Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Fastflow Parts produces mouer base paint through a t wo stage process, Moung and Pa kag The l o ng events depot the movement ofvake

image text in transcribed
image text in transcribed
image text in transcribed
Fastflow Parts produces mouer base paint through a t wo stage process, Moung and Pa kag The l o ng events depot the movement ofvake into and out of production. Ion akze each event if appropriate; not, provide a short narrative reason as to why you choose mot to journalize the action. Nelson, the production manager, accepts an order to continue processing the current run of mixer base paint, If an amount box does not require an entry, leave it blank a. Matenals worth $27,000.00 are withdrawn from raw miatenals inventory, Of this amount, $25,500.00 will be issued to the Mixing Department and the bualance will be issued to the on production ine machines. b. Nelson calculates that labor for the period is $12,500.00. of this amount, $1,750.00 is for ma ect labor. The remainder is dieectly associated with mixing. intenano ndreed lhe emne c. Nelson, who is paid a salary but earns about 535.00/hour, spends 1 hour inspecting the production Ine Nelson's inspection of the assembly hne is allocation of overhead. chargeable to production. As a manager of a production unst it will be ncorporated in the cost of production through the d. The manufacturing overhead drivers for moing are hours of mixer time at $575.00 per hour, and material movements from materials at $125.00 per movement. An inspection of the machine timers reveals that a total of 8 hours has been consumed in making this product. An anspection of "stocking orders" indicates that only one material movement was utilized to load Fastflow Parts produces mouer base paint through a t wo stage process, Moung and Pa kag The l o ng events depot the movement ofvake into and out of production. Ion akze each event if appropriate; not, provide a short narrative reason as to why you choose mot to journalize the action. Nelson, the production manager, accepts an order to continue processing the current run of mixer base paint, If an amount box does not require an entry, leave it blank a. Matenals worth $27,000.00 are withdrawn from raw miatenals inventory, Of this amount, $25,500.00 will be issued to the Mixing Department and the bualance will be issued to the on production ine machines. b. Nelson calculates that labor for the period is $12,500.00. of this amount, $1,750.00 is for ma ect labor. The remainder is dieectly associated with mixing. intenano ndreed lhe emne c. Nelson, who is paid a salary but earns about 535.00/hour, spends 1 hour inspecting the production Ine Nelson's inspection of the assembly hne is allocation of overhead. chargeable to production. As a manager of a production unst it will be ncorporated in the cost of production through the d. The manufacturing overhead drivers for moing are hours of mixer time at $575.00 per hour, and material movements from materials at $125.00 per movement. An inspection of the machine timers reveals that a total of 8 hours has been consumed in making this product. An anspection of "stocking orders" indicates that only one material movement was utilized to load

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Principles Volume 2

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak

9th Canadian Edition

978-1119786634, 1119786630

More Books

Students also viewed these Accounting questions

Question

What are the total liabilities?

Answered: 1 week ago

Question

What do you think Katsoudas means by the phrase one size fits one?

Answered: 1 week ago

Question

How do you think GM should handle this decision and why?

Answered: 1 week ago