X Ltd. prices its products via the system of individualized costing, stipulating the indirect production cost...

X Ltd. prices its products via the system of individualized costing, stipulating the indirect production cost (General Industrialized Cost) of each product based on the hours of direct labor. During current period, order A has been completed. For the specific order, the real costing info is shown below. Basic cost: 60.000 Production cost: 180.000 Conversion cost: 130.000 During current period, the estimated hours of direct labor were 12.000 and the estimated general industrialized cost: 150.000 EURO. Find the direct materials and direct labor and specify the real hours needed for work A.

Solutions

Expert Solution

ekkarill92 answered 2 years ago

Next > < Previous

Related Solutions

Africa Ltd manufacture tennis racquets. The company uses the job costing system to cost its production....

Africa Ltd manufacture tennis racquets. The company uses the job costing system to cost its production. The following information relates to Poma Africa Ltd for the month of April 2020: Schedule of costs relating to jobs in process as at 31 March 2020 Job Direct Material Direct Labour Overheads Total A33 1050 2100 315 3465 C23 3300 5900 920 10120 Schedule of costs incurred on jobs during April 2020 Job (no of units) Direct Material Direct Labour A33 (20 recquets)...

Churchill Products is considering updating its cost system to an activity-based costing system and is interested...

Churchill Products is considering updating its cost system to an activity-based costing system and is interested in understanding the effects. The company’s cost accountant has identified three overhead cost pools along with appropriate cost drivers for each pool. Cost Pools Costs Activity Drivers Utilities $ 290,000 58,000 machine-hours Scheduling and setup 280,000 560 setups Material handling 775,000 1,550,000 pounds of material The company manufactures three models of water basins (Oval, Round, and Square). The plans for production for the next...

Churchill Products is considering updating its cost system to an activity-based costing system and is interested...

Churchill Products is considering updating its cost system to an activity-based costing system and is interested in understanding the effects. The company’s cost accountant has identified three overhead cost pools along with appropriate cost drivers for each pool. Cost Pools Costs Activity Drivers Utilities $ 310,000 62,000 machine-hours Scheduling and setup 300,000 600 setups Material handling 810,000 1,620,000 pounds of material The company manufactures three models of water basins (Oval, Round, and Square). The plans for production for the next...

Churchill Products is considering updating its cost system to an activity-based costing system and is interested...

Churchill Products is considering updating its cost system to an activity-based costing system and is interested in understanding the effects. The company’s cost accountant has identified three overhead cost pools along with appropriate cost drivers for each pool. Cost Pools Costs Activity Drivers Utilities $ 280,000 56,000 machine-hours Scheduling and setup 280,000 560 setups Material handling 785,000 1,570,000 pounds of material The company manufactures three models of water basins (Oval, Round, and Square). The plans for production for the next...

Thompson’s Tea makes tea kettles. It uses a process costing system to cost its products. The...

Thompson’s Tea makes tea kettles. It uses a process costing system to cost its products. The company makes the kettles in three departments: Assembly, Coating, and Packaging. In the Assembly department the direct materials along with conversion costs are added evenly throughout the process. The cost accountant is completing the production report for the month of April. At the beginning of the month there were 3,500 kettles that had 60% of the work completed in March. 19,000 kettles were started...

Which product costing system distributes costs evenly across total production? Variable cost system Standard cost system...

Which product costing system distributes costs evenly across total production? Variable cost system Standard cost system Process cost system Job order cost system

Greasy Nutritional Products, Inc. uses weighted-average process costing to account for its production costs. Conversion cost...

Greasy Nutritional Products, Inc. uses weighted-average process costing to account for its production costs. Conversion cost is added evenly throughout the process, whereas direct materials are added at the beginning of the process. During December, the company transferred 1,090,000 units of product to finished goods. The company started 950,000 units in December. At the end of December, the work in process inventory consists of 670,000 units that are 20% complete with respect to conversion. Beginning inventory had $1,190,000 of direct...

Fairfax CPA Consultants, (FCC), LLC., firm uses a job costing system with a predetermined indirect cost...

Fairfax CPA Consultants, (FCC), LLC., firm uses a job costing system with a predetermined indirect cost allocation rate computed as a percentage of direct labor costs. The managing consultant prepared the following plan, or budget, for the year: Direct labor hours (professionals)………………….15,000 hours Direct labor costs (professionals)………………….$2,250,000 Office rent……………………………………………..$250,000 Support staff salaries………………………………..$310,000 The managing consultant estimated that this job will require about 250 direct labor hours. Required: Compute FCC’s hourly direct labor cost rate Compute FCC’s indirect cost allocation rate...

ECO Plc Ltd. uses an activity based costing system to assign overhead costs to products. In...

ECO Plc Ltd. uses an activity based costing system to assign overhead costs to products. In the first stage, two overhead costs - Electricity expense and Water expense - are allocated to three activity cost pools - Grinding, Painting, and Other - based on resource consumption. Data to perform these allocations appear below: Overhead Costs: Electricity expense: $195,000 Water expense: $185,000 Distribution of Resource Consumption across Activity Cost Pools: Overhead Cost Activity Cost Pools Grinding Painting Other Electricity expense 0.40...

Williams Ltd. manufactures and sells soaps. production. Thecompany operates a standard costing system. The standard...

Williams Ltd. manufactures and sells soaps. production. The company operates a standard costing system. The standard cost card for the product is as follows:Direct material 1kg @ $8.00 per kg. $ 8.00Direct labour 3hrs @ $4.50 per hr. $13.50variable overhead 3hrs @ $0.50 per hr. $ 1.50Fixed overhead 3hrs @ $7.40 per hr. $22.20 Budgeted output for the month of October 2019 was 6,500 units.Actual results for October were as follows.Production: 7 100 unitsMaterials consumed in production...

Subjects