For the year, the estimated production of Product Y is 620,000 units. Total estimated costs: Materials Cost = $1,480,000 Labor Cost $1,860,000 = (a) The standard cost per unit (b) The budgeted cost
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- A company estimates its manufacturing overhead will be $840,000 for the next year. What is the predetermined overhead rate given each of the following Independent allocation bases? Budgeted direct labor hours: 90,615 Budgeted direct labor expense: $750000 Estimated machine hours: 150,000Manufacturing overhead is applied based on budgeted direct labor hours. The direct labor budget indicates that 5,400 direct labor hours will be required during the year. The variable overhead rate is $3.40 per direct labor hour. The company's budgeted fixed manufacturing overhead is $85,050 per year, which includes depreciation of $16,100. All other fixed manufacturing overhead costs represent current cash flows. The predetermined overhead rate would be: A. $12.77. B. $16.17. C. $19.15. D. $15.75.Banks Corporation has the following information for direct materials for the latest period. BANKS CORPORATION INFORMATION FOR DIRECT MATERIALS FOR THE LATEST PERIOD Standard price per unit of direct materials Actual price per unit of direct materials Budgeted units of output Standard quantity of direct materials allowed per unit of output Actual units of direct materials used Actual units of direct materials purchased Actual units of output produced SA SA 15.00 $ 16.50 45,000 3 units 40,000 50,000 14,000 The company calculates its price variance based on quantity purchased. What is the direct materials price variance? $60,000 favorable. $60,000 unfavorable.
- Banks Corporation has the following information for direct materials for the latest period. BANKS CORPORATION INFORMATION FOR DIRECT MATERIALS FOR THE LATEST PERIOD Standard price per unit of direct materials Actual price per unit of direct materials Budgeted units of output Standard quantity of direct materials allowed per unit of output Actual units of direct materials used Actual units of direct materials purchased Actual units of output produced SA SA $ 15.00 $ 16.50 45,000 3 units 40,000 50,000 14,000 The company calculates its price variance based on quantity purchased. What was the total quantity of direct materials allowed based on the standards? 45,000. 50,000.Tammy Company uses both standards and budgets. For the year, estimated production of Product X is 565,000 units. Total estimated cost for materials and labor are $1,243,000 and $1,638,500 respectively. Compute the estimates for (a) a standard cost and (b) a budgeted cost. (Round standard costs to 2 decimal places, e.g. 1.25.) (a) (b) Standard cost $ Budgeted cost $ Materials $ $ LaborMaria Company uses both standards and budgets. For the year, estimated production of Product X is 597,000 units. Total estimated cost for materials and labor are $1,194,000 and $1,671,600respectively.Compute the estimates for (a) a standard cost and (b) a budgeted cost. (Round standard costs to 2 decimal places, e.g. 1.25.) Materials Labor (a) Standard cost $enter a dollar amount rounded to 2 decimal places $enter a dollar amount rounded to 2 decimal places (b) Budgeted cost $enter a dollar amount $enter a dollar amount
- pharoah company expects to produce 1,207,200 units of product xxin 2022. montly production is expected to range from 76,000 to 118,000 units. budgeted variable manufactoring cost per unit are direct materials $3, direct labour $7, and overhead$10,. budgetd fixed manufactoring cost per unit for depreciation are $4 and for supervision are $1. prepare a fexible manufactoring budget for the relevant range value using 21,000 units incrementsThe predetermined overhead rate would be ?1. Juroc Incorporated has identified the following cost drivers for its expected overhead costs for the year: Cost Pools Budgeted Cost Cost Driver Cost Driver Level Setup $ 200,000 Number of setups 1,000 Ordering 100,000 Number of orders 5,000 Maintenance 250,000 Machine hours 25,000 Power 50,000 Kilowatt hours 50,000 Total direct labor hours budgeted = 10,000 hours. The following data applies to Product X, one of the products completed during the year. Direct materials $ 5,000 Direct labor $ 6,000 Units completed 500 Direct labor hours 200 Number of setups 20 Number of orders 40 Machine hours 250 Kilowatt hours 500 If the activity-based cost drivers are used to allocate overhead cost, the total overhead cost of Product X will be: 2. Tremain Company produces and sells two products, Wood and Iron. The following information is available relating to its setup activities: Wood Iron Units produced 240 19,000 Batch size (units) 20 500 Total…
- Jefferson Company expects to incur $572,760 in manufacturing overhead costs during the current year. Other budget information follows: Direct labor hours Machine hours Department A 16,650 8,880 Required: a. Use direct labor hours as the cost driver to compute the allocation rate. Determine the amount of budgeted overhead cost for each department. b. Use machine hours as the cost driver to compute the allocation rate. Determine the amount of budgeted overhead cost for each department. c. Assume that Department A manufactured a product that required 160 direct labor hours and 85 machine hours. If overhead is allocated based on direct labor hours, how much overhead would be allocated to this product? d. Assume that Department A manufactured a product that required 160 direct labor hours and 85 machine hours. If overhead is allocated based on machine hours, how much overhead would be allocated to this product? Req A and B Req C and D Department B Department C 5,550 22, 200 11,100 13,320…A. Prepare a cost estimate for a volume level of 128,000 units of product this year. B. Determine the costs per unit for last year and for this year.Q3. In a manufacturing process the following standards apply: Standard Price: Raw material A Rs. 10 per kg B Rs. 50 per kg Standard mix: 75% A and 25% B (by weight) Standard Output (weight of product as a percentage of weight of raw material) -90% In a particular period actual costs, usages and output were as follows: 4,400 kgs of A costing Rs. 46,500 1 The budgeted output for the period was 7.200 kg. Compute Material variances. (Material cost, price, usage, mix, yield variances) 1,600 kgs of B costing Rs. 78.500 Output 5,670 kg of product
