Carla Vista Remanufacturing rebuilds spot welders for manufacturers. The following budgeted cost data for 2022 are available for Carla Vista: Technicians' wages and benefits Parts manager's salary and benefits Office employee's salary and benefits Other overhead Total budgeted costs (a) Rate charged $ Time Charges Material Loading Charges $245,830 The company wants a $30 profit margin per hour of labour and a 25% profit margin on parts. It has budgeted for 7,930 hours of repair time in the coming year and estimates that the total invoice cost of parts and materials in 2022 will be $388,000. Calculate the rate charged per hour of labour. eTextbook and Media Save for Later 47,580 31,720 $325,130 $36,860 16,490 25,220 $78,570 per hour Attempts: 0 of 2 used Submit Answer

Carla Vista Remanufacturing rebuilds spot welders for manufacturers. The following budgeted cost data for 2022 are available for Carla Vista: Technicians' wages and benefits Parts manager's salary and benefits Office employee's salary and benefits Other overhead Total budgeted costs (a) Rate charged $ Time Charges Material Loading Charges $245,830 The company wants a $30 profit margin per hour of labour and a 25% profit margin on parts. It has budgeted for 7,930 hours of repair time in the coming year and estimates that the total invoice cost of parts and materials in 2022 will be $388,000. Calculate the rate charged per hour of labour. eTextbook and Media Save for Later 47,580 31,720 $325,130 $36,860 16,490 25,220 $78,570 per hour Attempts: 0 of 2 used Submit Answer

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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Oriole Remanufacturing rebuilds spot welders for manufacturers. The following budgeted cost data for 2022 are available for Oriole: Time Charges Material Loading Charges Technicians' wages and benefits $260,700 Parts manager's salary and benefits $36,960 Office employee's salary and benefits 63,200 16,720 Other overhead 23,700 25,520 Total budgeted costs $347,600 $79,200 The company wants a $35 profit margin per hour of labour and a 30% profit margin on parts. It has budgeted for 7,900 hours of repair time in the coming year and estimates that the total invoice cost of parts and materials in 2022 will be $352,000. (a) Your answer is correct. Calculate the rate charged per hour of labour. Rate charged eTextbook and Media 79 per hour Attempts: 1 of 2 used (b) Calculate the material loading percentage. (Round answer to 3 decimal places, e.g. 15.251%.) Material loading percentage eTextbook and Media Save for Later % Attempts: 0 of 2 used Submit Answer
Carica Company is a manufacturer with two production departments (Machining and Assembly) as well as two support departments (Materials Requisitions and Utility Services). For the last quarter of 2020, Carica’s cost records indicate the following: SUPPORT PRODUCTION Materials Utility Requisitions Services Machining Assembly Total (MR) (US) Budgeted costs before any inter- $200,000 $1,000,000 5,456,000 $7,458,000 $14,114,000 department cost allocations Support work supplied by MR 0% 25%…
The following data are available for ABC Repair Shop purchasing and materials management for 2016: Purchasing manager wages $ 200,000 Fringe benefits 50,000 Overhead 80,000 Budgeted Material purchases $300,000 The desired profit margin is $10 per labour hour. It is estimated that 4,000 labour hours will be worked in 2016. The company wants to make a 15% profit on material purchases. Calculate the material loading rate.
The 2020 cost pool budget for Mandeep Industries that produces television sets is as follows: Machine set up related costs 118200 Engineering related 82200 Quality Control 100400 300800 Budgeted activity levels for 2020 Direct labour hours 9600 Quality inspections 14700 Machine Set-up hours 1260 Engineering changes 1420 For a particular production run of 2,000 LED TVs, the activityt levels were as follows: Direct labour hours 2350 Quality inspections 2300 Machine Set-up hours 960 Engineering changes 490 Required: Calculate the overhead cost of 1 TV set using ABC to apply overheads
Joe Barker is the production manager of Auto Parts Company (APC) and has been asked to prepare 2020's ending finished goods budget for the S222 product. Based on historical figures, Joe determines the following information regarding direct materials, direct labor and manufacturing overhead for the S222 product. Direct Materials Costs per Unit $1.10 per unit Direct Labor Cost per Direct Labor Hour (DLH) $15 per DLH DLH per Unit 0.25 DLH per unit Predetermined Manufacturing Overhead Rate $4 per DLH Calculate the value of the cost of goods manufactured per unit.
Sheffield, Inc. is planning to produce 2,560 units of product in 2022. Each unit requires 3 pounds of materials at $6 per pound and a half hour of labor at $16 per hour. The overhead rate is 75% of direct labor. (a) Your answer has been saved. See score details after the due date. Compute the budgeted amounts for 2022 for direct materials to be used, direct labor, and applied overhead. Direct Materials $ (b) Direct Labor Overhead Standard Cost Save for Later $ $ $ 46080 Compute the standard cost of one unit of product. (Round answer to 2 decimal places, e.g. 52.75.) 20480 15360 Attempts: 1 of 1 used Attempts: 0 of 1 used Submit Answer
Vaughn Manufacturing has the following budgeted costs for the next year: Shop employees' wages and benefits Parts manager's salary and benefits Office employee's salary and benefits Other overhead Invoice cost of parts and materials Total budgeted costs Time Charges O. $42. O $47. O $54. O $44. $125000 25000 15000 $165000 Material Charges $ 50000 20000 55000 450000 $575000 The labor rate to be used next year assuming 7500 hours of repair time and a profit margin of $25 per labor hour is >
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aHRiIh mahufactures pipes and applies manufacturing overhead costs to production at a budgeted indirect-cost rate of $18 per direct labor-hour. The following data are obtained from the accounting records for June 2020: Direct materials $140,000 Direct labor (4,000 hours @ $10/hour) 40,000 Indirect labor 13,000 Plant facility rent 30,000 Depreciation on plant mach. & equip. 22,500 Sales commissions 24,000 Administrative expenses 28,000 For June 2020, manufacturing overhead is O overallocated by $6.500 Ounderallocated by $21.500 ovrcallocated by $21.500
Waterway Industries has the following budgeted costs for the next year: Time Charges Material Charges Shop employees’ wages and benefits $120000 $ - Parts manager’s salary and benefits - 50000 Office employee’s salary and benefits 45000 15000 Other overhead 15000 40000 Invoice cost of parts and materials - 454000 Total budgeted costs $180000 $559000 Next year’s material loading charge, assuming a 30% markup on material cost is 48.78%. 53.00%. 30.00%. 18.78%. do not give solution in image