High Desert Potteryworks makes a variety of pottery products that it sells to retailers. The company uses a job-order costing system in which departmental predetermined overhead rates are used to apply manufacturing overhead cost to jobs. The predetermined overhead rate in the Molding Department is based on machine-hours, and the rate in the Painting Department is based on direct labor-hours. At the beginning of the year, the company provided the following estimates:

Job 205 was started on August 1 and completed on August 10. The company's cost records show the following information concerning the job:

Required:

1. Compute the predetermined overhead rates used in the Molding Department and the Painting Department.

2. Compute the total overhead cost applied to Job 205.

3-a. What would be the total manufacturing cost recorded for Job 205?

3-b. If the job contained 22 units, what would be the unit product cost?

Complete this question by entering your answers in the tabs below.

• Req 1
• Req 2
• Req 3A
• Req 3B

Compute the Predetermined Overhead Rates used in the Molding Department and the Painting Department. (Round your answers to 2 decimal places.)

• Complete this question by entering your answers in the tabs below.

• Req 1
• Req 2
• Req 3A
• Req 3B

• Compute the total overhead cost applied to Job 205. (Round "Predetermined overhead rate" to 2 decimal places. Round other intermediate calculations and final answers to the nearest dollar amount.)

  	Total overhead cost

Stuck on the following questions. Multiple choice. One answer for each.

1. The primary goal of a publicly-owned firm interested in serving its stockholders should be to:

-Minimize the chances of losses

-Maximize share price

-Minimize expected EPS

-Minimize shareholder wealth

-Maximize expected total corporate profit

2. Which one of the following is an agency cost?

-Cost of dividend payments to stockholders

-Cost of interest payments to bondholders

-Cost of an internal audit required by bondholders

-Cost of wages for managers

-Cost of dividend payments to bondholders

The Welding Department of Majestic Company has the following production and manufacturing cost data for February 2020. All materials are added at the beginning of the process. Majestic uses the FIFO method to compute equivalent units.

Problem 15-1A Production costs computed and recorded; reports prepared LO C2, P1, P2, P3, P4

[The following information applies to the questions displayed below.]

rev: 02_06_2017_QC_CS-77766

References

Section BreakProblem 15-1A Production costs computed and recorded; reports prepared LO C2, P1, P2, P3, P4

1.

Problem 15-1A Part 1

2.

Problem 15-1A Part 2

Problem 15-1A Part 4

Green River Inc. established the following standards for its principal product, a kit to convert ordinary lawn mowers into mulching mowers:

Direct Materials:

Blades 2 blades @ $13 per blade

Adaptors 1 kit @ $6 per adaptor

Direct Labor:

Grinding ½ hour @ $14 per hour

Finishing & Testing 2/3 hour @ $12 per hour

Overhead

Variable (unit level) $8 per machine hour

Batch Level (total) 50 material moves @ $150 per move

Facility (total) 7,000 square feet @ $2 per square foot

The standard variable overhead cost per conversion kit is $2.

Traditionally, all overhead is applied on the basis of machine hours.

For ABC budgeting, one material move is allowed for every 100 kits produced. The budgeted fixed portion of the batch level cost is $500.

Planned production and sales for the year was 5,000 conversion kits. The planned selling price per kit is $50.

Actual Results

Kits produced & sold 5,200 (this is within the relevant range)

Actual selling price per kit $48

Materials:

Blades Purchased 11,300 blades @ $12.75 per blade

Blades Used 10,900 blades

Adaptors Purchased 5,900 @ $5.60 per adaptor

Adaptors Used 5,650 adaptors

Labor, Grinding 2,800 hours, total cost $42,000

Labor, Finishing & Testing 3,700 hours, total cost $45,325

Machine hours used 1,325 machine hours

Variable Overhead $11,455

Batch Level Overhead (total) $7,938 (54 moves)

Batch Level Overhead (variable) $7,200

Facility Level Overhead $14,500 (7,000 square feet)

A. Prepare the flexible manufacturing cost budget for the year’s actual output.

B. Calculate the sales variances.

C. Calculate the material variances.

D. Calculate the labor variances.

E. What is the unit quantity standard for variable overhead? In other words, how many machine hours are “allowed” for each conversion kit?

F. Calculate the variable (unit level and variable batch) and fixed (fixed batch and facility) overhead variances. Then sum them to get the total of each type of overhead variance. (One set of values for total variable OH variances, one set of values for total fixed OH variances).

