Hello tutor answer these general accounting question not use chatgpt Brown Protein Powder produces a dietary supplement. The standard costof producing one unit is:Material (1.30 pounds x $2.30) $2.99Labor (1.20 hours x $10.00)Overhead12.00?Standard variable overhead is $8.00 per unit, and fixed annual overhead is$100,800. At the start of 2014, expected production was 25,200 units. During2014, 30,000 units were produced. The following information, related toactual costs incurred in 2014, is available:1. Purchased 40,000 pounds of material for $84,400.2. Used 39,010 pounds of material.3. Worked 32,455 labor hours costing $371,700.4. Actual overhead incurred was $325,600.Compute the standard overhead rate per unit.

Step 1: Define Standard Costing The standard costing method helps the company know the expectations…

Answered: Brown Protein Powder produces a dietary…

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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Apex Corporation estimates that its production for the coming year will be 10,000 units with the following unit costs: Direct materials P40 Direct labor P60 Direct labor is paid at the rate of P24 per hour. The machine should be run for 20 minutes to produce one unit. Total estimated overhead is expected to consist of P400,000 for variable overhead and P400,000 for fixed overhead. What is the predetermined overhead rate based on units of production? B P80 per unit D P65 per unit CP85 per unit P75 per unit
Kairos, Inc. produces three products namely, Product X, Product Y, and Product Z. The following data from 2022 are provided. Determine the product mix that would maximize the 215,000 limited machine hours available in 2023. A. X – 55,000 units; Y – 35,000 units; Z – 30,000 units B. X – 60,000 units; Y – 35,000 units; Z – 30,000 units C. X – 60,000 units; Y – 30,000 units; Z – 35,000 units D. X – 50,000 units; Y – 35,000 units; Z – 30,000 units
Rumington Popcorn uses a standard cost system and applies overhead on a per unit basis. The company estimated that 40,000 units would be produced in 2020 and uses this quantity to establish its standard overhead cost per unit. The cost formula for overhead costs used to develop the standard overhead cost per unit was: Overhead = $120,000 + $6 per unit During the year, actual overhead cost was $340,000. Actual units produced were 39,000. How much is the overhead volume variance for 2020? $3,250 unfavorable $3,850 unfavorable $4,000 unfavorable $3,000 unfavorable $2,700 unfavorable
Apex Corporation estimates that its production for the coming year will be 10,000 units with the following unit costs: Direct materials P40 Direct Jabor P60 Direct labor is paid at the rate of P24 per hour. The machine should be run for 20 minutes to produce one unit. Total estimated overhead is expected to consist of P400,000 for variable overhead and P400,000 for fixed overhead. What is the predetermined overhead rate based on material cost? 250% D 200% C) 150% 300%
Eminem, Inc. manufactures music CDs. At the start of 2021, Eminem planned to produce 110,000 CDs for which the standard cost for each CD is: Plastic (0.25 pounds at $6.00 per pound) $1.50 Labor (0.10 hour at $12.00 per hour) 1.20 Overhead ($0.70 fixed and $0.90 variable) 1.60 Total $4.30 Overhead is allocated based on the number of units produced. Eminem isolates material purchase variances at the point of purchase. The following information summarizes Eminem’s results for 2021: Actual production 112,000 CDs Actual variable overhead $91,000 Actual fixed overhead $85,500 How much is the controllable overhead variance for 2021? $4,400 favorable $1,300 favorable $1,600 favorable $5,000 favorable $1,800 favorable
Aeon Laketown predicts that 10,000 units of materials will be used duringthe year. The expected daily usage is 40 units. The expected lead time is 6days, and there is a safety stock of 300 units. Aeon expects that the cost ofmaterials will be P480 per unit. It anticipates that it will cost P200 to placeeach order. The annual carrying cost is P1.00 per unit.Required:a. Calculate the order point.b. Calculate the economic order quantity.c. Calculate the total ordering and carrying costs at EOQ point.
1. Golf Corporation estimates that its production for the coming year will be 25,000 units, which is 90% of normal capacity, with the following units costs: Materials P50 Direct labor 90 Direct labor is paid at the rate of P25 per hour. The machine should be run 20 minutes to produce one unit. Total estimated overhead is expected to consist of P900,000 for variable overhead and P900,000 for fixed overhead. g. What is the predetermined overhead rate base on material cost using the normal capacity level? h. What is the overhead rate base on machine hours using the normal capacity activity level?
Buggs-Off Corporation produces and sells a line of mosquito repellants that are sold usually all year round. The product sells at $100 per box. The following cost data has been prepared for its estimated upper and lower limits of activity for the year ended December 31, 2020. Lower Limit Upper Limit Production (# of boxes) 4,000 6,000 Production OCosts: Direct Materials $60,000 $90,000 Direct Labour 80,000 120,000 Overhead: Indirect Materials... 25,000 37,500 Indirect Labour 40,000 50,000 Depreciation 20,000 20,000 Selling & Administrative Expenses: Sales Salaries 50,000 65,000 Office Salaries 30,000 30,000 Advertising 45,000 45,000 Other 15,000 20,000 Total $365.000 $477,500 Required: a) Classify each cost element as either fixed, variable, or mixed b) Calculate: i) the variable production cost per unit and the total fixed production overhead. ii) The total variable cost per unit and the total fixed costs Hint: Use the high-low method to separate mixed costs into their fixed and…
The Molis Corporation has the capacity to produce 15,000 hats each month. Current regular production and sales are 10,000 hats per month at a selling price of $15 each. Based on this level of activity, the following unit costs are incurred: Per Unit Direct Material $5.00 Direct Labor $3.00 Variable manufacturing overhead $0.75 Fixed manufacturing overhead $1.05 Variable selling expenses $0.75 Fixed SG&A expense $1.00 Unit product cost $12.00 The Molis Corporation has received a special order from a customer who wants to pay a reduced price of $10 per hat. There would be no selling expense in connection with this special order. And, this order would have no effect on the company's other sales. Suppose the special order is for 4,500 hats this month. If this offer is accepted by Molis, what is the impact on the company's operating income.
Ethical Corp. estimates that its production for the coming year will be 10,000 units, which is 80% of normal capacity, with the following unit costs: materials, P40; direct labor, P60. Direct labor is paid at the rate of P24 per hour. The most expensive piece of machinery, must be run for 20 minutes to produce one unit. Total estimated overhead is expected to consist of P400,000 for variable overhead and P400,000 for fixed overhead. Required: Compute the overhead rate for each of the following bases, using the normal capacity activity level: Physical output Materials cost Direct labor cost Direct labor hours Machine hours
1. Golf Corporation estimates that its production for the coming year will be 25,000 units, which is 90% of normal capacity, with the following units costs: Materials P50 Direct labor 90 Direct labor is paid at the rate of P25 per hour. The machine should be run 20 minutes to produce one unit. Total estimated overhead is expected to consist of P900,000 for variable overhead and P900,000 for fixed overhead. d. What is the predetermined overhead rate base on direct labor hours? e. What is the predetermined overhead rate based on machine hours? f. What is the predetermined overhead rate base on units of production using the normal capacity level?
Company monthly produces Product Z. Each unit of Z requires 5 units of material A and 5 units of material B. Each unit of material A and B has standard unit cost P20 and P25, respectively. To produce 10,000 units of Z, it will require 10,000 labor hours at standard rate of P50 per hour. In December 2020, the entity used 45,000 units at P19 of A and 55,000 units at P26 of B, 12,000 labor hours at P45 per hour. Which of the following is the result of any of the material or labor variance? P60,000 Unfavorable P25,000 Favorable P35,000 Unfavorable P40.000 Favorable

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