IMOlal WSPRS produces two types of metal lamps. Syracuse manufactures 19,000 basic lamps and 5,300 designer lamps. Its simple costing system uses a single indirect-cost pool and allocates costs to the two lamps on the basis of direct manufacturing labor-hours. It provides the following budgeted cost information: E (Click the icon to view the information.) Calculate the total budgeted costs of the basic and designer lamps using Syracuse's simple costing system. Begin by calculating the budgeted indirect cost rate for the single indirect-cost pool. First select the formula, then enter the applicable amounts and calculate the rate. (Abbreviations used: MOH = Manufacturing Overhead.) Budgeted MOH rate - X per manufacturing labor-hour Data table %3D Basic Lamps Designer Lamps Total Direct materials per lamp $ 13 16 Direct manufacturing labor per lamp Direct manufacturing labor rate per hour 0.6 hours 0.9 hours %24 20 $ 20 Indirect manufacturing costs 2$ 404,250 Print Done

IMOlal WSPRS produces two types of metal lamps. Syracuse manufactures 19,000 basic lamps and 5,300 designer lamps. Its simple costing system uses a single indirect-cost pool and allocates costs to the two lamps on the basis of direct manufacturing labor-hours. It provides the following budgeted cost information: E (Click the icon to view the information.) Calculate the total budgeted costs of the basic and designer lamps using Syracuse's simple costing system. Begin by calculating the budgeted indirect cost rate for the single indirect-cost pool. First select the formula, then enter the applicable amounts and calculate the rate. (Abbreviations used: MOH = Manufacturing Overhead.) Budgeted MOH rate - X per manufacturing labor-hour Data table %3D Basic Lamps Designer Lamps Total Direct materials per lamp $ 13 16 Direct manufacturing labor per lamp Direct manufacturing labor rate per hour 0.6 hours 0.9 hours %24 20 $ 20 Indirect manufacturing costs 2$ 404,250 Print Done

Name: Syracuse Metal Works produces two types of metal lamps. Syracuse manu
Uploaded: 2024-03-20T06:32:49.000Z
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Description: Syracuse Metal Works produces two types of metal lamps. Syracuse manufactures 19,000 basic lamps and 5,300 designer lamps. Its simple costing system uses a single indirect-cost pool and allocates costs to the two lamps on the basis ofdirect manufact

