Reference no: EM13909595
Oslo Company produces large quantities of a standardized product. The following information is available for its production activities for May.
-1.png)
Additional information about units and costs of production activities follows.
-2.png)
During May, 10,000 units of finished goods are sold for $ 120 cash each. Cost information regarding finished goods follows.
Beginning finished goods inventory . . . . . . . . . . . $ 148,400
Cost transferred in from production . . . . . . . . . . . 389,740
Cost of goods sold . . . . . . . . . . . . . . . . . . . . . . . . (474,540)
Ending finished goods inventory . . . . . . . . . . . . . $ 63,600
Required:
1. Prepare journal entries dated May 31 to record the following May activities:
(a) Purchase of raw materials,
(b) Direct materials usage,
(c) Indirect materials usage,
(d) Factory payroll costs,
(e) Direct labor costs used in production,
(f) Indirect labor costs,
(g) Other overhead costs credit Other Accounts,
(h) Overhead applied,
(i) Goods transferred to finished goods,
(j) Sale of finished goods.
2. Prepare a process cost summary report for this company, showing costs charged to production, unit cost information, equivalent units of production, cost per EUP, and its cost assignment and reconciliation.
Analysis Component:
3. This company provides incentives to its department managers by paying monthly bonuses based on their success in controlling costs per equivalent unit of production. Assume that production over-estimates the percentage of completion for units in ending inventory with the result that its equivalent units of production in ending inventory for May are overstated. What impact does this error have on bonuses paid to the managers of the production department? What impact, if any, does this error have on these managers June bonuses?
|
Nominal yield to maturity-what is the price of bond today
: A bond with 30 years to maturity has a face value of $1,000. The bond pays an 5 percent semi annual coupon, and the bond has a 7 percent nominal yield to maturity. What is the price of the bond today? Must show work.
|
|
What are causal factors and how do they affect each other
: Balancing and Reinforcing Loop- Explain each one of these loops - what are the causal factors and how do they affect each other. For the Reinforcing Loop, look for an area where there is growth. For the Balancing Loop, look for goal behavior.
|
|
Rna polymerase binds to the operator
: True or false: The Genetic Code varies from species to species. True or false: In a DNA molecule, the bases are covalently bonded to each other Lactose metabolizing enzymes are produced when RNA polymerase binds to the operator on the lac operon i..
|
|
Appropriate anova values and alternative hypotheses.
: Identify the null and alternative hypotheses you should form for this test. State each as an explanation and as a math equation. Identify the appropriate statistical test to accept or reject the null hypothesis. Calculate the appropriate ANOVA value..
|
|
Oslo company produces large quantities of a standardized
: Oslo Company produces large quantities of a standardized product. The following information is available for its production activities for May.
|
|
Elastic modulus for metal
: A certain mtal rod that is 4.0m long and .50 cm^2 in cross-sectional area is foundto stretch .20cm under a tension of 15,000N. What is teh a) stress b) strain and c) Elastic Modulus for metal.
|
|
What is the first degree taylor polynomial
: What is the first degree Taylor polynomial t1(x) (expanded around x = 0) for the function u(x) = ex? What is the value of this Taylor polynomial t1(x) at x = 3/4 and the error? Compare with the interpolation error
|
|
What is the work done by the gas
: Suppose that a gas expands adiabatically into a vacuum.(a) What is the work done by the gas?
|
|
Water will flow in the pipe and emerges from the point c
: (a) Water will flow in the pipe and emerges from the point C. It is considered that water flows from depth equal to the d . Here, the equivalent depth of the water is h = d +12: From equation v = gh , the speed of the water is v= = 4g(oi -012 )
|