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The document provides information about the costs incurred during an accounting period by a manufacturing concern to produce 2,000 units. It asks questions about the inventoriable costs, manufacturing costs, cost of goods manufactured, traceable costs, and expenses for the period based on the information provided. It also provides inventory balances and costs incurred by Clayton Company during a month to ask questions about preparing a cost of production statement showing prime costs, total manufacturing costs, cost of goods manufactured, and cost of goods sold.
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Accounting problems 2
1. The company uses a job-order costing system. I would recommend assigning manufacturing overhead to production using a predetermined overhead rate based on normal capacity.
2. I have recomputed the unit costs using a single predetermined overhead rate, which results in more consistent unit costs across quarters.
3. In an activity-based costing system, overhead costs are assigned to products based on their consumption of activities and cost pools. I have computed the overhead cost applied to each product for Sultan Company by distributing the activity costs to products based on their activity usage.
Budget: 4. Budget degli Acquisti
The document presents a direct materials budget for Royal Company for the quarter. It shows that Royal requires 5 pounds of material per unit of production. In April, production is projected to be 26,000 units requiring 130,000 pounds of material. The budget also calculates the expected cash disbursements for materials purchases throughout the quarter, which totals $185,000.
Cost Of Goods Sold Formula
The document outlines the calculation of cost of goods sold (COGS) by detailing opening and closing inventory amounts for materials and finished goods, purchases and returns, direct materials consumed, cost of goods manufactured, prime costs including direct materials and labor, conversion costs including labor and factory overhead, total manufacturing costs, and the final calculation of COGS by adding opening finished goods inventory and subtracting closing finished goods inventory from the cost of goods manufactured.
Cost Of Good Sold
The document provides an income statement and schedule of cost of goods manufactured for Chan Corporation for the year ended December 31, 2004. It shows revenues of $350 million and cost of goods sold of $232 million, resulting in a gross margin of $118 million. Cost of goods manufactured was $204 million. The schedule breaks down the costs into direct material costs of $105 million, direct manufacturing labor costs of $40 million, and indirect manufacturing costs of $51 million, for total manufacturing costs of $196 million.
Cost accounting
This document defines cost accounting and outlines its objectives and elements. Cost accounting is defined as the process of accounting for costs from initial recording through to preparing periodic reports to ascertain and control costs. The objectives of cost accounting include determining cost, analyzing cost, controlling cost, setting prices, matching costs with revenues, and guiding business policies. The key elements of cost are materials, labor, and expenses, which can be direct or indirect. Direct costs can be traced to a specific product or service, while indirect costs cannot. The document also discusses advantages, limitations, and components of cost accounting, including prime cost, work cost, office cost, and total cost.
Solution Chapter 3 l Cost Accounting Planning and Control by Matz.Hammer an...
This document contains 9 journal entries related to the manufacturing cost accounting cycle for 3 jobs. It records materials, labor, and overhead being charged to Work in Process accounts for each job. It also records payroll expenses and taxes, and the application of overhead to production using a predetermined overhead rate of 80%.
Stayer acc 560 week 2 quiz 1 (chapter 1) new
acc 560 week 2 dq labor and material cost new,acc 560 week 2 homework chapter 2 and chapter 3 e2-5,e2-7,e2-13,p2-4a,e3-3,e3-7,e3-8,e3-2a new,acc 560 week 2 quiz 1 chapter 1 new,strayer acc 560,acc 560,strayer acc 560 week 2 tutorial,acc 560 week 2 assignment,strayer acc 560 week 2 help
2 time based animation 2020 linked in
This document discusses measuring an organization's internal value-adding capability and supply chain synchronization. It proposes tracking a customer order and recording when materials and component parts arrive in relation to when they are needed. As an example, it notes that in some auto and aerospace production plants, materials began arriving on June 1st and production ended on July 31st, taking 30 days and 31 days respectively to complete.
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Accounting problems 2
1. The company uses a job-order costing system. I would recommend assigning manufacturing overhead to production using a predetermined overhead rate based on normal capacity.
2. I have recomputed the unit costs using a single predetermined overhead rate, which results in more consistent unit costs across quarters.
3. In an activity-based costing system, overhead costs are assigned to products based on their consumption of activities and cost pools. I have computed the overhead cost applied to each product for Sultan Company by distributing the activity costs to products based on their activity usage.
