Direct labor cost budgetQuetzaltenango Candle Inc. budgeted production of 54,000 candles for March. Each candle requires molding. Assume that 10 minutes are required to mold each candle. If moldinglabor costs $14.25 per hour, determine the direct labor cost budget for March.Quetzaltenango Candle Inc.Direct Labor Cost BudgetFor the Month Ending March 31Hours required for molding:Candlesmin.Convert minutes to hours ÷min.Molding hourshrs.Hourly rateTotal direct labor cost

Total minutes for 54,000 candles = 54,000 x 10 each = 540,000 Molding hours = 540,000 / 60 (cause…

Answered: Direct labor cost budget Quetzaltenango…

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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Lean Accounting The annual budgeted conversion costs for a lean cell are $70,500 for 1,500 production hours. Each unit produced by the cell requires 18 minutes of cell process time.. During the month, 1,050 units are manufactured in the cell. The estimated materials costs are $52 per unit. (Round the per unit cost to the nearest cent and use in subsequent computations. If required, round your answers to the nearest dollar.) Journalize the following entries for the month: a. Materials are purchased to produce 1,110 units. b. Conversion costs are applied to 1,050 units of production. c. The cell completes 1,000 units, which are placed into finished goods. If an amount box does not require an entry, leave it blank. a. b.
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Direct labor cost budget Provo Racket Company manufactures two types of tennis rackets, the Youth and Adult models. The production budget for July for the two rackets is as follows: Line Item Description Youth Adult Production budget 6,700 units 18,700 units Both rackets are produced in two departments, Forming and Assembly. The direct labor hours required for each racket are estimated as follows: Line Item Description Forming Department Assembly Department Youth 0.20 hour per unit 0.40 hour per unit Adult 0.35 hour per unit 0.65 hour per unit The direct labor rate for each department is as follows: Forming Department $17.00 per hourAssembly Department $8.00 per hour Prepare the direct labor cost budget for July. Provo Racket CompanyDirect Labor Cost BudgetFor the Month Ending July 31 Line Item Description Forming Department Assembly Department Hours required for production: Youth Youth Youth Adult Adult Adult Total Total Total Hourly rate…
Required information Miami Solar manufactures solar panels for industrial use. The company budgets production af 5,400 units (solar panels) in July and 4,400 units in August. Each unit requires 4 hours of direct labor at a rate of $17 per hour. Prepare a direct labor budget for July MIAMI SOLAR Direct Labor Budget July Units to produce 5,400 Direct labor hours needed Cost of direct labor
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Budget Performance Report Genie in a Bottle Company (GBC) manufactures plastic two-liter bottles for the beverage industry. The cost standards per 100 two-liter bottles are as follows: Cost Category Standard Costper 100 Two-LiterBottles Direct labor $1.14 Direct materials 6.38 Factory overhead 0.38 Total $7.9 At the beginning of July, GBC management planned to produce 500,000 bottles. The actual number of bottles produced for July was 540,000 bottles. The actual costs for July of the current year were as follows: Cost Category Actual Cost for theMonth Ended July 31 Direct labor $6,033 Direct materials 33,625 Factory overhead 2,073 Total $41,731 Enter all amounts as positive numbers. a. Prepare the July manufacturing standard cost budget (direct labor, direct materials, and factory overhead) for WBC, assuming planned production. Genie in a Bottle…
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