Stewart Company, a recent entrant to the market, manufacturers a popular robotic toy. There aretwo production departments-Assembly and Finishing. Selected budgeted and actual data arebelow.Assembly$276,000$343,20080,0001,300Budgeted overheadFinishing$288,000Actual overhead$198,000Expected direct labor hoursExpected machine hours24,960120,000During the year, 10,000 units of the toy were produced and 9,700 units were sold. Actual datarelated to this production are below.Direct materials cost$540,012$48,600Direct labor costDirect labor hours used:AssemblyFinishingMachine hours used:82,56026,880AssemblyFinishing1,680130,940Stewart uses departmental overhead rates-Assembly is based on direct labor hours andFinishing is based on machine hours.If necessary, round final answers to 2 decimal places.Required:1. Compute the departmental overhead rates for a) Assembly and b) Finishing.2. Using the departmental rates, compute the overhead costs assigned to production?3. For Finishing only, compute the overhead variance and label it as under- or overapplied.4. Compute the per-unit manufacturing costs for the production (assuming normal costing).

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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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Valhalla Company manufactures small table lamps and desk lamps. The following shows the activities per product: Units Setups Inspections Assembly (dih) Small table lamps 8,000 10,000 32,000 8,000 Desk lamps 16,000 30,000 14,000 46,000 Use the following information prepared by Valhalla Company. Total Budgeted Activity Activity-Base Usage Activity Cost Setups 40,000 $160,000 Inspections 46,000 230,000 Assembly (dlh) 54,000 324,000 a. Determine the activity rates for each activity. Setups per setup Inspections per inspection Assembly per DLH b. Determine the activity-based factory overhead per unit for each product. Round your answers to two decimal places, if necessary. Small table lamp Desk lamp
Silven 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 $126,000 Number of setups 150 Ordering materials 18,000 Number of orders 900 Machining 1,260,000 Machine hours 10,500 Receiving 30,000 Receiving hours 1,250 Silven produces two models of cell phones with the following expected activity demands: Model X Model Y Units completed 5,000 10,000 Number of setups 100 50 Number of orders 300 600 Machine hours 6,000 4,500 Receiving hours 375 875 Required: Determine the total overhead assigned to each product using the four activity drivers. Determine the total overhead assigned to each model using the two most expensive activities. The costs of the two relatively inexpensive activities are allocated to the two expensive activities in proportion to their costs. Using ABC as the benchmark, calculate the percentage error and…
III. Folsom Company manufactures specialty tools to customer order. There are three producing departments. Departmental information on budgeted overhead and various activity measures for the coming year is as follows: Estimated overhead Direct labor hours Direct labor cost Machine hours Direct materials Direct labor cost Direct labor hours: Welding $ 220,000 $ 4,500 90,000 5,000 Welding Assembly Finishing Number of machine hours: Welding Assembly Finishing Assembly $ 62,000 10,000 $ 150,000 1,000 Currently, overhead is applied on the basis of machine hours using a plantwide rate. However, Janine, the controller, has been wondering whether it might be worthwhile to use departmental overhead rates. She has analyzed the overhead costs and drivers for the various departments and decided that Welding and Finishing should base their overhead rates on machine hours and that Assembly should base its overhead rate on direct labor hours. Janine has been asked to prepare bids for two jobs with…
2 Tarnish Industries produces miniature models of farm equipment. These collectibles are in great demand. It takes two operations, molding and finishing, to complete the miniatures. Next year's expected activities are shown in the following table: 00:56:51 Mc τ Graw Hill @ 2 W S Direct labor hours Machine hours X Tarnish Industries uses departmental overhead rates and is planning on a $2.40 per machine hour overhead rate for the Finishing department. Compute the budgeted manufacturing overhead cost for the Finishing department given the information shown in the table. Multiple Choice # 3 O $394,800 O * E $189,600 D C $244,800 $ JOI 4 ● 4 R F % V Molding 79,000 DLH 102,000 MH 5 T G Lo 40 6 Finishing 164,500 DLH 85,500 MH Y & H 4 Q Search ► 11 ) O O L alt fi P - 112 { ? ctri + [ = prt sc ] pause delete backspace home num enter H
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Approximately Relevant Silven Company has identified the following overhead activities, costs, and activity drivers for the coming year: Activity Expected Cost Setting up equipment $138,000 Ordering materials 10,200 Machining 92,400 Receiving 18,480 Silven produces two models of cell phones with the following expected activity demands: Model X Model Y 5,000 80 200 Units completed Number of setups Number of orders Machine hours Receiving hours Required: 6,600 385 Activity Driver Activity Capacity Number of setups Number of orders Machine hours Receiving hours 10,000 40 400 4,950 770 120 600 11,550 1,155
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 $480,000 Number of setups 600 Ordering costs 360,000 Number of orders 18,000 Machine costs 840,000 Machine hours 42,000 Receiving 400,000 Receiving hours 10,000 Deoro produces two models of dishwashers with the following expected prime costs and activity demands: Model A Model B Direct materials $600,000 $800,000 Direct labor $480,000 $480,000 Units completed 16,000 8,000 Direct labor hours 6,000 2,000 Number of setups 400 200 Number of orders 6,000 12,000 Machine hours 24,000 18,000 Receiving hours 3,000 7,000 The company's normal activity is 8,000 direct labor hours. Required: Determine the unit cost for each model using direct labor hours to…
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The AF PolyU Company manufactures two modular types of doors: one for the residential market, and the other for the office market. Budgeted and actual operating data for the year 2018 are: Static Budget Total 400,000 $26,000,000 $11,200,000 $37,200,000 Office 140,000 Residential Number of chairs sold 260,000 Contribution margin Actual Results Office 165,600 $22,356,000 $13,248,000 $35,604,000 Residential 248,400 Total 414,000 Number of chairs sold Contribution margin Required: Compute the following variances in terms of contribution margin: a. Compute the total static-budget variance, the total flexible-budget variance, and the total sales-volume variance. b. Compute the sale-mix variance and the sales-quantity variance by type of chair, and in total.
Ayayai Computer Parts Inc. is in the process of setting a selling price on a new component it has just designed and developed. The following cost estimates for this new component have been provided by the accounting department for a budgeted volume of 40,000 units. Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Variable selling and administrative expenses Fixed selling and administrative expenses Per Unit $40 $21 $16 $15 Total $480,000 $320,000 Ayayai Computer Parts management requests that the total unit cost be used in cost-plus pricing its products. On this particular product, management also directs that the target price be set to provide a 25% return on investment (ROI) on invested assets of $800,000.
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