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The Kim Company is a furniture manufacturer with two departments: molding and finishing. The company uses the weighted-average method of process costing.
Scrap materials sent to the storeroom were valued at an estimated selling price of $685 and treated as a reduction in the cost of all jobs worked .
Aztec Company expects daily usage of 500 pounds of material Inca, an anticipated lead time of seven days, and a desired safety stock of 2,500 pounds.
Materials often represent a substantial portion of a company's assets,therefore, they should be controlled from the time orders are placed .
What is the balance of the materials inventory account at the end of the month?
Overtime premiums are to be excluded when savings are computed. The contract will require 2,250 employees at a base rate of $20.00 per hour.
Direct materials returned to the storeroom from the factory amounted to $2,500.
Returned to a supplier for credit, 90 ft purchased on February 14, which were found to be defective.
The scrapping of the 18 motors, with the income from spoiled goods treated as a reduction in the manufacturing cost of the specific job.
Why do companies adopt the LIFO method of inventory costing?
If the same daily output can be achieved while reducing the work in process by 50%, determine the new throughput time.
Determine the prorated amount of the over-applied factory overhead that is chargeable to each of the accounts.
Why does the choice of capacity measure affect the amount of under- or overapplied overhead the firm will have at the end of 2010?
Determine the predetermined variable and fixed OH rates for Grand Island Brake Co. The company uses separate variable and fixed manufacturing overhead control.
Determine the overhead rate for each cost pool, using the most appropriate allocation base for each pool.
Using the high-low method, determine the cost formula for maintenance costs with machine hours as the basis for estimation.
Calculate the total variable cost per unit for each firm in the trade association. Compute the percent of total for the material, labor, and variable overhead.
Compute the variable overhead spending variance and the variable overhead efficiency variance separately for each plant.
Examine the use of Carton‘s standard cost system in product costing for cost analysis, and indicate the intelligence that management is likely to gain .
The standard cost of direct materials and direct manufacturing labor is $225 per board. This includes 30 pounds of direct materials.
. The estimated January 1, 2008, inventory is 15,000 units, and the desired December 31, 2008, inventory is 11,000 units.
Compute production-volume and flexible-budget variances for Dvent's fixed overhead in August 2009.
Compute the January 2009 price and efficiency variances of direct materials and direct manufacturing labor.
Peterson Foods manufactures pumpkin scones. For January 2009, it budgeted to purchase and use 15000 pounds of pumpkin at $0.89 a pound.
Calculate the fixed overhead spending variance and indicate whether it is favorable or unfavorable .