1. Calculate the total product cost for Noteworthy. 2. Calculate the prime cost for Noteworthy. 3. Calculate the manufacturing overhead for Noteworthy. 4. Calculate the direct labor for Noteworthy. 5. Calculate the conversion cost for Noteworthy.
Q: What formula do we use in accounting to determine estimated total manufacturing overhead (MOH)?…
A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…
Q: Product costs are expensed Group of answer choices When the product unit cost is calculated. When…
A: Solution: Product costs is capitalized in inventory when same is produced. However when products are…
Q: Which of the following is not a product cost? Multiple Cholce O Direct materlals ) Direct labor…
A: Product cost is that which is not included in the direct manufacturing of the goods. Direct…
Q: Identify each of the following costs as either a product cost (PROD) or a period cost (PER). Factory…
A: Product costs: It is the cost that is associated directly with production of goods and comprises of…
Q: If to those obtained in u Using the ABC system, what percentage of the Product Design cost is…
A: Activity based costing: It can be defined as the costing that assigns cost using factors like cost…
Q: Direct labor is included in the computation for the cost classified as Group of answer choices…
A: Prime cost = Direct material + Direct labor Product cost = Direct material + Direct labor +…
Q: Compute the cost of goods manufactured.
A: Managerial accounting is the branch of accounting used to generate reports for the purpose of…
Q: Identify the following as fixed costs (F), variable costs (V), or mixed costs(M). direct labor…
A: A cost that changes, in total dollar amount, with the change in the level of activity is called…
Q: Conversion costs are a. direct materials plus direct labor. b. direct labor plus manufacturing…
A: Conversion cost: Cost of changing the materials into a finished product. It includes direct labor…
Q: assify each of the costs as either a product or period cost. Then, classify each of the product…
A: Product cost is included within the inventory valuation, that is simply opposite in the case of…
Q: Choose the most appropriate answer(s): Direct manufacturing labor costs is added into manufacturing…
A: Direct labour costs are those costs of labour which is directly engaged in production of goods and…
Q: 1. Classify the costs in the items below using the following format below. Identify the right answer…
A: The costs are classified as direct, indirect and factory overhead cost.
Q: a. to calculate the total costs for each product if all overhead costs are absorbed on a machine…
A: Traditional costing system is an cost accounting method used to determine the cost of manufactured…
Q: I - If more overhead is applied to WIP than is actually incurred, then overhead will be overapplied.…
A: If more overhead is applied to WIP than is actually incurred, then overhead will be overapplied. If…
Q: The cost of a manufactured product (product cost) generally consists of which of the following?…
A: Product Cost - Product Cost is the cost incurred by the organization for the product of the entity.…
Q: Compute cost of goods manufactured. using a formal schedule of cost of good manufactured then…
A: Cost of goods manufactured shows the total costs incurred on the production of goods. It includes…
Q: When refining a costing system, the desire to identify direct costs, is primarily drive by the fact…
A: While refining a costing system the main purpose for direct costs is to identify and classify as…
Q: Conversion costs are A. direct materials plus manufacturing overhead. B. direct labor plus…
A: Conversion cost are those cost which are incurred to convert raw material into finished goods.
