41. Flying High Company manufactures model airplanes. During the month, it manufactured 10,000airplanes. Each one used an average of 6.5 direct labor hours and an average of 1.5 sheets ofaluminum. It normally manufactures 7,500 airplanes. Materials and labor standards for makingthe airplanes are:Direct Materials (1 sheet of aluminum @ $10.00) $10.00Direct Materials (other accessories @ $8.75) 8.75Direct Labor (6 hours @ $7.00)Compute the standard hours allowed for a volume of 10,000 airplanes. *42.0060,000 hours420,000 hours65,000 hours70,000 hours

Computation of standard hours allowed for manufacture of aeroplanes is shown below : Standard hours…

Answered: 41. Flying High Company manufactures…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

In May, Seville Chemicals produced 26,000 barrels of the additive. Labor costs were $16,400, and manufacturing overhead was $326,000. The cost per barrel was $15.90. Required: What was the materials cost in May?
Cozy, Inc., manufactures small and large blankets. It estimates $389,225 in overhead during the manufacturing of 97,902 small blankets and 73,121 large blankets. What is the predetermined overhead rate per machine hour if a small blanket takes 7 machine hour and a large blanket takes 9 machine hours? Round to the nearest penny, two decimal places.
Your Brother's Company manufactures lights. Each light uses $15 in direct materials and $5 in direct labor per unit. Way has two activities: Machining, which is applied at the rate of $3 per machine hour, and Finishing, which is applied at the rate of $16 per batch. This month, Way made 250 lights, using 1,500 machine hours in 47 batches. What is the total manufacturing cost for one light? O $21 O $36 $41 O $26
Anemone Company produces picture frames. During the year, 200,000 picture frames were produced. Materials and labor standards for producing the picture frames are as follows: Direct materials (2 pieces of wood @ $3) $6.00 Direct labor (2 hours @ $12) $24.00 Anemone purchased and used 600,000 pieces of wood at $4.00 each, and its actual labor hours were 320,000 hours at a wage rate of $13. What is Anemone's labor rate variance? a. $450,000 F b. $320,000 U c. $445,000 U d. $660,500 F
Quality Guard, which used a standard cost accounting system, manufactured 200,000 boat fenders during the year, using 1,250,000 feet of extruded vinyl purchased at $1.20 per foot. Production required 4,000 direct labor hours that cost $12.50 per hour. The materials standard was 6 feet of vinyl per fender at a standard cost of $1.35 per foot. The labor standard was 0.026 direct labor hour per fender at a standard cost of $12.00 per hour. Read the requirements. Requirement 1. Compute the price and quantity variances for direct materials. Compute the rate and efficiency variances for direct labor. (Enter the variances as positive numbers. Enter currency amounts to the nearest cent and your answers to the nearest whole dollar. Label the variances as favorable (F) or unfavorable (U). Abbreviations used: DM = Direct materials, DL = Direct labor.) Begin with the variances for direct materials. First, determine the formula for the direct materials price variance, then compute the price…
AbC Company is a Contracting Company that builds custom- made boats. It received from Marvelous Boating Company (MBC) an order to build 5 custom-made boats. The boats are to be delivered in 6 months with the first two to be delivered in the next two months. The following costs are incurred for the TW0 boats to be delivered in two months time:Direct Materials $ 1 80,000 Direct Labor $200,000 Manufacturing Overhead is applied at 150% of Direct Labor. How much is the Cost for each Job completed?
PPP, Inc. manufactures teddy bears and dolls. Currently, PPP makes 2,000 teddy bears each month. Each teddy bear uses $2.00 in direct materials and $0.50 in direct labor. PPP uses two activities in manufacturing the teddy bears: Sewing and Processing. The cost associated with Sewing is $15,00o a month, allocated on the basis of direct labor hours. The cost associated with Processing is $10,00o a month, allocated on the basis of batches. Teddy bears use 1/2 of the direct labor hours, and 35% of total batches. What is the total manufacturing cost for one teddy bear? Select one: a. $7.00 b. $2.50 C. $4.50 d. $8.00
Marvel Parts, Incorporated, manufactures auto accessories. One of the company's products is a set of seat covers that can be adjusted to fit nearly any small car. The company has a standard cost system in use for all of its products. According to the standards that have been set for the seat covers, the factory should work 990 hours each month to produce 1,980 sets of covers. The standard costs associated with this level of production are: Direct materials Total $ 45,738 Direct labor $ 6,930 Per Set of Covers $ 23.10 3.50 Variable manufacturing overhead (based on direct labor-hours) $ 3,168 1.60 $ 28.20 During August, the factory worked only 1,000 direct labor-hours and produced 2,500 sets of covers. The following actual costs were recorded during the month: Direct materials (10,000 yards) Direct labor Variable manufacturing overhead Total $ 56,000 $ 9,250 $ 4,500 Per Set of Covers $22.40 3.70 1.80 $ 27.90 At standard, each set of covers should require 3.3 yards of material. All of the…
XYZ Co.manufactures baseball bats and wooden tops. Currently, the company makes 5,000 baseball bats each month. Each bat uses $1.00 in direct materials and $0.50 in direct labor. The company uses two activities in manufacturing the baseball bats: Cutting and Finishing. The cost associated with Cutting is $7,500 a month, allocated on the basis of direct labor hours. The cost associated with Finishing is $12,500 a month, allocated on the basis of batches. Baseball bats use 2/3 of the direct labor hours, and 40% of total batches. What is the total manufacturing cost for one baseball bat? O a. $3 Ob. $3.5 Oc. None of the given answer is correct. O d. $3.46 O e. $2.96 The number of units sold every period is: Fi a. budgeted unit sales plus budgeted ending finished goods inventory, less budgeted beginning

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS