Assume the following information appears in the standard cost card for a company that makes only one product: Standard Quantity Standard Price or Rate or Hours 5 pounds $11.00 per pound 2 hours $17.00 per hour 2 hours $ 3.00 per hour Direct materials Direct labor Variable manufacturing overhead During the most recent period, the following additional information was available: • 20,800 pounds of material was purchased at a cost of $10.50 per pound. . All of the material that was purchased was used to produce 3,900 units. 8,000 direct labor-hours were recorded at a total cost of $132,000. . Standard Cost $ 55.00 $ 34.00 $ 6.00

Assume the following information appears in the standard cost card for a company that makes only one product: Standard Quantity Standard Price or Rate or Hours 5 pounds $11.00 per pound 2 hours $17.00 per hour 2 hours $ 3.00 per hour Direct materials Direct labor Variable manufacturing overhead During the most recent period, the following additional information was available: • 20,800 pounds of material was purchased at a cost of $10.50 per pound. . All of the material that was purchased was used to produce 3,900 units. 8,000 direct labor-hours were recorded at a total cost of $132,000. . Standard Cost $ 55.00 $ 34.00 $ 6.00

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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§ Your Corporation has provided the following data from its activity-based costing system: Activity Cost Pool Activity Rate Assembly $12.75 per MH Processing orders $45.00 per order Inspection $75.00 per Inspection Hour Data concerning one of the company's products appear below: Selling price per unit $113.70 Direct materials cost per unit $48.14 Direct labor cost per unit $11.62 Annual unit production and sales 750 Annual machine-hours 6,500 Annual orders 160 Annual inspection-hours 130 How much overhead was applied to this product? O$ 90,075 O $100,725 O $ 99,825 O$ 92,625
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W A Corporation produces a single product. The cost of producing and selling a single unit of this product at the company's normal activity level of 40,000 units per month is as follows: Direct Materials.. $18.00 Direct Labor... Variable Manufacturing OH... Fixed Manufacturing OH. Variable S&A... Fixed S&A.. $6.80 Q. What is the minimum price A. $ $1.90 $5.10 $2.40 $11.60 The normal selling price of the product is $49.1 per unit. (16 An order has been received from an overseas customer for 1,000 units to be delivered this month at a special discounted price. This order would not change the total amount of the Company's fixed costs. The variable selling and administrative expense would be $0.10 less per unit on this order than on normal sales. Direct labor is a variable cost in this company. Suppose there is not enough idle capacity to produce all the units for the overseas customer and accepting the special order would require cutting back on production of 100 units for regular…
The standard cost sheet for a product is shown. Standard Cost Manufacturing Costs Standard price Standard Quantity per unit Direct materials $4.50 per pound 5.70 pounds $ 25.65 Direct labor $11.87 per hour 2.00 hours $ 23.74 Overhead $2.20 per hour 2.00 hours $ 4.40 $ 53.79 The company produced 3,000 units that required: 17,600 pounds of material purchased at $4.35 per pound • 5,910 hours of labor at an hourly rate of $12.17 per hour • Actual overhead in the period was $13,540 Fill in the Budget Performance Report for the period. Some amounts are provided. Round your answers to the ne Budget Performance Report Variance Manufacturing Costs: Actual Standard (Favorable)/ 3,000 units Costs Costs Unfavorable Direct materials $76,560 Direct labor 71,220 Overhead 13,540 $655
Assume a company reported the following results: Sales $400,000 Variable expenses 260,000 Contribution margin Fixed expenses 140,000 60,000 Net operating income $ 80,000 Average operating assets $575,000 The margin is closest to: Multiple Choice 35.0%. 20.0%. 69.6%. 14.5%.
Please only answer the total amount of fixed manufacturing overhead.
Santorini Ltd. has accumulated the following data over a six-month period: Indirect Labor Hours Indirect Labor Cost January 500 $ 9,500 February 400 9,000 March 600 10,000 April 800 12,000 May 700 11,000 June 650 10,500 Determine the formula that could be used to determine Santorini’s indirect labor cost at various levels of production using the high-low method.
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Assume the following information appears in the standard cost card for a business that makes only one product: Standard Quantity or Hours Standard Price or Rate Standard Cost Direct materials 5 pounds $ 11.00 per pound $ 55.00 Direct labor 2 hours $ 17.00 per hour $ 34.00 Variable manufacturing overhead 2 hours $ 3.00 per hour $ 6.00 During the most recent period, the following additional information was available: 20,000 pounds of material was purchased at a cost of $10.50 per pound. All of the material that was purchased was used to produce 3,900 units. 8,000 direct labor-hours were recorded at a total cost of $132,000. The actual variable overhead cost incurred during the period was $25,000. Assuming a business uses direct labor-hours to compute its predetermined overhead rate, what is the variable overhead spending variance? Multiple Choice $1,600 F $1,600 U $1,000 U $1,000 F
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Your Company produces a single product. The cost of producing and selling a single unit of this product at the company's normal activity level of 40,000 units per month is as follows: $18.00 $6.80 $2.40 $11.60 $1.90 $5.10 Direct materials. Direct labor. Variable manufacturing overhead.. Fixed manufacturing overhead. Variable selling & administrative expense. Fixed selling & administrative expense . The normal selling price of the product is $51.10 per unit. An order has beleh received from an overseas customer for 2,000 units to be delivered this month at a special discounted price of $41.60 per unit. This order would have no effect on the company's normal sales and would not change the total amount of the company's fixed costs. The variable selling and administrative expense would be $0.50 less per unit on this order than on normal sales. There is ample idle (excess) capacity to produce the units required by the overseas customer. By how much would this special order increase…