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…

Answered: Firelight Corporation manufactures and…

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)
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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Cost Behavior SmokeCity, Inc., manufactures barbeque smokers. Based on past experience, SmokeCity has found that its total annual overhead costs can be represented by the following formula: Overhead cost = $539,780 + $1.32X, where X equals number of smokers. Last year, SmokeCity produced 19,700 smokers. Actual overhead costs for the year were as expected. Required: 1. What is the driver for the overhead activity? For questions 2-4, Enter the final answers rounded to the nearest dollar. 2. What is the total overhead cost incurred by SmokeCity last year? 3. What is the total fixed overhead cost incurred by SmokeCity last year? 4. What is the total variable overhead cost incurred by SmokeCity last year?
Required information [The following information applies to the questions displayed below.] Morning Dove Company manufactures one model of birdbath, which is very popular. Morning Dove sells all units it produces each month. The relevant range is 0 to 1,900 units, and monthly production costs for the production of 1,500 units follow. Morning Dove's utilities and maintenance costs are mixed with the fixed components shown in parentheses. Production Costs Direct materials Direct labor Utilities ($130 fixed) Supervisor's salary Maintenance ($340 fixed) Depreciation Total Cost $ 2,300 7,700 570 3,300 550 750 Suppose it sells each birdbath for $22. Required: 1. Calculate the unit contribution margin and contribution margin ratio for each birdbath sold. 2. Complete the contribution margin income statement assuming that Morning Dove produces and sells 1,700 units. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the unit contribution margin and…
Fulcrum Industries manufactures dining chairs and tables. The following information is available in December 2020: Dining Chairs Tables Total CostMachine setups 200 600 $48,000Inspections 250 470 $72,000Labor hours 2,600 2,400 Fulcrum is considering switching from one overhead rate based on labor hours to activity-based costing.InstructionsPerform the following analyses for these two components of overhead:a. Compute total machine setups and inspection costs assigned to each product, using a single overhead rate.b. Compute total machine setups and inspection costs assigned to each product, using activity-based costing.c. Comment on your findings.
A company budgets $106,800 for overhead and 7,060 direct labor hours for the year. The company's Basic model uses 2 direct labor hours per unit and its Premium model uses 3 direct labor hours per unit. The direct labor rate is $43 per hour. Direct materials cost $13 per unit for the Basic model and $19 per unit for the Premium model. Enter answers in the tabs below. Required Required Required 1 2 3 Compute overhead. cost per unit for each model. Basic Premium Plantwide Direct Labor Overhead Hours per Unit Rate Overhead Cost per Unit
Amazing Screen Corporation manufactures and sells 50-inch television sets and uses standard costing. Actual data relating to January, February, and March 2020 are as follows: MINDE ZAP Requirement 1. Prepare income statements for Amazing Screen in January, February, and March 2020 under (a) variable costing and (b) absorption costing. (a). Prepare income statements for Amazing Screen in January, February, and March of 2020 under variable costing. Complete the top half of the income statement for each month first, then complete the bottom portion. (Complete all input fields. Enter a "0" for any zero balance accounts. January 2020 February 2020 March 2020 Requirements 1. Prepare income statements for Amazing Screen in January, February, and March 2020 under (a) variable costing and (b) absorption costing. 2. Explain the difference in operating income for January, February, and March under variable costing and absorption costing. Print Done The selling price per unit is $2,400. The…

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