Questions from Cost Accounting

Q: Cost and production data for Biloxi Beverages, Inc., are presented

Cost and production data for Biloxi Beverages, Inc., are presented as follows. Required: 1. Calculate net variances for materials, labor, and factory overhead. 2. a. Calculate specific materials and...

Q: The standard cost summary for the most popular product of Phase-

The standard cost summary for the most popular product of Phase-Five Products Company is shown as follows, together with production and cost data for the period. Standard Cost Summary Materials: 2 gal...

Q: Suzy-Q Corporation has established the following standard cost per unit

Suzy-Q Corporation has established the following standard cost per unit: Materials—5.5 lb@$2.20 per lb . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $12.10 Labor—1.8 hr@$6.25 per...

Q: On May 1, Maximus Company began the manufacture of a new

On May 1, Maximus Company began the manufacture of a new mechanical device known as Caesar. The company installed a standard cost system in accounting for manufacturing costs. The standard costs for a...

Q: The standard specifications for an electric motor manufactured by B&B

The standard specifications for an electric motor manufactured by B&B Electric Corporation follow: Standard cost per unit: Materials (2 lb $5 per lb) . . . . . . . . . . . . . . . . . . . . . . ....

Q: Poway Shirts, Inc., manufactures men’s sport shirts for large stores

Poway Shirts, Inc., manufactures men’s sport shirts for large stores. Folsom produces a single quality shirt in lots of a dozen according to each customer’s order a...

Q: Gold Giant Products, Inc., cans peas and uses an average

Gold Giant Products, Inc., cans peas and uses an average cost system. For the month of November, the company showed the following: Each can contain 16 oz, or 1 lb, of peas. Required: 1. Calculate the...

Q: Fargo Company manufactures products in batches of 100 units per batch.

Fargo Company manufactures products in batches of 100 units per batch. The company uses a standard cost system and prepares budgets that call for 500 of these batches per period. Fixed overhead is $60...

Q: Metropolis Manufacturing Company manufactures a small electric motor that is a replacement

Metropolis Manufacturing Company manufactures a small electric motor that is a replacement part for the more popular gas furnaces. The standard cost card shows the product requirements as follows: Dir...

Q: K-Rod Corporation uses a standard cost system and manufactures one

K-Rod Corporation uses a standard cost system and manufactures one product. The variable costs per product follow: Materials (4 parts) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....