In its April Year 1 production, Hern Corp., which does not use a standard cost system,...
In its April Year 1 production, Hern Corp., which does not use a standard cost system, incurred total production costs of $900,000, of which Hern attributed $60,000 to normal spoilage and $30,000 to abnormal spoilage. Hern should account for this spoilage as: - period cost of $90,000 - inventoriable cost of $90,000 -period cost of $60,000 and inventoriable cost of $30,000 - inventoriable cost of $60,000 and period cost of $30,000
Homework Answers
Hern Corp., does not use a standard cost system and it incurred total production costs of $900,000. Hern attributed $60,000 to normal spoilage and $30,000 to abnormal spoilage which isnt correct. It has to account spoilages differently as follows.
last option : Inventoriable cost of $60,000 and period cost of $30,000. is how Hern should account for as spoilage.
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In its April Year 1 production, Hern Corp., which does not use a
standard cost system,...
Lamonda Corp. uses a job order cost system. On April 1, the accounts had the following...
Lamonda Corp. uses a job order cost system. On April 1, the accounts had the following balances: Raw Materials Inventory Work in Process Inventory Finished Goods Inventory $25,000 55,000 60,000 The following transactions occurred during April: (a) Purchased materials on account at a cost of $136,000. (b) Requisitioned materials at a cost of $122,000, of which $28,000 was for general factory use. (c) Recorded factory labor of $155,000, of which $24,000 was indirect. (d) Incurred other costs: (Hint: Use Miscellaneous...
Lamonda Corp. uses a job order cost system. On April 1, the accounts had balances as...
Lamonda Corp. uses a job order
cost system. On April 1, the accounts had balances as shown in the
T-accounts below: The following transactions occurred during April:
(a) Purchased materials on account at a cost of $136,000. (b)
Requisitioned materials at a cost of $122,000, of which $28,000 was
for general factory use. (c) Recorded factory labor of $155,000, of
which $24,000 was indirect. (d) Incurred other costs:
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plz solve step by step 7. Cost of Production Report; Spoiled Units - Normal and Abnormal:...
plz solve step by step
7. Cost of Production Report; Spoiled Units - Normal and Abnormal: Hettinger Inc., uses process costing system in its two producing departments. In department 2, inspection takes place at the 96% stage of completion, after which materials are added to good units. A spoilage rate of 3% of good output is considered normal. Department 2 records for April shows: Received from department 1 cost Materials Conversion cost (labor + factory overhead) Transferred to finished goods...
During April, the first production department of a process manufacturing system completed its work on 320,000...
During April, the first production department of a process
manufacturing system completed its work on 320,000 units of a
product and transferred them to the next department...
Required Information (The following information applies to the questions displayed below] During April, the first production department of a process manufacturing system completed its work on 320,000 units of a product and transferred them to the next department of these transferred units, 64,000 were in process in the production department at the beginning...
Lamonda Corp. uses a job order cost system. On April 1, the accounts had balances as...
Lamonda Corp. uses a job order cost system. On April 1, the accounts had balances as shown in the T-accounts below: The following transactions occurred during April: (a) Purchased materials on account at a cost of $136,000. (b) Requisitioned materials at a cost of $122,000, of which $28,000 was for general factory use. (c) Recorded factory labor of $155,000, of which $24,000 was indirect. (d) Incurred other costs: Selling expense $ 44,000 Factory utilities 26,000 Administrative expenses 15,000 Factory rent...
Lamonda Corp. uses a job order cost system. On April 1, the accounts had balances as...
Lamonda Corp. uses a job order cost system. On April 1, the accounts had balances as shown in the T-accounts below: The following transactions occurred during April: (a) Purchased materials on account at a cost of $136,000. (b) Requisitioned materials at a cost of $122,000, of which $28,000 was for general factory use. (c) Recorded factory labor of $155,000, of which $24,000 was indirect. (d) Incurred other costs: Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation $ 44,000...
of 4 During April, the first production department of a process manufacturing system completed its work...
of 4 During April, the first production department of a process manufacturing system completed its work on 315,000 units of a product and transferred them to the next department. Of these transferred units, 63,000 were in process in the production department at the beginning of April and 252,000 were started and completed in April. April's beginning Inventory units were 75% complete with respect to materials and 25% complete with respect to conversion. At the end of April, 85,000 additional units...
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During April, the production department of a process manufacturing system completed a number of units of...
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Lamonda Corp. uses a job order cost system. On April 1, the accounts had the following balances: Raw Materials Inventory Work in Process Inventory Finished Goods Inventory $25,000 55,000 60,000 The following transactions occurred during April: (a) Purchased materials on account at a cost of $136,000. (b) Requisitioned materials at a cost of $122,000, of which $28,000 was for general factory use. (c) Recorded factory labor of $155,000, of which $24,000 was indirect. (d) Incurred other costs: (Hint: Use Miscellaneous...
Lamonda Corp. uses a job order
cost system. On April 1, the accounts had balances as shown in the
T-accounts below: The following transactions occurred during April:
(a) Purchased materials on account at a cost of $136,000. (b)
Requisitioned materials at a cost of $122,000, of which $28,000 was
for general factory use. (c) Recorded factory labor of $155,000, of
which $24,000 was indirect. (d) Incurred other costs:
Lamonda Corp. uses a job order cost system. On April 1, the...
plz solve step by step
7. Cost of Production Report; Spoiled Units - Normal and Abnormal: Hettinger Inc., uses process costing system in its two producing departments. In department 2, inspection takes place at the 96% stage of completion, after which materials are added to good units. A spoilage rate of 3% of good output is considered normal. Department 2 records for April shows: Received from department 1 cost Materials Conversion cost (labor + factory overhead) Transferred to finished goods...
During April, the first production department of a process
manufacturing system completed its work on 320,000 units of a
product and transferred them to the next department...
Required Information (The following information applies to the questions displayed below] During April, the first production department of a process manufacturing system completed its work on 320,000 units of a product and transferred them to the next department of these transferred units, 64,000 were in process in the production department at the beginning...
Lamonda Corp. uses a job order cost system. On April 1, the accounts had balances as shown in the T-accounts below: The following transactions occurred during April: (a) Purchased materials on account at a cost of $136,000. (b) Requisitioned materials at a cost of $122,000, of which $28,000 was for general factory use. (c) Recorded factory labor of $155,000, of which $24,000 was indirect. (d) Incurred other costs: Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation $ 44,000...
of 4 During April, the first production department of a process manufacturing system completed its work on 315,000 units of a product and transferred them to the next department. Of these transferred units, 63,000 were in process in the production department at the beginning of April and 252,000 were started and completed in April. April's beginning Inventory units were 75% complete with respect to materials and 25% complete with respect to conversion. At the end of April, 85,000 additional units...
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