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Question
Submitted by Asma on Sun, 2012-03-11 04:55
due on Thu, 2012-03-15 04:55
answered 1 time(s)
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Managerial accounting -Urgent

Eagle Co. manufactures bentwood chairs and tables. Wood for both products is steam-bent in the same process, but different types of wood are used for each product. Thus, materials cost is identified separately to each product. One production cycle uses 20 board feet. Labor cost is identified to the process as a whole, as is overhead cost. Data for the month of July follow:

Chairs

Tables

Direct material cost per board foot

$ 3.60

$ 4.20

Number of parts formed per production cycle (20 board feet)

10

8

Actual operating hours in July

120

380

Parts produced during July

4,000

9,000

Budgeted annual conversion cost:

Labor

$150,000

Utilities

125,000

Depreciation

65,000

Other overhead

50,000

Total

$390,000

Budgeted annual operating hours for steam-bending

5,200

(a) Compute July's predetermined rate for the steam-bending process.

(b) Compute July's direct material costs for chairs and tables.

(c) Compute conversion costs to be applied to chairs and tables in July.

(d) Journalize the following entries:

(1) Assignment of direct materials to chairs and tables.

(2) Application of conversion costs to chairs and tables.

(3) The transfer of completed chairs and tables to the Finishing Department. All of July's production was completed in July.

Answer
Submitted by tanzeelafzal02 on Sun, 2012-03-11 08:09
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Eagle Co. manufactures xxxxxxxx xxxxxx xxx xxxxxxx  xxxx for both products is steam-bent xx the xxxx process, xxx different xxxxx xx wood are xxxx xxx xxxx xxxxxxxx  xxxxx materials cost is xxxxxxxxxx xxxxxxxxxx to each product.  xxx xxxxxxxxxx cycle uses 20 xxxxx xxxxx  Labor cost is identified to xxx xxxxxxx as x xxxxxx as is xxxxxxxx xxxxx  Data for the month xx xxxx follow:

xxxxxxxxxxxxxxxxxxxx

 

Chairs

xxxxxx

xxxxxx xxxxxxxx cost per board xxxx

x   xxxx

$      xxxx

Number of xxxxx xxxxxx xxx xxxxxxxxxx cycle (20 board xxxxx

10

8

xxxxxx xxxxxxxxx hours xx xxxx

xxx

xxx

xxxxx xxxxxxxx xxxxxx xxxx

xxxxx

xxxxx

 

 

 

xxxxxxxx xxxxxx conversion xxxxx

 

 

  Labor

 

$150,000

  Utilities

 

  125,000

  xxxxxxxxxxxx

 

    65,000

  xxxxx overhead

 

    xxxxxx

  xxxxx

 

xxxxxxxx

 

 

 

xxxxxxxx xxxxxx xxxxxxxxx xxxxx for xxxxxxxxxxxxx

 

     5,200

xx

xxx

Compute xxxxxx xxxxxxxxxxxxx rate for xxx xxxxxxxxxxxxx process.

xxx determined rate for xxx xxxxx

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