Q: All of the following are product costs except: Group of answer choices period cost factory overhead…
A: The cost can be classified into two categories i.e. product cost and period cost. The product cost…
Q: 2 set 2
A: Fixed cost and variable cost:
Q: . Enter the dollar amount of each cost item under the dp tems in the preceding list. Note that each…
A: Given that, Quarterly cost data of level of operations are given at 100% capacity of operating. So,…
Q: What is this exactly (cost of goods manufactured)? Can you give me 3 examples of direct materials,…
A: Introduction:- Cost of goods manufactured is the combination of Direct material, Direct labor and…
Q: What formula do we use in accounting to determine estimated total manufacturing overhead (MOH)?…
A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…
Q: Required: 1. Assume that the company uses absorption costing. a. Calculate the unit product cost. b.…
A: The company uses absorption costing as follows: Unit product cost as follows: Income statement for…
Q: . WHAT WOULD BE THE PER UNIT OVERHEAD COST FOR PRODUCT SENEN IF DIRECT LABOR HOURS WERE THE…
A: solution requirement 1 WHAT WOULD BE THE PER UNIT OVERHEAD COST FOR PRODUCT SENEN IF DIRECT LABOR…
Q: All costs other than manufacturing overhead that are associated with the manufacturing process are…
A: Conversion costs = Direct labor costs + Manufacturing overhead. Conversion costs includes…
Q: For manufacturing costs to become expenses: O The product must be finished. The product must be…
A: Manufacturing cost is the total cost incurred in manufacturing the product. It includes the material…
Q: 1. Assuming the use of direct labor hour to apply overhead to production, compute the manufacturing…
A: 1) Computation of Unit manufacturing Costs when overheads are allocated based on Direct Labor Hours:…
Q: total amount of product cost listed above? Show your work. What is the total amount of period cost…
A: Product costs are those costs which are incurred in the process of production for creation of a…
Q: When factory overheads are added to prime cost then the result will be. a. Cost of material consumed…
A: Prime cost = Direct material + Direct labor Conversion costs = Direct labor + factory overheads Cost…
Q: Required: Calculate the following (Show all your work ) 1-Materials used in production )…
A: The required details of materials used in production, total manufacturing cost, cost of goods…
Q: Use the information to prepare a schedule of cost of goods manufactured and an income statement.…
A: The income statement is the financial statement prepared by the business entities to ascertain the…
Q: 1.Based on the data above. What is the total conversion cost? 2.Based on the data above. What is…
A: Cost accounting means where every cost of doing business is recorded in necessary account and cost…
Q: Direct labour cost is an element of_________ a. All of the given options b. Prime cost c. Conversion…
A: A direct labor cost is referred to as the wages that are incurred directly to produce the goods or…
Q: Which of the following correctly describes the term cost driver? a.The primary factor which is…
A: Cost driver is the driver cause of which the cost is incurred. On the basis of this we find the…
Q: Prime cost is the (Total )summation of Select one: a. Direct material +Direct Labour +Direct…
A: Prime cost refers to the total direct cost incurred by an entity on the production.
Q: Classifying costs Wheels, Inc. manufactures wheels for bicycles, tricycles, and scooters. For each…
A:
Q: With respect to cost classifications for manufacturers:a. What is the total manufacturing cost?b.…
A: For a manufacturer, Total manufacturing cost = Direct Material Cost + Direct Labour Cost + Variable…
Q: Required: 1. Compute the amount of (a) production costs transferred from Cutting to Stitching, (b)…
A: Cost of Goods Sold=Finished goods inventory, Beginning+Goods added-Finished goods inventory, Ending
Q: List and explain in your own words the of product costs(manufacturing overhead)
A: Costs are that amount which is incurred during the production of goods and services. The costs which…
Q: 4. Which of the following are period costs? a. Raw materials b. Direct materials and direct labor c.…
A: A period cost is charged to expense to the period in which it is incurred.
