1.The following information was gathered for Wellington Company:
Budgeted direct-labor hours 75,000
Actual direct-labor hours 77,500
Budgeted factory overhead $525,000
Actual factory overhead $538,000
Assume that direct-labor hours is the cost driver.
Compute:
a.Budgeted factory-overhead rate
b.Factory overhead applied
c.Amount of over/underapplied overhead
2.Pappa Don's makes frozen pizzas. All direct materials are introduced at the start of the process. Conversion costs are incurred evenly throughout the process. In February there was no beginning WIP inventory, but 485,000 units were started. At the end of February, there were 90,000 units still in process at the 70% stage of completion. Total costs incurred during February amounted to $1,212,500 for materials and $3,664,000 for conversion costs.
Compute the following:
a.Units completed and transferred
b.Equivalent units of materials and conversions
c.Cost per equivalent unit of materials and conversion
This is a set of accounting problems that shows how to calculate cost per unit of materials and conversion, cost of a completed unit, and factory overhead.
... entries also produce a zero balance in each temporary account. The temporary accounts are then ready to accumulate data in the next accounting period separate ...
Accounting Problem. ... Indicate whether the receivables are reported as accounts receivable, notes ... a $2,000 promissory note from a customer as payment on account. ...
... of the income statement account balances that are carried forward into the next accounting period. sheet accounts in alphabetical order for easy reference. ...
... the major source of new accounting principles or ... credited, and the stockholders' equity account is debited. B. Since both accounts increased, both accounts are ...
... a. All revenue accounts b. All expenses accounts c. Dividends d ... The account has no physical equivalent ... is made at the beginning of the next accounting period and ...
... how much input the FASB actually seeks and account for employee ... Those concepts new accounting standards. ... circumstances to be accounted for, how they should be ...
... For this purpose, a managerial account- ing system is required. Managerial accounting is an activity that provides financial and non- financial information to ...
... statements as they see which were accounted for at ... blame for the crisis to the account- reported under other alternative accounting approaches. ing ...
... The problem set deal with issues in accounting: Future value, retirement planning, regression ... She has some money in an account earning 9% annual interest. ...
