Coronado Industries expects a direct materials cost of $8 per unit for 100000 units (a total of $800000 of direct materials costs). Coronado's standard direct materials cost and budgeted direct materials cost is Standard Budgeted
Q: Donkey Company expects direct materials cost of OMR 6 per unit for 100,000 units (a total of OMR…
A: Standard cost is determined per unit.
Q: At 13000 direct labor hours, the flexible budget for indirect materials is $39000. If $40400 are…
A: Standard rate for indirect material = Flexible budget for indirect material /Flexible budget direct…
Q: Finch Publications established the following standard price and costs for a hardcover picture book…
A: Variable cost is the cost that changes with change in activity of cost driver used. Variable cost…
Q: year, est cost for materials and labor are $1,243,000 and $1,638,500 respectively. Compute the…
A: The Budgeted costs represent the total cost estimated for budget. The standard cost is calculated on…
Q: Bob and Sons' static budget for 10,000 units of production includes P50,000 for direct materials,…
A: Bob and Sons' static budget for 10,000 units of production includes P50,000 for direct materials,…
Q: IMOlal WSPRS produces two types of metal lamps. Syracuse manufactures 19,000 basic lamps and 5,300…
A: Solution.. Direct labor hours per lamp Basic = 0.60 Designer = 0.90 Units produced Basic =…
Q: A manufacturing company has budgeted a manufacturing level of 100,000 units. The manufacturing unit…
A: Variance costing is a method in the costing system under which various types of variances are…
Q: Sawyer Industries, Inc. (SII), developed standard costs for direct material and direct labor. In…
A:
Q: KM Ltd. presents the following information for November, 2018: Budgeted production of product P =…
A: Standard costing: Under this costing method, the expected costs are used in the accounting records…
Q: Monty Company produces chairs and has determined the following direct cost categories and budgeted…
A: Introduction:- Standard costs are estimates of the actual costs in a company’s production process…
Q: Kirchoff.,manufactures a product with the following costs: Direct materials 18.00 Direct labor…
A: Formula used: Selling Price=Total SalesUnits SoldTotal Sales=Cost+Makup
Q: Adams Publications established the following standard price and costs for a hardcover picture book…
A: A flexible budget is prepared on the basis of the budgeted value and on the basis of different…
Q: Question list Question 1 Question 2 The Sullivan Corporation manufactures lamps. It has set up the…
A:
Q: Walton Manufacturing Company established the following standard price and cost data. Sales price…
A: Income statement is the one which is prepared by the entity for the purpose of computing the…
Q: Don Johnson is the management accountant for Cari-Blocks (CB), which manufactures specialty blocks.…
A: Formula Total Standard Manufacturing cost = Standard Cost per block x No.of blocks produced.
Q: (a). Begin by calculating the direct materials usage budget in quantity and then in dollars (label…
A: Part a:
Q: Given the following information from Rowdy Enterprises’ direct materials budget, how much direct…
A: Direct materials are the materials used in the production of the goods directly. These are the…
Q: Cullumber Corporation is in the process of setting a selling price for a recently designed product.…
A: Variable cost is the cost which changes with change in production volume but remains same at per…
Q: Sheridan Company expects a direct materials cost of $5 per unit for 260000 units (a total of…
A: The standard rates are calculated as estimated costs divided by estimated base activity. The…
Q: A company has two products: A1 and B2. It uses activity-based costing and has prepared the following…
A: ACTIVITY BASED COSTINGActivity Based Costing is a Powerful tool for measuring…
Q: Cosmo Technology manufactures three products: GX, TY, and KZ. They all use the same resources but in…
A: The question is related to Activity Based Costing. The detais of three products are given. The cosr…
Q: What is Webster’s direct materials price variance? (do not round intermediate calculations, round…
A: Direct Materials price Variance = (Actual Price x Actual Quantity Purchase) - (Standard Price x…
Q: Distinguish between a standard and a budget. BE11.1 (LO 1 ), AP Lopez Company uses both standards…
A: A normal expense is one that has been budgeted or scheduled. Engineering designs and production…
Q: ABC Incorporation provides the following information for November 2018 Budgeted Production = 200…
A: Material price variance: It occurs when the actual price paid for materials is different from the…
Q: The following data were drawn from the records of Vernon Corporation. Planned volume for year…
A: Materials Variance CalculationsMaterials Price Variance (MPV)Actual Price per pound of materials:…
Q: BesteLippe (Pty) Ltd produces two types of lip balm, namely Healing and Organic and uses an…
A: The objective of the question is to calculate the total budgeted fixed cost to be used in the…
Q: Iota Inc. prepared its static budget for producing 10,000 units of one of its products for the next…
