Homework Answers
Question 1
Correct answer---------Direct labor and manufacturing overhead.
.
Conversion cost is made up of Direct labor cost and manufacturing overhead. Prime cost also has direct labor in it. Basically conversion cost is the cost that is incurred in converting raw material into finished goods.
Question 2
Correct answer---------Equivalent units = Number of partially completed units x percentage of completion.
Total Equivalent units are completed units and partially completed units times percentage complete.
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Knowledge Check Question 01: Conversion cost is composed of direct labor and manufacturing overhead direct material...
Knowledge Check Question 01: Conversion cost is composed of _______. direct labor and manufacturing overhead (Ans)...
Knowledge Check Question 01: Conversion cost is composed of _______. direct labor and manufacturing overhead (Ans) direct material and manufacturing overhead equivalent units in ending inventory manufacturing overhead Knowledge Check Question 02: Equivalent units is computed using which of the following formulas? Equivalent units = Number of completed units x Percentage completion Equivalent units = Number of partially completed units x Percentage completion (Ans) Equivalent units = Number of completed units x (100% - Percentage completion) Equivalent units = Number...
Conversion costs consist of a) Direct material & direct labor b) Direct material & overhead c)...
Conversion costs consist of a) Direct material & direct labor b) Direct material & overhead c) Direct labor & overhead d) Direct material & indirect material e) Direct Labor & period costs Units Use the following to answer questions # 2.3.4 The information below was obtained from the records of the first processing department of Christine Corporation for the month of July. The company uses the weighted average method in its process costing system. Labor and Overhead Percent Completed Work...
Conversion costs consist of a) Direct material & direct labor b) Direct material & overhead c)...
Conversion costs consist of a) Direct material & direct labor b) Direct material & overhead c) Direct labor & overhead d) Direct material & indirect material e) Direct labor & period costs Use the following to answer questions. 2.3.4 The information below was obtained from the records of the first processine derment of Christine Corporation for the month of July. The company uses the weighted-average method in its process costing system Labor and Overhead Ulnits Percent Completed Work in process...
WA EUP In manufacturing its products, Trevano Corp. adds all direct material at the beginning of...
WA EUP In manufacturing its products, Trevano Corp. adds all direct material at the beginning of the production process. The company’s direct labor and overhead are considered to be continuously at the same degree of completion. September production information is as follows: In manufacturing its products, Trevano Corp. adds all direct material at the beginning of the production process. The company’s direct labor and overhead are considered to be continuously at the same degree of completion. September production information is...
FIFO EUP In manufacturing its products, Trevano Corp. adds all direct material at the beginning of...
FIFO EUP In manufacturing its products, Trevano Corp. adds all direct material at the beginning of the production process. The company's direct labor and overhead are considered to be continuously at the same degree of completion. The company uses the FIFO method of process costing, September production information is as follows: Beginning WIP Inventory 10,000 pounds Started during September 25,000 pounds Completed during September 32,000 pounds As of September 1, the beginning WIP Inventory was 30 percent complete as to...
)Ruel Corporation applies manufacturing overhead on the basis of direct labor-hours. At the beginning of the...
)Ruel Corporation applies manufacturing overhead on the basis of direct labor-hours. At the beginning of the most recent year, the company based its predetermined overhead rate on total estimated overhead of $77,250 and 2,500 estimated direct labor-hours. Actual manufacturing overhead for the year amounted to $79,000 and actual direct labor-hours were 2,400. The predetermined overhead rate for the year was closest to: A. $29.66 B. $32.92 C. $31.60 D. $30.90 Morin Corporation uses the weighted-average method in its process costing...
Knowledge Check 01 The cost of the beginning work in process inventory was comprised of $3,000...
Knowledge Check 01 The cost of the beginning work in process inventory was comprised of $3,000 of direct materials, $10,000 of direct labor, and $10,000 of factory overhead. Costs incurred during the period were comprised of $15,000 of direct materials costs, and $100,000 of conversion costs. The equivalent units of production (EUP) for the period were 9,000 for direct materials and 6,000 for conversion The costs per EUP were: O $0.33 per EUP for direct materials and $3.34 per EUP...
