1. Hassan, Inc., is a privately held dresses manufacturer. For Dec. 2021, Hassan hadthe following standards for one of its products, a princess dress:Cost ItemsDirect materialsDirect manufacturing laborStandards per Chair6 square yards of input at $50 persquare yard5 hours of input at $20 per hourThe following data were compiled regarding actual performance: actual output units(Dresses) produced, 4,000 units, square yards of input purchased and used, 24,400,Price per square yard, $49.50. Direct manufacturing labor costs, $370,500; actual hoursof input, 19,000.Required:What is the TOTAL variances for direct materials.O a- 2800 $ FOb- 7800 $ UOc- 7200 $ FOd- 5200 $ UActiva

The standard quantity of direct materials is calculated by multiplying the number of units produced…

Answered: 1. Hassan, Inc., is a privately held…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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16) sector companies purchase materials and components and conve goods. A) Merchandising B) Service C) Manufacturing D) Professional
Whispering Winds Company has developed the following standard costs for its product for 2022: WHISPERING WINDSCOMPANY Standard Cost Card Product A Cost Component Standard Quantity Standard Price Standard Cost Direct materials 4 pounds $3 $12 Direct labor 3 hours 8. 24 Manufacturing overhead 3 hours 4 12 $48 The company expected to produce 31,700 units of Product A in 2022 using 95,900 direct labor hours. Actual results for 2022 are as follows: 33,000 units of Product A were produced. Actual direct labor costs were $794,580 for 96,900 direct labor hours worked. Actual direct materials purchased and used during the year cost $369,875 for 134,500 pounds. Actual variable overhead incurred was $165,000 and actual fixed overhead incurred was $220,000. Compute the following variances showing all computations to support your answers. Indicate whether the variances are unfavorable. Compute the following variances showing all computations to support your answers. Indicate whether the variances…
Don Johnson is the management accountant for Cari-Blocks (CB), which manufactures specialty blocks. CB uses two direct cost categories: direct materials and direct manufacturing labour. Johnson feels that manufacturing overhead is most closely related to material usage. Therefore, CB allocates manufacturing overhead to production based upon pounds of materials used. At the beginning of 2021, CB budgeted annual production of 200,000 blocks and adopted the following standards for each block: Input Cost/Block Direct materials 0.5 Ib. @ $12/lb. $ 6.00 Direct manufacturing labour 1.4 hours @ $20/hour 28.00 Manufacturing overhead: Variable $6/lb. 0.5 Ib. 3.00 Fixed $15/lb. 0.3 Ib. 4.50 Standard cost per block $41.50 Actual results for April 2021 were as follows: Production 24,000 blocks Direct materials purchased 12,000 lb. at $13/lb. Direct materials used 11,450 lb. Direct manufacturing labour 38,000 hours for $798000 Variable manufacturing overhead $68,150 Fixed manufacturing overhead…
A company is setting its direct materials and direct labor standards for its leading product. Direct materials cost from the supplier are $9 per square foot, net of purchase discount. Freight-in amounts to $0.40 per square foot. Basic wages of the assembly line personnel are $14 per hour. Payroll taxes are approximately 21% of wages. Benefits amount to $2 per hour. How much is the direct materials cost standard per square foot? OA. $16.00 OB. $9.40 OC. $9.00 OD. $25.00
Can you show me how this is done? Porter Manufacturing Company uses a standard cost accounting system. In 2011, the company produced 28,000 units. Each unit took several pounds of direct materials and 2 standard hours of direct labor at a standard hourly rate of $12.00. Normal capacity was 50,000 direct labor hours. During the year, 53,965 pounds of raw materials were purchased at $1.3 per pound. All materials purchased were used during the year. If the materials price variance was $4,649 favorable, what was the standard materials price per pound? Selected Answer: 8,643 Correct Answer: 1.39 ± 0.01
am.203.
Work out this questions Calculation of output: The following are the simplified data for a firm producing cars. Sales of cars in dollar 100,353,500. Purchases: raw materials: 54,000,000; temporary employment services: 35,000,500; machine tools: 26,400,000. Inventories of finished products at the start of the period: 24,500,000; at the end of the period: 34,670,000. Inventories of raw materials at the beginning of the period: 7,320,000; at the end of the period: 4,300,000. Calculate the output, the intermediate consumption and the value added at current prices, assuming no change in prices during the period.
Weldon’s Concrete (WC) wishes to present its operating results for the year ended December 31, 2016, in the form of a contribution margin income statement. Weldon’s Concrete produces a single product and has a relevant range between 20,000 and 80,000 units. Total production costs range from $321,875 to $966,875 at the low and high ends of the relevant range, respectively. Sales volume in 2016 was 32,000 units, and net income was $45,125. Weldon’s Concrete does not maintain any beginning or ending Work-In-Progress or Finished Goods inventories. Questions: 1. Prepare a contribution margin income statement for the year ended December 31, 2016. Include columns for total dollars, per-unit dollars, and percentages of sales. 2. Draw a rough Cost-Volume-Profit (CVP) graph for this situation. Draw (include) and label all relevant axes, points and lines, and the break-even point.
Perfect Personalization is a company that designs and manufactures custom apparel for corporate events. Below is a list of the company's costs – the $ amount in parentheses is the total 2021 cost. PART A: CLASSIFYING COSTS Classify each cost as (a) Variable or Fixed and (b) Product or Period. I've completed the first one for you. Variable Cost Product Cost or Fixed Cost? or Period Cost? Depreciation on equipment at headquarters ($21,000). Fixed Period Depreciation on manufacturing equipment ($158,000). Cost of utilities at manufacturing plant ($26,000).* Cost of utilities at headquarters ($3,000).* Cost of advertising ($105,000). Shipping costs paid to UPS for order delivery ($40,000). Cost of fabric and thread ($2,700,000). Salary paid to CEO ($600,000).** Salaries paid to plant managers ($380,000).** Hourly wages paid to line workers at plant ($2,850,0o0).** Hourly wages paid to administrative staff ($140,000).** * Perfect Personalization's utility company charges solely based on…
Subject: Acounting
A 162.

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