Standard-costing with beginning and ending work in process. Paquitas Pearls Company (PPC) is a manufacturer of knock

Question:

Standard-costing with beginning and ending work in process. Paquita’s Pearls Company (PPC) is a manufacturer of knock off jewelry. Paquita attends Fashion Week in New York City every September and February to gauge the latest fashion trends in jewelry. She then makes trendy jewelry at a fraction of the cost of those designers who participate in Fashion Week. This Fall’s biggest item is triple-stranded pearl necklaces. Because of her large volume, Paquita uses process costing to account for her production. In October, she had started some of the triple strands. She continued to work on those in November Costs and output figures are as follows:

Paquita's Pearls Company Process Costing For the Month Ended November 30, 2010 Conversion Direct Units Materials Costs S

1. Compute equivalent units for direct materials and conversion costs. Show physical units in the first column of your schedule.

2. Compute the total standard costs of pearls transferred out in November and the total standard costs of the November 30 inventory of work in process.

3. Compute the total November variances for direct materials and conversion costs.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Cost Accounting A Managerial Emphasis

ISBN: 978-0136126638

13th Edition

Authors: Charles T. Horngren, Srikant M.Dater, George Foster, Madhav

Question Posted: