Exercise 16-3;The ledger of Custer Company has the following work in process account.;Work in Process?Painting;5/1 Balance 4,720 5/31 Transferred out?;5/31 Materials 7,220;5/31 Labor 4,280;5/31 Overhead 2,070;5/31 Balance?;Production records show that there were 430 units in the beginning inventory, 30% complete, 1,500 units started, and 1,450 units transferred out. The beginning work in process had materials cost of $3,030 and conversion costs of $1,690. The units in ending inventory were 40% complete. Materials are entered at the beginning of the painting process.;(a) How many units are in process at May 31?;(b) What is the unit materials cost for May?;(c) What is the unit conversion cost for May?;Wilkins Inc. has two types of handbags: standard and custom. The controller has decided to use a plantwide overhead rate based on direct labor costs. The president has heard of activity-based costing and wants to see how the results would differ if this system were used. Two activity cost pools were developed: machining and machine setup. Presented below is information related to the company?s operations.;Standard;Custom;Direct labor costs $51,600 $111,000;Machine hours 1,300 1,490;Setup hours 110 400;Total estimated overhead costs are $308,500. Overhead cost allocated to the machining activity cost pool is $197,900, and $110,600 is allocated to the machine setup activity cost pool.
Paper#78563 | Written in 18-Jul-2015Price : $22