Q1 Mr. Mohammed furnishes the following data relating to the manufacture of a standard product during the month of April 2019. Raw materials consumed OMR 296000 Direct labour charges OMR 67800 Machine hour worked 21000 Machine hour rate OMR 3.5 Administrative overheads 25% on works cost Selling and distribution expenses OMR 0.60 per unit Units Produced 18500 Units Units Sold 16000 at OMR 6.4 per unit You are required to prepare a cost sheet from the above, showing: (a)The cost of production per unit. (b) Profit per unit sold and (c) Profit for the period.

Q1 Mr. Mohammed furnishes the following data relating to the manufacture of a standard product during the month of April 2019. Raw materials consumed OMR 296000 Direct labour charges OMR 67800 Machine hour worked 21000 Machine hour rate OMR 3.5 Administrative overheads 25% on works cost Selling and distribution expenses OMR 0.60 per unit Units Produced 18500 Units Units Sold 16000 at OMR 6.4 per unit You are required to prepare a cost sheet from the above, showing: (a)The cost of production per unit. (b) Profit per unit sold and (c) Profit for the period.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Accenture Chemicals has the following data relating to its factory in the year ended 31 December 2020: Direct material costs OMR 500 Direct labor cost OMR 250 The total indirect expenses for the factory are OMR 30,000. There were 5,000 labor hours worked and 25,000 machine hours consumed in the factory in the year 2020. Compute the overhead rate based on direct labor hour. None of these b. OMR 6.000 / hour COMR 1.000 / hour d. OMR 6.150 / hour
Help
Discussion Question Epsilon Manufacturing Company uses a predetermined manufacturing overhead rate based on a percentage of direct labor cost. At the beginning of 2018, they estimated total manufacturing overhead costs at $1,015,000, and they estimated total direct labor costs at $1,400,00o. The administration and selling overheads are to be absorbed in each job cost at 15% of production cost. Distribution cost should be added to each job according to quotes from outside carriage companies. The company wishes to quote for job # W5oo. Data for the job are as follows: Direct materials cost $169,450 Direct labour cost $230,000 Direct labour hours 400 hours Special Design Cost Distribution quote from haulage company Units of product produced $12,300 $17,930 250 crates a) Compute Epsilon Manufacturing Company predetermined manufacturing overhead rate for 2018. b) How much manufacturing overhead was allocated to Job #W5o0? c) Calculate the total cost & quotation price of Job #W500, given…
elearn.squ.edu الإنجليزية Google Translate ounting || fall20 Char Company XYZ uses direct labor hours to allocate its manufacturing overhead. Manufacturing overhead was estimated to be $490,000 for the year. Actual manufacturing overhead was $415,000 and actual labor hours were 22,000. The estimated direct labor hours for the year was 20,000. The amount of manufacturing overhead applied to production would be: Select one: O a. $539,000 O b. $490,000 O c. None of the answers given O d. $528,000 O e. $445,455 Which of following is not correct about normal costing? Select one: O a. Product cost does not include selling and administrative expenses O b. Actual direct labor cost is traced to jobs Oc. Predetermined rate is used to apply direct manufacturing costs Od. Product .cost includes the traced actual direct materials 9448A
For 2020, Mariam's Animal Supply Manufacturing uses machine-hours as the only overhead cost-allocation base. The accounting records contain estimated and actual Manufacturing overhead costs of $100,000 and $120,000 respectively and estimated and actual Machine-hours of 20,000 and 25,000 respectively. Using normal costing, the amount of manufacturing overhead costs allocated to jobs during 2020 is: а. $150,000 b. $100,000 С. $125,000 d. $120,000
The company DEZ S.A. produces product D. For the attribution of the GBE, it uses as a cost guide the hours of direct work (OAE). For the fiscal year 2021, the estimated GBE amounts to 50,000 €, while it foresees to use 5,000 OEMs. During the fiscal year 2021, the total Direct Materials used by the company amounted to 130.000€, while the cost of Direct Labour amounted to 53.900€. Calculate the Total Cost of Production. If the actual GBE amounted to 52.000€, calculate the amount of the difference between actual and assigned GBE. Answer whether there is an under-counting or an over-allocation of GBE.
eBook Print Item Steeler Towel Company estimates its overhead to be $490,000. It expects to have 140,000 direct labor hours costing $6,125,000 in labor and utilizing 14,000 machine hours. Calculate the predetermined overhead rate using: Round your answers to two decimal places. A. Direct labor hours $ per direct labor hour B. Direct labor dollars $ per direct labor dollar C. Machine hours per machine hour
Prince Rupert company manufactures product A. B, C and D. Data for the year ended Dec 31, 2021, is as follows. Product Units/ Production Production run Cost of material per unit ($) Direct labourhours required per unit Machine hours required per unit A 20 3 80 2 1 B 40 4 60 5 8 C 45 6 70 7 5 D 120 12 65 9 3 Cost of Direct labor per hour: $ 6 Overhead costs for Prince Rupert company. Set up cost $ 12,000 Handling material cost $ 6,000 Scheduling costs $ 14,000 i. Using the peanut butter costing approach, calculate the cost per unit. (use Direct labor hours as a basis of allocation) ii. Using ABC Costing, calculate the cost per unit. Please justify why you choose that allocation base. iii. Show the difference of cost per unit using peanut butter and ABC costing
In using FIFO method, Cruz Company produces a product that undergoes three processes and the completed items at end of process 3 are the items to be sold to customers. For December 2021, Cruz Company presented the following costs on three processes: What is the amount of work in process at December 31, 2021? P12,050.39 P 5,530.39 P 3,280.00 P 3,240.00