Duncan and Oates provides hair-cutting services in the local community. In February, the business cut the hair of 250 clients, earned $5,300 in revenues, and incurred the following operating c(Click the icon to view the operating costs.)What was the cost of service to provide one haircut?Select the formula labels, then enter the amounts and compute the cost of service of providing one haircut. (Round your answer to the nearest cent.)Unit haircut costData tableHair Supplies ExpenseWages ExpenseUtilities ExpenseDepreciation Expense-EquipmentPrintDone$ 6501,55014530X

Name: Duncan and Oates provides hair-cutting services in the local communit
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Description: Duncan and Oates provides hair-cutting services in the local community. In February, the business cut the hair of 250 clients, earned $5,300 in revenues, and incurred the following operating c(Click the icon to view the operating costs.)What was the

Expenses means the amount spent for the running of the business. For generating revenue for the…

Business

Accounting

Duncan and Oates provides hair-cutting services in the local community. In February, the business cut the hair of 250 clients, earned $5,300 in revenues, and incurred the following open (Click the icon to view the operating costs.) What was the cost of service to provide one haircut? H Select the formula labels, then enter the amounts and compute the cost of service of providing one haircut. (Round your answer to the nearest cent.) Unit haircut cost Data table Hair Supplies Expense Wages Expense Utilities Expense Depreciation Expense-Equipment Print Done S 650 1,550 145 30 X

Duncan and Oates provides hair-cutting services in the local community. In February, the business cut the hair of 250 clients, earned $5,300 in revenues, and incurred the following open (Click the icon to view the operating costs.) What was the cost of service to provide one haircut? H Select the formula labels, then enter the amounts and compute the cost of service of providing one haircut. (Round your answer to the nearest cent.) Unit haircut cost Data table Hair Supplies Expense Wages Expense Utilities Expense Depreciation Expense-Equipment Print Done S 650 1,550 145 30 X