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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Riverbed Manufacturing has five activity cost pools and two products (a budget tape vacuum and a deluxe tape vacuum). Information is presented below: Activity Cost Pools Ordering and Receiving Machine Setup Machining Assembly Inspection Budget $ Cost Driver Orders Setups Machine hours Deluxe $ Parts Inspections Overhead cost per unit Est. Overhead $144,000 311,400 1,023,000 1,624,000 314,000 per unit Est. Use of Cost Drivers Budget per unit 600 500 150,000 1.200,000 550 Deluxe 400 Compute the overhead cost per unit for each product. Production is 700.000 units of Budget and 200.000 units of Deluxe. (Round per machine hour and per part values to 3 decimal places, eg 52.711. Round overhead cost per unit to 2 decimal places, e.g. 12.25 and cost assigned to 0 decimal places, eg. 2,500.) 400 100,000 800,000 450
T1o T12 T18 28 30 T36 TAO 18 16 20 22 24 126 32 34 38 To 2 91 Baab Corporation is a manufacturing firm that uses job-order costing. The company's inventory balances were as follows at the beginning and end of the year: Beginning Balance Ending Balance 14,000 $ 27,000 $ 62,000 $ 22,000 9,000 77,000 Raw materials Work in process 24 $ Finished Goods The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that it would work 33,000 machine-hours and incur $231,000 in manufacturing overhead cost. The following transactions were recorded for the year: kh Raw materials were purchased, $315,000. Raw materials were requisitioned for use in production, $307,000 ($281,000 direct and $26,000 indirect). The following employee costs were incurred: direct labor, $377,000; indirect labor, $96,000; and administrative salaries, $172,000. Selling costs, $147,000. Factory utility costs, $10,000. Depreciation for…
Georgetown Metal Works produces two types of metal lamps. Georgetown manufactures 17,500 basic lamps and 6,160 designer lamps. Its activity-based costing system uses two indirect-cost pools. One cost pool is for setup costs and the other for general manufacturing overhead. Georgetown allocates setup costs to the two lamps based on setup labour-hours and general manufacturing overhead costs on the basis of direct manufacturing labour-hours. It provides the following budgeted cost information. (Click the icon to view the information.) Calculate the total budgeted costs of the basic and designer lamps using Georgetown' activity-based costing system. Begin by calculating the overhead rates for each of the two indirect-cost pools: setup costs and general manufacturing overhead. First select the formula; then enter the applicable amounts and calculate the rate. Begin with the overhead rate for set up costs. (Round the budgeted rate to the nearest dollar. Abbreviations used: MOH =…
I'm trying to find the correct standard rate.
Dazzle Party is a small business that produces decorative balloons for events. Dazzle Party uses normal costing and assigns manufacturing overhead (MOH) costs using labour hours as the allocation base. Budgeted and actual production data for the year 2023 is provided below. Budget $60,000 120,000 Actual $52,000 MOH costs Labour-hours 110,000 Required: Calculate the difference between the allocated MOH cost and the actual MOH cost incurred in 2023. Clearly state whether this difference represents a case of under-allocation or over-allocation of MOH.
5-2 Amherst Metal Works produces two types of metal lamps. Amherst manufactures20,000 basic lamps and 5,000 designer lamps. Its activity-based costing system usestwo indirect-cost pools. One cost pool is for setup costs and the other for generalmanufacturing overhead. Amherst allocates setup costs to the two lamps based onsetup labor-hours and general manufacturing overhead costs on the basis of direct manufacturing labor-hours. It provides the following budgeted cost information:Basic Lamps Designer Lamps TotalDirect materials per lamp $9 $15Direct manufacturing labor-hours per lamp 0.5 hours 0.6 hoursDirect manufacturing labor rate per hour $20 $20Setup costs $114,000Lamps produced per batch 250 50Setup-hours per batch 1 hour 3 hoursGeneral manufacturing overhead costs $120,000Calculate the total budgeted costs of the basic and designer lamps using Amherst’s activitybased costing system.
⦁ Use ABC to compute overhead cost assigned to an order.KCC Production Corporation uses an activity-based costing system and provided the following budget data: The distribution of resource consumption across activities is as follows: During the year, KCC completed one order from a new customer for 1,000 units, and the related data are as follows: direct labor hours= 0.5 /unit direct materials= $2.00/unit direct labor= $5.00/hour machine hour =1 machine hour per unit Requirements1. Compute the activity rates for each of the activity cost pools.2. Compute the overhead cost assigned to the order from the new customer.
Blackwelder Factory produces two similar products: small table lamps and desk lamps. The total factory overhead budget is $615,000 with 478,000 estimated direct labor hours. It is further estimated that small table lamp production will require 261,000 direct labor hours, and desk lamp production will need 125,000 direct labor hours. Using a single plantwide factory overhead rate with an allocation base of direct labor hours, the factory overhead that Blackwelder Factory will allocate to small table lamp production if actual direct labor hours for the period for small table lamp production is 183,000 would be a.$518,641 b.$877,131 c.$236,070 d.$739,700
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BARC Shannon Corporation manufactures custom cabinets for kitchens. It uses an actual costing system with two direct cost categories-direct materials and direct manufacturing labor-and one indirect-cost pool, manufacturing overhead costs. It provides the following information for 2017. E (Click the icon to view the information for 2017.) Read the requirement. Data table Begin by calculating the actual manufacturing overhead rate. (Assume the cost allocation base is direct labor hours.) Actual manufacturing Budgeted manufacturing overhead costs 1,368,000 overhead rate Budgeted direct manufacturing labor-hours 38.000 hours Actual manufacturing overhead costs 2$ 1,260,000 Actual direct manufacturing labor-hours 28,000 hours Print Done