G. Prepare appropriate journal entries for C, D, & F.

H. Calculate the total amount (variable, batch & fixed) of over or under applied overhead.

I.    Prepare the journal entries to close the variance accounts. The following balances before allocating variances are:

• Raw Materials,    $5,000
• WIP,                     $8,000
• Finished Goods, $12,000
• COGS,                $60,000

Kansas Supplies is a manufacturer of plastic parts that uses the weighted-average process costing method to account for costs of production. It produces parts in three separate departments: Molding, Assembling, and Packaging. The following information was obtained for the Assembling Department for the month of April.

Work in process on April 1 had 103,000 units made up of the following.

During April, 503,000 units were transferred in from the Molding Department at a cost of $663,960. The Assembling Department added the following costs.

Assembling finished 403,000 units and transferred them to the Packaging Department.

At April 30, 203,000 units were still in work-in-process inventory. The degree of completion of work-in-process inventory at April 30 was as follows.

Required:

a. Prepare a production cost report using the weighted-average method. (Round "Cost per equivalent unit" to 2 decimal places.)

Thakin Industries Inc. manufactures dorm furniture in separate processes. In each process, materials are entered at the beginning, and conversion costs are incurred uniformly. Production and cost data for the first process in making a product are as follows.

(a1)

Compute the physical units of production.

eTextbook and Media

Save for Later

Attempts: 0 of 3 used

Submit Answer

Using multiple attempts will impact your score.

10% score reduction after attempt 2

(a2)

Compute equivalent units of production for materials and for conversion costs.

eTextbook and Media

Save for Later

Attempts: 0 of 3 used

Submit Answer

Using multiple attempts will impact your score.

10% score reduction after attempt 2

(a3)

Determine the unit costs of production.

eTextbook and Media

Save for Later

Attempts: 0 of 3 used

Submit Answer

Using multiple attempts will impact your score.

10% score reduction after attempt 2

(a4)

Show the assignment of costs to units transferred out and in process.

eTextbook and Media

Save for Later

Attempts: 0 of 3 used

Submit Answer

Using multiple attempts will impact your score.

10% score reduction after attempt 2

(b)

Prepare the production cost report for July 2020.

Kansas Supplies is a manufacturer of plastic parts that uses the weighted-average process costing method to account for costs of production. It produces parts in three separate departments: Molding, Assembling, and Packaging. The following information was obtained for the Assembling Department for the month of April.

Work in process on April 1 had 114,000 units made up of the following:

During April, 514,000 units were transferred in from the Molding Department at a cost of $735,020. The Assembling Department added the following costs:

Assembling finished 414,000 units and transferred them to the Packaging Department.

At April 30, 214,000 units were still in work-in-process inventory. The degree of completion of work-in-process inventory at April 30 was as follows:

Required:

a. Prepare a production cost report using the weighted-average method. (Round "Cost per equivalent unit" to 2 decimal places.)

Thank You!!!

Kansas Supplies is a manufacturer of plastic parts that uses the weighted-average process costing method to account for costs of production. It produces parts in three separate departments: Molding, Assembling, and Packaging. The following information was obtained for the Assembling Department for the month of April.

Work in process on April 1 had 110,000 units made up of the following:

During April, 510,000 units were transferred in from the Molding Department at a cost of $708,900. The Assembling Department added the following costs:

Assembling finished 410,000 units and transferred them to the Packaging Department.

At April 30, 210,000 units were still in work-in-process inventory. The degree of completion of work-in-process inventory at April 30 was as follows:

Required:

a. Prepare a production cost report using the weighted-average method. (Round "Cost per equivalent unit" to 2 decimal places

​ KANSAS SUPPLIES
​    Assembling Department
​ Production Cost Report- Weighted Average

   Compute Equivalent Units

DETAILS

Coronado Company manufactures basketballs. Materials are added at the beginning of the production process and conversion costs are incurred uniformly. Production and cost data for the month of July 2020 are as follows.

Calculate the equivalent units of production for materials and conversion costs.

Calculate the unit costs of production for materials and conversion costs. (Round unit costs to 2 decimal places, e.g. 2.25.)

Calculate the assignment of costs to units transferred out and in process at the end of the accounting period.

Prepare a production cost report for the month of July for the basketballs. (Round unit costs to 2 decimal places, e.g. 2.25 and all other answers to 0 decimal places, e.g. 2,250.)