%24 Pina Colada Manufacturing provided the following information about its standard costing system for 2022: Standard Data Actual Data Materials 10 Ibs. @ S4 per Ibs. Produced 4,120 units Labor 3 hrs. @$21 perhr. Materials purchased 51,230 lbs. for$220,289 Budgeted production 3,620 units Materials used 42,200 lbs. Labor worked 11,340 hrs.costing $226,800 () Determine the amount of the materials price variance. Identify whetherthe variance is favorable or unfavorable. Materials Price Variance eTextbook and Media Sarefor Later Attempts: 0 of 3 used Submit Answer (b) The parts of this question must be completed in order. This part will be available when you complete the part above.

%24 Pina Colada Manufacturing provided the following information about its standard costing system for 2022: Standard Data Actual Data Materials 10 Ibs. @ S4 per Ibs. Produced 4,120 units Labor 3 hrs. @$21 perhr. Materials purchased 51,230 lbs. for$220,289 Budgeted production 3,620 units Materials used 42,200 lbs. Labor worked 11,340 hrs.costing $226,800 () Determine the amount of the materials price variance. Identify whetherthe variance is favorable or unfavorable. Materials Price Variance eTextbook and Media Sarefor Later Attempts: 0 of 3 used Submit Answer (b) The parts of this question must be completed in order. This part will be available when you complete the part above.

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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17 Belsky Corporation has provided the following data from its activity-based costing system: Activity Cost Pools Assembly Estimated Overhead Cost $ 999,600 Processing orders Inspection $ 101,300 $ 138,700 Expected Activity 68,000 machine-hours 2,000 orders 1,900 inspection-hours The company makes 450 units of product Q19S a year, requiring a total of 710 machine-hours, 42 orders, and 12 inspection-hours per year. The product direct materials cost is $36.31 per unit and its direct labor cost is $30.05 per unit. According to the activity-based costing system, the unit product cost of product Q19S is closest to: (Round your intermediate calculations to 2 decimal places.) Multiple Choice $96.23 per unit О $66.36 per unit $87.70 per unit
Problem 4 The Salty Mfg. Co. operates three producing departments, A, B and C. It uses the weighted average costing method. The following data are on the production of Department B for October, 2021: Added in Department B Transfer Materials Conversion Units In (In pesos) Cost (PhP) In process, Oct. 1 Received from Department A Total 5,000 20,000 25,000 19,000 (in Pesos) 9,990 39,010 1,020 21,855 998 21,877 Transferred out Normal Loss 1,000 Abnormal loss 500 In process, Oct. 31 Factory costs are applied evenly throughout the process. Beginning work in process was 20% done while ending work in process is % done. Abnormal loss occurred at the end of the process. What should be the accumulated cost of work in process as of October 31 if the normal loss occurred during the process (with adjustment for lost units based on the remaining good units? 4,500
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 method
Table 2Activity Cost Pool Total Cost Total ActivityAssembly $ 1,114,920 57,000 machine-hoursProcessing orders $ 47,016 1,800 ordersInspection $ 107,328 1,560 inspection-hours Use Table 2 to answer this question. XYZ Corporation has provided the following data from its activity-based costing system (Table 2). The company makes 430 units of product ABA a year, requiring a total of 1,120 machine-hours, 35 orders, and 40 inspection-hours per year. The product's direct materials cost is $49.81 per unit and its direct labor cost is $12.34 per unit. The product sells for $130 per unit. According to the activity-based costing system, the product margin for product ABA is: Select one: a. $4,290.10. b. $3,815.50. c. none of the given answer. d. $4,159.50. e. $3,602.10.
