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Compute Equivalent Units: FIFO Method
Clean Corporation manufactures liquid window cleaner. The following information concerns its work in process:• Beginning inventory, 8,000 partially complete gallons.• Transferred out, 42,000 gallons.• Ending inventory (materials are 10 percent complete; conversion costs are 20 percent complete).• Started this month, 48,000 gallons.
Assume that beginning inventory is 50 percent complete with respect to materials and 30 percent complete with respect to conversion costs.
Required
a. Compute the equivalent units for materials using FIFO.
b. Compute the equivalent units for conversion costs using FIFO.
Prepare a report showing the first-stage allocations of overhead costs to the activity cost pools. Compute the activity rates for the activity cost pools. Prepare a report showing the overhead costs for the order from Shenzhen Enterprises including c..
The stock's market value is $25 on March 1st (just prior to the dividend) and $35 on March 31st. Par Value is .01 and there are 1,000 shares outstanding. Record the dividend declaration in a journal entry.
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Ferguson Inc., has annual sales of $36,500,000 or $100,000 a day on a 365-day basis. On average, the company has $8,000,000 in inventory and $12,000,000 in accounts receivable.
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Outsourcing these additional functions would mean that BKFin would not need either an e-mail information technology staff member or the separate virus protection license. Should CEO Wise outsource these extra services to Mail?
Assuming that three units of product A are sold for every four units of product B, calculate the dollar sales volume necessary to break-even. As part of its cost accounting routine, Wilcox Company assigns $36,000 in fixed costs to each product e..
Within this year your property taxes on your commercial building are not likely to change, and as such they are considered fixed; yet with a simple change in operating periods - to include up to a few years, these are more than likely to flux.
The allowance for uncollectible accounts currently has a credit balance of $900. After analyzing the accounts in the accounts receivable subsidiary ledger, the company's management estimates that uncollectible accounts will be $15,000.
Compute the budgeted fixed cost per labor hour for the fixed overhead separately for each plant and compute the variable overhead spending variance and the variable overhead efficiency variance separately for each plant.
Do you think that you should face the same integrity issues that an outside auditor faces with respect to conflicts of interest? Why, or why not?
Two comments frequently are mentioned in relation to standard costing and variance analysis: "Variances are not explanations" and "Management's goal is not to minimize variances."
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