Exercise 8-20 (Algo) Compute Equivalent Units: Weighted-Average Method (LO 8-1, 3) Trevor Mills produces agricultural feed...

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Exercise 8-20 (Algo) Compute Equivalent Units: Weighted-Average Method (LO 8-1, 3) Trevor Mills produces agricultural feed at its only plant. Materials are added at the beginning of the process. Information on work-in- process in December follows: Beginning inventory, 38,000 partially complete units, 10 percent complete with respect to conversion costs. Units started in December, 99,000 units. Units transferred out in December, 95,000 units. Ending inventory, 42,000 units, 62 percent complete with respect to conversion costs. Required: Compute the equivalent units for materials and conversion costs for December using the weighted-average method. Materials Conversion Costs Equivalent Units ! Required information Exercise 9-34 and 9-35 (Algo) [The following information applies to the questions displayed below.] Benton Corporation manufactures computer microphones, which come in two models: Standard and Premium. Data for a representative quarter for the two models follow: Units produced Production runs per quarter Standard 17,200 50 Premium 4,300 25 Direct materials cost per unit Direct labor cost per unit $ 30 50 $ 64 75 Manufacturing overhead in the plant has three main functions: supervision, setup labor, and incoming material inspection. Data on manufacturing overhead for a representative quarter follow: Supervision Setup labor Incoming inspection Total overhead $ 354,750 306,375 296,700 $ 957,825 Exercise 9-34 (Algo) Activity-Based Costing and Cost Driver Rates (LO 9-4) Required: a. Benton currently applies overhead on the basis of direct labor cost. What is the predetermined overhead rate for the quarter? b. The CFO and the plant controller at Benton are thinking of adopting an ABC system. They have tentatively chosen the following cost drivers: direct labor cost for supervision, production runs for setup labor, and direct material dollars for incoming inspection. Compute the cost driver rates for the proposed system at Benton. Note: Enter your answers rounded to 2 decimal places. a. Overhead rate b. Supervision b. Setup labor b. Incoming inspection % of direct labor cost % of direct labor cost per production run % of direct material cost Exercise 8-40 (Algo) Assign Costs to Goods Transferred Out and Ending Inventory: FIFO Method (LO 8- 2,5) The following cost information is available for July for the Crest Plant at Calvert Company: Beginning work-in-process inventory Materials cost Conversion cost Total Current costs Materials cost Conversion cost Total $ 65,000 44,000 $ 109,000 $ 210,000 460,000 $ 670,000 Materials are added at the beginning of the process. The following quantities have been recorded: Beginning inventory, 49,000 partially complete gallons, 35 percent complete with respect to conversion costs. Units started in July, 89,000 gallons. Units transferred out in July, 99,000 gallons. Ending inventory, 39,000 gallons, 60 percent complete with respect to conversion costs. Required: Compute the cost of goods transferred out and the ending inventory for July using the FIFO method. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar. Cost of goods transferred out Ending inventory Exercise 8-20 (Algo) Compute Equivalent Units: Weighted-Average Method (LO 8-1, 3) Trevor Mills produces agricultural feed at its only plant. Materials are added at the beginning of the process. Information on work-in- process in December follows: Beginning inventory, 38,000 partially complete units, 10 percent complete with respect to conversion costs. Units started in December, 99,000 units. Units transferred out in December, 95,000 units. Ending inventory, 42,000 units, 62 percent complete with respect to conversion costs. Required: Compute the equivalent units for materials and conversion costs for December using the weighted-average method. Materials Conversion Costs Equivalent Units ! Required information Exercise 9-34 and 9-35 (Algo) [The following information applies to the questions displayed below.] Benton Corporation manufactures computer microphones, which come in two models: Standard and Premium. Data for a representative quarter for the two models follow: Units produced Production runs per quarter Standard 17,200 50 Premium 4,300 25 Direct materials cost per unit Direct labor cost per unit $ 30 50 $ 64 75 Manufacturing overhead in the plant has three main functions: supervision, setup labor, and incoming material inspection. Data on manufacturing overhead for a representative quarter follow: Supervision Setup labor Incoming inspection Total overhead $ 354,750 306,375 296,700 $ 957,825 Exercise 9-34 (Algo) Activity-Based Costing and Cost Driver Rates (LO 9-4) Required: a. Benton currently applies overhead on the basis of direct labor cost. What is the predetermined overhead rate for the quarter? b. The CFO and the plant controller at Benton are thinking of adopting an ABC system. They have tentatively chosen the following cost drivers: direct labor cost for supervision, production runs for setup labor, and direct material dollars for incoming inspection. Compute the cost driver rates for the proposed system at Benton. Note: Enter your answers rounded to 2 decimal places. a. Overhead rate b. Supervision b. Setup labor b. Incoming inspection % of direct labor cost % of direct labor cost per production run % of direct material cost Exercise 8-40 (Algo) Assign Costs to Goods Transferred Out and Ending Inventory: FIFO Method (LO 8- 2,5) The following cost information is available for July for the Crest Plant at Calvert Company: Beginning work-in-process inventory Materials cost Conversion cost Total Current costs Materials cost Conversion cost Total $ 65,000 44,000 $ 109,000 $ 210,000 460,000 $ 670,000 Materials are added at the beginning of the process. The following quantities have been recorded: Beginning inventory, 49,000 partially complete gallons, 35 percent complete with respect to conversion costs. Units started in July, 89,000 gallons. Units transferred out in July, 99,000 gallons. Ending inventory, 39,000 gallons, 60 percent complete with respect to conversion costs. Required: Compute the cost of goods transferred out and the ending inventory for July using the FIFO method. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar. Cost of goods transferred out Ending inventory