Question 15 The assembly division of Quality Time Pieces, Inc. uses the FIFO method of process costing. Consider the following data for May 2020: Physical units Direct Materials Conversion Costs Beginning WIP 100 $459,888 $142,570 Started in May 2020 510 Completed during May 2020 450 Total costs added during May 2020 $3,237,000 $1,916,000 Degree of completion: Beginning WIP: direct materials 80%; conversion costs 35% Degree of completion: Ending WIP: direct materials 80%; conversion costs 40% What would be the cost of units completed and transferred out using FIFO method? Group of answer choices $4,065,000 $4,667,140 $1,088,000 $4,207,570
Chapter 6: A Closer Look on Cost Accounting The company makes 2,350 units of product X a year, requiring a total os 3.300 machine hours, 250 orders and 200 inspection hours per year. The product's direct material cost is P201.50 and its direct labor cost in P211.11 per unit. The product sells for P590 per unit. According to the activity-based costing system, the gross margin for product X is? 423,087.50 b. 350,435.50 c. 416,890 d. None of the choice a. 56. The following information is available for Mary Corp. Activity Pool Setups Quality Inspections Assembly (direct labor hour) What is the activity rate for setups? Activity Base 50,000 120,000 400,000 Budgeted Amount 300,000 600,000 2,000,000 a. P5.09 c. РО.75 d. P58.00 b. Рб.00 The activity rate for quality inspection is: с. Рб.00 d. P5.09 a. P5.29 b. P5.00
EXERCISE 1 XYZ Company has identified the following overhead activities, costs, and activity drivers for the coming year: Activity Expected Cost Activity Driver Activity Capacity $45,000 80,000 15,000 30,000 50,000 Number of moves Material-handling costs.. Machine costs... 450 Machine hours.. Number of orders. Number of parts.. Number of setups.. 20,000 Order costs.. 750 Receiving costs.. Setup costs.. 50,000 250 Assume that each activity corresponds to a process. XYZ's normal activity is 5,000 direct labor hours. The following two jobs were completed during March: Job X-1 Job Y-4 $1,500 $750 Direct materials $2,000 $750 Direct labor ($15 per hour)... Units completed... Number of moves. Machine hours.. Number of orders. Number of parts. Number of setups.. 200 200 3 6 125 75 3 12 200 800 1 4 Required: 1. Determine the unit cost for each job using direct labor hours to apply overhead.
7 The following direct labor standards have been established for a particular product: Standard direct labor-hours: 6.25 hours per unit $14.25 per hour Standard direct labor wage rate: The following data pertains to last month's operations: Actual out of product: Actual direct labor hours worked: Actual direct labor wages paid: 1,600 units 9,500 $132,050 REQUIRED: Using the standard cost model, compute each of the following, show all your calculations 7a What was the labor rate variance for the month? Is this variance favorable or unfavorable?
The following are ABC co's production cost for the month of October: Direct Materials P100,000 Direct Labor 90,000 Factory Overhead 4,000 1. The total manufacturing cost? 2. The prime cost? 3. The conversion cost? 4. The cost than can traced to specific product in production process?
TB MC Qu. 14-77 Newton Manufacturing has... Newton Manufacturing has 71,900 labor hours available for producing M and N. Consider the following information: Required labor time per unit (hours) Maximum demand (units) Contribution margin per unit Contribution margin per labor hour Multiple Choice O If Newton follows proper managerial accounting practices in terms of setting a production schedule, how much contribution margin would the company expect to generate? O $41,600 $98,750. $99,150. $101,750. Product M None of the answers is correct. 7,100 $ 6.00 $ 1.50 Product N 5 9,100 $ 6.50 $ 1.30
20 01:05:03 Mc Graw Hill Assume the following information for a company that produced 10,000 units and sold 9,000 units during its first year of operations: Per Unit $ 200 $ 76 $ 50 $ 10 $ 8 Multiple Choice Per Year Selling price Direct materials Direct labor Variable manufacturing overhead Sales commission Fixed manufacturing overhead Which of the following choices explains the relationship between the absorption costing net operating income and the variable costing net operating income? $ 291,000 The absorption costing net operating income will be lower than the variable costing net operating income by $29,100. The absorption costing net operating income will be lower than the variable costing net operating income by $101,100. The absorption costing net operating income will be higher than the variable costing net operating income by $29,100. The absorption costing net operating income will be higher than the variable costing net operating income by $101,100. Prev 20 of 25 Next >
26. How many units were in the beginning work-in-process? In July 2020, ABC Co. computed its equivalent unit costs under FIFO process costing as follows: Direct material P10 Direct labor 30 Packaging 20 Manufacturing overhead 15 Direct material and packaging are added at the start and end of processing, respectively. Beginning inventory cost was P500,000 and consisted of: • P100,000 direct material cost for 60,000 EUP; • P250,000 direct labor cost for 24,000 EUP; and • P150,000 manufacturing overhead cost 18,000 EUP. ABC Co. transferred a total of 500,000 units to finished goods during July and had 20,000 units in ending WIP inventory. The ending inventory units were 25 percent complete as to direct labor and 30 percent complete as to overhead. How many units were in the beginning work-in-process? 1