Baka Corporation applies manufacturing overhead on the basis of direct labor-hours. At the beginning of the...
Baka Corporation applies manufacturing overhead on the basis of direct labor-hours. At the beginning of the most recent year, the company based its predetermined overhead rate on total estimated overhead of $243,300 and 8,300 estimated direct labor-hours. Actual manufacturing overhead for the year amounted to $244,400 and actual direct labor-hours were 5,800. The applied manufacturing overhead for the year was closest to: (Round your intermediate calculations to 2 decimal places.) Garrison 16e Rechecks 2017-08-28 Multiple Choice • $290,174 • $169,998...
need help with direct material and conversion costs E18-21 (similar to) Question Help Consider the following...
need help with direct material and conversion costs
E18-21 (similar to) Question Help Consider the following data for November 2017 from Walton Manufacturing Company, which makes sik pennants and uses a process-costing system. All direct materials are added at the beginning of the process, and conversion costs are added evenly during the process. Spoilage is detected upon inspection at the completion of the process. Spoiled units are disposed of at zero net disposal value. Waton Manufacturing Company uses the weighted-average...
Knowledge Check 01 Excerpt from Areojet Corporation Per Unit Per Month Selling price $ 200,000 Direct...
Knowledge Check 01 Excerpt from Areojet Corporation Per Unit Per Month Selling price $ 200,000 Direct materials 40,000 Direct labor 10,000 Variable manufacturing overhead 2,000 Fixed manufacturing overhead $ 140,000 Variable selling and administrative expenses 20,000 Fixed selling and administrative expenses 40,000 January February March Beginning inventory 0 0 3 Units produced 4 5 2 Units sold 4 2 5 Ending inventory 0 3 0 What is the unit product cost for the month of February, using the variable costing...
Conversion costs consist of a) Direct material & direct labor b) Direct material & overhead c) Direct labor & overhead d) Direct material & indirect material e) Direct Labor & period costs Units Use the following to answer questions # 2.3.4 The information below was obtained from the records of the first processing department of Christine Corporation for the month of July. The company uses the weighted average method in its process costing system. Labor and Overhead Percent Completed Work...
Conversion costs consist of a) Direct material & direct labor b) Direct material & overhead c) Direct labor & overhead d) Direct material & indirect material e) Direct labor & period costs Use the following to answer questions. 2.3.4 The information below was obtained from the records of the first processine derment of Christine Corporation for the month of July. The company uses the weighted-average method in its process costing system Labor and Overhead Ulnits Percent Completed Work in process...
FIFO EUP In manufacturing its products, Trevano Corp. adds all direct material at the beginning of the production process. The company's direct labor and overhead are considered to be continuously at the same degree of completion. The company uses the FIFO method of process costing, September production information is as follows: Beginning WIP Inventory 10,000 pounds Started during September 25,000 pounds Completed during September 32,000 pounds As of September 1, the beginning WIP Inventory was 30 percent complete as to...
Knowledge Check 01 The cost of the beginning work in process inventory was comprised of $3,000 of direct materials, $10,000 of direct labor, and $10,000 of factory overhead. Costs incurred during the period were comprised of $15,000 of direct materials costs, and $100,000 of conversion costs. The equivalent units of production (EUP) for the period were 9,000 for direct materials and 6,000 for conversion The costs per EUP were: O $0.33 per EUP for direct materials and $3.34 per EUP...
need help with direct material and conversion costs
E18-21 (similar to) Question Help Consider the following data for November 2017 from Walton Manufacturing Company, which makes sik pennants and uses a process-costing system. All direct materials are added at the beginning of the process, and conversion costs are added evenly during the process. Spoilage is detected upon inspection at the completion of the process. Spoiled units are disposed of at zero net disposal value. Waton Manufacturing Company uses the weighted-average...
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