Vista Electronics, Inc., manufactures two different types of coils used in electric motors. In the fall of the current year, EricaBecker, the controller, compiled the following data.• Sales forecast for 20x0 (all units to be shipped in 20x0):ProductUnitsLight coilНeavy coil52,00032,000Price$ 220320Raw-material prices and inventory levels:Expected Inventories,January 1, 20x030,000 lb.27,000 lb.5,200 unitsDesired Inventories,December 31, 20x034,000 lb.30,000 lb.6,200 unitsAnticipatedPurchase PriceRaw MaterialSheet metal$ 148Copper wirePlatform4• Use of raw material:Amount Used per UnitНeavy Coil6 lb.4 lb.2 unitRaw MaterialSheet metalLight Coil5 lb.3 lb.Copper wirePlatform• Direct-labor requirements and rates:ProductHours per UnitLight coilНeavy coilRate per Hour$ 10157Finished-goods inventories (in units):ExpectedJanuary 1, 20x017,0009,500DesiredProductLight coilНeavy coilDecember 31, 20x022,00010,500 Light coilНeavy coil$ 101557• Finished-goods inventories (in units):ExpectedJanuary 1, 20x017,0009,500DesiredDecember 31, 20x022,00010,500ProductLight coilНeavy coil• Production overhead:Overhead Cost ItemActivity-Based Budget RatePurchasing and material handlingDepreciation, utilities, and inspectionShippingGeneral production overhead$0.80 per pound of sheet metal and copper wire purchased$7.00 per coil produced (either type)$1.00 per coil shipped (either type)$5.00 per direct-labor hourProblem 9-39 Part 66. Prepare the production-overhead budget (in dollars) for 20xO. (Round "Cost Driver Rate" to 2 decimal places.)Production Overhead Budget for 20x0Cost DriverCost DriverBudgeted CostQuantityRatePurchasing and material handlingIb.Depreciation, utilities, and inspectioncoilsShippingcoilsGeneral production overheadhr.Total production overhead$

Production Overhead Budget: Production Overhead Budget is also known as Manufacturing Overhead…

6. Prepare the production-overhead budget (in dollars) for 20x0. (Round "Cost Driver Production Overhead Budget for 20x0 Cost Driver Cost Driver Budgeted Cost Quantity Ib. Rate Purchasing and material handling coils coils Depreciation, utilities, and inspection Shipping General production overhead hr. Total production overhead $

6. Prepare the production-overhead budget (in dollars) for 20x0. (Round "Cost Driver Production Overhead Budget for 20x0 Cost Driver Cost Driver Budgeted Cost Quantity Ib. Rate Purchasing and material handling coils coils Depreciation, utilities, and inspection Shipping General production overhead hr. Total production overhead $

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 Illustrative Corporation recorded the following budgeted and actual information relating to fixed overhead costs for its Z-Line of products Standard fixed overhead per direct labor hour Standard direct labor hours per unit Budgeted production Budgeted fixed overhead costs $3 0.75 3,400 $7.650.00 Actual production in units Actual fixed overhead costs incurred What is Illustrative's fixed manufacturing overhead volume variance? A. $2.025.00 favorable OB. $4.950.00 favorable OC. $2,025.00 unfavorable D. $4.950.00 unfavorable 4,300 $2.700.00
Subject: accounting
Required information Use the following information for the Quick Studies below. (Algo) Rafner Manufacturing has the following budgeted data for its two production departments. Budgeted Data Overhead cost Direct labor hours Machine hours $ 1,358,900 Assembly 12,700 direct labor hours. 6,700 machine hours The departmental overhead rate for Assembly QS 17-7 (Algo) Computing departmental overhead rates LO P2 What is the Assembly department overhead rate using direct labor hours? What is the Finishing department overhead rate using machine hours? The departmental overhead rate for Finishing $ 1,068,800 Finishing 20,700 direct labor ho 16,700 machine hours
If a bonus of $100 is paid on a non-payday, on December 15th what will the gross amount of each bonus be if the employee pays 2.8 percent state income tax as well as all other legal taxes?
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Refer to the pictur ebelow: Find: 1. Total Cost of Product A under ABC System2. Total Cost of Product B under ABC System3. Selling Price per unit of Product B assuming profit margin of 20% above cost
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Presented below is a flexible manufacturing overhead budget for Ayayai Manufacturing, which manufactures fine timepieces: ✓ Activity Index: Standard direct labor hours 2,820 3,220 3,620 4,020 Variable costs Indirect materials $ 5,640 $ 6,440 $ 7,240 $ 8,040 Indirect labor 3,243 3,703 4,163 4,623 Utilities 7,332 8,372 9,412 10,452 Total variable 16,215 18,515 20,815 23,115 Fixed costs Supervisory salaries 1,210 1,210 1,210 1,210 Rent 2,815 2,815 2,815 2,815 Total fixed 4,025 4,025 4,025 4,025 Total costs $ 20,240 $ 22,540 $ 24,840 $ 27,140 The company applies the overhead on the basis of direct labor hours at $7.00 per direct labor hour and the standard hours per timepiece is 1/2 hour each. The company's actual production was 5,440 timepieces with 2,720 actual hours of direct labor. Normal capacity is 3,220 hours. Actual overhead was $20,400. (a) Compute the controllable and volume overhead variances. Identify whether each variance is favorable or unfavorable. (Round rate values to 2…
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Please show work Cookie Business Actual Total Cost of Direct Materials $ 225,000 Standard Total Cost of Direct Materials $ 224,800 Actual Materials Used 30 Standard Materials Used 31 Actual Direct Labor Rate $ 15.50 Standard Labor Rate $ 15.00 Actual Hours Worked 45 Standard Hours Worked 40 Amount Favorable/ Unfavorable Calculate Materials Variances: Materials Price Variance $ ??? ??? Materials Quantity Variance ?? ??? Calculate Labor Variances: Labor Rate Variance $ ?? ?? Labor Efficiency Variance $ ?? ???
Required A Required B Prepare the pro forma income statement in contribution format that would appear in a flexible budget. SOLOMON MANUFACTURING COMPANY Pro Forma Income Statement Flexible Budget $ 0