Reference no: EM13936880
Backflush costing and JIT production.
Papadopoulou SA manufactures electrical meters. For August, there were no opening stocks of direct (raw) materials and no opening and closing work in progress. Papadopoulou uses a JIT production system and backflush costing with two trigger points for making entries in the accounting system:
Purchase of direct materials debited to Stock: Raw and In-Progress Control
Completion of good finished units of product debited to Finished Goods Control at standard costs.
Papadopoulou's August standard costs per unit are direct materials, €25; conversion costs, €20. The following data apply to August manufacturing:
|
Direct (raw) materials purchased
|
€550 000
|
|
Conversion costs incurred
|
€440 000
|
|
Number of finished units manufactured
|
21 000
|
|
Number of finished units sold
|
20 000
|
Backflush, one trigger point.
Assume the same facts as in above Exercise. Now assume that there is only one trigger point, the completion of good finished units of product, which are debited to Finished Goods Control at standard costs. Any under- or overallocated conversion costs are written off monthly to cost of goods sold.
Required
1. Prepare summary journal entries for August, including the disposition of under- or over- allocated conversion costs. Assume no direct materials variances.
2. Post the entries in requirement 1 to the following T-accounts if applicable: Stock Control, Conversion Costs Control, Conversion Costs Allocated and Cost of Goods Sold.
|
Depletion rate to two decimals places
: Determine the amount of depletion expense for the current year. Round the depletion rate to two decimals places.
|
|
Design experiment to clone gene xyz into recombinant vector
: You are a scientist studying the effects of protein XYZ on the growth of E. coli. Design an experiment to clone Gene XYZ into a recombinant vector. Describe some of the techniques you would use to accomplish this experiment.
|
|
Implement a cardiac machine simulator in c++
: keep track of the bug location; which could be an index into the memory array. Watch out for cells 0 and 99; they are special.
|
|
The tif program case study illustrates
: The case outlines for various implementations or rollouts that a number of committees, boards or groups were structured for the program. Why do you think that there were different types of groups formed? What role would they have played and what s..
|
|
Prepare summary journal entries for august
: Prepare summary journal entries for August, including the disposition of under- or over- allocated conversion costs. Assume no direct materials variances.
|
|
What is the labor force participation rate
: What is the labor force participation rate for 2014? How many employed workers were there at the end of 2014? How might you explain the difference between the GDP per worker you calculated and mean personal income per worker provided
|
|
Have two or more collections of data
: This assignment is to summarize everything that we have addressed in the XML Applications course, and provide a mechanism to demonstrate your knowledge in a pragmatic way.
|
|
Demographic characteristics of customers
: A common approach to identifying markets uses "demographic" characteristics of customers - such as age, sex, race, education, occupation, geographic location, income, marital status and family size.
|
|
Personal ideas and experiences as applicable
: A real-to-life situation that has likely happened in some form in organizations somewhere today. There will be opportunity for you to respond as the HRM professional you are/will be, and also to add your own personal ideas and experiences as applicab..
|