A: The objective of the question is to prepare a flexible budget for Iota Inc. for producing 15,000…
Q: Kirchoff.,manufactures a product with the following costs: Direct materials 18.00 Direct labor…
A: The cost per unit is calculated as total cost divided by number of units produced. The mark up…
Q: Company expects direct $4 per unit for 100000 hits (a total of $400000 of direct materials costs).…
A: The standard direct materials cost is calculated in per unit cost form and budgeted direct materials…
Q: Assume the following information for Jenkins Inc.: Total flexible budget direct materials costs:…
A: Standard rate per item = Total flexible budget direct materials costs / Standard quantity = 5000/40…
Q: The following data have been extracted from the budgets and standard costs of FAA Limited, a company…
A: Calculation of product cost per unit under (a) Marginal costing and (b) Absorption costing:…
Q: The following data are given for Bahia Company: Budgeted production (at 100% of normal capacity)…
A: The variance is the difference between the costs estimated and the actual costs incurred. If the…
Q: Z Ltd has prepared the Budget for the production of 1,00, 000 units from a costing period as unuer.…
A: Raw materials are the type of inventory of materials or substances that are used in the production…
Q: The Current Designs staff has prepared the annual manufacturing budget for the rotomolded line based…
A: A flexible budget is a budget prepared by the management that compares the estimated and actual…
Q: Bonita Industries expects direct materials cost of per unit for standard direct materials cost and…
A: Standard costs are estimates of the actual costs in a company’s production processThen, the actual…
Q: Assume the following information for Jenkins Inc.: Total flexible budget direct materials costs:…
A: Variance arises when the actual cost is different from the budgeted cost. The variance is favorable…
Q: Miller and Sons' static budget for 10,100 units of production includes $38,800 for direct materials,…
A: To prepare a flexible budget for 13,000 units of production, we need to first determine the variable…
Q: The following details relates to the operations of a company for budgeted output of 10000units;…
A: The break even sales are the sales where business earns no profit no loss.
Q: Mid City Products Inc. (MCP), developed standard costs for direct material and direct labor. In…
A: The direct materials efficiency variance is a sub-variance of the direct materials cost variance.…
Q: The following data are available: Actual OH is 300,000; Overapplied OH is 25,000; Budgeted machine…
A: Applied overhead = Actual OH + Overapplied OH Overhead rate = Applied overhead / Actual Machine…
Q: Banks Corporation has the following information for direct materials for the latest period. BANKS…
A: Material price variance measures the change in direct material cost due to the difference between…
Q: Indicom Ltd presents the following information with a product: Standard level of consumption of…
A: Standard costing was used to measure the performance of an activity by making an comparison between…
Step by step
Solved in 2 steps with 1 images
- Google Inc. produces and distributes two types of products, Standard and Deluxe. Budgeted cost and activity for each of its three activity cost pools are shown below. The company plans to produce and sell 120,000 standard units and 80,000 deluxe units. Budgeted Activity Cost Driver or Base finished units parts Production setups setups Activity Cost Pool Packaging Material handling Budgeted Cost $100,000 $49,600 $120,000 Standard 120,000 finished units 600,000 total parts 6 total setups Required: a. Determine the activity rate for each activity cost pool. Deluxe 80,000 finished units 640,000 total parts 14 total setups b. Determine the activity-based cost per total production of each product (Standard & Deluxe). c. Determine the activity-based cost per unit of each product (Standard & Deluxe).Banks Corporation has the following information for direct materials for the latest period. BANKS CORPORATION INFORMATION FOR DIRECT MATERIALS FOR THE LATEST PERIOD Standard price per unit of direct materials Actual price per unit of direct materials Budgeted units of output Standard quantity of direct materials allowed per unit of output Actual units of direct materials used Actual units of direct materials purchased Actual units of output produced SA SA $ 15.00 $ 16.50 45,000 3 units 40,000 50,000 14,000 The company calculates its price variance based on quantity purchased. What was the total quantity of direct materials allowed based on the standards? 45,000. 50,000.Calculate what Jordan Manufacturing Co.'s Flexible Budget would be at an estimate of 9,000 units, given the following: The Static Budget at 8,000 units of production includes $40,000.00 for Direct Labor and $4,000.00 for Electric Power. Also, total Fixed Costs are $23,000.00 Variable costs of $49,500.00 & Fixed costs of $25,875.00 O Variable and Fixed costs totaling $75,375.00 Variable costs of $49,500.00 & Fixed costs $23,000.00 Variable costs of $44,000.00 & Fixed costs of $23,000.00
