ect Materials Purchases Budget icipated sales for Safety Grip Company were 42,000 passenger car tires and 19,000 truck tires. Rubber and steel belts are used in producing passenger car and truck tires as follows: Passenger Car Truck 35 lbs. per unit 78 lbs. per unit 5 lbs. per unit 8 lbs. per unit purchase prices of rubber and steel are $1.20 and $0.80 per pound, respectively. The desired ending inventories f rubber and steel belts are 40,000 and 10,000 pounds, respectively. The estimated beginning inventories for rubber and s ts are 46,000 and 8,000 pounds, respectively. bber eel belts pare a direct materials purchases budget for Safety Grip Company for the year ended December 31, 2019. Safety Grip Company Direct Materials Purchases Budget For the Year Ending December 31, 20Y9 Rubber ounds required for production: Passenger tires Truck tires stal pounds available stal units purchased mit price tal direct materials to be purchased x S lbs. lbs. lbs. 1 Steel Belts x$ $ lbs. lbs. lbs. Total

ect Materials Purchases Budget icipated sales for Safety Grip Company were 42,000 passenger car tires and 19,000 truck tires. Rubber and steel belts are used in producing passenger car and truck tires as follows: Passenger Car Truck 35 lbs. per unit 78 lbs. per unit 5 lbs. per unit 8 lbs. per unit purchase prices of rubber and steel are $1.20 and $0.80 per pound, respectively. The desired ending inventories f rubber and steel belts are 40,000 and 10,000 pounds, respectively. The estimated beginning inventories for rubber and s ts are 46,000 and 8,000 pounds, respectively. bber eel belts pare a direct materials purchases budget for Safety Grip Company for the year ended December 31, 2019. Safety Grip Company Direct Materials Purchases Budget For the Year Ending December 31, 20Y9 Rubber ounds required for production: Passenger tires Truck tires stal pounds available stal units purchased mit price tal direct materials to be purchased x S lbs. lbs. lbs. 1 Steel Belts x$ $ lbs. lbs. lbs. Total

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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Accepting Business at a Special Price Forever Ready Company expects to operate at 82% of productive capacity during May. The total manufacturing costs for May for the production of 27,880 batteries are budgeted as follows: Direct materials $303,300 Direct labor 111,500 Variable factory overhead 31,280 Fixed factory overhead 62,000 Total manufacturing costs $508,080 The company has an opportunity to submit a bid for 3,000 batteries to be delivered by May 31 to a government agency. If the contract is obtained, it is anticipated that the additional activity will not interfere with normal production during May or increase the selling or administrative expenses. What is the unit cost below which Forever Ready Company should not go in bidding on the government contract? Round your answer to two decimal places.$fill in the blank 1 per unit
Lean Accounting
7) Goodyear sells 41,000 car tires & 15,000 truck tires using rubber & steel. Prepare a DM purchasing budget given the following data: Car Tires Truck Tires Cost/pound BEG INV END INV Rubber 30 lbs/unit 60 lbs/unit $1.60 30,000 32,000 Steel 4 lbs/unit 7 lbs/unit $0.70 12,000 10,000
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Multiple production department factory overhead rates The total factory overhead for Cypress Marine Company is budgeted for the year at $567,500, divided into two Fabrication, $311,250, and Assembly, $256,250. Cypress Marine manufactures two types of boats: speedboats speedboats require two direct labor hours in Fabrication and three direct labor hours in Assembly. The bass boa labor hour in Fabrication and two direct labor hours in Assembly. Each product is budgeted for 5,000 units of pri If required, round all per unit answers to the nearest cent.
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 $1.12 Direct materials 5.12 Factory overhead 0.36 Total $6.6 At the beginning of July, GBC management planned to produce 450,000 bottles. The actual number of bottles produced for July was 486,000 bottles. The actual costs for July of the current year were as follows: Cost Category Actual Cost for theMonth Ended July 31 Direct labor $5,334 Direct materials 24,286 Factory overhead 1,767 Total $31,387 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…
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…
Current Attempt in Progress George Daze Growers accumulated actual MOH costs this year of $52,380, even though it had budgeted $58,590 of MOH. It allocates MOH based on the direct labor hours of its workers. At the beginning of the year, it budgeted for 9,000 hours but ended up using 9,700 hours this year. Determine the following. (Round budgeted and actual MOH rate answers to 2 decimal places, e.g 2.25.) (a) The budgeted MOH rate (b) The actual MOH rate SA $ /hr. SA $ /hr. (c) Applied MOH under actual costing $ (d) Applied MOH under normal costing $