O & https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%25 Epter 1 Assignment iDirect materialsDirect laborVariable manufacturing overheadFixed manufacturing overheadFixed selling expenseFixed administrative expenseSales commissionsVariable administrative expenseRequired information[The following information applies to the questions displayed below.]Martinez Company's relevant range of production is 7,500 units to 12,500 units. When it produces and sells 10,000 units,its average costs per unit are as follows:Variable cost per unit sold< PrevO SearchSavedAverage Costper Unit$5.90$ 3.40$ 1.60$ 4.00$ 2.90$2.20$ 1.20$ 0.453. If 8,000 units are produced and sold, what is the variable cost per unit produced and sold? (Round your answer to 2 decimalplaces.)SLO3 4 5RAK15of 15JHelpNext >W90%Save & E=Che

Variable costs are costs that vary at every level of production. If the company produces more units,…

Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Fixed selling expense Fixed administrative expense Sales commissions Variable administrative expense 3. If 8,000 units are produced and sold, what is the variable cost per unit produced and sold? (Round your answer to 2 decimal places.) Variable cost per unit sold per Unit $5.90 $3.40 $ 1.60 $4.00 $ 2.90 $2.20 $1.20 $ 0.45 < Prev 3 4 S 5 *** 15 of 15 BE www J Next > O W

Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Fixed selling expense Fixed administrative expense Sales commissions Variable administrative expense 3. If 8,000 units are produced and sold, what is the variable cost per unit produced and sold? (Round your answer to 2 decimal places.) Variable cost per unit sold per Unit $5.90 $3.40 $ 1.60 $4.00 $ 2.90 $2.20 $1.20 $ 0.45 < Prev 3 4 S 5 *** 15 of 15 BE www J Next > O W

