Franklin Corporation paid one of its sales representatives $9,500 during the month of March. The rep is paid a base salary plus $13per unit of product sold. During March, the rep sold 200 units.RequiredCalculate the total monthly cost of the sales representative's salary for each of the following months:MonthNumber of unitsTotal variable costTotal fixed costTotal salary costApril240May150June250July160

Total costs comprise both variable and fixed elements,The variable cost per unit and fixed costs in…

Answered: Franklin Corporation paid one of its…

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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The Cost Sheet of Picon Sales Corporation provides the following information: Cost per Particulars unit (Rs.) Raw Material 250 Direct Labour 400 Overheads (including 100 Depreciation Rs. 50/-) Total Cost 750 Profits 250 Selling Price 1000 Avg. raw material stock is of one month. Avg. work in progress is for half month. Credit period allowed by suppliers is one month and to customers is also one month. Avg. time lag in payment of wages is 10 days and overheads is 30 days. 25% of the sales are on cash basis. Finished goods lie in stock for one month. Cash balance at the beginning is expected to be Rs. 200,000. You are required to prepared a statement of the working capital needed to finance a level of the activity of 54,000 units of output. Production is carried out evenly throughout the year and wages and overheads accrue similarly. Please state your assumptions, if any.
Production workers for Benson Manufacturing Company provided 380 hours of labor in January and 660 hours in February. Benson expects to use 4,000 hours of labor during the year. The rental fee for the manufacturing facility is $16,000 per month. Required Based on this information, how much of the rental cost should be allocated to the products made in January and to those made in February? (Do not round intermediate calculations.) Month Allocated Cost January February
Jake's Roof Repair has provided the following data concerning its costs: Fixed Cost per Month $ 20,900 Cost per Repair-Hour. $ 15.00 $ 7.78 $8.35 $ 1.80 Wages and salaries. Parts and supplies Equipment depreciation Truck operating expenses Rent Administrative expenses For example, wages and salaries should be $20,900 plus $15.00 per repair-hour. The company expected to work 2,500 repair-hours In May, but actually worked 2,400 repair-hours. The company expects its sales to be $45.00 per repair-hour. Revenue Expenses: $ 2,760 $ 5,790 $ 4,640 $ 3,850 Required: Compute the company's activity variances for May. (Indicate the effect of each varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (l.e., zero variance). Input all amounts as positive values.) Jake's Roof Repair Activity Variances For the Month Ended May 31 Wages and salaries Parts and supplies Equipment depreciation Truck operating expenses Rent Administrative expenses Total expense Net operating…
Betty DeRose, Inc. manufactures and sells a single product. Information related to the cost of producing this product for the past six months is provided below: Units Produced 5,360 4,840 7,580 4,930 6,110 7,620 Month June July August September October November Total Cost Incurred $126,017 $118,831 $155,833 $119,246 $136,932 $157, 195 Betty DeRose, Inc. expects to produce 6,495 units of this product during December. Using the high-low method, calculate Betty DeRose, Inc's expected total cost incurred for December.
4. Case made 24,500 units during June, using 32,000 direct labor hours. They expected to use 31,450 hours per the standard cost card. Their employees were paid $15.75 per hour for the month of June. The standard cost card uses $15.50 as the standard hourly rate. NOTE: All dollar amounts are rounded to whole dollars and shown with "$" and commas as needed (i.e. $12,345). For the variance conditions, your answer is either "F” (for Favorable) or "U” (for Unfavorable) - capital letter and no quotes. Complete the following table of variances and their conditions: Variance Variance Amount Favorable (F) or Unfavorable (U) Labor Rate ? ? Labor Time ? ? Total DL Cost Variance ? ?
A company manufactures a single product, that has a standard cost per as below Direct materials Direct Labour Fixed overheads Per unit (15 metres @K6/metre) 90 (5 hours @K8/hour) 40 Variable Overheads (5hours @ K4/hour) 20 (5 hours @ K2/hour) 10 The standard selling price is K195 K The monthly budget production and sales was 1,300 units. Actual figures for the month of January 2019 are as follows: Sales Production Direct materials Direct wages Variable overheads Fixed overheads Required: 1,400 units @ K200 each. 1,500 Units 23,500 metres @ K6.50 per metre 7,000 hours @ K7.80 per hour K25,600 K14,200 Calculate the following variances: (a) Material price (b) Material usage (c) Labour rate (d) Labour efficiency (e) Variable overhead expenditure (f) Variable overhead efficiency (g) Fixed overhead volume (h) Fixed overhead expenditure (i) Sales Price (j) Sales Volume
The accountant for Barry Ltd compares each month's actual results with a monthly plan. The standard direct labour rates and the standard hours allowed, given the actual output in April, are shown in the following schedule: Standard direct labour rate per hour Standard direct labour hours allowed, given April output $26.00 $22.00 Labour class IIl 1,000 Labour class II 1,000 Labour class I $12.00 1,000 A new union contract negotiated in March resulted in actual wage rates that differed from the standard rates. The actual direct labour hours worked and the actual direct labour rates per hour for April were as follows. Actual direct labour rate per hour Actual direct labour hours Labour class II $28.00 1,100 Labour class II $23.00 1,300 Labour class I $14.00 750 Required: a) Calculate the following variances for April, indicating whether each is favourable or unfavourable: i direct labour rate variance for each labour class. ii direct labour efficiency variance for each labour class. b)…
Sunland Company used high and low data from June and July to determine its variable cost of $12 per unit. Additional information follows: Month June July Units produced 1700 O $1275 1500 Total costs $21600 O $19200 O $30200 $31400 If the company produces 1600 units in August, what is its expected total cost? 29000
Munoz Air is a large airline company that pays a customer relations representative $15,975 per month. The representative, who processed 1,120 customer complaints in January and 1,460 complaints in February, is expected to process 21,300 customer complaints during the year. Required a. Determine the total cost of processing customer complaints in January and in February. Month Allocated Cost January February
In the month of March, Carla Vista Salon services 650 clients at an average price of $110. During the month, fixed costs were $14,256 and variable costs were 70% of sales.

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