5. MCQ Manufacturing Company produced and sold 200,000 units of Product J-45Z in January 2021.Selling price per unit is $70. The company incurred the following: • Direct materials cost - $20 per unit • Direct labor hours per unit - 0.5 hr/unit • Manufacturing overhead - $10/unit If the manufacturing overhead is equal to 80% of direct labor rate per unit. How much is the total production cost in January?

5. MCQ Manufacturing Company produced and sold 200,000 units of Product J-45Z in January 2021.Selling price per unit is $70. The company incurred the following: • Direct materials cost - $20 per unit • Direct labor hours per unit - 0.5 hr/unit • Manufacturing overhead - $10/unit If the manufacturing overhead is equal to 80% of direct labor rate per unit. How much is the total production cost in January?

Name: 5. MCQ Manufacturing Company produced and sold 200,000 units of Produ
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: 5. MCQ Manufacturing Company produced and sold 200,000 units of Product J-45Z in January 2021.Selling price per unit is $70.The company incurred the following:• Direct materials cost - $20 per unitDirect labor hours per unit - 0.5 hr/unitManufacturi

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

Wyckam Manufacturing Incorporated has provided the following estimates concerning its manufacturing costs: Cost per Machine- Hour $ 4.25 Direct materials Direct labor Supplies Utilities Depreciation Insurance Fixed Cost per Month $ 36,800 $ 1,400 $ 16,700 $ 12,700 For example, utilities should be $1,400 per month plus $0.05 per machine-hour. The company expects to work 5,000 machine-hours in June. Note that the company's direct labor is a fixed cost. Required: Prepare the company's planning budget for June. Wyckam Manufacturing Incorporated Planning Budget for Manufacturing Costs For the Month Ended June 30 Budgeted machine-hours Direct materials Direct labor Supplies Utilities Depreciation Insurance Total manufacturing cost $ 0.30 $ 0.05 $ $ 36,000 16,000 1,500 1,650 16,700 1,200 73,050
The accounting records for Portland Products report the following manufacturing costs for the past year. Direct materials $ 390,000 Direct labor 262,000 Variable overhead 231,000 Production was 170,000 units. Fixed manufacturing overhead was $860,000. For the coming year, costs are expected to increase as follows: direct materials costs by 20 percent, excluding any effect of volume changes; direct labor by 4 percent; and fixed manufacturing overhead by 10 percent. Variable manufacturing overhead per unit is expected to remain the same. Required A: Prepare a cost estimate for a volume level of 136,000 units of product this year. (Do not round intermediate calculations.) Cost Item This Year’s cost Direct materials _______________ Direct labor…
During its first year of operations, Silverman Company paid $9,160 for direct materials and $9,700 for production workers' wages. Lease payments and utilities on the production facilities amounted to $8,700 while general, selling, and administrative expenses totaled $4,200. The company produced 5,300 units and sold 3,200 units at a price of $7.70 a unit. What is Silverman's cost of goods sold for the year? Multiple Choice O $27,560 $13,923 $16,640 $23,060
Variable manufacturing costs at ACME Corp. are as follows: $3.25 per unit $1.05 per unit Direct materials Direct labor Fixed manufacturing costs are $6,000 per month. If the company produces 4,500 units in March and sells 4,000 units, then what is total manufacturing cost at ACME Corp. in March?
During January 2021, XYZ Corp. produced 100,000 units of Product A with costs as follows: Materials P 6,000,000 Labor 3,300,000 Variable factory overhead 2,500,000 Fixed factory overhead 1,500,000 Total manufacturing costs 13,300,000 Selling and administrative costs incurred during the month were: Variable selling and administrative 3,000,000 Fixed selling and administrative 2,000,000 5,000,000 Selling price P200 per unit XYZ Corp. uses the JIT system. It does not keep inventories in stock. What amount should be considered product cost per unit under variable costing? Group of answer choices P 118 P 133 P 148 P 183
Assume that a company produced 10,000 units and sold 8,000 units during its first year of operations. It has also provided the following information: Selling price Direct materials Direct labor Variable manufacturing overhead Sales commission Fixed manufacturing overhead Fixed selling and administrative expense Per Unit $ 240 $ 85 $ 60 $ 10 $ 11 Per Year $ ? $ 250,000 If the company's unit product cost under absorption costing is $205, then what is the amount of fixed manufacturing overhead per year?
Overtime produces and sells a mantel clock for $200 per unit. In 2020, 41,000 clocks were produced and 37,000 were sold. Other information for the year includes: Direct materials $42.00 per unit Direct manufacturing labor $8.00 per unit Variable manufacturing costs $5.00 per unit Sales commissions $14.50 per unit Fixed manufacturing costs $64.00 per unit Administrative expenses, all fixed $38.50 per unit What is the inventoriable cost per unit using absorption costing and variable costing? a. $119.00, $55.00 b. $117.00, $53.00 c. $49.00, $51.00 d. $53.00, $42.00
Swisher, Incorporated reports the following annual cost data for its single product. Normal production level 30,000 units Direct Materials $6.40 per unit Direct Labor $3.93 per unit Variable Overhead $5.80 per unit Fixed Overhead $150,000 in total This product is normally sold for $48 per unit. If Swisher increases its production to 50,000 units, while sales remain at the current 30,000 unit level, by how much would the company's contribution margin increase or decrease under variable costing? $60,000 decrease $90,000 decrease $90,000 increase no change $90,000 increase
Wyckam Manufacturing Incorporated has provided the following estimates concerning its manufacturing costs: Direct materials Direct labor Supplies Utilities Depreciation Insurance Fixed Cost per Month $ 42,100 $ 1,200 $ 14,600 $ 11,400 For example, utilities should be $1,200 per month plus $0.25 per machine-hour. The company expects to work 4,000 machine- hours in June. Note that the company's direct labor is a fixed cost. Direct materials Direct labor Cost per Machine- Hour $ 5.50 Required: Prepare the company's planning budget for June. Wyckam Manufacturing Incorporated Planning Budget for Manufacturing Costs For the Month Ended June 30 Supplies Utilities Depreciation Insurance Total manufacturing cost $ 0.30 $ 0.25
Q25 Mixing Company manufactured 1,098 units of its only product during 2022. The inputs for this production are as follows: 610 pounds of Material A at a cost of $1.50 per pound 460 pounds of Material H at a cost of $3.55 per pound 620 direct labor hours at $52 per hour The firm manufactured 3,000 units of the same product in 2021 with the following inputs: 660 pounds of Material A at a cost of $2.00 per pound 520 pounds of Material H at a cost of $3.30 per pound 560 direct labor hours at $50 per hour In 2022, the partial financial productivity of Material A is: Multiple Choice 1.20. 1.10. 0.44. 1.15. 0.97.
Assume the following information for a company that produced and sold 10,000 units during its first year of operations: Per Unit Per Year $ 200 $ 75 $ 50 $ 10 Selling price Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead $ 300,000 Using absorption costing, what is the company's gross margin per unit?
The manufacturing costs of Calico Industries for three months of the year are provided below: Total Cost Production (units) Аpril $116,100 281,600 May 90,500 164,900 June 108,300 242,000 Using the high-low method, the variable cost per unit and the total fixed costs are Oa. $2.20 per unit and $5,415 Ob. $0.40 per unit and $27,074 Oc. $3.96 per unit and $5,415 Od. $0.22 per unit and $54,148