Budget: 4. Budget degli Acquisti
The document presents a direct materials budget for Royal Company for the quarter. It shows that Royal requires 5 pounds of material per unit of production. In April, production is projected to be 26,000 units requiring 130,000 pounds of material. The budget also calculates the expected cash disbursements for materials purchases throughout the quarter, which totals $185,000.
Cost Of Goods Sold Formula
The document outlines the calculation of cost of goods sold (COGS) by detailing opening and closing inventory amounts for materials and finished goods, purchases and returns, direct materials consumed, cost of goods manufactured, prime costs including direct materials and labor, conversion costs including labor and factory overhead, total manufacturing costs, and the final calculation of COGS by adding opening finished goods inventory and subtracting closing finished goods inventory from the cost of goods manufactured.
Cost Of Good Sold
The document provides an income statement and schedule of cost of goods manufactured for Chan Corporation for the year ended December 31, 2004. It shows revenues of $350 million and cost of goods sold of $232 million, resulting in a gross margin of $118 million. Cost of goods manufactured was $204 million. The schedule breaks down the costs into direct material costs of $105 million, direct manufacturing labor costs of $40 million, and indirect manufacturing costs of $51 million, for total manufacturing costs of $196 million.
Cost accounting
This document defines cost accounting and outlines its objectives and elements. Cost accounting is defined as the process of accounting for costs from initial recording through to preparing periodic reports to ascertain and control costs. The objectives of cost accounting include determining cost, analyzing cost, controlling cost, setting prices, matching costs with revenues, and guiding business policies. The key elements of cost are materials, labor, and expenses, which can be direct or indirect. Direct costs can be traced to a specific product or service, while indirect costs cannot. The document also discusses advantages, limitations, and components of cost accounting, including prime cost, work cost, office cost, and total cost.
Solution Chapter 3 l Cost Accounting Planning and Control by Matz.Hammer an...
This document contains 9 journal entries related to the manufacturing cost accounting cycle for 3 jobs. It records materials, labor, and overhead being charged to Work in Process accounts for each job. It also records payroll expenses and taxes, and the application of overhead to production using a predetermined overhead rate of 80%.
Stayer acc 560 week 2 quiz 1 (chapter 1) new
acc 560 week 2 dq labor and material cost new,acc 560 week 2 homework chapter 2 and chapter 3 e2-5,e2-7,e2-13,p2-4a,e3-3,e3-7,e3-8,e3-2a new,acc 560 week 2 quiz 1 chapter 1 new,strayer acc 560,acc 560,strayer acc 560 week 2 tutorial,acc 560 week 2 assignment,strayer acc 560 week 2 help
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This document discusses measuring an organization's internal value-adding capability and supply chain synchronization. It proposes tracking a customer order and recording when materials and component parts arrive in relation to when they are needed. As an example, it notes that in some auto and aerospace production plants, materials began arriving on June 1st and production ended on July 31st, taking 30 days and 31 days respectively to complete.
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2) Journal entries for the manufacturing cost accounting cycle.
3) Cost of goods manufactured and cost of goods sold statements for multiple companies.
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Solution Manual Cost Accounting Planning and Control by Matz.Hammer and Usry ...
Solution Manual Cost Accounting Planning and Control by Matz.Hammer and Usry ...Bushra Sultana Malik
This Solution manual Cost Accounting Planning and Control.
Chapter 3 is not Complete.But The Complete chapter is Uploaded See my other Uploads,Chapter 3 Problems are Available.
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4) Based on the sales trends, the company may hire additional employees in months where demand is expected to be higher.
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1. The document discusses two types of inventories used by a textile company: raw materials inventories and finished goods inventories.
2. It provides guidelines for establishing inventory policies, including defining inventory investment levels, maintaining physical levels as planned, lowering storage costs, and raising service availability.
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2) It includes amounts for material escalation, wrong deductions, unpaid items, delay compensation, litigation costs, and interest accrued over 29.5 months at a rate of 18% compounded monthly.
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2) The income method measures the total incomes earned, such as wages, corporate profits, rent and interest.
3) The expenditure method measures the total expenditures of households, firms, government and net exports.
In theory, all three methods should provide the same result for a country's NY, as total expenditures must equal total incomes which equal total output.
