Grady, Inc. manufactures model airplane kits and projects production at 650, 500, 450, and 600 kits for the next four quarters. Click the icon to view the manufacturing information.) Prepare Grady's direct materials budget, direct labor budget, and manufacturing overhead budget for the year. Round the direct labor hours needed for production, budgeted overhead costs, and predetermined overhead allocation rate to two decimal piaces. Round other arnounts to the nearest whole number Begin by preparing Grady's direct materials budget. Grady, Inc. Direct Materials Budget For the Year Ended December 31 First Second Third Fogh Quarter Quarter Quarter Quarter Total Direct materials (ounces) per kit Direct materials needed for production Plus: Total direct materials needed Less Budgeted purchases of direct materials Direct materials cost per ounce Budgeted cost of direct materials purchases

Grady, Inc. manufactures model airplane kits and projects production at 650, 500, 450, and 600 kits for the next four quarters. Click the icon to view the manufacturing information.) Prepare Grady's direct materials budget, direct labor budget, and manufacturing overhead budget for the year. Round the direct labor hours needed for production, budgeted overhead costs, and predetermined overhead allocation rate to two decimal piaces. Round other arnounts to the nearest whole number Begin by preparing Grady's direct materials budget. Grady, Inc. Direct Materials Budget For the Year Ended December 31 First Second Third Fogh Quarter Quarter Quarter Quarter Total Direct materials (ounces) per kit Direct materials needed for production Plus: Total direct materials needed Less Budgeted purchases of direct materials Direct materials cost per ounce Budgeted cost of direct materials purchases

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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Harrison, Inc. is preparing their budget for the upcoming year and requires a breakdown of the costs of power used in its factory into the fixed and variable components. They have determined the number of direct labor hours worked affects the cost of power. The following data on the cost of power used and direct labor hours worked are available for the last six months of this year: Month July August September October High-Low Method November December Total Cost of Power $ 14,850 15,400 16,370 19,800 17,600 18,500 $102.520 Direct Labor Hours 3,000 2,050 2,900 3,650 2,670 2,650 16.920 1. Assuming that Harrison uses the high-low method of analysis, calculate the cost function to be used to estimate the power costs. 2. They have determined that production needs will require 8,467 direct labor hours. Using the cost function calculated above, what is the estimated cost of power?
Sifton Electronics Corporation manufactures and assembles electronic motor drives for video cameras. The company assembles the motor drives for several accounts. The process consists of a lean cell for each customer. The following information relates only to one customer's lean cell for the coming year. Projected labor and overhead, $2,976,000; materials costs, $33 per unit. Planned production included 5,952 hours to produce 18,600 motor drives. Actual production for August was 1,920 units, and motor drives shipped amounted to 1,360 units. From the foregoing information, determine the amount of the conversion costs charged to Raw and In Process Inventory during August. a.$307,200 b.$309,153
Ceder Company has compiled the following data for the upcoming year: Sales are expected to be 16,000 units at $52 each. Each unit requires 4 pounds of direct materials at $2.40 per pound. Each unit requires 2.1 hours of direct labor at $13 per hour. Manufacturing overhead is $4.90 per unit. Beginning direct materials inventory is $5,400. Ending direct materials inventory is $6,950. Selling and administrative costs totaled $138,720. Determine Ceder's budgeted cost of goods sold. Complete Ceder's budgeted income statement.
Scotch Brand Products produces packaging tape and has determined the following to be its standard cost of producing one case of budget packaging tape: Material (3.50 ounces at $1.30 per ounce) $4.55 Labor (0.30 hour at $12.00 per hour) 3.60 Overhead 2.40 Total $10.55 At the start of 2021, Scotch Brand planned to produce 80,000 cases of tape during the year. Overhead is allocated based on the number of cases of tape produced. Annual fixed overhead is budgeted at $64,000 and the variable overhead costs are budgeted at $1.60 per case. The following information summarizes the results for 2021: Actual production, 81,000 cases Purchased 275,000 ounces of material at a total cost of $343,750 Used 266,250 ounces of material in production Employees worked 22,000 hours, total labor cost $275,000 Actual overhead incurred,…
Assistants please with all workings. The table below shows monthly data collected on production costs and on the number of units produced over a twelve month period. Month Total ProductionCosts Level of Activity(Units Produced)July $230,000 3,500August 250,000 3,750September 260,000 3,800October 220,000 3,400November 340,000 5,800December 330,000 5,500January 200,000 2,900February 210,000 3,300March 240,000 3,600April 380,000 5,900May 350,000 5,600June…
Bright Lamp Company has budgeted its conversion cost for small lamp production as $85,000 for 1,300 production hours. Each unit produced by the cell requires 15 minutes of process time. During the month, 3,800 units are manufactured in the cell. The estimated materials cost is $18 per unit. Journalize entries for the following: In your computations, round per unit cost to two decimal places and use rounded amount in subsequent calculations. If required, round your final answers to the nearest dollar. a. Materials are purchased on account to produce 4,000 units. fill in the blank fc414f04ff7ffe4_2 fill in the blank fc414f04ff7ffe4_3 fill in the blank fc414f04ff7ffe4_5 fill in the blank fc414f04ff7ffe4_6 b. Conversion costs are applied to 3,800 units of production. fill in the blank f19abaf38064022_2 fill in the blank f19abaf38064022_3 fill in the blank f19abaf38064022_5 fill in the blank f19abaf38064022_6 c. The cell…
Al Sur Manufacturing LLC has furnished the following information for the month of January 2020: Materials used is RO 10,000, Direct labor is RO 20,000, Labor hours worked is 3,000, Hours of machine operation is 2000 and Overhead cost is RO 5000.The department during the period has executed an order. The relevant information is as follows: Materials used is RO 5,000, Direct labor is RO 3000, Labor hours worked is 500 and Hours of machines operation is 300. Calculate the overhead chargeable to the job based on percentage of direct labor cost. a. RO 750 b. RO 835 c. RO 2,500 d. RO 900
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Use the following information for questions 33-36: Lovely Manufacturing has scheduled production as follows for the next several months: Months Production January 1,000 February 1,200 March 1,400 Assume that it takes two pounds of raw material to make one finished unit and that ending inventory of raw materials for any month is scheduled to be 25% of next month production needs. 1.The pounds of raw materials purchased during January is? 2. The pounds of raw materials used for February production is?
Jack and John Company make clocks. The fixed overhead costs for 2020 total $900,000. The company uses direct labor hours for fixed overhead allocation and anticipates 200,000 hours during the year for 330,000 units. An equal number of units are budgeted for each month. During June, 32,000 clocks were produced and $72,000 was spent on fixed overhead. a. Determine the fixed overhead rate for 2020 based on units of inputs. b. Determine the fixed overhead static-budget variance for June. c. Determine the production-volume overhead variance for June.