Fulton Construction is a general contractor for large construction projects. The budget costs and the time to reach a particular percentage of completion (in months) follows. Also shown are the actual results (cost and months) up to the latest report, which was at the end of month 19. Percentage Complete 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 55% 60% 65% 70% 75% 80% 85% 90% Cost ($000) Budget e 2,236 3,162 3,873 4,472 5,000 5,477 5,916 6,325 6,708 7,071 7,416 7,746 8,062 8,367 8,660 8,944 9,220 9,487 Actual 0 774 1,545 2,308 3,061 3,799 4,520 5,221 5,899 6,553 7,182 7,783 8,356 8,900 9,416 9,902 10,361 10,791 11, 194 Months to Reach Budget Actual 0 0 1 1 2 3 3 4 5 6 7 8 9 10 12 ± 13 14 16 17 0 4 6 8 9 10 11 12 13 13 14 15 15 16 17 17 18 18 19 4

Fulton Construction is a general contractor for large construction projects. The budget costs and the time to reach a particular percentage of completion (in months) follows. Also shown are the actual results (cost and months) up to the latest report, which was at the end of month 19. Percentage Complete 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 55% 60% 65% 70% 75% 80% 85% 90% Cost ($000) Budget e 2,236 3,162 3,873 4,472 5,000 5,477 5,916 6,325 6,708 7,071 7,416 7,746 8,062 8,367 8,660 8,944 9,220 9,487 Actual 0 774 1,545 2,308 3,061 3,799 4,520 5,221 5,899 6,553 7,182 7,783 8,356 8,900 9,416 9,902 10,361 10,791 11, 194 Months to Reach Budget Actual 0 0 1 1 2 3 3 4 5 6 7 8 9 10 12 ± 13 14 16 17 0 4 6 8 9 10 11 12 13 13 14 15 15 16 17 17 18 18 19 4

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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Assume the following five facts: • budgeted fixed manufacturing overhead for the coming period of $308,750 • budgeted variable manufacturing overhead of $4.00 per direct labor hour, • actual direct labor hours worked of 64,000 hours, and • budgeted direct labor-hours to be worked in the coming period of 65,000 hours. The company allocates MOH based on direct-labor hours. The predetermined plantwide overhead rate for the period is closest to:A. $8.50 per dlh B. $8.82 per dlh C. $$8.75 per dlh D. $8.63 per dlh
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Packaging Solutions Corporation manufactures and sells a wide variety of packaging products. Performance reports are prepared monthly for each department. The planning budget and flexible budget for the Production Department are based on the following formulas, where q is the number of labor-hours worked in a month: Cost Formulas Direct labor $16.40q Indirect labor $4,000 + $1.40q Utilities $5,300 + $0.30q Supplies $1,600 + $0.10q Equipment depreciation $18,500 + $3.00q Factory rent $8,200 Property taxes $2,500 Factory administration $13,600 + $0.60q The Production Department planned to work 4,400 labor-hours in March; however, it actually worked 4,200 labor-hours during the month. Its actual costs incurred in March are listed below: Actual Cost Incurred in March Direct labor $ 70,480 Indirect labor $ 9,340 Utilities $ 7,010 Supplies $ 2,250 Equipment depreciation $ 31,100 Factory rent $ 8,600 Property taxes $ 2,500 Factory…
The production department of Headstrong Company has submitted the following forecast of units to be produced by quarter for the upcoming fiscal year: 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Units to be produced 8,100 9,100 7,100 6,100 In addition, the beginning raw materials inventory for the first quarter is budgeted to be 1,950 kilograms and the beginning accounts payable for the first quarter are budgeted to be $3,490. Each unit requires 3.1 kg of raw material that costs $2.50 per kilogram. Management desires to end each quarter with an inventory of raw materials equal to 10% of the following quarter’s production needs. The desired ending inventory for the fourth quarter is 2,325 kilograms. Management plans to pay for 80% of raw material purchases in the quarter acquired and 20% in the following quarter. Each unit requires 0.6 direct labour-hours, and direct labour-hour workers are paid $19.5 per hour. Required: 1-a. Prepare the company's direct…