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2) MyLabsPlus can only be accessed through a computer or laptop running Windows 7 or higher, using Internet Explorer 8 or higher, and will not work on tablets or mobile devices.
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1) The company name is a textile manufacturer.
2) It outlines seven steps to create a forecasting system including gathering historical sales data from 2015.
3) The data shows monthly textile unit sales varied between 2200-3150 units with some months higher or lower than average.
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This document provides sample questions and solutions for an accounting exam on job order and process costing systems. It includes multiple choice and problem-solving questions that address key concepts like:
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You can take advantage of the business opportunity of becoming one of the top distributors in the world for Syntek Global and make thousands of dollars every month. Contact www.savefuelng.mysyntek.com or call me on +2347064384235 savefuelng@gmail.com www.savefuelnigeria.blogspot.com follow us on twitter @savefuelng
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2) It includes amounts for material escalation, wrong deductions, unpaid items, delay compensation, litigation costs, and interest accrued over 29.5 months at a rate of 18% compounded monthly.
3) Annexure F provides a detailed calculation of interest of Rs. 6,79,593.00 accrued on the original amount of Rs. 12,32,200 from 16/4/2019 to 30/9/2021 at 18% compounded monthly.
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There are three main methods to measure the national income (NY) of an economy:
1) The output or product method measures the total value of final goods and services produced, excluding intermediate goods and services to avoid double counting.
2) The income method measures the total incomes earned, such as wages, corporate profits, rent and interest.
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3) To review a homework assignment, students click on the homework link and select the assignment from the list, taking note of the due date after which scores cannot be changed. They then choose whether to practice with the option to improve their scores before the due date, or just practice without changing scores.
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Cost Revision
The document discusses cost accounting and financial management topics. It includes questions about calculating economic order quantity, labor turnover rates, margin of safety, break even analysis, material variances, costing manuals, objectives of cost accounting, material purchase levels, treatment of waste and scrap, piece rate systems, overhead rates, allocation vs apportionment, integrated accounting for a chemical processing company.
ch02-Job Order Costing.pptx
* Estimated annual overhead costs are $160,000
* Expected annual machine hours are 40,000 hours
* Formula: Estimated annual overhead costs / Expected annual activity base
* Predetermined overhead rate = $160,000 / 40,000 hours = $4 per machine hour
Therefore, the predetermined overhead rate for Stanley Company is $4 per machine hour.
Job costing 3 a
Here are the steps to solve this problem:
1. Calculate the factory cost of each existing job:
Job 1011: Direct materials (Rs. 37,500) + Direct wages (Rs. 30,000) = Rs. 67,500
Factory overheads @ 25% of wages = Rs. 30,000 * 25% = Rs. 7,500
Factory cost = Rs. 67,500 + Rs. 7,500 = Rs. 75,000
Job 1012: Direct materials (Rs. 54,000) + Direct wages (Rs. 42,000) = Rs. 96,000
Factory overheads @ 25% of wages = Rs. 42,000 * 25% = Rs. 10
Question 1 The Assembling Department of Mat Liners Inc. had 7,500 .docx
Question 1
The Assembling Department of Mat Liners Inc. had 7,500 units in process on December 1, and received 10,000 units from the Sewing Department. Calculate the number of units to account for by the Assembling Department for December.
10,000 units
2,500 units
17,500 units
7,500 units
1 points
Question 2
During August, the Filtering Department of Olive Inc. had beginning transferred in units of 200 with costs of $50,000. 500 units were started in production during the month. It had 100 units in ending Work-in-Process Inventory. Under the first-in-first-out (FIFO) method, current-period equivalent units of production for transferred in units in beginning Work-in-Process Inventory of the Filtering Department is ________.
100 units
200 units
500 units
0 units
1 points
Question 3
During September, the Filtering Department of Olive Inc. had beginning transferred in units of 500 units with costs of $125,000. During the month, it started and completed 700 units. It had 100 units in the ending Work-in-Process Inventory. What is the number of equivalent units of production for transferred in units transferred to the Filtering Department in September under the first-in-first-out (FIFO) method?
800 units
500 units
400 units
1,000 units
1 points
Question 4
Factory rent and utilities are debited to the ________.
