question archive The Mallak Company produced three joint products at a joint cost of $192,400
The Mallak Company produced three joint products at a joint cost of $192,400
Subject:AccountingPrice: Bought3
The Mallak Company produced three joint products at a joint cost of $192,400. Two of these products were processed further. Production and sales were:WeightSalesAddt’l. Processing CostsP435,000lbs.$348,000$261,000Q192,000lbs.57,600-0-R192,000lbs.336,000192,000If the estimated net realizable value method is used and product Q is accounted for as a main product, how much of the joint costs would be allocated to product R?The predetermined manufacturing overhead rate for 2016 was $4.00 per direct labor hour; employees were paid $5.00 per hour. If the estimated direct labor cost was $87,000, what was the estimated manufacturing overhead?Delgato Corporation, a manufacturing company, has provided data concerning its operations for September. The beginning balance in the raw materials account was $50,000 and the ending balance was $42,000. Raw materials purchases during the month totaled $83,000. Manufacturing overhead cost incurred during the month was $115,000, of which $3,000 consisted of raw materials classified as indirect materials. The direct materials cost for November was:The following information has been gathered for Catalyst Legal Services for its fiscal year ending December 31:Actual office overhead costs$1,305,500Actual billable labor hours44,900Actual billable labor costs$3,990,000Estimated office overhead costs$1,087,500Estimated billable labor hours48,300Estimated billable labor costs$4,350,000What is the predetermined office overhead rate per billable labor dollar?7.The Miracle Company had 24,000 units in process on December 31, 2016 which was 80% complete as to materials but only 30% complete as to conversion costs. The company’s records show 44,000 units were transferred to the Finished Goods Inventory during January 2017. On January 31, 2017, 19,000 units were on hand which were 30% complete as to conversion costs and 60% complete as to materials. What are the equivalent units of production for the conversion costs in January, assuming Miracle uses first-in, first-out (FIFO)?
