information has been taken from the job order cost system, used by Hafeez CORPORATION: REQUIRED i) Cost of finished gods inventory – beginning ii) Cost of goods in process inventory – beginning iii) Cost of finished goods inventory – ending iv) Cost of goods in process inventory – ending
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information has been taken from the
CORPORATION:
REQUIRED i) Cost of finished gods inventory – beginning
ii) Cost of goods in process inventory – beginning
iii) Cost of finished goods inventory – ending
iv) Cost of goods in process inventory – ending
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Solved in 2 steps
- ParticularsAmountDirect materialR12Direct laborR50Variable manufacturing overheadR6.50Fixed manufacturing overhead (R81,000/2,550 units)R31.76Unit product cost for the month under absorption costingR100.26 Prepare an income statement for the month using the Marginal costing methodnttps:25A%252F%252HM..mh A company allocates materials handling cost to the company's two products using the below data: Product A Product B Total expected units produced 5,400 11,800 Total expected material 530 470 moves Expected direct labor-hour 670 150 per unit The total materials handling cost for the year is expected to be $182,000. If the materials handling cost is allocated on the basis of direct labor-hours, how much of the total materials handling cost would be allocated to the Product B? (Round your intermediate calculations to 5 decimal places.) Multiple Choice $97,944 $74,263 $35,671 $59.791services XYZ industries applies overhead based on direct labor cost. The following information was available for the last year: Actual manufacturing overhead OMR50,000; Underapplied manufacturing overhead OMR10,400; Actual Prime cost OMR52,000; Actual Direct material cost OMR19,000; Estimated direct labor cost OMR41,000 overhead for the year? What was the estimated man turi Select one: O a. OMR49,200 O b.OMR39,600 O c. None of the answers given O d. OMR46,800 e OMRS1,600 ge Next page
- Month April May June Machine-Hours 63, eee 53,000 73,00e 84,e00 Cost $115, eee $138, 000 $326, 000 $193,000 July Assume that the overhead cost above consists of utilities, supervisory salaries, and maintenance. The breakdown of these costs at the 53,000-machine-hour level of activity in May is as follows Utilities (variable) Supervisory salaries (fixed) Maintenance (mixed) $ 25,000 28, 000 85,000 $138, 000 Total overhead cost The company wants to break down the maintenance cost into its variable and fixed cost elements. Required: 1. Estimate how much of the $193,000 of overhead cost in July was maintenance cost. (Hint To do this, first determine how much of the $193,000 consisted of utilities and supervisory salaries. Think about the behaviour of variable and fixed costs within the relevant range ) (Round the "Variable cost per unit" to 2 decimal places.) 11,623 Maintenance cost in July5:31 Part E76 is used in one of Ran Corporation's products. The company's Accounting Department reports the following costs of producing the 12,000 units of the part that are needed every year. Per unit Direct materials. Direct labor...... .$4.50 1.20 Variable overhead. Supervisor's salary.... Depreciation of special equipment.. 2.30 Allocated general overhead... 2.70 3.00 1.80 An outside supplier has offered to make the part and sell it to the company for $16.00 each. If this offer is accepted, the supervisor's salary and all of the variable costs, including direct labor, can be avoided. The special equipment used to make the part was purchased many years ago and has no salvage value or other use. The allocated general overhead represents fixed costs of the entire company. If the outside supplier's offer were accepted, only $5,000 of these allocated general overhead costs would be avoided. In addition, the space used to produce part E43 could be used to make more of one of the…S 13. In August direct labor was 60% of conversion cost. If the manufacturing overhead for the month was $54,000 and the direct materials cost was $34,000, the direct labor cost was: A. $36,000 B. $22,667 C. $51,000 D. $81,000
- Ch. 10-Dell, Inc. makes a product with the following standard costs: Direct materials Direct labor Variable overhead 4.00per ounce 11.00per hour 4.00per hour The company reported the following results concerning this product in June. Actual output Raw materials used in production Purchases of raw materials Actual direct labor-hours Standard Quantity or Hours Standard Price or Rate 7.1ounces 0.2hours 0.2hours D) $440 F C) $660 U A) $440 U $ $ $ B) $660 F Standard Cost Per Unit 3000units 21,500ounces 21,500ounces 560hours S $ The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The labor efficiency variance for June is: S 28.40 2.20 0.80Question A.During the last 6 weeks, the actual costs of labor for Solsana Company were as follows: Week 1 Week 2 Week 3 $38,500 $40,000 $42,000 Week 4 Week 5 Week 6 $45,600 $48,000 $51,000 The standard materials cost for each week was $40,000 with an allowable deviation of ±5,000. Required: Plot the actual costs over time against the upper and lower limits. Comment on whether or not there is a need to investigate any of the variances. Full explain this question and text typing work only We should answer our question within 2 hours takes more time then we will reduce Rating Dont ignore this line7. At the beginning of the year, a company estimates total direct materials costs of $1,940,000 and total overhead costs of $2,793,600. If the company uses direct materials costs as its activity base to apply overhead, what is the predetermined overhead rate it should use during the year? a. 100% b. 144% c. 69% d. 44% e. 31%
- Choos the correct letter of answer: Beginning work in process was P125,000. Manufacturing costs incurred for the month were P835,000. There were P200,000 of partially finished goods remaining in work in process inventory at the end of the month. What was the cost of goods manufactured during the month?A. P1,160,000B. P 910,000C. P 760,000D. Cannot be determined. Beginning finished goods inventory wasP130,000. The cost of goods manufacturedfor the month was P760,000. And the endingfinished goods inventory was P150,000.What was the cost of goods sold for themonth?A. P 20,000.B. P740,000.C. P780,000.D. P760,000.23.During last period, a company's overhead rate was 150% of direct labor cost. This caused factory overhead to be $10,000 overapplied. Use the following incomplete accounts to determine the cost of goods sold. Goods in Process Inventory Beg Bal 10,000 DM 80,000 D.L. OH End. Bal 20,000 ? COGM ? Factory Overhead 50.000 A.$130,000 B.$170,000 C.$40,000 D.$60,000 E.$90,000 Finished Goods Inventory Beg Bal 30,000 ? End. Bal. 70.00017. This is Cost Accounting. Explain briefly and answer. The following direct labor information pertains to the manufacture of Part J35:Number of hours required to make a part 2.5 DLHNumber of Direct workers 75Number of total productive hours per week 3000Weekly wages per worker P1,000 Laborers’ fringe benefits treated as direct labor costs 25% of wagesWhat is the standard direct labor cost per unit of Part J35? 62,500 78,125 41,670 84,125 74,350