User Account

All Pages

What was the over-applied or under-applied conversion cost

Assignment Help Accounting Basics
Reference no: EM132838295

Hans Jensen, general manager of Mr. Clean and Company, has provided the following information for transactions that occurred during August. The production plant uses the JIT costing system.

  1. Raw materials were purchased at the cost of P97,000.
  2. Direct labor costs of P77,000 were incurred.
  3. Actual overhead costs amounted to P225,000.
  4. Applied conversion costs totaled to P300,000. This includes direct labor costs.
  5. All units are completed and immediately sold.

Problem 1: What was the over-applied or under-applied conversion cost for the month?

Reference no: EM132838295

Questions Cloud

What are ways you can increase Learning Curve : What is the benefit of the Learning Curve? What are ways you can increase the Learning Curve?
How much revenue and gross profit or loss will appear : A construction company entered, How much revenue and gross profit or loss will appear in the company's income statement in the first year of the contract?
Built on More Than Rock and Roll : Analyze your current or past organization to determine whether it is a centralized or decentralized structure.
Prepare the journal entry for the issuance of the bonds : On July 31, 2020, some of the bond holders exercised the options to buy the shares. Prepare the journal entry for the issuance of the bonds on January 1, 2020
What was the over-applied or under-applied conversion cost : What was the over-applied or under-applied conversion cost for the month? Applied conversion costs totaled to P300,000. This includes direct labor costs.
ACCG2051 Business and Corporations Law Assignment : ACCG2051 Business and Corporations Law Assignment Help and Solution, Macquarie University - Assessment Writing Service
Assess the external and internal factors : Assess the external and internal factors that influence credit policy and decision making within a company that extends credit to its customer
What is the percentage increase now required for bruce : Bruce buys ?$20,000 of? UH-OH Corporation stock.? What is the percentage increase now required for Bruce to get back to ?$20,000 of? value?
Forecasts both upstream and downstream : Some of the benefits of CPFR include strengthening partner relationships, providing an analysis of sales and order forecasts both upstream and downstream,

Reviews

Write a Review

Accounting Basics Questions & Answers

  Compute the direct labor time variance

The standard labor rate is $12 per hour. Actual direct labor for the period was $22,000 (2,200 hours x $10 per hour). Compute the direct labor time variance

  Prepare a proposed schedule of liquidation

Required: Prepare a proposed schedule of liquidation, showing how cash could be safely distributed to the partners at this time

  Discuss custom cabinets has decided to price

Custom Cabinets has decided to price their cabinets at 50% above cost. The problem is they are not sure how to assign Factory Overhead

  Create worksheet to consolidate separate financial statement

The individual financial statements for Gibson Company. Prepare a worksheet to consolidate the separate 2015 financial statements for Gibson and Keller.

  What value of a share of common stock today

Suppose Nabisco Corp just issued a divided of $1.94.If the required rate of return for the stock is 13.30%, what is the value of a share of common stock today?

  Calculate shipley current and deferred tax expense

Assuming no uncertainties exist regarding Shipley's ‘tax positions,' calculate Shipley's current and deferred tax expense for the year and record current.

  Determine the combined net income of the home office

Retails merchandise through its home office, Determine the combined net income of the home office and the branch for the year 2012

  At what price is Chang selling the product at end of August

Chang imports initially sells a product at $100. August 14 markup cancellation of $10. At what price is Chang selling the product at the end of August

  State the sections of the statement of cash flows prepared

1. state the sections of the statement of cash flows prepared by the indirect method operating activities investing

  What the balance of the accumulated depreciation account

The straight-line method of depreciation is employed. What will be the balance of the Accumulated Depreciation account at 31 December 2013

  How much is the gain reported in the income statement

At year-end, the fair value of the land held for investment is P4,700,000. Under the fair value model, how much is the gain reported in the income statement?

  What is the break-even point in sales dollars

Baker Company's sales mix is 3 units of A, 2 units of B, and I unit of C. Selling prices for each product are $10, $20, and $30, respectively.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd