1. Romina Corporation utilizes normal costing. During the year ended December 31, 2019, the following...
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Accounting
1. Romina Corporation utilizes normal costing. During the year ended December 31, 2019, the following information were made available:
- Total manufacturing costs incurred during the year - $2,200,000
- Cost of goods manufactured - $1,940,000
- Factory Overhead applied to production - 80% of direct labor cost
- Applied Factory Overhead during the year - 30% of total manufacturing cost
- Beginning work-in-process inventory - 75% of the work-in-process at the end
What is the cost of direct materials used for the year ended December 31, 2019?
2. For producing 200 units of product, an entity utilizes $60,000 of direct materials, pays $70,000 of direct labor and incurs $20,000 and $60,000 variable overhead and fixed overhead, respectively. How much is the product unit cost if 450 units are produced?
3. Samantha Company aims to understand the cost structure of the company and has compiled the following data of activity and costs incurred. Samantha believes that the number of weddings catered is the best measure of activity.
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