What kind of transaction is the assignment of direct material costs to unfinished products? a. External...
What kind of transaction is the assignment of direct material costs to unfinished products?
| a. |
External transaction. |
|
| b. |
Internal transaction. |
|
| c. |
Events-based transaction. |
|
| d. |
Auditable transaction. |
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What kind of transaction is the assignment of direct material
costs to unfinished products?
a.
External...
Heavy Products, Inc. developed standard costs for direct material and direct labor. In 2017, aII estimated...
Heavy Products, Inc. developed standard costs for direct material and direct labor. In 2017, aII estimated the following standard costs for one of their major products, the 10−gallon plastic container. Budgeted Quantity Budgeted Price Direct materials 0.3 pounds $80 per pound Direct labor 0.2 hours $10 per hour During June, Heavy Products produced and sold 15,000 containers using 2,400 pounds of direct materials at an average cost per pound of $82 and 3,000 direct manufacturing labor−hours at an average wage...
Assume when you calculated direct material price variance, you found that actual costs of direct material...
Assume when you calculated direct material price variance, you found that actual costs of direct material used is greater than the material budgeted costs based on actual units purchased and used. In this case the material price variance is: a. Favorable b. Unfavorable c. Significant d. Positive Given: Actual labor costs: $200.00 Flexible budget allowed for actual units used: $180.00 based on budgeted units: $189.00 Labor rate variance is: a. $20 Favorable b. $20 Unfavorable c. $9 Favorable d. $9...
Mid City Products Inc. (MCP), developed standard costs for direct material and direct labor. In 2017,...
Mid City Products Inc. (MCP), developed standard costs for direct material and direct labor. In 2017, MCP estimated the following standard costs for one of their most popular products. Budgeted quantity Budgeted price Direct materials 77 pounds $ 8.60$8.60 per pound Direct labor 0.40.4 hours $ 11$11 per hour During September, MCP produced and sold 1,000 units using 7,400 pounds of direct materials at an average cost per pound of $8 and 370 direct labor hours at an average wage...
Heavy Products, Incdeveloped standard costs for direct material and direct labor. In 2017. All estimated the...
Heavy Products, Incdeveloped standard costs for direct material and direct labor. In 2017. All estimated the following standard costs for one of their major products, the 10-gallon plastic container Budgeted quantity Budgeted price Direct materials 0.7 pounds 590 per pound Direct labor 0.05 hours 520 per hour During June, Heavy Products produced and sold 22,000 containers using 1 600 pounds of direct materials at an average cost per pound of 593 and 15.400 direct manufacturing labor - hours at an...
3. The company manufactures two products - A and B. Item name Direct material costs (euro...
3. The company manufactures two products - A and B. Item name Direct material costs (euro per unit) Direct labor cost (euro per hour) Variable overheads Labour time, hours per unit Material B for production, kg Sales price Demand for the products (in units) 24 1800 28 5200 Company can use direct labor time, 28 000 hours and material B 32 000 kg. What is the product production plan which will ensure maximum profit, assuming that the fixed cost per...
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...
Heavy Products, Inc. developed standard costs for direct material and direct labor. In 2017. All estimated...
Heavy Products, Inc. developed standard costs for direct material and direct labor. In 2017. All estimated the following standard costs for one of their major products, the 10-gallon plastic container Budgeted quantity Budgeted price Direct materials 0.5 pounds $80 per pound Direct labor 0.2 hours $30 per hour During June, Heavy Products produced and sold 24,000 containers using 1.700 pounds of direct materials at an average cost per pound of $85 and 4,800 direct manufacturing labor-hours at an average wage...
Select the correct definition for the following costs. Direct material costs Direct manufacturing-labor costs Manufacturing overhead...
Select the correct definition for the following costs. Direct material costs Direct manufacturing-labor costs Manufacturing overhead costs Prime costs Conversion costs A. All direct manufacturing costs. B. All manufacturing costs other than direct material costs. C. Compensation of all manufacturing labor that can be traced to the cost object. D. Costs of all materials that can be traced to the cost object. E. All manufacturing costs related to the cost object but cannot be traced to the cost object
Heavy Products, Inc. developed standard costs for direct material and direct labor. In 2017, AII estimated...
Heavy Products, Inc. developed standard costs for direct material and direct labor. In 2017, AII estimated the following standard costs for one of their major products, the 10-gallon plastic container. Budgeted quantity Budgeted price Direct materials 0.30 pounds $90 per pound Direct labor 0.25 hours $30 per hour During June, Heavy Products produced and sold 15,000 containers using 2,400 pounds of direct materials at an average cost per pound of $92 and 3,750 direct manufacturing labor-hours at an average wage...
Heavy Products, Incdeveloped standard costs for direct material and direct labor. In 2017. All estimated the following standard costs for one of their major products, the 10-gallon plastic container Budgeted quantity Budgeted price Direct materials 0.7 pounds 590 per pound Direct labor 0.05 hours 520 per hour During June, Heavy Products produced and sold 22,000 containers using 1 600 pounds of direct materials at an average cost per pound of 593 and 15.400 direct manufacturing labor - hours at an...
3. The company manufactures two products - A and B. Item name Direct material costs (euro per unit) Direct labor cost (euro per hour) Variable overheads Labour time, hours per unit Material B for production, kg Sales price Demand for the products (in units) 24 1800 28 5200 Company can use direct labor time, 28 000 hours and material B 32 000 kg. What is the product production plan which will ensure maximum profit, assuming that the fixed cost per...
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...
Heavy Products, Inc. developed standard costs for direct material and direct labor. In 2017. All estimated the following standard costs for one of their major products, the 10-gallon plastic container Budgeted quantity Budgeted price Direct materials 0.5 pounds $80 per pound Direct labor 0.2 hours $30 per hour During June, Heavy Products produced and sold 24,000 containers using 1.700 pounds of direct materials at an average cost per pound of $85 and 4,800 direct manufacturing labor-hours at an average wage...
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