University Of North Texas Operations And Supply Chain Management Assignment Help - Process Costing!

Question - (Standard process costing; variances) Alberton Co. uses a standard costing system to account t for
its production of toys. Plastic is added at the start of production; labor and overhead are incurred at
equal rates throughout the process. The standard cost of one toy is as follows:
Direct Material $0.10
Direct Labor 0.02
Overhead 0.07
Total Cost $0.19

The following production and cost data are applicable to April 2010:
Beginning WIP Inventory (45% complete) 180,000 units
Units started in April 1,300,000 units
Ending WIP Inventory (65% complete) 144,000 units

Current cost of direct material $184,000
Current cost of direct labor 27,126
Current cost of overhead 93,000

a. W hat amount is carried as the April beginning balanc ...Read More e of WIP Inventory?
b. W hat amount is carried as the April ending balance of WIP Inventory?
c. What amount is transferred to Finished Goods Inventory for April?
d. W hat are the total direct material, direct labor, and overhead variances for April?
e. Record the journal entries to recognize the direct material, direct labor, and overhead variances. ...Read Less

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