a. Purchased $138,600 of materials. b. Used $93,540 of direct materials in production. c. Incurred $182,560 of direct labor wages. d. Incurred $213,040 of factory overhead. e. Transferred $426,220 of work in process to finished goods.
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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.
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- My Home * CengageNOWv2 | Online teachin- X m/takeAssignment/takeAssignmentMain.do?invoker=8ttakeAssignmentSessionLocator=&inprogress=false High-Low Method The manufacturing costs of Rosenthal Industries for the first three months of the year follow: Total Costs Production January $72,000 1,120 units February 84,640 1,690 March 112,000 2,720 Using the high-low method, determine (a) the varnable cost per unit and (b) the total fixed.cost. a. Variable cost per unit b. Total fixed cost All work saved. 44 °F1/1 ngageNOWv2 | Online teachirs X com/ilrn/takeAssignment/takeAssignmentMar.uo?invoker=&takeAssignmentSessionLocator=&inprogress=false 田) eBook Show Me How A production department within a company received materials of $10,000 and conversion costs of $11,000 from the prior department. It added material of $24,960 and conversion costs of $50,560. The equivalent units are 19,000 for material and 17,100 for conversion. What is the unit cost for materials and conversion? When required, round final answers to two decimal places. Unit Cost Materials Conversion $nents- ACG20 CengageNOWv2 | Online teachin x G The following events took plac- takeAssignment/takeAssignmentMain.do?invoker%3D&takeAssignmentSessionLocator3D&inprogress=fal еВook Show Me How Financial Statements of a Manufacturing Firm The following events took place for Digital Vibe Manufacturing Company during January, the firs a. Purchased $43,900 of materials b. Used $33,800 of direct materials in production. c. Incurred $50,500 of direct labor wages. d. Incurred $71,100 of factory overhead. e. Transferred $118,100 of work in process to finished goods. f. Sold goods for $211,200. g. Sold goods with a cost of $93,900. h. Incurred $54,000 of selling expenses. i. Incurred $23,700 of administrative expense. Using the information given, complete the following: a. Prepare the January income statement for Digital Vibe Manufacturing Company. Digital Vibe Manufacturing Company Income Statement For the Month Ended January 31 Operating expenses: Total operating expenses Check My Work All work…
- ngageNOWv2 | Online teachin X + om/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress... € Compute conversion costs given the following data: direct materials, $363,600; direct labor, $192,400; factory overhead, $204,500 and selling expenses, $35,600. Oa. $396,900 Ob. $568.100 Oc. $168,900 Od. $760,500 8 5/2B NOWv2 | Online teachir X + ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress... Ⓒ Thomlin Company forecasts that total factory overhead for the current year will be $17,280,000 with 180,000 total machine hours. Year to date, the actual overhead is $8,220,000, and the actual machine hours are 82,200 hours. If Thomlin Company uses a predetermined factory overhead rate based on machine hours for applying overhead, as of this point in time (year to date), the overhead is a. $328,800 underapplied Ob. $391,200 overapplied Oc. $328,800 overapplied Od. $391,200 underapplied 8:15 A 5/2/202 H U a 1 Cgagenown/ilm/takeAssignment/takeAssignmentMain.do?invoker=&ta... A Q eBook Activity Fabrication Assembly Setup Inspecting Production scheduling Purchasing Activity Rate $24 per machine hour $13 per direct labor hour $50 per setup $28 per inspection $14 per production order $11 per purchase order The activity-base usage quantities and units produced for each product were as follows: Elliptical Machines Treadmill 1,687 419 53 Activity Base Machine hours Direct labor hours Setups Elliptical Machines Treadmill 4 Product Costs using Activity Rates Hercules Inc. manufactures elliptical exercise machines and treadmills. The products are produced in its Fabrication and Assembly production departments. In addition to production activities, several other activities are required to produce the two products. These activities and their associated activity rates are as follows: C 101 Print Item % 15 5 732 $ Inspections Production orders Purchase orders 198 Units produced 286 Use the activity rate…
- X CengageNOWv2 | Online teachin X + https://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprog Zoe Corporation has the following information for the month of March. Cost of materials used in production $16,958 Direct labor 27,539 Factory overhead 35,303 Work in process inventory, March 1 23,915 Work in process inventory, March 31 19,424 Finished goods inventory, March 1 21,952 Finished goods inventory, March 31 26,720 a. Determine the cost of goods manufactured. b. Determine the cost of goods sold. % I' & eCengageNOWv2 | Online teachin x + genow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress... A A ★ F Selected accounts with some amounts omitted are as follows: Work in Process Aug. 1 Balance 253,960 Aug. 31 Goods finished 194,700 31 Direct materials X 31 Direct labor 35,500 X 31 Factory overhead Factory Overhead Aug. 1-31 Costs incurred 100,050 Aug. 1 Balance 13,280 31 Applied (30% of direct labor cost) X If the balance of Work in Process on August 31 is $212,000, what was the amount debited to Work in Process for direct materials in August? Oa. $306,760 Ob. $106,590 Oc. $501.460 Od. $77,460 8:16 A 5/2/202 LOM OL ▬▬ JUB M & 7 U 8 CF10 P1/1 gageNOWv2 | Online teachir X om/ilrn/takeAssignment/takeAssignmentMa.ao?invoker=&takeAssignmentSessionLocator=&inprogress=false 巴 | I eBook Overhead is assigned to the manufacturing department at the rate of $13 per machine hour. There were 3,200 machine hours during October in the shaping department and 2,300 in the packaging department. Prepare the journal entry to apply overhead to the manufacturing departments. If an amount box does not require an entry, leave it blank.
- ne - CengageNOWv2 | Online teache X CengageNOWv2 | Online teachin x Assignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false eBook Show Me How Print Item Cost of Direc Materlals Used in Production for a Manufacturing Company Walker Manufacturing Company reported the following materials data for the month ending June 30. Materials purchased $845,700 Materials inventory, June 1 238 500 Materials inventery, June 30 190.400 Determine the cost of direct maternals used d producton ay Walkerduring the month ended June 30.x Midterm Exam https://elearn.squ.edu.om/mod/quiz/attempt.php?attempt=17 MIC) SQU LIBRARIES - SQU PORTAL ATTEN E-LEARNING SERVICES - Time left 1:49:14 Manufacturing overhead was estimated to be OMR 400,000 for the year along with estimated 20,000 direct labor hours. Actual manufacturing overhead was OMR 415,000, and actual labor hours were 21,000. The amount credited to the Manufacturing Overhead account would be: O a. OMR 415,000. b. OMR 435,750. O c. None of the given answer is correct Od. OMR 420,000. e. OMR 400,000. In a job-order costing system, manufacturing overhead applied is recordedNOWV2 | Online teach x + O SOFTWARE UPDATE eAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress%3false macOS Big Sur 11.3.1 is available and will be in later tonight. O eBook Show Me How E Print Item Activity-Based Costing: Factory Overhead Costs The total factory overhead for Bardot Marine Company is budgeted for the year at $1,167,450, divided into four activities: fabrication, $507,000; assembly, $210,000; setup, $245,700; and inspection, $204,750. Bardot Marine manufactures two types of boats: speedboats and bass boats. The activity-base usage quantities for each product by each activity are as follows: Fabrication Assembly Setup Inspection Speedboat 9,750 dlh 31,500 dlh 70 setups 122 inspections Bass boat 29,250 10,500 515 853 39,000 dlh 42,000 dlh 585 setups 975 inspections Each product is budgeted for 5,500 units of production for the year. a. Determine the activity rates for each activity. Fabrication $ per direct labor hour Assembly 5 V per…