Answer No. 28.
Conversion costs = direct labor costs + manufacturing overhead costs
=43,000+71,000
= 114000
Answer No. 29.
Ture
Reasons
The job costing system must track the cost of the labor used on a job. If a job is related to services, direct labor may comprise nearly all of the job cost. Direct labor is typically assigned to a job with a timecard (using a punch clock), timesheet (where hours worked are recorded manually), or with a networked time clock application on a computer.
Answer No. 30
False
Reasons
Direct labour is part of both prime cost and converation. When we calculate the prime cost then labour cost is consider. When we require to calculate the converation cost than labour cost is part of converation cost.
tion Completion Status: nutes. 12 seconds Management of Lewallen Corporation has asked your help as an...
part b 3. Management of Mantle Corporation has asked your help as an intern in preparing some key reports for July. Direct materials cost was $64,000, direct labor cost was $247,000, and manufacturing overhead was $175,000. Selling expense was $15,000 and administrative expense was $44,000. Part A: The conversion cost for July was: S422,000 [10points) conversion cost - Direct labor cost + manufactur T422,000 - $247,000 +$ 175,000 [10points) Part B: The prime cost for July was:
D-Management of Farah Corporation has asked your help as an intern in preparing some key reports for April. Direct materials cost was $30,000, manufacturing overhead costs for the month was $54,000, and direct labor was 60% of conversion cost. Required: Calculate direct labor cost and prime cost. (5 marks) E- The two main sets of accounting standards followed by businesses are GAAP and IFRS. Briefly explain how the balance sheet is formatted under each set. (You can search the internet...