Reference no: EM131790051
Question - Standard process costing
Tico Company uses a standard FIFO process costing system to account for its tortilla manufacturing process. The tortillas are packaged and sold by the dozen. The company has set the following standards for production of each one-dozen package:
Direct material-ingredients $0.35
Direct material-package 0.05
Direct labor 0.07
Overhead 0.13
Total cost $0.60
On June 1, the company had 7,200 individual tortillas in process; these were 100 percent complete as to ingredients, 0 percent complete as to the packaging, and 30 percent complete as to labor and overhead. One hundred forty four thousand tortillas were started during June and 147,960 were finished. The ending inventory was 100 percent complete as to ingredients, 0 percent complete as to the packaging, and 60 percent complete as to labor and overhead.
a. What were the equivalent units of production for June?
b. What was the cost of the packages transferred to Finished Goods Inventory during June?
c. What was the cost of the ending Work in Process Inventory for June?
|
Prepare all necessary adjusting journal entries
: prepare all necessary adjusting journal entries for the year ended Dec
|
|
Find the value of a country a dollar
: Consider two identical countries, a and b, in our standard OLG model. In each country, the population of every generation is 200 and each young person wants.
|
|
Explain five specific risk factors related to the counting
: Explain briefly five specific risk factors related to the counting and valuation of JGJ's inventory at December 31, 2015.
|
|
Control chart for bottled product requires
: A control chart for a bottled product requires that a sample consisting of a single bottle contain between 350 and 360 milliliters of product.
|
|
What were the equivalent units of production for june
: Tico Company uses a standard FIFO process costing system to account for its tortilla manufacturing process. What were equivalent units of production for June
|
|
Discuss three-year note outstanding during the year
: Construction of the new restaurant started on March 1, 20X5, and was completed on November 1, 20X5, with the following payments to the contractor
|
|
What is the ytm
: The coupon rate is 7% and the interest payments are made semiannually. What is the YTM
|
|
Name two measures of the variation of a distribution
: Name two measures of the variation of a distribution, and state the conditions under which each measure is preferred for measuring the variability.
|
|
Find the relative maxima
: Find the relative maxima, relative minima, and points of inflection, and sketch the graphs of the functions, in Problem.
|