Donbrowski Co., manufacturers reflective lenses uses a standard process costing system. For May 2013, the following data
Question:
a. Prepare an equivalent units of production schedule.
b. Prepare a cost of production report and assign costs to goods transferred and to ending work in process inventory.
c. Calculate and label the variances and close them to Cost of Goods Sold.
Transcribed Image Text:
Standard Cost of One Unit Direct material Total manufacturing cost S 5.50 12.50 $18.00 10,000 units (100% DM: 70% conversion) Beginning WIP Inventory Started in May Completed in May Ending WIP Inventory Actual costs for May 180,000 units 150,000 units ? units (100% DM: 60% conversion) $1,001,000 2,136,000 3,137,000 Direct materal Total actual cost
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 76% (13 reviews)
a Units Material Conversion Beginning inventory 10000 Units started 180000 Units to account for 1900...View the full answer
Answered By
Fahmin Arakkal
Tutoring and Contributing expert question and answers to teachers and students.
Primarily oversees the Heat and Mass Transfer contents presented on websites and blogs.
Responsible for Creating, Editing, Updating all contents related Chemical Engineering in
latex language
4.40+
8+ Reviews
22+ Question Solved
Related Book For
Cost Accounting Foundations and Evolutions
ISBN: 978-1111971724
9th edition
Authors: Michael R. Kinney, Cecily A. Raiborn
Question Posted:
Students also viewed these Managerial Accounting questions
-
The following data are available for Haul-It-Away Truckers: 1. Compute the predetermined overhead rate for each of the two years, if based on (a) Direct labor hours, (b) Number of moving jobs, and...
-
The following data are available for InterGalactic Strategic Consultants for the year just ended: Gross margin .......... $16,200,000 Operating profit ........ 6,100,000 Revenues .............
-
The following data are available for the Megan Corp. finishing department for the current year. The department makes a single product that requires three hours of labor per unit of finished product....
-
Why is Supplier Relationship is important to a business. explain
-
After declining between 1940 and 1980, the number of multigenerational American households has been increasing since 1980. The function h(x) = 0.012x2 - 0.583x + 35.727 can be used to estimate the...
-
Give an example of a social marketing campaign that has a visible corporate sponsor, one not mentioned in this chapter.
-
Some might say that coding is not as important as analysis or design since programming errors can be identified and corrected easily. Do you agree with this statement? Why?
-
The Volvo Group, headquartered in Gothenburg, Sweden, is one of the worlds leading manufacturers of trucks, buses, and construction equipment, in addition to autos. Volvos actual condensed balance...
-
Details Email Exercise Purpose: To give students practice writing effective emails Instructions: Write a brief email to a friend or family member about your day. Be sure to include the following:...
-
Kat Ltd.s September balance sheet contains the following information: Cash.............................................................................$ 37,500 (dr) Accounts...
-
Randazzo Ltd. produces sports fan towels and uses the weighted average process costing method. All towels are cut to be the same size and from the same fabric but can be customized by adding one or...
-
MHR Inc. uses a standard process costing system. All material is added at the beginning of the production process. Per unit standard costs for one of the companys products are as follows: Direct...
-
1. The Open Meetings Act in this case excluded meetings related to hiring, firing, or promotion of the personnel of a public governmental body. Should such a section be interpreted to include...
-
1. What are the possible ways that Lockheed Martin could get rid of the IS&GS division? What are the tax implications of each of those approaches? 2. Describe in your own words the reverse Morris...
-
How can a company determine the correct value of its fixed assets? According to you, how does the depreciation of fixed assets affect the accounting and finances of a company? In your opinion, what...
-
Mark all questions that should be asked when preparing the risk strategy, according to lecture. Group of answer choices Who is responsible for the risk? What are the costs and benefits of these...
-
Vanessa is the Chief Financial Officer for a US company. It is a large multinational company whose annual revenues exceed $5.0B and its shares are trade on the New York Stock Exchange. The FCPA...
-
The revenue recognition principle requires an adjusting entry to accrue interest earned and includes a debit to Interest Receivable and a credit to Interest Revenue. What effect does this adjusting...
-
Write a query to display the customer code, balance, and total purchases for each customer. Total purchase is calculated by summing the line subtotals (as calculated in Problem 12) for each customer....
-
The domain of the variable in the expression x 3/x + 4 is________.
-
Describe the nature and purpose of coaching salespeople.
-
Kensington Corporation is a diversified manufacturing company with corporate headquarters in Easton, Massachusetts. The three operating divisions are Kennedy Division, Consumer Products Division, and...
-
In each of the following cases, the Speaker Division can sell all of its production of audio speakers externally or some internally to the Sound System Division and the remainder to outside...
-
Ludmilla Corp. has two divisions: Engine and Mobile Systems. The Engine Division produces engines used by both the Mobile Systems Division and a variety of external industrial customers. External...
-
Use factoring by grouping to solve the following equation. 3-522-16r+80=0 Enter the solutions, separated by commas if necessary. Do not use a plus-minus () sign when entering separate answers....
-
What are some intervention policies that make provisions for destitute college or university students in Ethiopia? Please provide Examples
-
Develop a simple application of two- variable linear programming problem to find an optimal product mix in a 'realistic' context. Specify the resources to be considered requirements, and the market...
Study smarter with the SolutionInn App