Posted by admin | Posted in Wedding accessories | Posted on 21-07-2005
Tags: business, marketing,, money, music, twitter
Calculate the cost of direct materials per product ?
Accounting Case Study. Need help
Mr. Giberson uses 200lbs of mix to produce glass products. This 200lbs of raw materials costs $21.42 (per batch)
Determine the “direct materials cost” per product based on the data below :
List of Finished Products (weight / piece) :
Patterned Glass = .5lbs / piece (he makes 19)
Paperweights = .9lbs / piece (he makes 10)
Wrapped Tumblers = .5lbs / piece (he makes 32)
Vases = .6lbs / piece (he makes 
Please, any HELPFUL explanation will be appreciated !! Our professor says that Patterned Glass cost $0.27 per piece, but i don’t see how he reached that conclusion. HEEEEEELLLLLLP !!
I come up with $.272 for the Patterned glass. I assume that you are taking a Cost Accounting class and are in the section that discusses Process Accounting.
You started with 200 lbs of raw material, but ended up with product that consisted of 39.2 lbs. the rest of the 200 lbs was waste.
First you need to multiply the the final weight of each piece by the number made.
Patterned Glass = .5lbs / piece (he makes 19) 9.5 lbs
Paperweights = .9lbs / piece (he makes 10)9.0 lbs
Wrapped Tumblers = .5lbs / piece (he makes 32) 16.0 lbs
Vases = .6lbs / piece (he makes 4.8 lbs
Total Pounds Used 39.3 lbs (Out of 200 lbs of raw material)
At this point there are several ways to calculate the final cost, however i will use the simplest.
the cost of material per FINISHED product is $21.42 / 39.3 = $.545 per lb. Since each patterned glass weighs .5 lb, the cost per piece is $.27.
You must remember that in process accounting there is wastage that must be calculated in the cost. Your professor did give you a hint, he told you how many pieces were completed and the weight of each piece.
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