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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ttempt%3D1347310&cmid%3D701917 ming services SQU Libraries SQU Portal Attendance English (en Which of the following is correct with resnect to closing out underapplied manufacturing overhead to Cost of Goods Sold versus closing it out to Work-in-Process Inventory, Finished Goods Inventory, and Cost of Goods Sold? Select one: a. The balance in the Work-in-Process account after allocation will be higher if the underapplied overhead is closed out by allocating it to all appropriate accounts. b. The balance in the Work-in-Process account after allocation will be the same under either method. C. None of given ANSWER is correct. d. Operating income will be higher if all of the underapplied overhead is closed out to Cost of Goods Sold. X e. Cost of Goods Sold will be higher if the underapplied. overhead is closed out by allocatinog it to the inventory accounts as well as to Cost of Goods Sold. The corect
Which of the following journal entries is used to record fixed overhead costs allocated? O A. Fixed Overhead Allocated Work-in-Process Control C) B. 0 D. Fixed Overhead Allocated Fixed Overhead Control Work-in-Process Control Fixed Overhead Allocated 0 D. Fixed Overhead Control Work-in-Process Control
* Question Completion Status: QUESTION 2 1 pc -Which of the following is a correct journal entry to record direct labor cost? - Work in process Dr & Direct labor Cr OA. - Wages payable Dr & Work in process Cr OB. C. - Work in process Dr & Wages payble Cr D. Production Dr & Direct labor Cr
Q.3.4 Briefly discuss the following concepts. Your discussion should include reference as to how it is determined: Actual manufacturing overhead costs. Budgeted manufacturing overhead costs. Allocated or applied manufacturing overhead costs. ●
Question (ii) Please to show working on how you arrived with the answers in the Journal entry also I need answer for (iv) along with working out . Please also take into consideration the following when approaching the questions: To record materials issued (Direct & Indirect) – Dr. WIP (Direct); Dr. Manufacturing O/H (Indirect); Cr Material Inventory Manufacturing Wages/Labour - Note that there are two ways of journalizing this cost · First Dr Manufacturing Wages; Cr Wages Payable; Then Dr WIP (Direct), Dr MO (Indirect), Cr Manufacturing Wages OR · Leave out Manufacturing Wages: Dr WIP (Direct), Dr MO (Indirect), Cr Wages Payable NOTE: Wages Payable may also be referred to as Accrued Wages or Accrued Payroll To record Other Manufacturing O/H Costs- Dr Manufacturing O/H; Cr Various A/Cs e.g. Prepaid Insurance, Accumulated Depreciation, Cash etc. To record Manufacturing O/H Applied: Dr WIP; Cr Manufacturing O/H To record Finished Goods: Dr FG; Cr WIP To record Units…
Required information[The following information applies to the questions displayedbelow.]We discuss how to prepare the process costing production reportusing the weighted-average method. In addition, we discuss that aproduction report is a summary of what occurs in the productionprocess, and includes information about the number of physicalunits, number of equivalent units, cost per equivalent unit, and areconciliation of the cost of Work in Process Inventory. Knowledge Check 01Paula's Fab Tee Company, which prints T-shirts, has three processingdepartments (printing, labeling, and packaging). The total cost per equivalentunit was $17.80 for the printing department, $0.80 for the labeling department,and $0.40 for the packaging department. The total cost of the 1,450 units thatwere transferred out of the Work in Process Inventory (Packaging) account tothe Finished Goods Inventory account was:
Concepts and Terminology From the choices presented in parentheses, choose the appropriate term for completing each of the following sentences: Appr Sentence comp a. An example of factory overhead is (electricity used to run assembly line, CEO salary). b. Direct materials costs combined with direct labor costs are called (prime, conversion) costs. c. Long-term plans are called (strategic, operational) plans. d. Materials for use in production are called (supplies, materials inventory). e. The phase of the management process that uses process information to eliminate the source of problems in a process so that the process delivers the correct product in the correct quantities is called (directing, improving). f. The plant manager's salary would be considered (direct, indirect) to the product. g. The salaries of salespeople are normally considered a (period, product) cost. Previous Next
Doaktown Products manufactures fishing equipment for recreational uses. The Miramichi plant produces the company's two versions of a special reel used for river fishing. The two models are the M-008, a basic reel, and the M-123, a new and improved version. Cost accountants at company headquarters have prepared costs for the two reels for the most recent period. The plant manager is concerned. The cost report does not coincide with her intuition about the relative costs of the two models. She has asked you to review the cost accounting and help her prepare a response to headquarters. Manufacturing overhead is currently assigned to products based on their direct labor costs. For the most recent month, manufacturing overhead was $334,400. During that time, the company produced 14,900 units of the M-008 and 2,400 units of the M-123. The direct costs of production were as follows. М-008 М-123 Total Direct materials $119,200 $ 96,000 48,000 $215,200 Direct labor 119,200 167,200 Management…
A production cost report Is an accounting report that describes the physical flow of units, equvalent units of production for direct materials and converslon, costs pet e nt urit of production for direct materials and for conversion, and the assignment of total costs to units worked on in the perlod. True or False True False Next 18 of 25 < Prev
Yates Manufacturing Company incurs the following manufacturing costs and expenses during the month of May. 1. Assembly line wages 2. Raw materials used directly in product 3. Depreciation on office equipment 4. Property taxes on factory building 5. Rent on factory building 6. Sales commissions 7. Depreciation on factory equipment 8. Factory utilities 9. Wages for factory maintenance workers 10. Advertising 11. Indirect materials used in production 12. Factory manager's salary Complete the following matrix by placing an X markunder the appropriate headings. Cost Direct Direct Manufacturing Period Item Materials Labor Overhead Costs 1. 2.
Exercise 16-44 (Algo) (Appendix used in requirement [b]) Variable Cost Variances (LO 16-5, 7) Rankin Fabrication reports the following information with respect to its direct materials: Actual quantities of direct materials used Actual costs of direct materials used. Standard price per unit of direct materials. Flexible budget for direct materials. Rankin Fabrication holds no materials inventories. 35,500 gallons $ 201,680 $ 5.79 $ 213,100 Required: a. Compute the direct material price and efficiency variances. b. (Appendix) Prepare the journal entries to record the purchase and use of the direct materials using standard costing. Direct materials price variance Direct materials efficiency variance Complete this question by entering your answers in the tabs below. Required A Required B Compute the direct material price and efficiency variances. Note: Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either…
View Policies Current Attempt in Progress In which of the following categories do indirect materials belong? Product Cost Manufacturing Overhead Period Cost No No Yes Yes No No Yes Yes No Yes Yes Yes eTextbook and Media Save for Later O Attempts: 0 of 3 used Submit Answer