Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I want explain who we solve it Mirror Products manufactures mirrors and uses a standard process costing system. The following production and cost data are
I want explain who we solve it
Mirror Products manufactures mirrors and uses a standard process costing system. The following production and cost data are based on June 2022. This information represents the standard cost of one unit: 6.SOSAR Direct material Conversion 12.505AR Total manufacturing cost 19.005AR Beginning WIP 20,000 units (100% DM; 80% conversion) Started in June 180,000 units Completed inJune 140,000 units Ending WIP ??? (100%DM 60% conversion) Actual costs forJune: Direct material 1,500,0005AR Conversion 2,000,0005AR Total actual cost 3,500,0005AR 1. Prepare an equivalent unit of production schedule. 2. Prepare a cost of production report and assign costs to goods transferred and to inventory. 3. Compute the direct material variance and conversion cost variance. Show all work. What is the total amount to be booked against the cost of goods sold? 4. Based on your analysis above, does this product appear to be a good source of income for the firm? Should it continue operations? Why or why not? Critical Thinking Assignment RubricStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started