Finished Goods Inventory account
concerned Work-in-Process Inventory account
Manufacturing Overhead account
Cost of Goods Sold account
1 points
Question 5
Jetwell Inc. incurred $7,000 for indirect labor in Department III. The journal entry to record indirect labor utilized is ________.
debit Manufacturing Overhead, $7,000; credit Accounts Payable, $7,000
debit Wages Payable, $7,000; credit Manufacturing Overhead, $7,000
debit Manufacturing Overhead, $7,000; credit Wages Payable, $7,000
debit Accounts Payable, $7,000; credit Manufacturing Overhead, $7,000
1 points
Question 6
During September, the Filtering Department of Olive Inc. had beginning transferred in units of 500 units with costs of $125,000. During the month, 800 units were transferred in from the Milling Department with transferred in costs of $200,000. It had 400 units in ending Work-in-Process Inventory. What is the total cost of production for the units transferred to the Finishing Department in September under the first-in-first-out (FIFO) method?
$150,000
$125,000
$75,000
$258,336
1 points
Question 7
Costs incurred on goods sold are transferred to the Cost of Goods Sold account from the ________.
Sales Revenue account
Finished Goods Inventory account
Work-in-Process Inventory account
Raw Materials Inventory account
1 points
Question 8
Which of the following is recorded by debiting the Manufacturing Overhead account?
depreciation on factory machinery
office electricity charges
direct labor costs incurred
transfer of units from one process to the next
1 points
Question 9
If 20,000 unit.
Cost practice12
This document contains information on the assets, liabilities, equity, and transactions of Sea Isle company for the year ending December 31, 2009. It provides details on the company's balance sheet accounts, changes to inventory balances, sales and cost of goods sold transactions, expenses, and required financial statements. It also includes several word problems involving cost accounting concepts like absorption and marginal costing, break-even analysis, inventory valuation, and overhead application.
Budget: 6. Budget Industriale: Spese Generali e Inventario prodotti finiti
This document outlines Royal Company's manufacturing overhead budget for the quarter. It shows that the company uses a variable overhead rate of $1 per unit produced. Fixed overhead is $50,000 per month, including $20,000 of depreciation. The budget tracks projected production, variable and fixed overhead costs, and calculates the cash required for manufacturing overhead each month. It then calculates the unit product cost and values ending finished goods inventory at $24,950.
Process costing
This document discusses principles and examples of process costing. Some key points covered include:
- Production is classified by processes and each process account tracks direct materials, labor, expenses and overheads. Cost per unit is calculated at the end of each process.
- Normal loss is credited to the process account at scrap value while abnormal loss is credited at full cost.
- Examples show setting up process accounts to track costs of different products as they move through multiple processes, and calculating unit costs and profits.
- Process loss and wastage distinguishes between normal and abnormal loss.
- Joint products and by-products examples show allocating joint costs between products.
ACCOUNTING
The document discusses job costing, which involves measuring, recording, and reporting product costs. It assigns manufacturing costs like direct materials, direct labor, and manufacturing overhead to individual jobs or batches. Costs flow from work in process inventory to finished goods inventory and then to cost of goods sold when units are sold. Manufacturing overhead is allocated to jobs based on an activity base like direct labor hours or machine hours using a predetermined overhead rate. Job costing tracks costs for each job to compute the cost per job completed.
working capital management problems
1. The document provides information on 10 different cases to estimate working capital requirements, including projected sales, costs, credit terms, and stock levels. Working capital needs to be estimated to understand the capital required to support operations and growth.
2. Key factors that determine working capital requirements are levels of inventory, accounts receivable, accounts payable, and timing of cash flows from operations. Working capital requirements will fluctuate over time with changes in business activities, costs, and credit terms.
3. Proper management of working capital is important for business operations and financial flexibility. Accurate estimation of working capital needs is required for budgeting, financing, and investment decisions.
Baf2102 cost accounting cat one
Department A has two processes: forming and finishing. Direct materials are added at the start of each process. Conversion costs are applied evenly throughout both processes. Goods move from Process A to Process B upon completion, then to finished goods inventory upon completion of Process B. Data is provided on opening work in process, units completed and transferred out, units started, ending work in process, and costs incurred for Department A. The question asks to prepare the production report for Department A using the weighted average method of valuation.
