a. Determine the tvio production department factory overhead rates. Pattern Department per dlh HIP Jad b. Use the tvo production department factory overhead rates to dezermine the factory overheed per unit for each product. Cut and Sevw Department Small glove per unit nAr iinit

a. Determine the tvio production department factory overhead rates. Pattern Department per dlh HIP Jad b. Use the tvo production department factory overhead rates to dezermine the factory overheed per unit for each product. Cut and Sevw Department Small glove per unit nAr iinit

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Description: a. Determine the tvio production department factory overhead rates.Pattern Departmentper dlhHIP Jadb. Use the tvo production department factory overhead rates to dezermine the factory overheed per unit for each product.Cut and Sevw DepartmentSmall g

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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Equivalent Units of Production and Cost per Equivalent Unit—FIFO Method Required: Assume that the company uses the FIFO method in its process costing system. 1. Compute the first department’s equivalent units of production for materials, labor, and overhead for the month. 2. Compute the first department’s cost per equivalent unit for materials, labor, overhead, and in total for the month.
Single Plantwide and Multiple Production Department Factory Overhead Rate Methods and Product Cost Distortion The management of Nova Industries Inc. manufactures gasoline and diesel engines through two production departments, Fabrication and Assembly. Management needs accurate product cost information in order to guide product strategy. Presently, the company uses a single plantwide factory overhead rate for allocating factory overhead to the two products. However, management is considering the multiple production department factory overhead rate method. The following factory overhead was budgeted for Nova: $765,000 315,000 $1,080,000 Fabrication Department factory overhead Assembly Department factory overhead Total Direct labor hours were estimated as follows: Fabrication Department Assembly Department Total In addition, the direct labor hours (dlh) used to produce a unit of each product in each department were determined from engineering records, as follows: Production Departments…
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Activity-Based Costing CardioTrainer Equipment Company manufactures stationary bicycles and treadmills. The products are produced in the Fabrication and Assembly production departments. In addition to production activities, several other activities are required to produce the two products. These activities and their associated activity rates are as follows: Activity Activity Rate Fabrication $22 per machine hour (mh) Assembly $12 per direct labor hour (dlh) Setup $40 per setup Inspecting $18 per inspection Production scheduling $8 per production order Purchasing $5 per purchase order The activity-base usage quantities and units produced for each product were as follows: Stationary Bicycle Treadmill Machine hours 1,680 1,070 Direct labor hours 243 131 Setups 45 20 Inspections 158 94 Production orders 60 32 Purchase orders 240 98 Units produced 500 350
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Oriole Stairs Co. designs and builds factory-made premium wooden stairways for homes. The manufactured stairway components (spindles, risers, hangers, hand rails) permit installation of stairways of varying lengths and widths. All are of white oak wood. Budgeted manufacturing overhead costs for the year 2025 are as follows. Overhead Cost Pools Purchasing Handling materials Production (cutting, milling, finishing) Setting up machines Inspecting Inventory control (raw materials and finished goods) Utilities Total budgeted overhead costs Purchasing Handling materials Production (cutting, milling, finishing) Setting up machines For the last 4 years, Oriole Stairs Co. has been charging overhead to products on the basis of machine hours. For the year 2025, 100,000 machine hours are budgeted. Activity Cost Pools Inspecting Inventory control (raw materials and finished goods) Utilities Jeremy Nolan, owner-manager of Oriole Stairs Co., recently directed his accountant, Bill Seagren, to…
24: Seat Belt Inc., produces three sizes of seat belts: small, medium, and large. A seat belt pattern is first stenciled onto fabric in the Pattern Department. The stenciled patterns are then sent to the Cut and Sew Department, where the seat belt is cut and sewed together. Seat Belt Inc. uses the multiple production department factory overhead rate method of allocating factory overhead costs. Its factory overhead costs were budgeted as follows: Overhead Dollars Direct Labor Hours Pattern Department: Cut and Sew Department Overhead: 40,000 dh 60,000 dlb $300,000 $600,000 $900,000 Totals: 100,000 The Company decides to use the Multiple Department Overhead method, and Direct Labor Hours are used to allocate the overhead. We know the following for each type of seatbelt: Small Medium 1.0 dlh 1.5 dlb 2.5 dlh Large 2.0 dlh 3.0 dlb 5.0 dla Pattern Department: Cut and Sew Department: 1.5 dla 2.5 dlh 4.0 dlk Total Per Unit Part I: Calculate the Departmental Factory Overhead Rate for each…
10. How much manufacturing overhead was applied from the Molding Department to Job P and how much was applied to Job Q? 11. How much manufacturing overhead was applied from the Fabrication Department to Job P and how much was applied to Job Q? 12. If Job P includes 20 units, what is its unit product cost?
4.2 BriteLite Inc. manufactures entry and dining room lighting fixtures. Five activities are used in manufacturing the fixtures. These activities and their associated activity costs and activity bases are as follows:
A company has the following overhead costs and activities: Estimated Expected Activity Product V Product W Product X Overhead Activities and Activity Measures Machine setups (setups) Processing customer orders (orders) Assembling products (assembly-hours) $9,178.00 Cost S7,234.50 $3,565.50 69 12 10 20 21 492 697 111 4. A company sells two products, one with sales of $10,000 and variable expenses of $2,500, another with sales of $46,000 and variable expenses of $15,420. Fixed expenses are $33,100. Breakeven point for the whole company is close to: А. 833,100 В. $22,900 C. $51,020 D. $48,676 A company that reduces the proportion of variable costs in its cost structure will: A. enjoys higher stability in profits. B. increase its profits more when the economy is good. C. have a loss more easily when the economy is bad. D. be indifferent. 5. 6. is normally recorded on any financial statement but irrelevant in decision making which is not. A. Sunk cost B. Incremental cost C. Differential…
Required information [The following information applies to the questions displayed below.] Hickory Company manufactures two products-13,000 units of Product Y and 5,000 units of Product Z. The company uses a plantwide overhead rate based on direct labor-hours. It is considering implementing an activity-based costing (ABC) system that allocates all $684,000 of its manufacturing overhead to four cost pools. The following additional information is available for the company as a whole and for Products Y and Z: Estimated Overhead. Cost $ 235,200 $73,600 $ 80,000 $ 295,200 Activity Cost Pool Machining Machine setups Product design General factory Activity Measure Machine-hours Number of setups Number of products Direct labor-hours: Activity Measure Machine-hours Number of setups Number of products Direct labor-hours Product Y Product Z 6,600 5,400 40 120 1 7,600 6,800 Expected Activity 12,000 MHS 160 setups 2 products 14,400 DLHS