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.)

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.)

Budgeted income statement and supporting budgets for three months

Bellaire Inc. gathered the following data for use in developing the budgets for the first quarter (January, February, March) of its fiscal year:

a. Estimated sales at $125 per unit:

b. Estimated finished goods inventories:

c. Work in process inventories are estimated to be insignificant (zero).

d. Estimated direct materials inventories:

e. Manufacturing costs:

f. Selling expenses:

1. Prepare a sales budget for March.

2. Prepare a production budget for March.

3. Prepare a direct materials purchases budget for March.

4. Prepare a direct labor cost budget for March.

5. Prepare a factory overhead cost budget for March.

6. Prepare a cost of goods sold budget for March.

7. Prepare a selling and administrative expenses budget for March. Enter all amounts as positive number.

8. Prepare a budgeted income statement with budgeted operating income for March.

The following data relate to labor cost for production of 5,600 cellular telephones: Actual: 3,770 hrs. at $14.40 Standard: 3,710 hrs. at $14.60 a. Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Rate variance $ Time variance $ Total direct labor cost variance $ b. The employees may have been less-experienced or poorly trained, thereby resulting in a labor rate than planned. The lower level of experience or training may have resulted in efficient performance. Thus, the actual time required was than standard

The management of Casablanca Manufacturing Corporation believes that machine-hours is an appropriate measure of activity for overhead cost. Shown below are machine-hours and total overhead costs for the past six months:

Assume that the relevant range includes all of the activity levels mentioned in this problem.

If Casablanca expects to incur 185,000 machine hours next month, what will the estimated total overhead cost be using the high-low method? (Round your intermediate calculations to 2 decimal places.)

Multiple Choice

• $212,750

• $359,750

• $382,750

• $381,700

Answer the questions below using the following information on a firm:

1. What is average total cost at Q=7?

2. What is marginal cost at Q =7?

3. Is this firm operating under increasing or diminishing returns at Q=7? Why?

4. Say this firm is a perfect competitor. If the market price for its product is $ 60, at what output level will it produce at (to maximize profits)?

5. Say this firm is a profit-maximizing monopolist. If the firm is maximizing profit where marginal revenue equals $40, at what output level will this firm be producing?

manufactures and sells two products: Product T8 and Product P4. The company has an activity-based costing system with the following activity cost pools, activity measures, and expected activity:

The total overhead applied to Product P4 under activity-based costing is closest to: (Round your intermediate calculations to 2 decimal places.)

Multiple Choice

• $898,940

• $509,285

• $570,740

• $1,021,740

2. assume that a firm has convex isoquants, and its production function exhibits decreasing returns to scale (DRS).

   1. (10 pts) Draw an isoquant-isocost graph for two levels of output (q1=10 and q2=20) for this firm. Denote your cost-minimizing choices of capital and labor as (L1*, K1*) for output q1 and
      (L2*, K2*) for output q2. Use TC1 and TC2 to denote the total cost of each respective output level.

   2. (5 pts) How does your graph illustrate DRS? Explain.

   3. (5 pts) Using the information in part (a), sketch the LR total cost curve for this firm. Does the LR TC curve increase at a constant rate, at a decreasing rate or at an increasing rate?