Firelight Corporation manufactures and sells two types of decorative lamps, Knox and Ayer. The following data areavailable for the year 2020. Machine setup-hours is the only driver of manufacturing overhead costs. Firelight has a setup capacity of 780 hours.(Click the icon to view the information.)Calculate the manufacturing overhead costs budget (label it Schedule 5).Schedule 5: Manufacturing Overhead Costs Budgetfor the Year Ending December 31, 2020Machine Setup Overhead CostsTotal manufacturing overhead costsData table1. Quantity of lamps to be produced2. Number of lamps to be produced per batch3. Setup time per batchVariable cost = $45 per setup-hourFixed cost = $70,000Knox19,000 lamps200 lamps/batch4 hours/batchAyer8,000 lamps100 lamps/batch5 hours/batch

INTRODUCTION: A type of operational expense that is unrelated to a facility's output is…

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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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Factory Overhead Application. St. Louis Sounds Inc. manufactures audio equipment. The company estimates the following costs at normal capacity and other items for the coming period: Direct materials $300,000 Direct labor 520,000 Factory overhead (fixed) 300,000 Factory overhead (variable) 240,000 Normal capacity 100,000 direct labor hours Expected production 80,000 direct labor hours Required: Compute the overhead application rate for fixed, variable, and total overhead per direct labor hour, using both the normal capacity and the expected actual capacity activity levels.
Jackson Inc. listed the following data for 2019: Budgeted factory overhead $1,155,000 Budgeted direct labor hours 70,000 Budgeted machine hours 42,000 Actual factory overhead 1,100,900 Actual direct labor hours 87,500 Actual machine hours 40,600 Assuming Jackson Inc. applied overhead based on direct labor hours, the firm's predetermined overhead rate for 2019 is (round calculations to 2 significant digits): Multiple Choice $15.34 per direct labor hour. $13.05 per direct labor hour. $16.39 per direct labor hour. $16.50 per direct labor hour. $17.02 per direct labor hour.
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Multiple Versus Single Overhead Rates, Activity Drivers Deoro Company has identified the following overhead activities, costs, and activity drivers for the coming year: Activity Expected Cost Activity Driver Activity Capacity Setting up equipment $478,490 Number of setups 590 Ordering costs 358,600 Number of orders 16,300 Machine costs 848,000 Machine hours 42,400 Receiving 416,000 Receiving hours 10,400 Deoro produces two models of dishwashers with the following expected prime costs and activity demands: Model A Model B Direct materials $616,000 $770,000 Direct labor 489,000 487,000 Units completed 16,000 7,100 Direct labor hours 5,200 2,100 Number of setups 430 160 Number of orders 5,200 11,100 Machine hours 24,200 18,200 Receiving hours 3,800 6,600 The company's normal activity is 7,300 direct labor hours. Required: 1. Determine the unit cost for each model using direct labor hours to apply overhead. Round intermediate calculations and final answers to nearest cent. Unit Cost Model…
Assign the total 2020 manufacturing overhead costs to the two products using activity based costing and determine the overhead cost per unit. (round to 2 decimal places, e.g.12.25)
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Avery Company uses a predetermined overhead rate based on direct labor hours. For the month of October, Avery’s budgeted overhead was P300,000 based on a budgeted volume of 100,000 direct labor hours. Actual overhead amounted to P325,000 with actual direct labor hours totaling 110,000. Compute for the following: __________1. Factory overhead charged to Work in Process account
Michael Roberts is a cost accountant and business analyst for HP Clothing Company (HPCC), which manufactures expensive T-shirts. HPCC uses two direct cost categories: direct materials and direct manufacturing labor. It allocates manufacturing overhead to production based upon labor hours used. At the beginning of 2020, HPCC adopted the following standards for each T-shirt: Standard Quantity Standard Price Or Hour 3.1 kg 2 hours 2 hours Or Rate $9 /kg $8/hour Input Direct materials Direct labor Variable overhead $5 /hour Actual results for April 2020 were as follows: Production 3,200 T-shirts Direct materials purchased Direct materials used 12,900 kg. at S10 kg 9,000 kg 7,200 hours for $59,000 Direct labor Variable manufacturing overhead $ 35,600 Required: a) Compute the standard variable product cost per unit. b) For the month of April 2020, compute the following variances, indicating whether each is favorable or unfavorable: i. Direct materials price variance, based on purchases ii.…
28) Blakely charges manufacturing overhead to products by using a predetermined application computed on the basis of machine hours. The following data pertain to the current year: Budgeted manufacturing overhead: $480,000 Actual manufacturing overhead: $440,000 Budgeted machine hours: 20,000 Actual machine hours: 16,000 Overhead applied to production totaled: A) $600,000. B) S352,000. O 5384,000. D) S550,000. E) some other amount.
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