10,000 units of Product A and 20,000 units of Product B in the coming year. Budgeted factory overhead costs for the coming year are: Assembly $310,000 Finishing 240,000 Total $ 550,000 The machine hours expected to be used in the coming year are as follows: Assembly Department Finishing Department Product A 15,100 9,000 Product B 4,900 11,000 Total 20,000 20,000

10,000 units of Product A and 20,000 units of Product B in the coming year. Budgeted factory overhead costs for the coming year are: Assembly $310,000 Finishing 240,000 Total $ 550,000 The machine hours expected to be used in the coming year are as follows: Assembly Department Finishing Department Product A 15,100 9,000 Product B 4,900 11,000 Total 20,000 20,000

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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A summary of the usage of the service department services by other service departments as well as by the two producing departments is as follows: Equipment Building Production Dept. Service Cost Center Supervision Maintenance Occupancy Dept.1 Dept. 2 Supervision Equipment maint. Building occunpany 10% Direct costs in the various departments are as follows: 10% 5% 40% 45% 45% 55% 10% 35% 45% Direct Cost P 35,000 Label si S2 Department Supervision Équipment maintenance Building occupancy Production Dept. No. 1 Production Dept. No. 2 If the direct method of allocation is used, how much of the supervision departinent's eost would be allocated to the building occupancy department? (Start with Building occupancy, then Supervision) 30,000 90,000 350,000 450,000 S3 PI P2 а. 0 b. P1,750 с. Р3,500 d. P5,250
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Water Sports Company budgets overhead cost of $840,000 for the year. The company manufactures two types of boats: Pontoons and Speedboats. Budgeted direct labor hours per unit are 16 for the Pontoon model and 24 for the Speedboat model. The company budgets production of 200 units of the Pontoon model and 200 units of the Speedboat model for the year. Compute overhead cost per unit for each model using the plantwide overhead rate. Actual direct labor hours per unit are 16 for the Pontoon model and 24 for the Speedboat model.
Pita Bread Ltd has two production departments, Assembly and Finishing, and two service departments, Stores and Maintenance. The company has budgeted the following costs for the forthcoming period. Assembly Finishing Stores Maintain Allocation Indirect Material 15,250 13,500 12,650 14,000 Allocation Indirect Labour 10,250 5,600 5,520 7,500 Overheads Depreciation of equipment 58,000 Plant insurance 88,000 Heat and light 75,000 Canteen costs 24,000 Rent 50,000 Supervision 80,000 The following information is also available: Assembly Finishing Stores Maintain Total Floor Area sm 10,000 10,000 2,500 2,500 Employees 40 20 10 10 Plant book value $100,000 $100,000 $40,000 $50,000 Depreciation per annum 30% 30% 20% 20% Machine Hours 60,000 40,000 - - Stores Requisition $200,000 $300,000…
Hannibal Steel Company's Transport Services Department provides trucks to haul ore from the company's mine to its two steel mills- the Northern Plant and the Southern Plant. Budgeted costs for the Transport Services Department total $237,500 per year, consisting of $0.22 per ton variable cost and $187,500 fixed cost. The level of fixed cost is determined by peak-period requirements. During the peak period, the Northern Plant requires 64% of the Transport Services Department's capacity and the Southern Plant requires 36% During the year, the Transport Services Department actually hauled 126,000 tons of ore to the Northern Plant and 67,900 tons to the Southern Plant. The Transport Services Department Incurred $363,000 In cost during the year, of which $54,000 was variable and $309,000 was fixed. Required: 1. How much of the Transport Services Department's variable costs should be charged to each plant? 2. How much of the Transport Services Department's fixed costs should be charged to…
Packaging Solutions Corporation manufactures and sells a wide variety of packaging products. Performance reports are prepared monthly for each department. The planning budget and flexible budget for the Production Department are based on the following formulas, where q is the number of labor-hours worked in a month: Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Direct labor Indirect labor Utilities Supplies Equipment depreciation Cost Formulas The Production Department planned to work 4,300 labor-hours in March; however, it actually worked 4,100 labor-hours during the month. Its actual costs incurred in March are listed below: Factory rent Property taxes Factory administration $16.509 $4,400 $2.00q $5,000 + $0.50q $1,300+ $0.109 $18,500 + $2.60q $8,200 $2,400 $13,500+ $0.50q Actual Cost Incurred in March $ 69,270 $ 12,180 $ 7,540 $ 1,940 $ 29,160 $ 8,600 $ 2,400 $ 14,880 Required: 1. Prepare the Production…
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Solomon Hats Corporation manufactures three different models of hats: Vogue, Beauty, and Glamour. Solomon expects to incur $640,000 of overhead cost during the next fiscal year. Other budget information follows. Vogue Beauty Glamour Total Direct labor hours 4,600 6,600 4,800 16,000 Machine hours 1,200 2,300 2,900 6,400 Use direct labor hours as the cost driver to compute the allocation rate and the budgeted overhead cost for each product. Use machine hours as the cost driver to compute the allocation rate and the budgeted overhead cost for each product.
Packaging Solutions Corporation manufactures and sells a wide variety of packaging products. Performance reports are prepared monthly for each department. The planning budget and flexible budget for the Production Department are based on the following formulas, where q is the number of labor-hours worked in a month: Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Cost Formulas $16.30g $4,300 +$1.50q $5,300 + $0.40g $1,400 + $0.30q $18,200+ $2.70q $8,400 $2,600 $13,800 + $0.60q The Production Department planned to work 4,200 labor-hours in March; however, it actually worked 4,000 labor-hours during the month. Its actual costs incurred in March are listed below: Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Required: Actual Cost Incurred in March $ 66,780 $ 9,780 $ 7,370 2,870 $ 29,000 $ 8,800 $ 2,600 $ 15,550 1. Prepare the Production…
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