Gaming Masters Inc. manufactures board games. The following data pertains to the last six months: Month Direct Labor Hours Manufacturing Overhead ($) Month 140,000 280,000 Month 2 55,000 312,000 Month 353,000 318,000 Month 449,000 245,000 Month 530,000 182,000 Month 624,000 160,000
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- Family Fun Time, Inc. makes board games. The following data pertains to the last six months: Manufacturing Overhead Month Month 2 Month 3 Month 4 Month 5 Month 6 Direct Labor Hours 45,000 68,000 57,000 52,000 34,000 30,000 $295,000 $318,000 $323,000 $247,250 $178,200 $163,500 Based on this data, what would the estimated manufacturing overhead be at a level of 44,000 direct labor hours? (Round intermediary calculations to the nearest cent. Use the "high" data month to calculate your final answer. Do not use the "low" month, as it will result in an approximation of the cost.) OA. $165,500 OB. $220,320 OC. $233,960 O D. Cannot be determined from information given.Kamala CEO Inc. makes trivia games. The following data pertains to the last six months: Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Direct Labor Hours Manufacturing Overhead 45,000 60,000 57,000 52,000 34,000 25,000 $295,000 $320,000 $323,000 $247,250 $178,200 $162,500 Based on this data, what would the estimated manufacturing overhead be at a level of 54,000 direct labor hours? (Hint: Use the high-low method) a. $266,000 b. $293,000 c. $168,000 d. $295,000Solid Company manufactures and sells specialty items. The following representative direct labor- hours and production costs are provided for a four-month period: Month Hrs. Direct Labor Production January 3,000 $ 45,000 February 4,000 52,500 March 7,000 81,000 April 4,000 45,000 Total 18,000 $2,23,500 a = fixed production costs per month variable production costs per direct labor hour n = number of months X = direct labor-hours per month Y equals total monthly production costs Using the symbols above, indicate the cost estimation equation based on number of direct labor hours per month, and calculate total monthly production costs for May using the high-low method, assuming the direct labor hours for May are expected to be 4,500.
- Sharp Company manufactures a product for which the following standards have been set: Standard Quantityor Hours Standard Priceor Rate StandardCost Direct materials 3 feet $ 5 per foot $ 15 Direct labor ? hours ? per hour ? During March, the company purchased direct materials at a cost of $52,965, all of which were used in the production of 2,920 units of product. In addition, 4,500 direct labor-hours were worked on the product during the month. The cost of this labor time was $31,500. The following variances have been computed for the month: Materials quantity variance $ 4,350 U Labor spending variance $ 3,030 U Labor efficiency variance $ 780 U Required: 1. For direct materials: a. Compute the actual cost per foot of materials for March. b. Compute the price variance and the spending variance. 2. For direct labor: a. Compute the standard direct labor rate per hour. b. Compute the standard hours allowed for the month’s production.…The standard manufacturing corporation uses a standard cost system in accounting for the cost of its only product. The standard cost per unit (based on 10,000 units production) was set up as follows: Direct materials, 10kgs @ P11/kg Direct labor, 8 hours @50 per hour Factory overhead, 8 hours @15 per hour The following data on the operations appear in the company’s record for the month of July: Units completed during the month, 8,000 units Units in process at the end of the month, with 100% materials but half completed, 1,000 units Direct material used, 95,000 kgs @10 per kg Direct labor, P3,510,000 at a rate of P54 Actual Overhead for the month P985,00 Compute for the variable efficiency variance. Indicate whether favorable or unfavorablePattison Products, Inc., began operations in October and manufactured 40,000 units during themonth with the following unit costs: Direct materials $5.00Direct labor 3.00Variable overhead 1.50Fixed overhead* 7.00Variable marketing cost 1.20*Fixed overhead per unit 5 $280,000/40,000 units produced 5 $7. Total fixed factory overhead is $280,000 per month. During October, 38,400 units were sold at aprice of $24, and fixed marketing and administrative expenses were $130,500.Required:1. Calculate the cost of each unit using absorption costing.2. How many units remain in ending inventory? What is the cost of ending inventory usingabsorption costing?3. Prepare an absorption-costing income statement for Pattison Products, Inc., for the monthof October.4. What if November production was 40,000 units, costs were stable, and sales were 41,000units? What is the cost of ending inventory? What is operating income for November?
