2. AP Sutton's Electronic Repair Shop has budgeted the following time and materialfor 2020.dSutton's Electronic Repair ShopBudgeted Costs for the Year 2020TimeChargesMaterialLoading ChargesAatici,Shop employees' wages andbenefits$108,000Parts manager's salary andbenefits$25,400-Office employee's salary andbenefits13,60023,500Overhead (supplies, depreciation,advertising, utilities)26,00016,000Total budgeted costsSutton's budgets 5,000 hours of repair time in 2020 and will bill a profit of $10 perlabor hour along with a 25% profit markup on the invoice cost of parts. The estimatedinvoice cost for parts to be used is $100,00o.$157,500$55,000ect15On January 5, 2020, Sutton's is asked to submit a price estimate to fix a 72-inch flat-screen TV. Sutton's estimates that this job will consume 4 hours of labor and $200 inparts.Instructionsa.Compute the labor rate for Sutton's Electronic Repair Shop for the year 2020.b.Compute the material loading charge percentage for Sutton's Electronic Repair Shop forthe year 2020.c.Prepare a time-and-material price quotation for fixing the flat-screen TV.theveur Showdakreacly roductedt prodt

Answered: 2. AP Sutton's Electronic Repair Shop…

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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The following information has been by New Inc. in preparing its budget for November and December 2020. January (in Millions) February (in Millions) Units to be sold 180 220 Units to be produced 240 200 Direct Labor hours 480 400 Insurance of factory 400 400 Salaries : selling 260 260 Depreciation ( factory building) 200 200 Light and heat (factory) 680 600 Advertising 300 300 Indirect Factory Labor 760 660 Factory Supplies 600 500 Direct material consumption 1200 1000 Lubricants for factory machine 360 300 Calculate the following: Variable FOH Rate Total Variable FOH Total Fixed FOH
Subject : Accounting
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Reham Co is preparing its direct labor budget for 2020 from the following production budget based on a calendar year. Quarter Units 1 20,000 2 25,000 3 35,000 4 30,000 Each unit requires 1.5 hours of direct labor. Wage rates are expected to be OMR16 for the first 2 quarters and OMR18for quarters 3 and 4. What is the Budgeted Total Direct Labor Cost for Quarter 4
Sunland Inc. is preparing its annual budgets for the year ending December 31, 2025. Accounting assistants furnish the data shown below. Product JB 50 Product JB 60 Sales budget: Anticipated volume in units 480,000 240,000 Unit selling price $30 $35 Production budget: Desired ending finished goods units 36,000 18,000 Beginning finished goods units 30,000 12,000 Direct materials budget: Direct materials per unit (pounds) 2 3 Desired ending direct materials pounds 36,000 12,000 Beginning direct materials pounds 48,000 18,000 Cost per pound $3 $4 Direct labor budget: Direct labor time per unit 0.4 0.6 Direct labor rate per hour $12 $12 Budgeted income statement: Total unit cost $13 $20 An accounting assistant has prepared the detailed manufacturing overhead budget and the selling and administrative expense budget. The latter shows selling expenses of $672,000 for product JB 50 and $432,000 for product JB 60, and administrative expenses of $648,000 for product JB 50 and $408,000 for product…
1. wHAT IS THE CASH PAYMENTS IN QUARTER 3 2. HOW MUCH IS THE TOTAL MANUFACTURING OVERHEAD BUDGET 2023?
Sandhill Painting Service has budgeted the following time and material for 2022: BUDGETED COSTS FOR 2022 Time Charges $35,280 Painters' wages and benefits Service manager's salary and benefits Office employee's salary and benefits Cost of paint Overhead (supplies, utilities, etc.) Total budgeted costs 11,760 15,680 $62,720 Material Charges $22,540 2,940 49,000 8,330 $82,810 Sandhill budgets 4,000 hours of paint time in 2022 and will charge a profit of $12.00 per hour in addition to a 20% markup on the cost of paint. On February 15, 2022, Sandhill is asked to prepare a price estimate to paint a small building Sandhill estimates that i this job will take 12 labor hours and $490.00 in paint.
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Chelsea Clinic projected the following budget information for 2020: Total FFS Visit Volume 90,000 visits Payer Mix: Blue Cross Highmark Reimbursement Rates: Blue Cross Highmark Variable Costs Resource Inputs: Labor Supplies Resource Input Prices: Labor Supplies Fixed Costs (overhead, plant, and equipment) 40% 60% $25 per visit $20 per visit 48,000 total hours 100,000 total units $25.00 per hour $1.50 per unit $500,000 a. Construct Chelsea Clinic’s operating budget for 2020. b. Discuss how each key budget assumption might result in a budget variance, and name the variance that would be used to examine results associated with each assumption.
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1. Donnegal Dental Clinic is a medium-sized dental service specializing in family dental care. The clinic is currently preparing the master budget for the first 2 quarters of 2010. All that remains in this process is the cash budget. The following information has been collected from other portions of the master budget and elsewhere. Beginning cash balance Required minimum cash balance Payment of income taxes (2nd quarter) $ 30,000 25,000 4,000 Professional salaries: 1st quarter 2nd quarter Interest from investments (2nd quarter) Overhead costs: 140,000 140,000 5,000 1st quarter 2nd quarter Selling and administrative costs, including $3,000 depreciation: 1st quarter 2nd quarter Purchase of equipment (2nd quarter) Sale of equipment (1st quarter) 75,000 100,000 50,000 70,000 50,000 15,000 Collections from clients: 1st quarter 2nd quarter Interest payments (2nd quarter) 230,000 380,000 300 Instructions Prepare a cash budget for each of the first two quarters of 2010. 2. In the month of…

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