Standard costing, journal entries. The Warner Company manufactures reproductions of expen- sive sunglasses. Warner uses the standard-costing method of process costing to account for the produc- tion of the sunglasses. All materials are added at the beginning of production. The costs and output of sunglasses for May 2017 are as follows: Physical % of Completion for Conversion Costs 60% Direct Materials Conversion Costs Work in process, beginning Started during May Completed and transferred out Work in process, ending Standard cost per unit Costs added during May Units 22,000 95,000 87,000 30,000 $ 48,400 $ 33,000 75% $ 2.20 $ 2.50 $207,500 $238,000

Standard costing, journal entries. The Warner Company manufactures reproductions of expen- sive sunglasses. Warner uses the standard-costing method of process costing to account for the produc- tion of the sunglasses. All materials are added at the beginning of production. The costs and output of sunglasses for May 2017 are as follows: Physical % of Completion for Conversion Costs 60% Direct Materials Conversion Costs Work in process, beginning Started during May Completed and transferred out Work in process, ending Standard cost per unit Costs added during May Units 22,000 95,000 87,000 30,000 $ 48,400 $ 33,000 75% $ 2.20 $ 2.50 $207,500 $238,000

Name: Compute the total May variances for direct materials and conversion co
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Description: Compute the total May variances for direct materials and conversion costs. Standard costing, journal entries. The Warner Company manufactures reproductions of expen-sive sunglasses. Warner uses the standard-costing method of process costing to accoun

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

ChapterMB: Model-building Problems

Section: Chapter Questions

Problem 17M

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