3-2 Assignment Costing Methods a

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Task 2: CLO4 OBJECTIVE: To enable learners to identify the relevant costs and benefits from costs and revenue information available in the financial database to aid decision making on time. REQUIREMENT: Short term decision making Question Selma Corporation uses Part PB7 in one of its products. The company's Accounting Department reports the following costs to produce 7,000 units of the PB7 that are needed every year. $ per unit Direct materials 7.00 Direct labour 6.00 Variable overhead 5.60 Supervisor's salary Depreciation of special equipment Allocated general overhead 4.70 1.50 5.40 An outside supplier has offered to make the part and sell it to the company for $28.30 each. If this offer is accepted, the supervisor's salary and all of the variable costs, including direct labor, can be avoided. The special equipment used to make the part was purchased many years ago and has no salvage value or other use. The allocated general overhead represents fixed costs of the entire company. If…

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Need help solving question 5 The Walton Toy Company manufactures a line of dolls and a sewing kit. Demand for the company’s products is increasing, and management requests assistance from you in determining an economical sales and production mix for the coming year. The company has provided the following data: Product Demand Next year (units) Selling Price per Unit Direct Materials Direct Labor Debbie 63,000 $ 21.00 $ 5.60 $ 4.20 Trish 55,000 $ 7.50 $ 2.40 $ 1.44 Sarah 48,000 $ 36.50 $ 8.39 $ 7.80 Mike 48,000 $ 16.00 $ 3.30 $ 5.40 Sewing kit 338,000 $ 9.30 $ 4.50 $ 0.84   The following additional information is available:     The company’s plant has a capacity of 94,310 direct labor-hours per year on a single-shift basis. The company’s present employees and equipment can produce all five products. The direct labor rate of $12 per hour is expected to remain unchanged during the coming year. Fixed manufacturing costs total $650,000 per year. Variable overhead…

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Flow of Costs and Income Statement Technology Accessories Inc. is a designer, manufacturer, and distributor of accessories for consumer electronic products. Early in 20Y3, the company began production of a leather cover for tablet computers, called the iLeather. The cover is made of stitched leather with a velvet interior and fits snugly around most tablet computers. In January, $757,000 was spent on developing marketing and advertising materials. For the first six months of 20Y3, the company spent an additional $1,402,000 promoting the ileather. The product was ready for manufacture on January 21, 20Y3. Technology Accessories Inc. uses a job order cost system to accumulate costs for the ileather. Direct materials unit costs for the ileather are as follows: Leather $10.00 Velvet 5.00 Packaging 0.40 Total $15.40 The actual production process for the iLeather is fairly straightforward. First, leather is brought to a cutting and stitching machine. The machine cuts the leather and stitches…

Flow of Costs and Income Statement Technology Accessories Inc. is a designer, manufacturer, and distributor of accessories for consumer electronic products. Early in 20Y3, the company began production of a leather cover for tablet computers, called the iLeather. The cover is made of stitched leather with a velvet interior and fits snugly around most tablet computers. In January, $769,000 was spent on developing marketing and advertising materials. For the first six months of 20Y3, the company spent an additional $1,402,000 promoting the iLeather. The product was ready for manufacture on January 21, 20Y3. Technology Accessories Inc. uses a job order cost system to accumulate costs for the iLeather. Direct materials unit costs for the iLeather are as follows: Leather $10.00 Velvet 5.00 Packaging 0.40 Total $15.40 The actual production process for the iLeather is fairly straightforward. First, leather is brought to a cutting and stitching machine. The machine cuts the leather…

Flow of Costs and Income Statement Technology Accessories Inc. is a designer, manufacturer, and distributor of accessories for consumer electronic products. Early in 20Y3, the company began production of a leather cover for tablet computers, called the iLeather. The cover is made of stitched leather with a velvet interior and fits snugly around most tablet computers. In January, $769,000 was spent on developing marketing and advertising materials. For the first six months of 20Y3, the company spent an additional $1,407,000 promoting the iLeather. The product was ready for manufacture on January 21, 20Y3. Technology Accessories Inc. uses job order costing to accumulate costs for the iLeather. Direct materials unit costs for the iLeather are as follows: Leather $10.00 Velvet 5.00 Packaging 0.40 Total $15.40 The actual production process for the iLeather is fairly straightforward. First, leather is brought to a cutting and stitching machine. The machine cuts the leather and stitches an…

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Flow of Costs and Income Statement Technology Accessories Inc. is a designer, manufacturer, and distributor of accessories for consumer electronic products. Early in 20Y3, the company began production of a leather cover for tablet computers, called the iLeather. The cover is made of stitched leather with a velvet interior and fits snugly around most tablet computers. In January, $778,000 was spent on developing marketing and advertising materials. For the first six months of 20Y3, the company spent an additional $1,409,000 promoting the iLeather. The product was ready for manufacture on January 21, 20Y3. Technology Accessories Inc. uses a job order cost system to accumulate costs for the iLeather. Direct materials unit costs for the iLeather are as follows: Leather $10.00 Velvet 5.00 Packaging 0.40 Total $15.40 The actual production process for the iLeather is fairly straightforward. First, leather is brought to a cutting and stitching machine. The machine cuts the leather…

