Prepare a production cost report

Assignment Help Financial Accounting
Reference no: EM13863707

The Sanding Department of Ortiz Furniture Company has the following production and manufacturing cost data for March 2017, the first month of operation.

Production: 7,000 units finished and transferred out: 3,000 units that are 100% complete as to materials and 20% complete as to conversion costs.

Manufacturing costs: Materials $33,000; labor $21,000; overhead $36,000.

Prepare a production cost report

Reference no: EM13863707

Questions Cloud

What is her basis for the house : In 2001, Ellen purchased a house for $60,000 to use as her personal residence. She paid $12,000 and borrowed $48,000 from the local savings and loan company. In 2005 she paid $10,000 to add a room to the house. In 2007 she paid $625 to have the house..
Report showing schools revenue and spending variances : Poljak Tech is a for-profit vocational school. The school bases its budgets on two measures of activity (i.e., cost drivers), namely student and course. The school uses the following data in its budgeting: Prepare a report showing the school's revenu..
Cost reduction proposal-irr-npv and payback period : JB Chemical currently discharges liquid waste into Calgary's municipal sewer system. However, the Calgary municipal government has informed JB that a surcharge of $4 per thousand cubic liters will soon be imposed for the discharge of this waste.  Det..
What is the contribution margin ratio for danielson : Danielson Inc., sells two types of caviar. Both are widely recognized as quality products throughout its worldwide distribution system, but from time to time the actual mix of the product shifts as tastes change. What is the contribution margin ratio..
Prepare a production cost report : The Sanding Department of Ortiz Furniture Company has the following production and manufacturing cost data for March 2017, the first month of operation. Prepare a production cost report.
Compute the unit costs for materials and conversion costs : Production costs chargeable to the Finishing Department in June in Cascio Company are materials $12,000, labor $29,500, overhead $18,000. Equivalent units of production are materials 20,000 and conversion costs 19,000. Compute the unit costs for mate..
Equity method balance for the investment : On 1/1/14, P. Inc. acquired 70% of the outstanding shares of S. Comp. for $1141000 in cash. The price paid was proportionate to S's total fair value; although at the date of acquisition S. had a total book value of $1380000. Prepare a schedule showin..
What is par value of its stock after the split : A company has 360,000 shares authorized, 200,000 shares issued, and 100,000 shares outstanding. The balance in its Common Stock account is $200,000. The company does a 2-for-1 stock split. What is the par value of its stock after the split?
Shares in treasury stock : A company has 500,000 shares authorized, 100,000 shares issued, and 10,000 shares in Treasury Stock. How many shares are outstanding?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Questionpacific decor lnc designs manufactures as well as

questionpacific decor lnc designs manufactures as well as sells contemporary wood furniture. ling li is a furniture

  Assumed conversion of stock options

When computing diluted EPS, do not weight any assumed conversion of stock options, convertible preferred stock, and convertible bonds for stock dividends declared during the year. In other words, use the same format reflected in the solutions to the ..

  Pretax cost of debt and after tax cost of debt

Waller, Inc., is trying to determine its cost of debt. The firm has a debt issue outstanding with 15 years to maturity that is quoted at 102 percent of face value. The issue makes semiannual payments and has an embedded cost of 10 percent annually.

  Residual value in depreciation formula-bank reconciliation

The bank collected a note receivable of $1,000. How would this information be included on the bank reconciliation? Which of the following depreciation methods does NOT use a residual value in the depreciation formula? Which of the following requires ..

  What income tax payments did 2014 liquidation cost supervalu

What additional income tax payments did the 2014 liquidation cost SUPERVALU? Assume an income tax of 40%.

  Net operating income for the company

The Gasson Company sells three products, Product A, Product B and Product C, and had sales of $1,000,000 during the month of June. The company's overall contribution margin ratio was 37% and fixed expenses totaled $350,000. The net operating income f..

  Discuss an instance where you failed to properly

The concept of relevance is critical to properly applying managerial accounting tools. As a practical matter, it is easier to understand than it is to apply. Think back on your own experiences, and discuss an instance where you failed to properly ..

  Useful tool for managing certain aspects of firms risk

In credit terms, end of month indicates that the accounts payable must be paid by the end of the month in which the merchandise has been purchased. Derivatives are used by corporations as a useful tool for managing certain aspects of a firm's risk

  Discuss reasons a consulting firm might use a normal cost

Discuss the reasons a consulting firm might use a normal costing system rather than an actual costing system. What might be some reasons for the firm to change from a one-pool to a multiple-pool allocation concept?

  Cvp analysis - bepprepare a contribution margin format

cvp analysis - bepprepare a contribution margin format income statement calculate break-even point presented here is

  Did our actions have negative impact on stakeholder group

During which phase of the strategic marketing plan would the firm address the question of, "Did our actions have a negative impact on any stakeholder group?"

  Compute the target selling price

Mussatto Corporation produces snowboards. The following per unit cost information is available: direct materials $12; direct labor $8; variable manufacturing overhead $6; fixed manufacturing overhead $14;

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd