I want answer Financial Accounting: KGS Mining's equipment usage policy requires shift-basedmonitoring. Morning shift supervisor reports:1. Operational hours: 6.5II. Maintenance time: 1.2III. Breakdown time: 0.8Against 8-hour standard shift, management seeks to identify productive timeratio.

Explanation of Operational Time: Operational time refers to the duration during which the equipment…

Answered: Financial Accounting: KGS Mining's…

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter2: Job Order Costing

Section: Chapter Questions

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Determine the cost of each unit completed during the month. Determine the total amount debited to the Overhead Control accounts during the month. 3 Classify the following costs of activity inputs as variable, fixed or mixed. d. e. a. Flu vaccine b. Salaries, Equipment, and materials used for moving materials in a factory C. Forms use to file insurance claims d. Salaries, forms, and postage associated with purchasing e. Printing and postage for advertising circulars f. Equipment, labor, and parts used to repair and maintain production equipment g. Power to operate sewing machines in a clothing factory h. Wooden cabinets enclosing audio speakers
Required information The Foundational 15 (Algo) [LO2-1, LO2-2, LO2-3, LO2-4] [The following information applies to the questions displayed below.] Sweeten Company had no jobs in progress at the beginning of the year and no beginning inventories. It started, completed, and sold only two jobs during the year-Job P and Job Q. The company uses a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, it estimated that 4,000 machine-hours would be required for the period's estimated level of production. Sweeten also estimated $29,800 of fixed manufacturing overhead cost for the coming period and variable manufacturing overhead of $2.90 per machine-hour. Because Sweeten has two manufacturing departments-Molding and Fabrication-it is considering replacing its plantwide overhead rate with departmental rates that would also be based on machine-hours. The company gathered the following additional information to enable calculating departmental overhead rates:…
roduction reports for the third quarter show the following data: Month Machine hours Direct labour hours Direct materials cost (£) Floor surface (square meters) Actual Overhead (£) July 10,000 44,000 25,000 150 31,200 August 15,000 37,800 21,750 170 47,000 September 13,400 59,500 32,000 210 40,100 Which variable would be the most likely basis for allocating overhead? a. Machine hours b. Labour hours c. Floor surface d. Direct materials cost
Nova Company's total overhead cost at various levels of activity are presented below: Month April Machine- Total Hours Overhead Cost 54,000 $ 193,040 44,000 $ 168,940 64,000 74,000 $ 217,140 $ 241,240 May June July Assume that the total overhead cost above consists of utilities, supervisory salaries, and maintenance. The breakdown of these costs at the 44,000 machine-hour level of activity is: Utilities (variable) Supervisory salaries (fixed) Maintenance (mixed) Total overhead cost $ 57,200 48,000 63,740 $ 168,940 Nova Company's management wants to break down the maintenance cost into its variable and fixed cost elements. Required: 1. Estimate how much of the $241,240 of overhead cost in July was maintenance cost. (Hint: to do this, it may be helpful to first determine how much of the $241,240 consisted of utilities and supervisory salaries. Think about the behavior of variable and fixed costs.) 2. Using the high-low method, estimate a cost formula for maintenance in the form Y = a +…
Problem: Ethics in Business Lisa Ronsin had recently been transferred to the Home Security Systems Division of National Home Products. Shortly after taking over her new position as divisional controller, she was asked to develop the division’s predetermined overhead rate for the upcoming year. The accuracy of the rate is important because it is usedthroughout the year and any underapplied or overapplied overhead is closed out to Cost of Goods Sold at the end of the year. National Home Products uses direct labor- hours in all of its divisions as the allocation base formanufacturing overhead. To compute the predetermined overhead rate, Lisa divided her estimate of the total manufacturing overhead for the coming year by the production manager’s estimate of the total direct labor-hours for the coming year. She took her computations to the division’s general manager for approval but was quite surprised when he suggested amodification in the base. Her conversation with the general manager…
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Financial Accounting: KGS Mining's equipment usage policy requires shift-based monitoring. Morning shift supervisor reports: 1. Operational hours: 6.5 II. Maintenance time: 1.2 III. Breakdown time: 0.8 Against 8-hour standard shift, management seeks to identify productive time ratio.