How much is the total cost of producing 150 grams of honey if the company uses the least squares method. The cost accountant of sweet company recorded these cost of producing honeybee: DAYS GRAMS PRODUCED TOTAL COST INCURRED MON 100 1000 TUES 75 600 WED 25 400 THURS 150 1500 FRI 175 1600 SAT 50 600 SUN 125 1300

How much is the total cost of producing 150 grams of honey if the company uses the least squares method. The cost accountant of sweet company recorded these cost of producing honeybee: DAYS GRAMS PRODUCED TOTAL COST INCURRED MON 100 1000 TUES 75 600 WED 25 400 THURS 150 1500 FRI 175 1600 SAT 50 600 SUN 125 1300

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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rane makes Halloween costumes. The company incurred the following total costs to produce 30,700 costumes. Direct materials $235,000 Direct labor 164,000 Variable overhead 21,590 Fixed overhead 119,730 (a) Under the absorption costing method, what is the average unit product cost? Using this method, how much product cost would be recorded on the income statement if 21,900 units were sold? (Round per unit to 3 decimal places, e.g. 15.256 and product cost to 0 decimal places, e.g. 5,275.) Average unit product cost $enter a dollar amount rounded to 2 decimal places Product cost $enter a dollar amount rounded to 0 decimal places (b) Under the variable costing method, what is the average unit product cost? Using this method, how much product cost would be recorded on the income statement if 21,900 units were sold? (Round per unit to 3 decimal places, e.g. 15.256 and product cost to 0 decimal places, e.g. 5,275.) Average unit product cost…
Juztine Company produces a single type of necklace being sold for P 25 per unit. The following information was made available: naulit ba toh?? Yung isa operational Unit sales (P 25 per unit) 63,000 Material usage 75,000 pounds Material cost P7.2 per pounds Labor hours 10,000 hours Labor cost P30 per hour What is the financial partial productivity of Direct Labor? 0.840 6.300? 0.117 0.210 None of the above
Using the high- low method, How much is the total cost of producting 1330 grams of honey? The correct accountant of Sweet Company recorded these cost of producing honeybee: Days Grams Produced Total Cost Incurred Mon 100 P1,000 Tues 75 600 Wed 25 400 Thurs 150 1,500 Frid 175 1,600 Sat 50 600 Sun 125 1,300
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Product Cost Method of Product Costing MyPhone, Inc. uses the product cost method of applying the cost-plus approach to product pricing. The costs of producing and selling 5,000 cell phones are as follows: Variable costs per unit: Direct materials Direct labor Factory overhead Selling and administrative expenses Total variable cost per unit Fixed costs: Factory overhead $200,800 Selling and administrative expenses 69,000 MyPhone desires a profit equal to a 14% return on invested assets of $601,400. a. Determine the amount of desired profit from the production and sale of 5,000 cell phones. $70 34 25 21 $150 b. Determine the product cost per unit for the production of 5,000 cell phones. Round your answer to the nearest whole dollar. per unit c. Determine the product cost markup percentage for cell phones. Round your answer to two decimal places. % d. Determine the selling price of cell phones. Round your answers to the nearest whole dollar. Total Cost Markup Selling price per unit per…
Using the high-low method, how much is the total cost of producing 130 grams of honey? The cost accountant of sweet company recorded these cost of producing honeybee: DAYS GRAMS PRODUCED TOTAL COST INCURRED MON 100 1000 TUES 75 600 WED 25 400 THURS 150 1500 FRI 175 1600 SAT 50 600 SUN 125 1300
Skull Company makes snowboards and uses the total cost method in setting product price. Its costs for producing 19,500 units follow. The company targets a 10.0% markup on total cost. Variable Costs per Unit Direct materials Direct labor Overhead Selling, general and administrative Fixed Costs (total) Overhead Selling, general and administrative $ 119 44 39 8 1. Total cost per unit 2. Markup per unit 3. Selling price per unit $ 480,000 456,000 1. Compute the total cost per unit if 19,500 units are produced. 2. Compute the dollar markup per unit. 3. Compute the selling price per unit. (For all requirements, round your final answers to the nearest dollar amounts.)
Show your solution in good accounting form Using the high-low method, how much is the total cost of producing 130 grams of honey?
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Tom’s Shoe Repair provides a variety of shoe and repair services. Analysis of monthly costs revealed the following cost formulas when direct labor hours are used as the basis of cost determination: Supplies: y = $0 + $4.00X Production supervision and direct labor: y = $500 + $7.00X Utilities: y = $350 + $5.40X Rent: y = $450 + $0.00X Advertising: y = $75 + $0.00X a. Prepare a flexible budget at 250, 300, 350, and 400 direct labor hours. b. Calculate a total cost per direct labor hour at each level of activity. c. Tom’s employees usually work 350 direct labor hours per month. The average shoe repair requires 1.25 labor hours to complete. Tom wants to earn a 40 percent margin on his cost. What should be the average charge per customer, rounded to the nearest dollar to achieve Tom’s profit objective?