L 19 Gregory Enterprises produces two-wheel rim models: standard and deluxe. The budgeted data for 2021 are as follows:StandardDeluxeUnits ProducedDirect labor hours (DHLs)Direct costs per unitThe company has identified three cost pools to allocate overhead costs. The following estimates are provided for 2021:Cost poolOverhead CostsCost DriverActivity LevelActivity LevelDeluxe200,000160,000250,000Supervision560,0002Standard600,000800,00035,00080,000$320,000Supervision hoursMachine operation$120,000Machine-hoursFacility rent$200,000Square feet of areaUsing the ABC method, what is the unit cost of the standard wheel rim: $4.Assume a simple costing system using direct labor hours as the only overhead cost driver, what is the unit cost of thestandard product?A.$3.85B.S4C.$4.24D.$5.3580,0002.520,000

Two main types of costing methods are being used in business. One is traditional or simple costing…

Gregory Enterprises produces two-wheel rim models: standard and deluxe. The budgeted data for 2021 are as follows: Standard Deluxe Units Produced Direct labor hours (DHLs) Direct costs per unit The company has identified three cost pools to allocate overhead costs. The following estimates are provided for 2021: Cost pool Overhead Costs Cost Driver Activity Level Activity Level Deluxe 200,000 160,000 250,000 560,000 Supervision 2 Standard 600,000 $320,000 Supervision hours Machine operation $120,000 Machine-hours Facility rent $200,000 Square feet of area Using the ABC method, what is the unit cost of the standard wheel rim: $4. Assume a simple costing system using direct labor hours as the only overhead cost driver, what is the unit cost of the standard product? A.$3.85 B.$4 C.S4.24 D.$5.35 800,000 35,000 80,000 80,000 2.5 20,000

Gregory Enterprises produces two-wheel rim models: standard and deluxe. The budgeted data for 2021 are as follows: Standard Deluxe Units Produced Direct labor hours (DHLs) Direct costs per unit The company has identified three cost pools to allocate overhead costs. The following estimates are provided for 2021: Cost pool Overhead Costs Cost Driver Activity Level Activity Level Deluxe 200,000 160,000 250,000 560,000 Supervision 2 Standard 600,000 $320,000 Supervision hours Machine operation $120,000 Machine-hours Facility rent $200,000 Square feet of area Using the ABC method, what is the unit cost of the standard wheel rim: $4. Assume a simple costing system using direct labor hours as the only overhead cost driver, what is the unit cost of the standard product? A.$3.85 B.$4 C.S4.24 D.$5.35 800,000 35,000 80,000 80,000 2.5 20,000

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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Handerson Corporation makes a product with the following standard costs: Standard Quantity or Hours 9.2 kilos Direct materials Direct labor. 0.4 hours Variable overhead 0.4 hours The company reported the following results concerning this product in August Actual output Raw materials used in production Purchases of raw materials. Actual direct labor-hours Actual cost of raw materials purchases Actual direct labor cost Actual variable overhead cost Multiple Choice Standard Price or Rate $ 6.70 per kilo $ 27.00 per hour $ 6.70 per hour 3,900 units 29,730 kilos 32,300 kilos 1,130 hours $ 202,920 $ 23,436 $ 8,240 The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The variable overhead rate variance for August is:
Question 3: When is an employer NOT required to file a quarterly Form 941? Answer: А. O When annual tax liability for federal income, Social Security, and Medicare tax is less than $1,000 В. O When annual tax liability for federal income, Social Security, and Medicare tax is less than $1,500 С. O When annual tax liability for federal income, Social Security, and Medicare tax is less than $2,500 D. When annual tax liability for federal income, Social Security, and Medicare tax is less than $100,000
Bumgardner Incorporated has provided the following data concerning one of the products in its standard cost system. Inputs Direct materials Standard Quantity or Hours per Unit of Output 8.0 liters Standard Price or Rate $ 5.00 per liter The company has reported the following actual results for the product for April: Actual output Raw materials purchased 7,400 units 65,400 liters $ 5.70 per liter 59,210 liters Actual price of raw materials Raw materials used in production The raw materials price variance for the month is closest to: (Round your intermediate calculations to 2 decimal places.)
Lenci Corporation manufactures and sells a single product. The company uses units as the measure of activity in its budgets and performance reports. During May, the company budgeted for 5,100 units, but its actual level of activity was 5,050 units. The company has provided the following data concerning the formulas used in its budgeting and its actual results for May: Data used in budgeting: Revenue Direct labor Direct materials Manufacturing overhead Selling and administrative expenses Total expenses Actual results for May: Revenue Direct labor Direct materials Fixed element per month $0 $0 0 41,500 22,700 $ 64,200 $ 197,810 $ 28,565 $ 80,265 $ 47,905 $ 22,680 Manufacturing overhead Selling and administrative expenses The spending variance for manufacturing overhead in May would be closest to: Variable element per unit $ 39.60 $ 5.50 15.70 1.30 0.20 $ 22.70
question 43 choose the correct answer from the choices
Only EX 13-11 please and thank you?
37. Choices: a. P7,092,000, P1,110,130, and P756,130 b. P9,616,000, P1,791,610, and P1,437,610 c. P9,616,000, P1,653,370, and P756,130 d. P9,104,000, P1,653,370, and P1,299,370
7-3 A
WP Corporation produces products X, Y, and Z from a single raw material input in a joint production process. Budgeted data for the next month is as follows: A) B) Product X yes yes no no Units produced Per unit sales value at split-off Added processing costs per unit Per unit sales value if processed further The cost of the joint raw material input is $90,000. Which of the products should be processed beyond the split-off point? Product Y yes no yes yes Product X 2,700 $ 25.00 $ 2.00 $31.00 Product Z no yes no yes Product Y 3,200 $ 28.00 $ 4.00 $31.00 Product Z 4,200 $ 27.00 $4.00 $36.00
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Kingcade Corporation keeps careful track of the time required to fill orders. Data concerning a particular order appear below: Hours 18.3 Wait time Process time Move time Queue time 1. 1 Inspection time 0.1 2.0 9.1 The manufacturing cycle efficiency (MCE) was closest to: (Round your intermediate calculations to 1 decimal place.)
McLoyd Company completed the salaries and wages payroll for March. The payroll provided the following details: Salaries and wages earned Employee income taxes withheld FICA taxes withheld Unemployment taxes Required: $ 410,000 37,925 29,315 2,850 1. Considering both employee and employer payroll taxes, use the preceding information to calculate the total labor cost for the company for March. 2. & 3. Prepare the journal entry to record the payroll for March, including employee deductions (but excluding employer payroll taxes) and record employer's FICA taxes and unemployment taxes. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Considering both employee and employer payroll taxes, use the preceding information to calculate the total labor cost for the company for March. Total Labor Cost Req 1 Req 2 and 3 >