Q: show full solution. Compute for the unit cost of goods manufactured
A: The question is related to Cost Sheet. A Cost Sheet or Cost Statement is “a document which provides…
Q: The most important element of cost in manufacturing industries is Select one: O a. Labor O b.…
A: The cost of the manufacturing industries includes the cost which is involved in the production…
Q: rom the following information, calculate the unit costs for "Spirit" and "Companion" using both the…
A: Traditional Method of Costing- In this Method , Only one Predetermined Overhead Rate is Determined…
Q: Tracking the cost of product is belong to the cost accounting Select one: O True O False
A: Product cost includes the total cost of goods manufacturing. So it includes direct material, direct…
Q: Which of the following would be included in the cost of a product manufactured according to variable…
A: direct materials: production cost sales commissions: selling cost interest expense: other cost…
Q: a) What was the amount of direct materials used in production? b) What was the amount of…
A:
Q: In representing the total manufacturing costs in the equation Y=a+bX, “a ” in the equation…
A: Answer- 3. Total variable manufacturing costs Y=a+bX is the equation used to calculate total…
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- Bag Teeth manufactures dental supplies & equipment. Bag Teeth Ack's Total sales for year 2022 is $1,587,560 cost of goods sold & gross margin Calculate Inventory: Finished Goods, Jan. 01 Work in process, Jan.o1 Raw Materials Jan. 01 Raw materials purchased Raw Materials, Dec 31 Work in Process, Dec. 31 Finished Goods, Dec. 31. other Factory Expenses! Factory Supervisor salary Equipment repairs Plant utilities plant property tax Assembly employees info: # of employees. hour Wages per Daily hours Annual total days work per employee How much is an 552,000.00 165,000.00 16,500.00 28,000.00 15,000.00 21,000.00 465,000.00 45,000.00 15,500.00 13,500.00 11,500.00 18. 18.50 8 260 total manufacturing account? cost toJake's Roof Repair has provided the following data concerning its costs: Fixed Cost Cost per Repair-Hour $ 16.00 $ 7.20 $ 0.40 $ 1.70 per Month $ 21,400 Wages and salaries Parts and supplies Equipment depreciation Truck operating expenses $ 2,700 $ 5,790 $ 4,680 $ 3,890 Rent Administrative expenses $ 0.80 For example, wages and salaries should be $21,400 plus $16.00 per repair-hour. The company expected to work 2,800 repair-hours in May, but actually worked 2,700 repair-hours. The company expects its sales to be $52.00 per repair-hour. Required: Compute the company's activity variances for May. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Jake's Roof Repair Activity Variances For the Month Ended May 31 Revenue Expenses: Wages and salaries Parts and supplies Equipment depreciation Truck operating expenses Rent Administrative expenses Total expense Net…Bag Teeth manufactures dental supplies & equipment. Bag Teeth Acts Total sales for year 2022 is $1,587,560 cost of goods sold & gross margin Calculate Inventory: Finished Goods, Jan. 01 Work in process, Jan.ol Raw Materials, Jan. 01 31 Raw materials purchased Raw Materials, Dec Workin Process, Dec. 31 Finished Goods, Dec. 31 other Factory Expenses: Factory Supervisor salary Equipment repairs Plant utilities plant property tax Assembly employees info: # of employees. Wages per Daily hours hour Annual total days work per employee 552,000.00 165,000.00 Calculate 16,500.00 28,000.00 15,000.00 21,000.00 465,000.00 the total overhead cost? 45,000.00 15,500.00 13,500.00 11,500.00 18. 18.50 8 260 mufacturing manu
- Glass time repairs chips in car windshields. The company incurred the following operating cost for the month of March 2024 Glass time earned $28,000 in service revenues for the month of March by repairing 250 windshields. All cost shown are considered to be directly related to the repair service. 1) prepare an income statement for the month of March 2) compute the cost per unit of repairing one windshield 3) the manager of glass time must keep the unit operating costs below $60 per windshield in order to get his bonus. Did he meet the goal?Randy Inc. produces and sells tablets. The company incurred the following costs for the May: Advertising cost for monthly television ads $ 5,800 Attachable keyboard 19,800 Insurance for delivery truck 580 Factory supervisor's salary 3,550 Marketing manager's salary 3,250 Assembly worker wages 24,000 Miscellaneous soldering material used to seal case 1,050 Hourly wages for factory security guard 2,200 CEO's salary 7,400 Speakers 5,200 Required: Determine each of the following: 