Recently Submitted Homework Problems: cost accounting

3731. Brock Company makes two joint products from a single process. It allocates the common costs on the relative sales value basis. During processing in June, 150,000 units of HR2 were produced and 50,000 units of MX1 were produced. HR2 sells for $.40 per unit and MX1 sells for $.80 per unit. The common cost in June was $40,000. Calculate the per unit and total joint cost to be allocated to each product(Answered)


3732. The standard labor cost for a unit of product is $20 per unit, based on 2 hours of labor per unit at an hourly rate of $10. During August 2007, 4,000 units were manufactured at a total labor cost of $80,580, representing 7,900 hours at a rate of 10.20 per hour.
A) The labor rate variance for the month is:
B) The labor efficiency variance is:

C) A company has established labor standards based on goals that could be attained only under perfect operating conditions. These standards are referred to as

(Answered)


3733. Give the journal entry to charge standard overhead costs to work in process and record overhead variances for the month given the following information:
Actual overhead $21,580 Standard overhead $20,000
Volume variance $2,080 U Spending variance $150 U
Efficiency variance $650 F
(Answered)


3741. Show part C of the Cost Schedule, Costs to Be Accounted For, section of the cost of production report for Fielder Corporation. Compute transferred in prior department cost showing the adjustment for normally lost units. Compute cost per Equivalent.

Unit Data:
Transferred out to Finished Goods 2,800
Ending work in process 500
Lost in production 100

Cost Data:
Transferred In Prior Department Cost
Beginning work in process $5,000
Transferred in current month $29,000(Answered)


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