ACG 2071 Managerial Accounting Process Costing Systems .docx
ACG 2071 Managerial Accounting
Process Costing Systems
Minicase
PROCESS COSTING PROBLEM
Spectre Chemicals produces Zaloff in a two department process. Information on the two
departments for March and April, 2011 are as follows:
March 2011:
Department 1: The company had beginning inventory of 6,000 units, 40% completed with a
cost of $45,000. During the month, the department transferred in 22,000 units of the direct
materials with a cost of $10 per unit. Ending inventory was 7,000 units, 30% completed.
Direct labor is $310,500 and factory overhead is $103,500.
Department 2: The company had beginning inventory of 5,000 units, 70% completed with a
cost of $80,000. During the month, direct labor was $175,000 and factory overhead was
$87,500. Ending inventory was 10,000 units, 50% completed.
April 2011:
Department 1: During the month, the department transferred in 20,000 units of the direct
materials with a cost of $11 per unit. Direct labor is $209,000 and factory overhead is
$104,500. Ending inventory is 10,000 units 60% completed.
Department 2: The company had beginning inventory of 5,000 units, 70% completed with a
cost of $80,000. During the month, direct labor is $175,000 and factory overhead is
$87,500.
Required:
Compute the Equivalent Units of Production, Material costs, and Conversion costs for each
department for March and April, 2011.
Complete the attached chart – one for each department and each month
Prepare a cost of production report for March and April 2011.
ACG 2071
Process Cost Systems
Created by: M. Mari
Fall 2009-1
Page 1 of 13
Process Manufacturing
Is the mass production of products in a continuous flow
of steps
Products pass through a series of sequential processes
Each process is identified a separate production,
department, workstation, or work center.
With the exception of the first process or department,
each receives the output from the prior department as
a partially processed product.
Depending on the nature of the process, a company
applies direct labor, overhead, and additional direct
materials to move the product toward completion.
Process Cost System
Assigns direct materials, direct labor, and overhead
to specific processes.
Costs are allocated by department rather than jobs
Manufacturing costs are allocated to products based
on units of production
Manufacturing costs are accumulated and transferred
by department
The total costs associated with each process are then
divided by the number of units passing through that
process to determine the cost per equivalent units
for that process
ACG 2071
Process Cost Systems
Created by: M. Mari
Fall 2009-1
Page 2 of 13
To understand how costs are allocated, first we must decide
how the costs are accumulated. One method is First in, First
out method.
Beverage Production
Costs flow fr.
Uop acc-349-week-5-individual-connect-problems-new
acc 349 week 5 individual connect problems,acc 349 week 5 individual assignment,acc 349 week 5 signature assignment ethics on the job,acc 349 week 5 team assignment,uop acc 349 week 5 learning team problems,uop acc 349 week 5 dq 3,uop acc 349 week 5 dq 2,uop acc 349 week 5 dq 1,uop acc 349 week 5,acc 349 week 5,uop acc 349, acc 349,uop acc 349 week 5 tutorial,acc 349 week 5 assignment,uop acc 349 week 5 help
Uop acc-349-week-5-individual-connect-problems-new
This document provides 5 questions from a UOP ACC 349 week 5 individual connect problems assignment. The questions involve calculating variances for materials, labor, and overhead for various companies based on production data and standards. Question 5 is a true/false question stating an unfavorable labor rate variance can occur if workers with high wage rates work on products with standards assuming low wage rates.
CA Ch.4-Job Costing-part 1-Nureni.pdf
This document discusses job costing, which is a costing system where the cost object is a distinct unit or job. It may use different amounts of resources than other jobs. The document outlines the key concepts of job costing, including actual and normal costing approaches, tracking costs through journal entries, and adjusting for over- or under-applied manufacturing overhead at year-end using different methods. It provides examples to illustrate job costing calculations and journal entries.
4. job order cost systems
The document provides an overview of job order costing systems used in manufacturing. It discusses key terms like direct materials, direct labor, and factory overhead. It also outlines the flow of costs through the production process from purchasing raw materials to completing jobs and transferring finished goods to inventory or selling products. The example shows how costs like materials, labor, and overhead are assigned to specific jobs and accumulated to calculate the total cost of goods manufactured.