1. Direct material 2. Direct labor 3. Manufacturing overhead 4. Total manufacturing cost 5. Total period cost 6. Total variable cost 7. Total fixed costJake's Roof Repair has provided the following data concerning its costs: Cost per Repair-Hour Fixed Cost per Month $ Wages and salaries Parts and supplies Equipment depreciation $ Truck operating expenses $ Rent $ Administrative expenses $ 21,100 2,750 5,780 4,660 3,840 $ 16.00 $ 7.20 $ 0.55 $ 1.70 $ 0.40 For example, wages and salaries should be $21,100 plus $16.00 per repair-hour. The company expected to work 2,600 repair-hours in May, but actually worked 2,500 repair-hours. The company expects its sales to be $48.00 per repair-hour. Required: Compute the company's activity variances for May. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Need to make sure my notes coincide with this example problem from video. please include how you calculated each part. Thank you
- Browning Furniture Company manufactures furniture at its Akron, Ohio, factory. Some of its costs from the past year include: Depreciation on sales office Depreciation on factory equipment Factory supervisor salary Sales commissions Lubricants used in factory equipment Insurance costs for factory Wages paid to maintenance workers Fabric used to upholster furniture Freight-in (on raw materials) Costs of delivery to customers Wages paid to assembly-line workers Lumber used to build product $9300 16,800 50,100 23,400 3900 21,500 115,300 10,900 3000 9700 115,600 82,100 54,500 26,700 Utilities in factory Utilities in sales office Prime costs for Browning Furniture Company totaled $93,000. $377,000. $208,600. $211,600.Burnham Industries incurs the following costs for the month: Direct materials $1,900 Direct labor 3,100 Factory depreciation expense 3,300 Factory utilities expense 750 CEO's salary 3,900 A. What is the prime cost? B. What is the conversion cost?Jake's Roof Repair has provided the following data concerning its costs: Wages and salaries Parts and supplies Equipment depreciation Fixed Cost per Month $20,500 Cost per Repair-Hour $15.00 $ 7.50 $ 2,770 $ 0.35 Truck operating expenses Rent $ 5,740 $ 1.70 $ 4,650 Administrative expenses $ 3,860 $ 0.70 For example, wages and salaries should be $20,500 plus $15.00 per repair-hour. The company expected to work 2,800 repair-hours in May, but actually worked 2,700 repair-hours. The company expects its sales to be $50.00 per repair-hour. Required: Compute the company's activity variances for May. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Revenue Jake's Roof Repair Activity Variances For the Month Ended May 31 Expenses: Wages and salaries Parts and supplies Equipment depreciation Truck operating expenses Rent Administrative expenses Total expense Net…
- As production manager, Mr. B is asked to track the manufacturing cost per unit on the factory floor. Total manufacturing costs were $98000 before considering factory maintenance salaries of $10000 and $54000 of factory depreciation. How much is the calculation of manufacturing cost per unit if 40o units had been produced in the current quarter? $270 $380 $245 $405Jake's Roof Repair has provided the following data concerning its costs: Wages and salaries Parts and supplies Fixed Cost per Month $20,600 Cost per Repair-Hour $15.00 $ 7.30 Equipment depreciation $ 2,750 $ 0.35 Truck operating expenses $ 5,710 $ 1.70 Rent $ 4,670 Administrative expenses $ 3,820 $ 0.50 For example, wages and salaries should be $20,600 plus $15.00 per repair-hour. The company expected to work 3,000 repair-hours in May, but actually worked 2,900 repair-hours. The company expects its sales to be $49.00 per repair-hour. Required: Compute the company's activity variances for May. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Jake's Roof Repair Activity Variances For the Month Ended May 31 Revenue Expenses: Wages and salaries Parts and supplies Equipment depreciation Truck operating expenses Rent Administrative expenses Total expense Net…3B Corporation makes different types of hubcaps for cars. The company accumulates volumes of metal edges as scrap. At least once a month, the scrap metal is sold to a local manufacturer for further processing. This month's scrap sales on account total P14,000.00. The company is using actual cost system. 10: Required: Prepare the appropriate journal entry to record the sale of the scrap for each of the following alternatives: 1 Scrap sale is viewed as additional revenue 2. Scrap sale is viewed as reduction of cost of goods sold 3. When scrap materials are traceable as indirect materials 4. When scrap materials are traceable as direct materials