EZ Set Produces a Quick Setting Concrete Powder

question 138

Essay

EZ Set produces a quick setting concrete powder. Production of 15,000 tons was started in September, 14,000 tons were completed. Material costs were $394,670 for the month while conversion costs were $201,730. There was no beginning work-in-process; the ending work-in-process was 20% complete.
Required:
(a) What is the total cost of the product that was completed and transferred to finished goods?
(b) What is the value of the ending work-in-process?

Calculate activity variances and identify them as favorable or unfavorable.

Prepare flexible budgets based on actual activity levels.

Analyze the financial performance of a company through its activity variances.

Understand the impact of cost drivers (such as student numbers, course count, guests, jeeps, etc.) on budgeting.

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Definitions:

Self-esteem

A person's overall sense of personal value or worth.

Prejudice

Involves preconceived, often negative, judgments or opinions about individuals or groups based on stereotypes rather than individual merit.

Discrimination

Unjust or prejudicial treatment of different categories of people, especially on the grounds of race, age, sex, or disability.

Jigsaw Classroom

An educational approach designed to minimize competitiveness and encourage cooperation by assigning each student in a small group a unique part of a larger academic task.