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A department of Jamestown Textiles produces cotton fabric. All direct materials are introduced at the start of the process, Coversion costs are incurred uniformly throughout the process.
In April, there was no beginning inventory. Units started, completed, and transferred were 650,000. Units in process on April 30 were 220,000. Each unit in ending work in process was 60% converted. Costs incurred during April were direct materials at $3,654,000 and conversion costs at $860,200.
1. Calculate the total work done in equivalent units and the unit cost for April.
2. Calculate the cost of units completed and transferred. Also, compute the costs in ending work in process.
Prepare the journal entry to transfer the cost of job #JK150 out of the work-in-process account at the end of November, What was the under-or over recovered overhead for the year?
Estilo Company has 3 operating segments with following information: What is the minimum amount of revenue that each of these segments must generate to be considered separately reportable?
Which costing system would be more efficient when direct labor costs and direct materials are low, and overhead is high and why? Explain how the supply chain and the macroeconomic environment of the health care business fit in with your calculations?
ACT 6691, Managerial Accounting Case: - Read the case and analyze the information. Prepare a narrative report (or notes to the income statement) addressing why/how quantitative items were selected. The following items must be explained:
The payroll bank account is reconciled by the chief accountant, who also prepares the several quarterly and annual tax reports.
A new plant accountant suggested that the company may be able to assign support costs to products more accurately by using an activity based costing system that relies on a separate rate for each manufacturing activity that causes support costs.
Explain verbally and graphically how the socially efficient amount of this good can be provided for them. Explain each term used in your answer.
Recognize three firms from 2009 FSB 100 which need a job-order costing system. Describe why they would most likely employ a job-order costing system.
Recognize which costing system? Job order or processcost? The following companies would primarily employ: (a) Quaker Oats, (b) Ford Motor Company, (c) Kinko's Print Shop, and (d) Warner Bros. Motion Pictures
Reed company employs a standard costing system. Manufacturing overhead is applied to products based on machine hours (MH). Employ the following information to make the needed calculations:
Ridge company is in the process of determining its reportable segments for the year ended December 31 2012. As the person responsible for determining this information, you gather the following information.
Determine the predetermined overhead rate. Determine the amount of overhead applied during the year. Was overhead overapplied or underapplied? How much?
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