- Based on a predicted level of production and sales of 24,000 units, a company anticipates total contribution margin of $79,200, fixed costs of $24,000, and operating income of $55,200. Based on this information, the budgeted operating income for 21,000 units would be: Multiple Choice $55,200. $103,200. $45,300. $44,571. $79,200.Wilco Inc. allocates overhead on the basis of direct labor hours. They report the following budgeted and actual data: Budgeted MOH Actual MOH Budgeted Direct Labor Hours Budgeted Machine Hours Actual Direct Labor Hours Actual Machine Hours How much is MOH Over/Under allocated for the period? O Underallocated by $4000 O Underallocated by $2000 Overallocated by $2000 O Overallocated by $4000 $80,000 $82,000 80,000 40,000 78,000 43,000Ghu
- Reliance, Inc, utilizes a standard cost system for budget and control purposes. Flexible budgets are determined and all overbead cost items are assigned on the basis of standard direct labor hours. The following standard cost per finished unit was determined on the basis of a projected monthly normal production for 2020: Direct materials (3 pounds @ P6.00) Direct labor (0.30 hour @P40.00) Variable overhead (0.30 hour @P10) Fixed overhead (0.30 hour @ P6-2/3) P18.00 12.00 3.00 2.00 Total P35.00 You have just received the condensed performance report for the month of Sept., 2020. VARIANCE ANALYSIS Price or Quantity or time or Standard Сарacity Costs Rate Variances Direct materials used Direct labor costs Applied P162,000 108,000 Efficiency P6,000 U 1,200 U P14,000 F *18,200 U 5,250 U 1,500 U Variable overhead 27,000 18,000 300 U Fixed overhead P4,000* U * Includes labor joint variance. ** Includes overhead capacity variance & fixed overhead efficiency varianceUse this information for Stringer Company to answer the question that follow. The following data are given for Stringer Company: Budgeted production 930 units Actual production 1,013 units Materials: Standard price per ounce $1.85 Standard ounces per completed unit 10 Actual ounces purchased and used in production 10,434 Actual price paid for materials $21,390 Labor: Standard hourly labor rate $14.60 per hour Standard hours allowed per completed unit 4.7 Actual labor hours worked 5,216.95 Actual total labor costs $79,558 Overhead: Actual and budgeted fixed overhead $1,015,000 Standard variable overhead rate $25.00 per standard labor hour Actual variable overhead costs $146,075 Overhead is applied on standard labor hours. Round your intermediate calculations and final answer to the nearest cent. The direct materials price variance is a.$5,217.00 favorable b.$2,086.80 favorable c.$2,086.80…Use this information for Stringer Company to answer the question that follow. The following data are given for Stringer Company: Budgeted production 911 units Actual production 1,080 units Materials: Standard price per ounce $1.89 Standard ounces per completed unit 10 Actual ounces purchased and used in production 11,124 Actual price paid for materials $22,804 Labor: Standard hourly labor rate $14.32 per hour Standard hours allowed per completed unit 4.3 Actual labor hours worked 5,562 Actual total labor costs $84,821 Overhead: Actual and budgeted fixed overhead $1,082,000 Standard variable overhead rate $25.00 per standard labor hour Actual variable overhead costs $155,736 Overhead is applied on standard labor hours. The direct materials quantity variance is a.$1,779.64 favorable b.$1,779.64 unfavorable c.$612.36 unfavorable d.$612.36 favorable
- Zizi plc uses a standard absorption costing system and produces and sells product 8W. The standard cost card is below: Product 8W (€ per unit) Direct material (5 per kg) 15 Direct labour (6 per hour) 12 Fixed manufacturing overhead 10 Total production cost 37 Standard profit 13 Standard selling price 50 * Absorption rate based on standard labour hours Budgeted and actual production and sales units for december 2020 were as follows: Budget Actual Production 1,100 900 Sales 1,000 800 Actual data for December 2020 were as follows € Direct material purchases 1,200 kgs costing 12,000 Direct materials used 1,100 kgs Direct labour hours 500 hours costing 6,000 Fixed manufacturing overhead 5,000 Sales revenue 30,000 An analysis of the Direct labour hours shows that the 500 hours that were paid for 50 were idle time due to a machinery breakdown. There were no inventories of Direct materials or finished products (planned or actual) at the…Cherokee Manufacturing Company established the following standard price and cost data: Sales price $ 12.00 per unit Variable manufacturing cost 7.20 per unit Fixed manufacturing cost 3,600 total Fixed selling and administrative cost 1,200 total Cherokee planned to produce and sell 2,000 units. Actual production and sales amounted to 2,200 units. Required Prepare the pro forma income statement in contribution format that would appear in a master budget. Prepare the pro forma income statement in contribution format that would appear in a flexible budget.Vaughn Manufacturing expects a direct materials cost of $4 per unit for 300000 units (a total of $1200000 of direct materials costs). Vaughn's standard direct materials cost and budgeted direct materials cost is O Standard $1200000 per year $4 per unit $4 per unit $1200000 per year Budgeted $1200000 per year $4 per unit $1200000 per year $4 per unit
