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Question
Submitted by Asma on Sun, 2012-03-11 01:55
due on Thu, 2012-03-15 01:55
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 05:09
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Eagle Co. manufactures xxxxxxxx chairs and xxxxxxx  Wood for both products xx steam-bent xx xxx xxxx xxxxxxxx but different types xx wood are xxxx xxx xxxx product.  xxxxx xxxxxxxxx cost is identified xxxxxxxxxx xx xxxx product.  One xxxxxxxxxx xxxxx uses xx xxxxx feet.  Labor cost is identified xx the process as a whole, xx is overhead cost.  Data for the xxxxx xx July follow:

xxxxxxxxxxxxxxx

 

Chairs

xxxxxx

xxxxxx xxxxxxxx cost per xxxxx xxxx

$   xxxx

x      xxxx

xxxxxx of parts formed xxx xxxxxxxxxx cycle xxx board xxxxx

xx

x

xxxxxx xxxxxxxxx xxxxx xx July

xxx

xxx

Parts produced during xxxx

xxxxx

9,000

 

 

 

xxxxxxxx annual conversion xxxxx

 

 

  Labor

 

xxxxxxxx

  Utilities

 

  125,000

  Depreciation

 

    65,000

  xxxxx overhead

 

    xxxxxx

 

- - - more text follows - - -



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