Answered: its produced rect labor rect materials…

Name: Multiple ChoiceOOOO$85.00$97.42$91.00$42.00$43.00 Shore Company repor
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Description: Multiple ChoiceOOOO$85.00$97.42$91.00$42.00$43.00 Shore Company reports the following information regarding its production cost.47,000 units$ 42 per unit$ 43 per unit$10 per unit$ 113,920 in totalCompute product cost per unit under absorption costin

Business

Accounting

its produced rect labor rect materials riable overhead xed overhead 47,000 units $ 42 per unit $ 43 per unit $10 per unit $ 113,920 in total.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Percent of capacity 90% 100% 110% Direct labor hours 3,600 4,000 4,400 Units of output 720 800 880 Variable overhead $3,960 $4,400 $4,840 Fixed overhead 5,600 5,600 5,600 Total overhead $9,560 $10,000 $10,440 Normal capacity = 100% and overhead is applied based on direct labor hours Standard overhead rate = $10,000/4,000 = $2.50 per direct labor hour Direct materials are $69.50 per unit. Direct labor is $22.50 per hour. Prepare a flexible budget for overhead based on the above data. Flexible Budget 720 800 880 Direct Material $fill in the blank 1 $fill in the blank 2 $fill in the blank 3 Direct Labor fill in the blank 4 fill in the blank 5 fill in the blank 6 Variable Overhead fill in the blank 7 fill in the blank 8 fill in the blank 9 Fixed Overhead fill in the blank 10 fill in the blank 11 fill in the blank 12 Total $fill in the blank 13 $fill in the blank 14 $fill in the blank 15
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Raw materials $9.800 Work in process 65,847 Finished goods 30,640 Work in process consisted of the following jobs: Job 22 Job 24 Job 25 $4,800 Direct materials $6,200 Direct labour $5,190 9,210 6,447 10,500 7,350 9,500 Applied overhead 6,650 Total $24,050 $20,847 $20,950 Number of units 20 40 30 Finished goods consisted of Job 23, with the following costs: Job 23 Direct materials $8,200 Direct labour 13,200 Applied overhead 9,240 Total $30,640 50 Number of units Shown below are the direct cost data related to jobs started in October: Direct materials Job 26 $5,180 $11,200 Job 27 Job 28 $5,600 $4,200 $9,340 $5,910 Total $14,980 $26,450 Direct labour Number of units 20 30 20
Direct materials Direct labor Variable manufacturing overhead (based on direct labor-hours) Direct materials (8,100 yards) Direct labor Variable manufacturing overhead Total $36,360 $ 7,070 $ 3,030 During August, the factory worked only 1,080 direct labor-hours and produced 2,700 sets of covers. The following actual costs were recorded during the month: Per Set of Covers $18.00 3.50 Total $ 46,980 $ 9,990 $ 4,590 1. Materials price variance 1. Materials quantity variance 2. Labor rate variance 1.50 $23.00 2. Labor efficiency variance 3. Variable overhead rate variance 3. Variable overhead efficiency variance At standard, each set of covers should require 2.0 yards of material. All of the materials purchased during the month were used in production. Per Set of Covers $ 17.40 3.70 1.70 $22.80 Required: 1. Compute the materials price and quantity variances for August. 2. Compute the labor rate and efficiency variances for August. 3. Compute the variable overhead rate and efficiency…
direct material in units 97,000 direct labor hourse 30,000 machine hours 26,000 number of set ups 300 number of devices produced 16,000 The 210,000 units of material had a total cost of 1,365,000. Direct labor is 17 per hour. The company has total overhead production cost of 1,850,000 Cost Pool 1. Equipment Maintenance 2. Production Set up 3. Material Handling 4. Transportation Cost Cost driver 1. # of machine hours 2. # of set ups 3. units of materials 4. # of devices produced Cost 1. 585,000 2. 125,000 3. 540,000 4. 600,000 Volume 1. 39,000 2. 900 3. 210,000 4. 24,000 Compute the unit cost.
Direct material used 5,000 Direct labor hours worked 30 Actual overhead 220 Machine time used 12 Direct Labor rate per hour 7 Overhead application rate per hour of time machine 18 What is the total cost?
PROCESS COSTING I Discussion Question J&G Manufacturing makes a single product by way of three separate processes. Details of production for the month ending June 30 were as follows: Process Process 1 Process 2 | Process 3 $390,000 Input material: Material added 16,250 kg $36,750 $92,200 $63,000 Direct Labour cost $57.300 $61,000 $112,800 $97,080 Manufacturing Overhead Normal losses 8% 6% 6% Output |Scrap value of losses 13,250 kg 12,000 kg $16.00/kg| $32.00/kg 13,750 kg The nature of the process requires equipment to be cleaned at the end of each month; hence there is no opening or closing stock of product in process. Required: i) The process account for each process: and ii) The abnormal loss/gain account(s) showing J & G Manufacturing true loss/gain.
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Direct Materials Direct Labour Manufacturing Overhead Total cost to account for $385,000 139,750 86,000 $610,750 The units still in process are 100% complete with respect to direct materials and 35% complete with respect to conversion costs. The cost of the December 31 Work in Process Inventory would be: a. $436,500 O b. $174,250 O c. $218,125 Od. $610,750
Smythe Co. makes furniture. The following data are taken from its production plans for the year. Direct labor costs Hazardous waste disposal costs $5,860,000 625,000 Chairs Expected production 207,000 units Direct labor hours required Hazardous waste disposed Tables 18,000 units 15,400 DLH 1,200 pounds 256,000 DLH 700 pounds Required: 1. Determine the hazardous waste disposal cost per unit for chairs and for tables if costs are assigned using a single plantwide overhead rate based on direct labor hours. Overhead costs 0 Product Activity Driver OH $ per direct labor hour Units Produced OH Cost per unit Chairs Total Overhead Cost 0.00 $ 0.00 $ 254,000 $ 16,400 $ 0 Tables 0 0 2. Determine hazardous waste disposal costs per unit for chairs and for tables if costs are assigned based on the number of pounds disposed of. -- ************ H 0
Details Product J Product G Product P Total Direct $25 $20 $11 $12,38,000 Material Cost Direct Labor 4/3 1 88,000 Hours Machine 4/3 1 76,000 Hours Direct Labor $8 $12 $6 Cost No. of 3 7 20 30 production run No. of 3 20 32 Deliveries No. of 15 35 220 270 Receipts (2*7) No. of 15 10 25 50 production orders Production 30,000 20,000 8,000 and sales units Raw material 11 usage units The total overhead costs is $18,48,000. Set-up 1.623377%, Machines 41.125541%, Receiving 23.538961%, Packing 13.528139% and Engineering 20.183983% of total overhead costs. The company operates a just-in-time inventory policy, and receives each component once per production per run. In the past the company has allocated overheads to products on the basis of direct labor hours. However, the majority of overheads are more closely related to machine hours than direct labor hours. The company has recently redesigned its cost system by recovering overheads using two volume-related bases: machine hours and materials…