Product costing system
This document provides information about job order costing and process costing systems. It defines job order costing as a system that separately accumulates costs for each unique job, while process costing collects costs by department for mass produced homogeneous items. The key differences are that job order costing tracks heterogeneous jobs individually, while process costing tracks homogeneous production on a departmental basis. The document also includes examples of journal entries, a job order cost sheet, and a process costing production report with calculations.
CSS Accounting and Auditing paper 2017
The document provides instructions for a 3 hour exam consisting of 2 parts. Part 1 is 30 multiple choice questions worth 20 marks. Part 2 consists of 4 long answer questions, 2 from each of 2 sections, worth 80 marks total. The questions require preparing adjusting journal entries, calculating accounting ratios, preparing budgets and schedules, and performing cost accounting calculations.
PRINCIPAL OF WORKING CAPITAL MANAGEMENT (1).ppt
This document discusses principles of working capital management. It defines key concepts like gross and net working capital and classifies working capital based on concepts and time. The objectives of working capital management are to ensure optimal investment in current assets while balancing liquidity and profitability. It also aims to ensure adequate and smooth flow of funds for operations. The operating cycle is the time taken to convert raw materials into cash. For manufacturers this involves conversion to work in process and finished goods, then sales. For non-manufacturers it involves conversion of finished goods directly into receivables then cash. Various factors like nature of business, production cycle, and credit policies influence working capital needs.
ADVANCE MANAGENT COST
1. The document provides information on the costs, revenues, and production capacities for ABC Ltd., which manufactures three toy furniture products. It includes the budgeted unit costs, resource requirements, volumes, selling prices, and other relevant financial details for chairs, benches, and tables.
2. ABC Ltd. has received an order it must fulfill for 500 chairs, 100 benches, and 150 tables. However, the available supply of specialized timber needed for production is limited to 20,000 square meters annually.
3. The document poses requirements to determine the optimal production plan to maximize profit while meeting orders, and to calculate the maximum timber prices that would justify obtaining extra supplies.
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Question 1 The Assembling Department of Mat Liners Inc. had 7,500 .docx
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Budget: 6. Budget Industriale: Spese Generali e Inventario prodotti finiti
Budget: 6. Budget Industriale: Spese Generali e Inventario prodotti finiti
ACG 2071 Managerial Accounting Process Costing Systems .docx
ACG 2071 Managerial Accounting Process Costing Systems .docx
Uop acc-349-week-5-individual-connect-problems-new
Uop acc-349-week-5-individual-connect-problems-new
Uop acc-349-week-5-individual-connect-problems-new
Uop acc-349-week-5-individual-connect-problems-new
Math
- 1. Exercise Ex.1.During a particular accounting period a manufacturing concern incurred the following costs in the production processfor producing 2,000 units: Direct material purchased Tk. 5,00,000, but used in production costing Tk. 4,50,000, Direct Wages Tk. 4,00,000. Factory Overheads Tk. 3,00,000 , but applied to production @ 80% of wage costs. There was no beginning inventory of work-in-process. The cost of ending work-in-process was Tk. 55,000. During the period 60% 0f the goods produced were sold out. Answer the following questions: • What is the amount of ‘inventoriable cost’ in this case? • What is the amount of ‘manufacturing costs’ in this case? • What is the amount of ‘cost of goods manufactured’ in this case? • What is the amount of traceable costs? • What is the amount of expenses for the period? 1
- 2. Exercise Ex. .2. The following account balances were on the books of Clayton Company on February I and February 28,2006, where the production is completed in two departments : Mixing and Finishing: • February 1 February 28 • Direct materials inventory. Tk. 20,000 Tk. 11,000 • Work in process inventory. ,, 61,000 ,, 58,000 • Finished goods inventory. ,, 50,000 ,, 43,000 • Direct materials of Tk. 31,000 were purchased during the month while 5,000 hours of direct labor were incurred in the Mixing Department and 7,000 direct labor-hours were incurred in the Finishing Department. The labor rate for the Mixing Department was Tk.11.00 and Tk. 5.00 for the Finishing Department. Factory overhead is applied at Tk. 6 per direct labor-hour in the Mixing Department and 200 percent of the direct labor costs in the Finishing Department. • Required: • Prepare a formal statement of Cost of Production showing: • Prime Costs • Total manufacturing costs for the period. • Cost of goods manufactured. • Cost of goods sold. 2
- 3. Problem 3