10) Actual costs are: A) the costs incurred C) estimated costs B) budgeted costs d) Rhett Corporation provides the following information for 2020:Budgeted manufacturing overhead costs $1,200,000Budgeted direct manufacturing labor-hours 20,000 hoursActual manufacturing overhead costs $1,250,000Actual direct manufacturing labor-hours 25,000 hours201.200100The following information for a job at 40 Philadelphia Company:250,00Actual direct materials costs $ 6,000Actual direct manufacturing labor 200 hoursActual direct manufacturing labor rate $ 56 per hour7) Calculate the total manufacturing costs of a job at 40 Philadelphia Company using actual costir8) Calculate the total manufacturing costs of a job at 40 Philadelphia Company using normal cost9) Which of the following statements about normal costing is true?A) Direct costs and indirect costs are traced using an actual rate.B) Direct costs and indirect costs are traced using budgeted rates.C) Direct costs are traced using a budgeted rate, and indirect costs are allocated using an actD) Direct costs are traced using an actual rate, and indirect costs are allocated using a budge10) Actual costs are:A) the costs incurredB) budgeted costsC) estimated costsD) forecAnswer the following questions (11-14) using the information below:X corporation produces and sells a decorative pillow. In 2020, it produced 2,000 units an1,750 at an average selling price of $75 per unit. The following additional informationrcorporation for 2020:Beginning inventoryVariable manufacturing costsVariable marketing costsFixed manufacturing costsAdministrative expenses, all fixed$20.00 per unit$ 3.00 per unit$ 7.00 per unit$15.00 per unit11) What is cost of goods sold per unit using variable costing?B) $23A) $20C) $30D) $4512) What is cost of goods sold using absorption costing?B) $40,000C) $47,250A) $35,000D) $54,00013) What is contribution margin using variable costing?B) $91,000C) $104,000A) $96,250D) $110,00014) What is operating income using variable costing?A) $52,500B) $78,750C) $65,750D) $47,00015) Budgeted costs are:A) the costs incurred this yearC) predicted or forecasted costsB) the costs incurred lasD) competitor's costs- sector companies purchase materials and components and conve16),goods.A) MerchandisingC) ManufacturingB) ServiceD) Professional

Actual Cost Means, the cost which has been incurred already and recorded in the financial…

Answered: 10) Actual costs are: A) the costs…

Business

Accounting

10) Actual costs are: A) the costs incurred C) estimated costs B) budgeted costs

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter5: Support Department And Joint Cost Allocation

Section: Chapter Questions

Problem 2CMA: Adam Corporation manufactures computer tables and has the following budgeted indirect manufacturing...

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Adam Corporation manufactures computer tables and has the following budgeted indirect manufacturing cost information for the next year: If Adam uses the step-down (sequential) method, beginning with the Maintenance Department, to allocate support department costs to production departments, the total overhead (rounded to the nearest dollar) for the Machining Department to allocate to its products would be: a. 407,500. b. 422,750. c. 442,053. d. 445,000.
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Rhett Corporation provides the following information for 2020: 20 Budgeted manufacturing overhead costs $1,200,000 Budgeted direct manufacturing labor-hours 20,000 hours Actual manufacturing overhead costs $1,250,000 Actual direct manufacturing labor-hours 25,000 hours 1.200100 201000 The following information for a job at 40 Philadelphia Company: Actual direct materials costs $ 6,000 Actual direct manufacturing labor 200 hours Actual direct manufacturing labor rate $ 56 per hour 7) Calculate the total manufacturing costs of a job at 40 Philadelphia Company using actual costir 8) Calculate the total manufacturing costs of a job at 40 Philadelphia Company using normal costa
15) Budgeted costs are: A) the costs incurred this year C) predicted or forecasted costs B) the costs incurred las D) competitor's costs
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Ayayai Company estimates that 240.000 direct labor hours will be worked during the coming year. 2022. in the Packaging Department. On this basis, the following budgeted manufacturing overhead cost data are computed for the year. Fixed Overhead Costs Variable Overhead Costs Supervision 576.800 Indirect labor 5100.800 Depreciation 57.600 Indirect materials 72.000 Insurance 24.000 Repairs 55,200 Rent 19.200 Utilities 57.600 Property taxes 14.400 Lubricants 14.400 $192,000 $300.000 It is estimated that direct labor hours worked each month will range from 21.600 to 28.800 hours. During October. 21.600 direct labor hours were worked, and the following overhead costs were incurred. Fixed overhead costs: supervision 56.400. depreciation 54.800. insurance Sl.968. rent 51.600. and property taxes $1,200. Variable overhead costs: indirect labor $9,945. indirect materials 56.144, repairs 54.880.…
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