Chrom Company manufactures two models, the XL and RD. It also has two departments, assembly and finishing. Thecompany wants to assign budgeted overhead costs to its two different models to better understand the profitability ofeach model. The Tableau Dashboard provides data for our analysis.Budgeted Overhead Costs by Budgeted Direct Labor Hours &Machine Hours by DepartmentDepartment150,00...3000000125,00. 100000 hours-100,00..Finishing70000Total:75,000...AssemblyAssembly$8,000,00050,000...Assembly25,000...5000000Finishing30000Finishing25090.Direct LaborMachine HoursBudgeted Overhead Costs byActivityCost Driver & Budgeted Usageby Activity2000000SupervisionMaintenance125000 hoursSupervisionTotal:$8,000,000Maintenance100000 hours6000000Note: Total overhead costs by department and total overhead costs by activityare equal. The costs are presented in two different ways here.* + a bleau1. Using data from the upper half of the dashboard, compute the company's single plantwide overhead rate based ondirect labor hours.2. Using data from the upper half of the dashboard, compute the company's single plantwide overhead rate based onmachine hours.1. Plantwide overhead rate based on direct labor hours2. Plantwide overhead rate based on machine hours

Name: Chrom Company manufactures two models, the XL and RD. It also has two
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Description: Chrom Company manufactures two models, the XL and RD. It also has two departments, assembly and finishing. Thecompany wants to assign budgeted overhead costs to its two different models to better understand the profitability ofeach model. The Tablea

The predetermined overhead rate using single plantwide method is calculated as estimated overhead…

Business

Accounting

Chrom Company manufactures two models, the XL and RD. It also has two departments, assembly and finish company wants to assign budgeted overhead costs to its two different models to better understand the prof each model. The Tableau Dashboard provides data for our analysis. Budgeted Overhead Costs by Budgeted Direct Labor Hours & Machine Hours by Department Department 150,00... 3000000 125,00.100000 hours- 100,00... Finishing 7000 Total: 75,000... Assembly Assembly

Chrom Company manufactures two models, the XL and RD. It also has two departments, assembly and finish company wants to assign budgeted overhead costs to its two different models to better understand the prof each model. The Tableau Dashboard provides data for our analysis. Budgeted Overhead Costs by Budgeted Direct Labor Hours & Machine Hours by Department Department 150,00... 3000000 125,00.100000 hours- 100,00... Finishing 7000 Total: 75,000... Assembly Assembly

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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Having joined the company as a fresh graduate, the CFO call you to her office an gave you a report that shows the direct cost categories and budgeted amounts for the widgets that your company manufactures: Standard Costs Input per One output unit Cost per input Direct Materials 1.00 KG $7.50/KG Direct Labor 0.30 HR $9.00/HR Direct Marketing 0.50 HR $3.00/HR Actual performance for the company is shown below based on 4,000 Actual Unit produced: Direct Materials: Direct Manufacturing labor: Direct Marketing labor: Materials costs Labor costs $11,470 Labor costs $5,880 $30,225 Labor-hours of input Labor-hours of input Input purchased and used 1,240 2,100 3,900 Actual price per hour Actual price per Actual price per input $9.25 hour $2.80 $7.75 Required: Prepare a report to address the following requirement s below and explain the potential causes of variances if they exist 1. What is the combined total of the flexible-budget variances? 2. What is the rate variance of the direct materials?…
Harris Manufacturing produces white sauce. It uses units as the cost driver for overhead. The following information was provided concerning its standard cost system for 2020: Budgeted and Standard Data Actual Data Material 1/4 lb. @ $14 per pound Produced 6,100 units Labor 1.4 hrs. @ $16 per hour Materials purchased 1,600 lbs. for $13.70/pound Total fixed overhead $84,000 Materials used 1,520 lbs. Variable overhead $6.50 per unit Labor worked 8,740 hrs. at $15.90/hour Production 6,000 units Total overhead $122,000 How much is the flexible budget for overhead for 2020? $122,000 $123,000 $127,100 $124,300 $123,650
Panamint Systems Corporation is estimating activity costs associated with producing disk drives, tapes drives, and wire drives. The indirect labor can be traced to four separate activity pools. The budgeted activity cost and activity base data by product are provided below. Procurement Scheduling Materials handling Product development Production Disk drives Tape drives Wire drives Activity Cost Activity Base $392,400 Number of purchase orders 233,100 Number of production orders 409,400 Number of moves 708,700 Number of engineering changes 1,526,300 Machine hours Number of Purchase Orders Number of Number Number of of Moves Engineering Changes 11 7 23 Production Orders 4,090 280 1,800 185 12,000 910 The activity-based cost for each disk drive unit is Oa. $793.58 Ob. $21.93 Oc. $235.34 Od. $191.6 1 1,410 740 4,500 Machine Hours 1,800 8,300 11,500 Number of Units 2,300 4,300 2,400
The management of Firebolt 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 Firebolt: 1 Fabrication Department factory overhead $571,200.00 2 Assembly Department factory overhead 253,000.00 3 Total $824,200.00 Direct labor hours were estimated as follows: Fabrication Department 5,100 hours Assembly Department 4,600 Total 9,700 hours 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…
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Dawson Company manufactures small table lamps and desk lamps. The following shows the activities per product and the total overhead information: Units Setups Inspections Assembly (dlh) Small table lamps 3,800 3,700 8,250 42,400 Desk lamps 7,800 7,400 13,750 42,400 ETT Activity Total Activity-Base Usage Budgeted Activity Cost Setups 11,100 $108,780 Inspections 22,000 110,000 Assembly (dlh) 74,200 363,580 The total factory overhead to be allocated to desk lamps is Oa, $488,642 Ob, $593,351 Oc. $209.418 Od. $349,030
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Last question 4) The company uses normal costing with two direct-cost categories: Direct materials Direct manufacturing labor Furthermore, the company uses two manufacturing overhead cost pools: Machining department with machine- hours as the allocation base Assembly department with direct manufacturing labor costs as the allocation base. The budget for the plant in 2020 is as follows: Production plant Machine department Assembly department Manufacturing overhead costs 13 597 500 12 271 500 Direct manufacturing labor costs 1 455 000 6 075 000 Direct manufacturing labor-hours 54 000 22 500 Machine-hours 277 500 55 500 What is the budgeted manufacturing overhead rate in the machining and the assembly department? Overhead is the direct cost involved in the production process of the business of the company Calculation of budgeted manufacturing overhead rate in machine department: Budgeted manufacturing…
I have a few questions from the last chapter that still don't understand can i get help.