costs. Assume that the company wishes to increase the number of units produced and sold to 102 units, what would be the incremental cost? (rounded to nearest ($) value) O a. 41 O b. 55 O c. 81 O d. None of the given answers O e. 71 DAGEXYZ, Inc. has two departments, Fabrication and Assembly. Assembly department began the current period with 3,000 units in work-in-process. These units were 65% complete. 8,000 units were transferred from the Fabrication department. Costs attached to beginning work-in-process included $12,000 incurred in Fabrication plus $6,000 for materials, $9,000 for labor, and $10,000 for overhead in Assembly. Materials are added at the beginning of the process, labor is added when the units are 30% complete and overhead is incurred uniformly. Units are inspected at 50% stage of completion. Rejected units are returned to the 20% stage of completion for rework. Normal rework is 2% of units surviving inspection. Units are inspected again when they are 70% complete. Rejected units are thrown away. Normal spoilage is considered to be 2% of the units inspected. There were 8,400 units inspected for rework and 300 units were rejected for spoilage. Spoiled units are sold for one dollar each. Ending…Department GX had 4,000 units in Work in Process that were 40% completed at the beginning of the period at a cost of P12,500. Of the P12,500, P8,000 was for material and P4,500 was for conversion costs. 14,000 units of direct materials were added during the period at a cost of P28,700. 15,000 units were completed during the period, and 3,000 units were 75% completed at the end of the period. All materials are added at the beginning of the process. Direct labor was P32,450 and factory overhead was P18,710. If the weighted average cost method is used the conversion cost per unit (to the nearest cent) would be: choices P3.71 P3.23 P2.84 P2.97