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 budgeteddirect materials cost isStandardBudgeted

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Answered: Coronado Industries expects a direct…

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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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 43,000
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Use 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

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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