The following data for Keefe Company pertain to the production of 500 unitsof Product X during December. Selected data items are omitted.Standard cost per unit⚫ Direct Materials - 4 units of material A x $3.00 per unit1 unit of material B x $4.00 per unitDirect Labor - 3 hours x $9.00 per hourActivity for September•Materials purchasedMaterial A - 4,500 units x $3.10 per unitMaterial B - 1,100 units x $4.15 per unitMaterials used。 Material A - 4,150 units。 Material B - 1,005 unitsDirect labor used - 2,950 hours x $9.40 per hourProduction output - 1,000 unitsThere were no beginning direct materials inventories.a. Determine the materials price and quantity variances.b. Determine the labor rate and efficiency variances.

a. Materials Price and Quantity Variances:Step 1: Calculate Material A variancesPrice…

Answered: The following data for Keefe Company…

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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LO.6 (Multiproduct; hybrid costing) Be-at-Ease Industries manufactures a series of three models of molded plastic chairs: standard (without arms), deluxe (with arms), and executive (with arms and padding). All are variations of the same design. The company uses batch manufacturing and has a hybrid costing system. Be-at-Ease has an extrusion operation and subsequent operations to form, trim, and finish the chairs. Plastic sheets are produced by the extrusion operation, some of which are sold directly to other manufacturers. During the forming operation, the remaining plastic sheets are molded into chair seats and the legs are added; the standard model is sold after this operation. During the trim operation, the arms are added to the deluxe and executive models, and the chair edges are smoothed. Only the executive model enters the finish operation where the padding is added. All units produced complete the same steps within each operation.
Haresh
In July, one of the processing departments at Junkin Corporation had beginning work in process inventory of $30,000 and ending work in process inventory of $32,000. During the month, $206,000 of costs were added to production and the cost of units transferred out from the department was $204,000. Required: Construct a cost reconciliation report for the department for the month of July. Costs to be accounted for: Cost of beginning work in process inventory Costs added to production during the month Total cost to be accounted for Costs accounted for as follows: Cost of ending work in process inventory Cost of units transferred out Total cost accounted for
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The costs of materials consumed in producing good units in the Production Department of Jacobs Company were $38,000 and $39,125 for June and July, respectively. The number of equivalent units produced in June and July was 4,000 and 4,250, respectively. Which of the following best describes the change in the cost of materials between the two months? Oa. The cost of materials increased by $1,125, indicating an unfavorable change. Ob. The cost of materials decreased by $0.29 per unit, indicating an improvement. C. The cost of materials increased by $0.88 per unit, indicating an unfavorable change. d. The cost of materials increased by $0.28 per unit, indicating an unfavorable change
The costs of materials consumed in producing good units in the Production Department of Jacobs Company were $38,000 and $39,125 for June and July, respectively. The number of equivalent units produced in June and July was 4,000 and 4,250, respectively. Which of the following best describes the change in the cost of materials between the two months? a.The cost of materials increased by $0.28 per unit, indicating an unfavorable change b.The cost of materials decreased by $0.29 per unit, indicating an improvement. c.The cost of materials increased by $0.88 per unit, indicating an unfavorable change. d.The cost of materials increased by $1,125, indicating an unfavorable change.
[The following information applies to the questions displayed below.] The following data reports on the July production activities of the Molding department at Ash Company. Beginning work in process Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for 875,840 $ 27,150 3,658 $ 30,800 552,450 323,390 5906,640 Direct Materials Conversion Percent Percent Units Complete Complete Beginning work in process inventory 2,500 100% 20% Units started this period 43,500 Completed and transferred out 43,000 Ending work in process inventory 3,000 100% без Prepare the Molding department's production cost report using the weighted average method. Note: Round "Cost per EUP" to 2 decimal places. Unit Reconciliation Units to account for Total units to account for Units accounted for Total units accounted for Equivalent Units of Production (EUP) Equivalent units of production Cost per EUP Total costs -Equivalent units of production Cost per equivalent…
am. 111.
In April, one of the processing departments at Terada Corporation had: • beginning work in process inventory of $40,000 • ending work in process inventory of $46,000. . . During the month, $263,000 of costs were added to production • the cost of units transferred out from the department was $257,000. In the department's cost reconciliation report for April, the total cost to be accounted for under the weighted-average method would be: $606,000 $86,000 $303,000 $566,000
Equivalent Units of Materials Cost The Rolling Department of Kraus Steel Company had 3,800 tons in beginning work in process inventory (20% complete) on October 1. During October, 63,400 tons were completed. The ending work in process inventory on October 31 was 3,200 tons (80% complete).
In July, Econo Company purchased materials costing $18,400 and incurred direct labor costs of $72,000. Overhead totaled $32,700 for the month. Information on inventories was as follows: July 1 July 31 Materials $5,400 $5,200 Work in process $ 700 $1,200 Finished goods $3,100 $2,700 What was the cost of direct materials used in July?

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