- Hemlock Nutritional Supplements (HNS) provides you with the following accounting records on manufacturing cost for the most recent month: Direct materials $ 126,000 Direct labor 105,000 Variable overhead 92,400 Production was 60,000 units (cases). Fixed manufacturing overhead was $144,000. For the coming year, costs are expected to increase as follows: direct materials costs by 30 percent, excluding any effect of volume changes; direct labor by 6 percent; and fixed manufacturing overhead by 13.5 percent. Variable manufacturing overhead per unit is expected to remain the same. Required: Prepare a cost estimate for a volume level of 48,000 units of product in the upcoming month. Determine the costs per unit for the most recent month and for the upcoming month.Sharp Company manufactures a product for which the following standards have been set: Standard Quantity or Hours Standard Price or Rate Standard Cost Direct materials 3 feet $ 5 per foot $ 15 Direct labor ? hours ? per hour ? During March, the company purchased direct materials at a cost of $56,610, all of which were used in the production of 2,875 units of product. In addition, 4,700 direct labor-hours were worked on the product during the month. The cost of this labor time was $37,600. The following variances have been computed for the month: Materials quantity variance $ 4,050 U Labor spending variance $ 2,180 U Labor efficiency variance $ 770 U Required: 1. For direct materials: a. Compute the actual cost per foot of materials for March. b. Compute the price variance and the spending variance. 2. For direct labor: a. Compute the standard direct labor rate per hour. b. Compute the standard hours allowed for the month’s production. c. Compute the…During the first month of operations ended July 31, Head Gear Inc. manufactured 25,600 hats, of which 24,100 were sold. Operating data for the month are summarized as follows: Line Item Description Amount Amount Sales $226,540 Manufacturing costs: Direct materials $138,240 Direct labor 35,840 Variable manufacturing cost 17,920 Fixed manufacturing cost 15,360 207,360 Selling and administrative expenses: Variable $12,050 Fixed 8,800 20,850 During August, Head Gear Inc. manufactured 22,600 hats and sold 24,100 hats. Operating data for August are summarized as follows: Line Item Description Amount Amount Sales $226,540 Manufacturing costs: Direct materials $122,040 Direct labor 31,640 Variable manufacturing cost 15,820 Fixed manufacturing cost 15,360 184,860 Selling and administrative expenses: Variable $12,050 Fixed 8,800 20,850 Required: Question…
- Sharp Company manufactures a product for which the following standards have been set: Standard Quantity or Hours Standard Price or Rate Standard Cost Direct materials 3 feet $ 5 per foot $ 15 Direct labor ? hours ? per hour ? During March, the company purchased direct materials at a cost of $45,240, all of which were used in the production of 2,190 units of product. In addition, 4,500 direct labor-hours were worked on the product during the month. The cost of this labor time was $31,500. The following variances have been computed for the month: Materials quantity variance $ 1,950 U Labor spending variance $ 3,030 U Labor efficiency variance $ 780 U Required: 1. For direct materials: a. Compute the actual cost per foot of materials for March. b. Compute the price variance and the spending variance. 2. For direct labor: a. Compute the standard direct labor rate per hour. b. Compute the standard hours allowed for the month’s production. c. Compute the…Sharp Company manufactures a product for which the following standards have been set: Standard Standard Quantity Standard Price or or Hours Rate Cost $15 3 feet hours $5 per foot ? per hour ? ? Direct materials Direct labor During March, the company purchased direct materials at a cost of $54,630, all of which were used in the production of 2,875 units of product. In addition, 4,700 direct labor-hours were worked on the product during the month. The cost of this labor time was $47,000. The following variances have been computed for the month: Materials quantity variance Labor spending variance Labor efficiency variance Required: 1. For direct materials: a. Compute the actual cost per foot of materials for March. b. Compute the price variance and the spending variance. 2. For direct labor: a. Compute the standard direct labor rate per hour. b. Compute the standard hours allowed for the month's production. c. Compute the standard hours allowed per unit of product. $ 2,400 U $ 3,300 U $…The following information is available regarding the total manufacturing overhead of Olsen Company for a recent four-month period. Machine Hours 74,000 50,000 107,000 103,000 April May June July Manufacturing Overhead Multiple Choice $ 178,000 $ 161,000 $ 235, 100 $ 189,000 Using the high-low method, compute the variable element of manufacturing overhead cost per machine hour. $2.18 per machine hour $1.30 per machine hour $.38 per machine hour $1.73 per machine hour
