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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Uhtred Manufacturing had the following transactions in October: Purchased raw materials on account, $58,800. Used materials in production: $21,900 in the Mixing Department; $4,800 in the packaging Department; $920 in indirect materials. Incurred labor costs: $7,500 in the Mixing Department; $4,050 in the Packaging Department; $2,520 in indirect labor. Incurred manufacturing overhead costs: $9,540 in machinery depreciation; paid $2,890 for rent and paid for utilities at a cost of $1,920. Prepare the journal entries for Uhtred Manufacturing. Journal Date Description Debit Credit 1 1 2 2 2 2 3 3 3 3 4 4 4
Total direct materials cost incurred in the current period is $90,000. Units completed during the current period plus equivalent units in ending work in process inventory are 18,000. The direct materials cost per equivalent unit for the current period is $4.5 True False
Domestic
The following production and cost per EUP data are available for Vendome Corp for February: Units Completed during February 390,000 Units in ending inventory (100% complete as to direct material. 30% complete as to direct labor; 25% complete as to overhead) 55,500 Units completed during February 390,000 Direct Materials per EUP 7.50 Direct Labor per EUP 9 Overhead cost per unit 10.20 Use Weighted Average Method Questions: 1. What is the cost of the goods completed during February? 2. What is the cost of ending inventory at February 28? 3. What is the total cost to account for during February?
Accounting The following information is given for process I for B Ltd. The average method of pricing work-in-progress is used. Work-in-progress in January: Materials on 500 units Labour on 500 units Factory overheads on 500 units Total Production costs for January: Materials Labour Factory overheads Cost for January Rs 7,800 9,150 6,125 23,075 Rs 900 1,000 400 2,300 Production completed during January: 500 units from 1 January, work-in-progress 2,000 units from products received during January 2,500 total units completed Work-in-progress on 31 January: 400 units, 25% completed as to material, labour and overhead. Calculate process I account for January. Pls be fast
Current Attempt in Progress Production costs chargeable to the Sanding Department in July in Monty Company are $41,160 for materials, $14,700 for labor, and $12,740 for manufacturing overhead. Equivalent units of production are 29,400 for materials and 19,600 for conversion costs. Compute the unit costs for materials and conversion costs. (Round answers to 2 decimal places, e.g. 15.25.) Unit costs $ Materials $ Conversion Costs
The following information was taken from the books of Hunaiza Manufacturing Company for the month of January 2021 Cost of Units in process at beginning: January 1, 2021 Rs. 60,000 Cost of Raw Material used 177,600 Direct Labour cost incurred 115,200 Factory Overhead Cost incurred 86,400 The data extracted from the production report relating to above process are as follows: Units in process at beginning of January (40% complete as to material and 60% complete as to conversion cost) 10,000 units Units placed in production during January 26,000 units Units in process at end of January 31 (60% complete as to material and 80% as to conversion cost)…
5. Protic Company employs a standard cost system in which direct materials inventory is carried at standard cost. The company has established the following standards for the prime costs of one unit of product: Standard Quantity Standard Price Standard Cost Direct labor 2.6 hours $44.00/hour $114.40 During April, the total factory wages for April were $3,200,000, among those 90% were direct labor cost. The company manufactured 25,000 units of product during April using 64,000 direct labor hours. Required: a) What is the direct labor rate and efficiency variance for April?
The following transactions occurred during April: (a) Purchased materials on account at a cost of $232,670. (b) Requisitioned materials at a cost of $111,000, of which $15,600 was for general factory use. (c) Recorded factory labor of $225,700, of which $43,775 was indirect. (d) Incurred other costs: Begining balances Raw Mat: 29,500 work in pro: 19,900 Finished goods: 124,600 No balance for the rest Selling expense $ 34,400 Factory utilities 23,600 Administrative expenses 50,750 Factory rent 11,100 Factory depreciation 21,000 (e) Applied overhead at a rate equal to 137 percent of direct labor cost. (f) Completed jobs costing $262,150. (g) Sold jobs costing $324,570. (h) Recorded sales revenue of $515,000. Required: 1. & 2. Post the April transactions to the T-accounts and compute the balance in the accounts at the end of April. (Post each transaction (d) cost separately. Round your answers to 2 decimal places.) 3-a. Compute over- or underapplied manufacturing…
Larned Corporation recorded the following transactions for the just completed month. a. $86,000 in raw materials were purchased on account. b. $84,000 in raw materials were used in production. Of this amount, $72,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $120,500 were paid in cash. Of this amount, $100,500 was for direct labor and the remainder was for indirect labor. d. Depreciation of $197,000 was incurred on factory equipment. Required: Record the above transactions in journal entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 23 4 $86,000 in raw materials were purchased on account. Note: Enter debits before credits. Transaction General Journal a. Record entry Clear entry Debit Credit View general journal
Department M had 2,600 units 58% completed in process at the beginning of June, 12,100 units completed during June, and 1,500 units 25% completed at the end of June. What was the number of equivalent units of production for conversion costs for June if the first-in, first-out method is used to cost inventories? Oa. 13,975 units Ob. 9,500 units Oc. 10,967 units Od. 12,475 units
In July, the cost of materials transferred into the Rolling Department from the Casting Department of Oak Ridge Steel Company is $544,900. The conversion cost for the period in the Rolling Department is $116,900 ($68,900 factory overhead applied and $48,000 direct labor). The total cost transferred to Finished Goods for the period was $590,000. The Rolling Department had a beginning inventory of $26,500. a1. Journalize the cost of transferred-in materials. fill in the blank 16e838059fb9033_2 fill in the blank 16e838059fb9033_4 a2. Journalize the conversion costs. If an amount box does not require an entry, leave it blank. fill in the blank a2acba089f98fcb_2 fill in the blank a2acba089f98fcb_3 fill in the blank a2acba089f98fcb_5 fill in the blank a2acba089f98fcb_6 fill in the blank a2acba089f98fcb_8 fill in the blank a2acba089f98fcb_9 a3. Journalize the costs transferred out to Finished Goods. fill in the…

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