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Question 1: Service Costing & ABC Part AAfrican Adventure Ltd offers a series of holiday packages aimed at families, seniors, and corporate groups. The financial controller is preparing for the annual board meeting and is concerned about the loss the business sustained in the past year. He has examined the profits for each of the three departments of the business and it seems that the corporate department is the source of the problem.The financial controller looked at the three packages offered by the corporate department to establish which are profitable or not profitable. The sales and direct cost of each package for the last year are as follows:South Africa Egypt NamibiaNumber of packages sold 10 20 10Number of people per package 5 6 8Revenue per person $18,000 $12,000 $14,000Direct cost per package: Tour leader $5,000 $12,000 $9,000 Tour assistant $2,000 $3,000 $6,000 Air travel $28,000 $30,000 $32,00 Accommodation $15,000 $26,000 $24,000 Equipment hires $4,000 0 $9,000 Meals…

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Cost Flow Relationships The following information is available for the first year of operations of Idgie Inc., a manufacturer of fabricating equipment: $1,150,100 310,500 103,500 42,600 19,600 586,600 Total manufacturing costs for the period 1,269,700 Materials inventory, end of period 42,600 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Sales Gross profit Indirect labor Indirect materials Other factory overhead Materials purchased X Open spreadsheet Using the above information, determine the following amounts: a. Cost of goods sold 839,600 501,400 264,400 X b. Direct materials cost c. Direct labor cost $

apter Review i Walton Chairs, Incorporated makes two types of chairs. Model Diamond is a high-end product designed for professional offices. Model Gold is an economical product designed for family use. Jane Silva, the president, is worried about cut-throat price competition in the chairs market. Her company suffered a loss last quarter, an unprecedented event in its history. The company's accountant prepared the following cost data for Ms. Silva: Direct Cost per Unit Direct materials. Direct labor Category Unit level Batch level Product level Facility level Total Model Diamond (D) $20.60 per unit $18.80/hour x 2.00 hours production time. Type of Product Estimated Cost $249,600 1,036, 000 612,000 870,000 $ 2,767,600 a. Model Diamond a. Model Gold b. Model Diamond b. Model Gold Cost Driver Number of units Number of setups Number of TV commercials Number of machine hours The market price for office chairs comparable to Model Diamond is $119 and to Model Gold is $73. Cost per Unit aved…

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.. 3· 1.. 5 74 1.Computing ABC Product Costs Fogerty Company makes two products, titanium. Hubs and Sprockets. Data regarding the two products follow: Direct Labor-Hours Annual per Unit 0.70 Production Hubs 20,000 units 40,000 units Sprockets 0.30 Additional information about the company follows: a. Hubs require $29 in direct materials per unit, and Sprockets require $12. b.The direct labor wage rate is $10 per hour. c. Hubs are more complex to manufacture than Sprockets and they require special equipment. d. The ABC system has the following activity cost pools: Activity Estimated Sprockets 207 Activity Cost Pool (Activity Measure) Machine setups (number of setups) Special processing (machine-hours) General factory (organization-sustaining) Overhead Cost Total 27,945 236,500 74,000 Hubs 115 4,300 NA 92 0 4,300 NA NA 24 24 Required: 1. Compute the activity rate for each activity cost pool. 2. Determine the unit product cost of each product according to the ABC system. O Focus

Stage 2 ABC for a Wholesale CompanyInformation is presented for the activity costs of Brighton Wholesale Company: Activity Cost per Unit of Activity Driver Customer relations $82.00 per customer per month Selling 0.09 per sales dollar Accounting 7.00 per order Warehousing 0.60 per unit shipped Packing 0.35 per unit shipped Shipping 0.40 per pound shipped The following information pertains to Brighton Wholesale Company's activities in Colorado for the month of June 2017: Number of orders 320 Sales revenue $218,000 Cost of goods sold $98,100 Number of customers 40 Units shipped 5,400 Pounds shipped 81,000 RequiredDetermine the profitability of sales in Colorado for June 2017.Do not use a negative sign with your answers. Profitability of Sales in Colorado March 2017 Sales revenue   Answer Less:     Cost of goods sold Answer   Customer relations Answer   Selling expenses Answer   Accounting Answer   Warehousing Answer…

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Objective: Consider that you are an analyst at Regeneron Pharmaceuticals. You need to decide how to allocate administrative overhead costs to Regeneron's main commercial products (Eylea, Dupixent, Kevzara and Praluent). Determine how to appropriately allocate the costs in the table below to each of the commercial products using an allocation methodology of your choice. Department2019 Annual Operating ExpenseTime spent supporting Commercial productsCommercial$200MM100%IT$100MM25%Facilities$150MM0%Finance$25MM20%Human Resources$75MM10% Use the supporting document Net Product Sales of REGN Products to facilitate your analysis. Provide a written summary of how you allocated the overhead costs to each product in an outline of no more than one page. As a starting point, it's recommended that you revisit the material we covered in Chapter 12. Guidance on calculations:Start off with Net Product Sales of REGN Products. Your objective pertains to 2019 expenses, so you should be reviewing 2019…

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