Veromora Manufactures sand products in its forming department. Veromora operate a process costing system. All direct...
Fantastic news! We've Found the answer you've been seeking!
Question:
![image](https://dsd5zvtm8ll6.cloudfront.net/si.experts.images/questions/2023/03/642563b66e58f_958642563b6535f9.jpg)
Transcribed Image Text:
Veromora Manufactures sand products in its forming department. Veromora operate a process costing system. All direct materials are added at the beginning of the process, and conversion costs are added evenly during the process. Total overhead for the period was 2,707,250. A further analysis of overhead was provided as fallow Machine setup Material Handling Procurement Deliveries The organization provided the fallowing activities No of setup Movement of material Machine setup Material Handling Procurement Deliveries No of orders No of deliveries Materials added Completed during the month Normal loss 8% of input Direct Materials TZS Product Z 2 8 4 1 The management accountant of Veromora has provided you with the following summary data for December regarding to Product z. Units Total costs 1,360,000 Scrap value of the normal loss is TZS 55 per unit. There is no opening or closing stock of work-in- progress in December. Required: Prepare for the month of December: The process account; (1) (ii) The normal loss (scrap) account; (iii) The abnormal loss/abnormal gain account. Labour TZS % of overhead 34.5221% 19.481% 13.5285% 32.4684% 1,284,000 Product X 6 4 1 2 Overheads TZS 10,000 9,000 Veromora Manufactures sand products in its forming department. Veromora operate a process costing system. All direct materials are added at the beginning of the process, and conversion costs are added evenly during the process. Total overhead for the period was 2,707,250. A further analysis of overhead was provided as fallow Machine setup Material Handling Procurement Deliveries The organization provided the fallowing activities No of setup Movement of material Machine setup Material Handling Procurement Deliveries No of orders No of deliveries Materials added Completed during the month Normal loss 8% of input Direct Materials TZS Product Z 2 8 4 1 The management accountant of Veromora has provided you with the following summary data for December regarding to Product z. Units Total costs 1,360,000 Scrap value of the normal loss is TZS 55 per unit. There is no opening or closing stock of work-in- progress in December. Required: Prepare for the month of December: The process account; (1) (ii) The normal loss (scrap) account; (iii) The abnormal loss/abnormal gain account. Labour TZS % of overhead 34.5221% 19.481% 13.5285% 32.4684% 1,284,000 Product X 6 4 1 2 Overheads TZS 10,000 9,000
Expert Answer:
Related Book For
Posted Date:
Students also viewed these accounting questions
-
Dengo Co. makes a trail mix in two departments: roasting and blending. Direct materials are added at the beginning of each process, and conversion costs are added evenly throughout each process. The...
-
Belda Co. makes organic juice in two departments: cutting and blending. Direct materials are added at the beginning of each process, and conversion costs are added evenly throughout each process. The...
-
Hi-T Company uses the weighted average method of process costing. Information for the companys first production process follows. All direct materials are added at the beginning of this process, and...
-
Some people believe that the Internet is rewriting the rules of how to attract, motivate, and retain talent internationally. Consider Planet-Intra.com Ltd., a year-old software company that is...
-
Consider the Izod impact test described in Exercise 8-23. Compute a 99% tolerance interval on the impact strength of PVC pipe that has confidence level 90%. Compare the length of the tolerance...
-
Minimize each of the Boolean equations from Exercise 2.1. Data From Problem 1 Write a Boolean equation in sum-of-products canonical form for each of the truth tables in Figure 2.80. (a) (b) (c) (d)...
-
The pattern of authority, influence, and acceptable managerial behavior established at the top of the organization is called ______________. (a) organizational governance (b) agency linkage (c) power...
-
In its 2005 annual report, TD Bank Financial Group (TD) reported economic profit of $ 1,062 million. Its calculation of economic profit is summarized as follows (millions of dollars): Average common...
-
Required information Skip to question [The following information applies to the questions displayed below.] XYZ is a calendar-year corporation that began business on January 1, 2021. For the year, it...
-
In the investment world, commodities are typically pretty boring. From livestock to grains to steel and other metals, commodities have their ups and downs. But long term, the world will always need...
-
A hypothesis cannot be formed without first Question 15 options: Having a theory Making a prediction Analysing results Making an observation
-
List and briefly describe important items relating to a finance team structure and the AIS.
-
The Cebu Company manufactures a product using the job order cost system. You obtained from the company's books, the following information for the year ended May 31, 2019: 1) The work in process on...
-
1. Based on the deficiencies in the design of controls identified in the sales processing subset of the revenue cycle as explained in the first two paragraphs of this module, does the sampling plan...
-
The inventory in a warehouse contains 308 tablets of which 3 are defective. What is the probability that a randomly selected tablet is defective? Round your answer to four decimal places
-
Explain how the lease liability and a right-of-use asset would be recognised and measured at the lease inception? Explain the typical expenses recognised by a lease during lease period.
-
4.90% Monthly Calculate the effective annual rate for each investment option decide which one to choose. (1.5 points) 6. Moving Cash Flow You are scheduled to receive a $800 cash flow in one year, a...
-
TRUE-FALSE QUESTIONS 1. In terms of preliminary analytical procedures, assume that the company has introduced a new product with a low price point and significant customer demand. The auditor would...
-
Refer to the bond details in Problem 14-4B. Required 1. Prepare the January 1 journal entry to record the bonds issuance. 2. Determine the total bond interest expense to be recognized over the bonds...
-
Gazelle Corporations current-year income statement, comparative balance sheets, and additional information follow. For the year, (1) All sales are credit sales, (2) All credits to Accounts Receivable...
-
A custom manufacturer completed Jobs 103 and 104. Job 103 cost $12,000 and was sold (on credit) for $20,000. Job 104 cost $15,000. Prepare journal entries to record (a) The completion of both jobs,...
-
Visit SunGards web site, http://www.sungard.com, and research its recovery services offered for the following classes: High Availability, System Recovery, and End-User Recover. Write a report of your...
-
Micro Systems, a developer of database software packages, is a publicly held company and listed with the SEC. The company has no internal audit function. In complying with SOX, Micro Systems has...
-
Leigh Industries has an internal audit department consisting of a director and four staff auditors. The director of internal audit, Diane Bauer, reports to the corporate controller, who receives...
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App