Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 26, 2024

Prepare the cost the reconciliation statement for the question below: Ltdmanufacturesarangeofproductsandthedatabelowrefertooneproductwhichgoesthroughoneprocessonly.Thecompanyoperatesa13four-weeklyreportingsystemforprocessandproductscostsandthedatagivenbelowrelatetoPeriod10. TherewasnoopeningWIPstock. 5,000unitsofmaterialsinputat2.94perunitenteredtheprocess. Furtherdirectmaterialsadded13830 Directwagesincurred 6555 Productionoverhead 7470 Normallossis3%ofinput. ClosingWIPwas800unitsbutthesewereincomplete,havingreachedthefollowingpercentagesofcompletionforeachoftheelementsofcostlisted: Furtherdirectmaterialsadded75 % Directwagesincurred50 % Productionoverhead25

Prepare the cost the reconciliation statement for the question below:

Ltdmanufacturesarangeofproductsandthedatabelowrefertooneproductwhichgoesthroughoneprocessonly.Thecompanyoperatesa13four-weeklyreportingsystemforprocessandproductscostsandthedatagivenbelowrelatetoPeriod10.

TherewasnoopeningWIPstock.

5,000unitsofmaterialsinputat2.94perunitenteredtheprocess.

Furtherdirectmaterialsadded13830

Directwagesincurred 6555

Productionoverhead 7470

Normallossis3%ofinput.

ClosingWIPwas800unitsbutthesewereincomplete,havingreachedthefollowingpercentagesofcompletionforeachoftheelementsofcostlisted:

Furtherdirectmaterialsadded75 %

Directwagesincurred50 %

Productionoverhead25 %

270unitswerescrappedafteraqualitycontrolcheckwhentheunitswereatthefollowingdegreesofcompletion.

Furtherdirectmaterialsadded66 2/3

Directwagesincurred 33 1/3

Productionoverhead 16 2/3

Unitsscrapped,regardlessofthedegreeofcompletion,aresoldfor1eachanditis company policytocredittheprocessaccountwiththescrapvalueofnormallossunits.

Step 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

Recommended Textbook for

Management And Cost Accounting

Authors: Alnoor Bhimani, Srikant M. Datar, Charles T. Horngren, Madhav V. Rajan

7th Edition

1292232668, 978-1292232669

More Books

Students also viewed these Accounting questions

Question

★★★★★

Calculate the Larmor frequency (in Hz, MHz and rad s-1) of l3C at a magnetic field strength of 9.4 T; the gyromagnetic ratio of l3C is +6.7283 x 107 rad s-l T-l and you assume that the chemical shift...

Answered: 1 week ago

Question

★★★★★

The case shows the value of effective collaborations with families as well as community agencies. What was the positive outcome of these collaborations? What if the team had not been as proactive in...

Answered: 1 week ago

Question

★★★★★

=+2 If she wants to study the differences in the relationship between Salary and Years

Answered: 1 week ago

Question

★★★★★

James and Esther Johnson live at 45678 S.W. 112th Street, Homestead, FL 33033. James, who is 67 years old (date of birth 12/14/1952), is retired receiving social security benefits, and Esther, who is...

Answered: 1 week ago

Question

★★★★★

Calculate the bond equivalent yield and effective annual return on a negotiable CD that is 120 days from maturity and has a quoted nominal yleld of 6.50 percent (Use 365 days in a year. Do not round...

Answered: 1 week ago

Question

★★★★★

C aw 1 points 1 01:12-28 Saved The budget or schedule that provides necessary input data for the direct materials budget is the: Multiple Choice direct materials budget cash budget schedule of cash...

Answered: 1 week ago

Question

★★★★★

Which examples of headings, lists, and colons show correct capitalization? Instruction: Choose all options that best answer the question. Answer Choices The CFO released the document "Taxation...

Answered: 1 week ago

Question

★★★★★

haimi, [25/05/2022 3:47 PM] A small business enterprise makes dresses and trousers. To make a dress requires 2 hours of cutting and 2 hours of sewing. To make trousers requires 1 hour of cutting and...

Answered: 1 week ago

Question

★★★★★

A training organisation purchases aheavy volume copier for large workloadson 1/7/2022 for $36,000 [GST exclusive]. It has a useful life of 4 years and a residual value of $4,000 [GST exclusive]....

Answered: 1 week ago

Question

★★★★★

The given multivariable function is as follows: f ( x , y ) = ky 2 - 2 y 3 - kx 3 + 2 kxy . A. Given that the function f ( x,y ) in the Assumptions section has a critical point at (0,0), use a second...

Answered: 1 week ago

Question

★★★★★

How often should braille accommodations be provided? A. Never, not enough people use it. B. Always, regardless of how many people use it. C. Sometimes if it was requested by someone who needs it. D....

Answered: 1 week ago

Question

★★★★★

There are seven tiers related to allocating the purchase price among the transferred assets using a residual. Class VII is applies to: Question 3Answer a. Certificates of deposit, US government...

Answered: 1 week ago

Question

★★★★★

1. Discuss the following statements: a) Local links generate collective behaviours. b) An unfamiliar system will be described as chaotic by the ignorant. c) When we see that something is happening,...

Answered: 1 week ago

Question

★★★★★

2. In this chapter, the reader should reflect on the following concepts: Linear relationships, circular relationships, patterns, critical variables and sociological laws.

Answered: 1 week ago

Question

★★★★★

2. As your starting point, take a situation at your workplace that often recurs, and answer the following questions: (a) Which elements are included? (b) How are the elements related to each other?...

Answered: 1 week ago

Previous Question Next Question