Choose the correct option Financial Accounting: KGS Mining's equipment usage policyrequires shift-based monitoring. Morning shift supervisor reports:I. Operational hours: 6.5II. Maintenance time: 1.2III. Breakdown time: 0.8Against 8-hour standard shift, management seeks to identifyproductive time ratio.a) 83.25%b) 79.25%c) 81.25%d) 77.25%

Step 1: DefinitionsDefinition of Productive Time RatioThe productive time ratio measures the…

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

Chapter8: Budgeting

Section: Chapter Questions

Problem 8E

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General accounting question
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 +…
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Journalize the following transactions for Coronado, Inc. (a) Incurred direct labor costs of $23,680 for 3,200 hours. The standard labor cost was $24,800. (b) Assigned 3,200 direct labor hours costing $23,680 to production. Standard hours were 3,320. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round per unit values to 2 decimal places, e.g. 52.75 and final answers to O decimal places, e.g. 52.) No. Account Titles and Explanation (a) (b) Debit Credit
Nova Company's total overhead cost at various levels of activity are presented below Total Overhead Machine- Month Hours Cost April May June 52,000 42,000 62,000 72,000 $203,860 $181,060 $226,660 $249,460 July Assume that the total overhead cost above consists of utilities, supervisory salaries, and maintenance. The breakdown of these costs at the 42,000 machine-hour level of activity is: Utilities (variable) Supervisory salaries (fixed) Maintenance (mixed) Total overhead cost S 50,400 67,000 63.660 181,060 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 $249,460 of overhead cost in July was maintenance cost. (Hint: To do this, it may be helpful to first determine how much of the $249,460 consisted of utilities and supervisory salaries. Think about the behavior of variable and fixed costs!) (Do not round intermediate calculations.) Maintenance cost in July 2. Using the high-low method,…
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