Armor world manufactures armored cars. The armor provides low level ballistics protection. Cars are made to customer specification via orders submitted over an internet site. The cars are completed and shipped in about one day. As a result, armor world does not maintain any work in process or finished goods inventory. The following costs were incurred in producing and selling mats during January 2023: Steel used in the armoring $67,150 Armor grade glass for windows 7,000 Factory rent 4,800 Electricity to run the welding equipment 1,300 Labour costs of welders 17,050 Internet sales site 750 Administrative salaries 6,250 Depreciation of welding equipment 3,700 Salary of factory safety inspector 1,750 Office Rent 6,750 REQUIRED: 1. Evaluate these costs, and determine the amount of direct material, direct labor, factory overhead, and selling and administrative costs, The Prime Cots, The Conversion Costs YOUR ANSWER IN GOOGLE FORM 1A-Total Cost 1B-Direct Material 1C- Factory Overhead 1D-SG&A 1E-Prime Cost 1F- Conversion Costs

Armor world manufactures armored cars. The armor provides low level ballistics protection. Cars are made to customer specification via orders submitted over an internet site. The cars are completed and shipped in about one day. As a result, armor world does not maintain any work in process or finished goods inventory. The following costs were incurred in producing and selling mats during January 2023: Steel used in the armoring $67,150 Armor grade glass for windows 7,000 Factory rent 4,800 Electricity to run the welding equipment 1,300 Labour costs of welders 17,050 Internet sales site 750 Administrative salaries 6,250 Depreciation of welding equipment 3,700 Salary of factory safety inspector 1,750 Office Rent 6,750 REQUIRED: 1. Evaluate these costs, and determine the amount of direct material, direct labor, factory overhead, and selling and administrative costs, The Prime Cots, The Conversion Costs YOUR ANSWER IN GOOGLE FORM 1A-Total Cost 1B-Direct Material 1C- Factory Overhead 1D-SG&A 1E-Prime Cost 1F- Conversion Costs

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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Zapora Bhd manufactured smart watches. In November 2021, Zapora produced 2,200 watches with the following costs: Direct Materials $32,000 Direct Labour $13,000 Manufacturing Overheads $27,000 Additional information: There is no opening or closing stock of work-in-progress (WIP) during the month of November. Calculate the Prime Costs for November 2021. Select one: a.$45,000 b. $40,000 c. $72,000 d. $32,000
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Mosbius Designs, an architectural firm based in the Upper West Side of New York. Currently, Mosbius Designs is run single-handedly by its owner, Ted Mosby. Ted is considering hiring an assistant, PJ, to help him answer phone calls as business picks up. For the year ended December 31, 2009, Mosbius Designs produced 200 design plans. The following information was provided for 2009: Sales Revenue $250,000 Variable Costs $50,000 Fixed Costs $25,000 If the company hires PJ, Ted believes he can raise the price of each design by $250 due to the improved level of customer service. He will also be able to produce 50 more designs in a year with the extra time. However, the annual fixed costs will increase by the amount of PJ's salary, $55,000. Based on the above information, which of the following statements is incorrect? Question 5 options: The company's contribution margin per unit in 2009 was $1,000. If the company hires PJ, the company must make $96,000…
Oriole Company builds custom fishing lures for sporting goods stores. In its first year of operations, 2022, the company incurred the following costs. Variable Costs per Unit Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative expenses Fixed Costs per Year Fixed manufacturing overhead Fixed selling and administrative expenses $9.90 $4.55 $7.66 $5.15 $303,600 $277.332 Oriole Company sells the fishing lures for $33.00. During 2022, the company sold 80,000 lures and produced 92,000 lures.
(Defective units and rework) Plastico produces plastic pipe to customer specifications. Losses of less than 5 per cent are considered normal because they are inherent in the production process. The company applies overhead to products using machine hours. PlastiCo used the following information in setting its predetermined OH rate for 2010: Expected overhead other than rework $850,000 Expected rework costs 75,000 Total expected overhead $925,000 Expected machine hours for 2010 100,000 During 2010, the following production and cost data were accumulated: 2,000,000 feet of pipe 40,000 feet of pipe Total good production completed Total defects Ending inventory 75,000 feet of pipe Total cost of direct material for Job #B316 $687,100 Total cost of direct labor for Job #B316 $157,750 Total machine hours for Job #B316 3,080 Cost of reworking defects during 2010 $75,500 Total actual overhead cost for 2010 $862,000 a. Determine the overhead application rate for 2010. b. Determine the cost for…
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Mighty Muffler, Inc. operates an automobile service facility that specializes in replacing mufflers on compact cars. The following table shows the costs incurred during a month when 600 mufflers were replaced. Required: Fill in the missing amounts, labeled (a) through (o), in the table.
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Zapora Bhd manufactured smart watches. In November 2021, Zapora produced 2,200 watches with the following costs: Direct Materials $32,000 Direct Labour $13,000 Manufacturing Overheads $27,000 Additional information: There is no opening or closing stock of work-in-progress (WIP) during the month of November. Calculate Total Product Costs for 2,200 watches produced in November 2021 Select one: a. $45,000 b. $72,000 c. $32,000 d. $40,000
TechSystems manufactures an optical switch that it uses in its final product. TechSystems incurred the following manufacturing costs when it produced 66,000 units last year: A B 1 Direct materials $528,000 2 Direct labor 132,000 3 Variable MOH 198,000 4 Fixed MOH 462,000 5 Total manufacturing cost for 66,000 units $1,320,000 Another company has offered to sell TechSystems the switch for $11.00 per unit. If TechSystems buys the switch from the outside supplier, none of the fixed costs are avoidable. The company prepared an outsourcing decision analysis to show the cost per unit of making the switches versus the cost per unit of buying (outsourcing) the switches. TechSystems Incremental Analysis for Outsourcing Decision Make Buy Unit Unit Difference Variable cost per unit: Direct materials $8.00 $0.00 $8.00 Direct labor 2.00 0.00 2.00…