Packaging Solutions Corporation manufactures and sells a wide variety of packaging products. Performance reports are prepared monthly for each department. The planning budget and flexible budget for the Production Department are based on the following formulas, where qis the number of labor-hours worked in a month: Cost Formulas $16.60g $4, 200 + $1.60g $5,300 + $0.70g $1,700 + $0.30g $18,500 $2.90g $8, 300 $2,500 $13,100 + $0.80g Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory adeinistration The Production Department planned to work 4,100 labor-hours in March; however, it actually worked 3,900 labor-hours during the month. Its actual costs incurred in March are listed below: Direct labor Indirect labor Utilities Supplies Equipnent depreciation Factory rent Property taxes Factory administration Actual Cost Incurred in March $ 66,380 $ 9,940 $ 8,560 $ 3,140 $ 29,810 $ 8,700 $2,500 $ 15,610 Required: 1. Prepare the Production…
Compute the dollar amount of Direct Material "A" to be used in production during the year, given the following info: Budgeted Sales for the year = 640,000 units Estimated Beg. Inventory = 108,000 units Desired End. Inventory = 90,000 units The Quantities of Direct Materials expected to be used for each Unit of finished product are as follows: Material A = 0.5 lb. per unit @ $0.60 per lb. Material B 1.0 lb. per unit @ $1.70 per lb. Material C= 1.2 lb. per unit @ $1.00 per lb. O $186,600.00 $210,600.00 O$181,200.00 $240,000.00
Packaging Solutions Corporation manufactures and sells a wide variety of packaging products. Performance reports are prepared monthly for each department. The planning budget and flexible budget for the Production Department are based on the following formulas, where q is the number of labor-hours worked in a month: Cost Formulas Direct labor $16.20q Indirect labor $4,700 + $1.40q Utilities $5,700 + $0.50q Supplies $1,700 + $0.20q Equipment depreciation $18,600 + $2.50q Factory rent $8,400 Property taxes $2,600 Factory administration $13,100 + $0.70q The Production Department planned to work 4,100 labor-hours in March; however, it actually worked 3,900 labor-hours during the month. Its actual costs incurred in March are listed below: Actual Cost Incurred in March Direct labor $ 64,740 Indirect labor $ 9,620 Utilities $ 8,140 Supplies $ 2,730 Equipment depreciation $ 28,350 Factory rent $ 8,800 Property taxes $ 2,600 Factory…
Packaging Solutions Corporation manufactures and sells a wide variety of packaging products. Performance reports are prepared monthly for each department. The planning budget and flexible budget for the Production Department are based on the following formulas, where q is the number of labor-hours worked in a month: Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Cost Formulas $16.30g $4,300 +$1.50q $5,300 + $0.40g $1,400 + $0.30q $18,200+ $2.70q $8,400 $2,600 $13,800 + $0.60q The Production Department planned to work 4,200 labor-hours in March; however, it actually worked 4,000 labor-hours during the month. Its actual costs incurred in March are listed below: Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Required: Actual Cost Incurred in March $ 66,780 $ 9,780 $ 7,370 2,870 $ 29,000 $ 8,800 $ 2,600 $ 15,550 1. Prepare the Production…
Packaging Solutions Corporation manufactures and sells a wide variety of packaging products. Performance reports are prepared monthly for each department. The planning budget and flexible budget for the Production Department are based on the following formulas, where q is the number of labor-hours worked in a month: Cost Formulas Direct labor $16.50q Indirect labor $4,100 + $1.60q Utilities $5,100 + $0.70q Supplies $1,200 + $0.40q Equipment depreciation $18,000 + $2.50q Factory rent $8,500 Property taxes $3,000 Factory administration $13,500 + $0.80q The Production Department planned to work 4,400 labor-hours in March; however, it actually worked 4,200 labor-hours during the month. Its actual costs incurred in March are listed below: Actual Cost Incurred in March Direct labor $ 70,920 Indirect labor $ 10,320 Utilities $ 8,570 Supplies $ 3,170 Equipment depreciation $ 28,500 Factory rent $ 8,900 Property taxes $ 3,000 Factory…
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