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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Great Heart Clinic is a medical service institute that provides various services for its patients. The doctors working for the institute are required to fill out a note in the medical system for each patient treated. The system then generates a unique bill for each patient according to the pricing for the specific service or treatment received. Included in each patient’s bill is the applied overhead cost based on direct labor hours. The clinic created the following overhead budget for this year, but the actual overhead was $296,047. Budget Direct labor hours 10,000 Overhead costs: Indirect material $3,500 Indirect labor $45,000 Utilities $6,000 Insurance $78,000 Property taxes $30,000 Total $162,500 During this year, the doctors actually charged a total of 12,190 hours as shown below. Doctors Hours Charged Doctor A 2,000 Doctor B 1,850 Doctor C 1,960 Doctor D 2,100 Doctor E 2,500 Doctor F 1,780 Total 12,190 The overhead variance is deemed…
In the month of June, Jose Hebert’s Beauty Salon gave 4,125 haircuts, shampoos, and permanents at an average price of $40. During the month, fixed costs were $16,500 and variable costs were 75% of sales. (a) Determine the contribution margin in dollars, per unit and as a ratio. (Round contribution margin and contribution margin per unit to 2 decimal places, e.g. 5.75.) Contribution margin $ Contribution margin per unit $ Contribution margin ratio %
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Marvin’s Kitchen Supply delivers restaurant supplies throughout the city. The firm adds 10 percent to the cost of the supplies to cover the delivery cost. The delivery fee is meant to cover the cost of delivery. A consultant has analyzed the delivery service using activity-based costing methods and identified four activities. Data on these activities follow. Cost Driver Volume Activity Cost Driver Cost Driver Volume Processing order Number of orders $ 65,000 5,000 orders Loading truck Number of items 342,000 100,000 items Delivering merchandise Number of orders 80,000 5,000…
Luisa Crimini has been operating a beauty shop in a college town for the past 10 years. Recently, Luisa rented space next to her shop and opened a tanning salon. She anticipated that the costs for the tanning service would primarily be fixed, but found that tanning salon costs increased with the number of appointments. Costs for this service over the past 8 months are as follows: Month TanningAppointments Total Cost January 1,600 $1,754 February 2,000 2,140 March 3,500 2,790 April 2,500 2,400 May 1,500 1,790 June 2,300 2,275 July 2,150 2,200 August 3,000 2,640 Required: 1. Which month represents the high point? The low point? High point Low point 2. Using the high-low method, compute the variable rate for tanning. Compute the fixed cost per month. Round the variable rate per tanning appointment to the nearest cent. Variable rate for tanning $fill in the blank 3 per tanning appointment…
Shannon Sharpe owns and operates three Frazer Speedo outlets in Columbus, OH. Frazer Speedo is an oil and lubrication service outlet - one of many outlets popular throughout the Midwest. The Frazer Speedo outlets also change transmission and power steering fluids. In May, purchases of materials equaled $80,000, the beginning inventory of materials was $47,300, and the ending inventory of materials was $15,250. Payments to direct labor during the month totaled $63,000. Overhead incurred was $110,000. The Columbus outlet also spent $5,000 on advertising during the month. A franchise fee of $2,000 per outlet is paid every month. Revenues for May were $400,000 What is the Prime Cost for May ? O $80,000 O $143,000 $175,050 O $110,000
Rundle Woodcraft Company manufactures "antique" wooden cabinets to house modern televisions. The Company began operations in January of last year. Sidney Myrick, the owner, asks for your assistance. He believes that he needs to better understand the cost of the cabinets for pricing purposes. You have collected the following data concerning actual production over the past year: Number of Cabinets Month January February 3,640 March 1,990 April 670 May 1,570 EN June 1,340 July 1,170 August 1,720 September 2,320 October 2,940 November 3,320 December 320 Produced Total Cost 880 $21,400 32,500 29,400 18,400 28,900 27,200 25,900 31,900 32,900 31,100 32,800 9,260 Required a. To understand the department's cost behavior, you decide to plot the points on graph paper and sketch a total cost line. (1) Enter the number of units and their costs in increasing order. b. Using the high-low method, compute the total cost equation for the preceding data. (1) Compute the variable cost per unit. (2)…
The Vest School of Vocational Technology has organized the school training programs into three departments. Each department provides training in a different area as follows: nursing assistant, dental hygiene, and office technology. The school's owner, Candice Vest, wants to know how much it cost to operate each of the three departments. To accumulate the total cost for each department, the accountant has identified several indirect costs that must be allocated to each. These costs are $10,080 of telephone expense, $2,016 of supplies expense, $720,000 of office rent, $144,000 of janitorial services, and $150,000 of salary paid to the dean of students. To provide a reasonably accurate allocation of costs, the accountant has identified several possible cost drivers. These drivers and their association with each department follow. Cost Driver Department 1 Department 2 Department 3 Number of telephone 28 16 19 Number of faculty members 20 16 12 Square footage of office space 28,000 16,800…
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The housekeeping services department of Ruger Clinic, a multispecialty practice had $100,000 in direct costs this year. The patient services department generated $5,000,000 in patient revenue and the departments used a total of 5,000 total hours of housekeeping.The adult services department generated $3 million in patient revenue and used 1,500 housekeeping hours what is dollar allocation if patient services is used as the cost driver
Marvin’s Kitchen Supply delivers restaurant supplies throughout the city. The firm adds 10 percent to the cost of the supplies to cover the delivery cost. The delivery fee is meant to cover the cost of delivery. A consultant has analyzed the delivery service using activity-based costing methods and identified four activities. Data on these activities follow. Cost Driver Volume Activity Cost Driver Cost Driver Volume Processing order Number of orders $ 42,000 3,000 orders Loading truck Number of items 243,000 135,000 items Delivering merchandise Number of orders 51,000 3,000 orders Processing invoice Number of invoices 34,000 2,000 invoices Total overhead $ 370,000 Two of Marvin's customers are City Diner and Le Chien Chaud. Data for orders and deliveries to these two customers follow. City Diner Le Chien Chaud Order value $ 76,000 $ 86,000 Number of orders 56 180 Number of items 400 2,200…