You are watching: Asteroid industries accumulated the following cost information for the year:
An attitude of continuous seeking ways to improve firm operations, including customer service, product quality, product features, the manufacturing process, and also employee interactions, is called:
An employee is dissatisfied with the resolution of an ethical conflict with his supervisor in ~ his ar of employment. According to the institute of administration Accountants, the employee"s following step must be to
Asteroid Industries built up the following price information for the year:Direct products $16,000Indirect products 4,000Indirect labor 8,500Factory depreciation 12,800Direct labor 37,000Using the over information, full factory overhead prices would be:
$25,300. Factory Overhead = Indirect products + Indirect labor + factory DepreciationFactory Overhead = $4,000 + $8,500 + $12,800 = $25,300.
Which that the complying with represents the correct formula for calculating raw materials inventory turnover because that a manufacturer?
Current info for the Healey agency follows:Beginning raw materials inventory $15,200Raw material purchases 60,000Ending raw products inventory 16,600Beginning work in procedure inventory 22,400Ending work-related in process inventory 28,000Direct job 42,800Total factory overhead 30,000All raw products used to be traceable to particular units the product. Healey Company"s price of products Manufactured for the year is:
$125,800. Full Manufacturing expenses = Raw materials Used + straight Labor + factory OverheadRaw products used = beginning Raw products Inventory + Raw materials Purchases - finishing Raw materials Inventory = 15,200 + 60,000 - 16,600 = 58,60058,600 + 42,800 + 30,000 = 131,400Cost of goods manufactured = beginning Work in process + total Manufacturing prices - ending Work in process = 22,400 + 131,400 - 28,000 = $125,800
Andrew markets purchased $165,000 the raw products on account throughout the month of March. The start Raw products Inventory balance to be $22,000, and also the materials used to complete jobs throughout the month were $141,000 direct materials and also $13,000 indirect materials. What amount will Andrew move to job-related In process Inventory for the month the March?
Only direct materials supplied of $141,000 need to be transferred to job-related In process Inventory because that March.
Minstrel production uses a task order costing system. During one month Minstrel to buy $198,000 the raw materials on credit; issued products to production of $195,000 of i m sorry $30,000 were indirect. Minstrel incurred a factory payroll of $150,000, payment in cash, of i beg your pardon $40,000 was indirect labor. Minstrel supplies a predetermined overhead price of 150% of straight labor cost. The journal entry to record the acquisition of materials is:
If a company applies overhead to production with a predetermined overhead rate, a credit balance in the factory Overhead account at the end of the period method that:
Minstrel manufacturing uses a task order costing system. During one month Minstrel purchased $198,000 of raw products on credit; issued products to manufacturing of $195,000 of i m sorry $30,000 were indirect. Minstrel occurs a manufacturing facility payroll that $150,000, payment in cash, of i m sorry $40,000 was indirect labor. Minstrel provides a predetermined overhead rate of 150% of direct labor cost. The journal entry to document the issuance of materials to production is:
Debit work-related in process Inventory $165,000; debit manufacturing facility Overhead $30,000; credit Raw products Inventory $195,000.
A agency that offers a job order costing device would do the following entry to document the flow of straight materials right into production:
Minstrel manufacturing uses a job order costing system. During one month Minstrel purchased $198,000 that raw products on credit; issued materials to production of $195,000 of i beg your pardon $30,000 to be indirect. Minstrel occurs a manufacturing facility payroll of $150,000, payment in cash, of i m sorry $40,000 to be indirect labor. Minstrel uses a predetermined overhead rate of 150% of straight labor cost. The newspaper entry to document payment that the factory payroll is:
Adams production allocates overhead to production on the basis of direct labor costs. At the beginning of the year, Adams estimated full overhead of $396,000; materials of $410,000 and also direct labor of $220,000. During the year Adams occurs $418,000 in products costs, $413,200 in overhead costs and $224,000 in direct labor costs. Compute the overhead applications rate.
A source file that production supervisors use to request materials for production and also that is offered to assign materials expenses to particular jobs or to overhead is a:
Clarksen agency uses a process costing system. The firm requisitioned $93,000 of products for department A and $67,000 of materials for room D. The entry to record the usage of the direct materials by these 2 departments is:
Debit work in procedure Inventory—Dept A $93,000; debit work-related in procedure Inventory—Dept D $67,000; credit Raw products Inventory $160,000.
Metaline Corp. Uses the load average method for inventory costs and also had the adhering to information available for the year. Indistinguishable units of manufacturing for the year are:Beginning perform of work in procedure (40% complete, $1,100) 200 unitsEnding list of work in process (80% complete) 400 unitsTotal devices started throughout the year 3,200 units
All job used specifically by the department, also if the labor is not used to the product itself.
Wilturner agency incurs $74,000 of job related straight to the product in the Assembly Department, $23,000 of job not directly related come the product however related to the Assembly Department together a whole, and also $10,000 of labor for services that aid production in both the Assembly and also Finishing departments. The journal entries to record the labor would certainly include:
During December, the manufacturing department that a process operations mechanism completed and transferred come finished items a full of 65,000 units of product. At the end of March, 15,000 extr units were in procedure in the manufacturing department and also were 80% finish with respect come materials. The start inventory consisted of materials price of $57,500 and the production department incurred direct materials price of $183,000 during December. Compute the direct materials price per tantamount unit for the department making use of the weighted-average method.
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EUP and also cost per EUP DMCompleted and also transferred 65,000 * 100% 65,000Ending occupational in process straight materials 15,000 * 80% 12,000Equivalent units 77,000Costs of start inventory $57,500Costs incurred this period 183,000Total costs $240,500Cost per tantamount unit $240,500/77,000 $3.12
A firm uses a procedure costing system. That is Weaving department completed and also transferred the end 120,000 units during the current period. The finishing inventory in the Weaving Department is composed of 40,000 systems (20% finish with respect to straight materials and 60% complete with respect to conversion costs).Determine the tantamount units of manufacturing for the Weaving department for direct materials and conversion costs assuming the weighted average method.
DM ConversionCompleted 120,000 120,000Ending WIP straight materials (40,000 * .2) 8,000 switch (40,000 * .6) 24,000Equivalent systems of production 128,000 144,000