In the Assembly Department of Concord Company, budgeted and actual manufacturing overhead costs for the month of April 2022 were as follows. Indirect materials Indirect labor Utilities Supervision Budget $18,240 $16,302 Controllable Cost 22,800 11,400 Actual 5,700 23,484 12,369 5,700 All costs are controllable by the department manager. Prepare a responsibility report for April for the cost center. Budget CONCORD COMPANY Assembly Department Manufacturing Overhead Cost Responsibility Report For the Year Ended April 30, 2022 Actual Differenc Favorable Unfavorab Neither Favol nor Unfavori

In the Assembly Department of Concord Company, budgeted and actual manufacturing overhead costs for the month of April 2022 were as follows. Indirect materials Indirect labor Utilities Supervision Budget $18,240 $16,302 Controllable Cost 22,800 11,400 Actual 5,700 23,484 12,369 5,700 All costs are controllable by the department manager. Prepare a responsibility report for April for the cost center. Budget CONCORD COMPANY Assembly Department Manufacturing Overhead Cost Responsibility Report For the Year Ended April 30, 2022 Actual Differenc Favorable Unfavorab Neither Favol nor Unfavori

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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Jefferson Company expects to incur $572,760 in manufacturing overhead costs during the current year. Other budget information follows: Direct labor hours Machine hours Department A 16,650 8,880 Required: a. Use direct labor hours as the cost driver to compute the allocation rate. Determine the amount of budgeted overhead cost for each department. b. Use machine hours as the cost driver to compute the allocation rate. Determine the amount of budgeted overhead cost for each department. c. Assume that Department A manufactured a product that required 160 direct labor hours and 85 machine hours. If overhead is allocated based on direct labor hours, how much overhead would be allocated to this product? d. Assume that Department A manufactured a product that required 160 direct labor hours and 85 machine hours. If overhead is allocated based on machine hours, how much overhead would be allocated to this product? Req A and B Req C and D Department B Department C 5,550 22, 200 11,100 13,320…
In the Assembly Department of Hannon Company, budgeted and actual manufacturing overhead costs for the month of April 2017 were as follows. Budget Actual Indirect materials $16,000 $14,300 Indirect Labor 20,000 20,600 Utilities 10,000 10,850 Supeervision 5,000 5,000 All costs are controllable by the department manager. Prepare a responsibility report for April for the cost center.
ARKANSAS CORPORATION …… is a company that produces machinery to customer order. Its job costing system, using normal costing, has two direct cost categories, direct materials and direct labor, and one indirect cost pool, manufacturing overhead, allocated using a budgeted rate based on direct labor costs. Budgeted and actual information for 2016 are as follows: Budget Actual Direct Labor $420,000 $400,000 Manufacturing overhead $252,000 $186,840 At the end of 2016, the ending work in process consisted of: Ending Work In Process: Direct Materials $64,000 Direct Labor 50,000 Overhead 30,000 $144,000 There were no beginning work-in-process or finished-goods inventories. Ending Finished Goods showed a balance of $156,000, which included overhead costs of $25,200. Cost of goods sold was $1,600,000, of which $184,800 consisted of applied overhead.…
Service Department Charges and Activity Bases Middler Corporation, a manufacturer of electronics and communications systems, uses a service department charge system to charge profit centers with Computing and Communications Services (CCS) service department costs. The following table identifies an abbreviated list of service categories and activity bases used by the CCS department. The table also includes some assumed cost and activity base quantity information for each service for October. CCS ServiceCategory Activity Base Budgeted Cost Budgeted ActivityBase Quantity Help desk Number of calls $132,650 3,500 Network center Number of devices monitored 630,400 9,850 Electronic mail Number of user accounts 64,800 7,200 Handheld technology support Number of handheld devices issued 133,920 9,300 One of the profit centers for Middler Corporation is the Communication Systems (COMM) sector. Assume the following information for the COMM sector: The sector has…
Activity Rates and Product Costs using Activity-Based Costing Lonsdale Inc. manufactures entry and dining room lighting fixtures. Five activities are used in manufacturing the fixtures. These activities and their associated budgeted activity costs and activity bases are as follows: Budgeted Activity Activity Cost Activity Base Casting $248,160 Machine hours Assembly 176,850 Direct labor hours Inspecting 28,800 Number of inspections Setup 36,960 Number of setups Materials handling 38,130 Number of loads Corporate records were obtained to estimate the amount of activity to be used by the two products. The estimated activity-base usage quantities and units produced follow: Activity Base Entry Dining Total Machine hours 5,480 4,860 10,340 Direct labor hours 4,720 7,070 11,790 Number of inspections 1,820 580 2,400 Number of setups 190 50 240 Number of loads 730 200 930 Units produced 10,800 5,400 16,200 a. Determine the activity rate for each activity. If required, round the rate to the…
Classify each of the costs in table A into variable and fixed cost?
The managers of Cheyenne Manufacturing are discussing ways to allocate the cost of service departments, such as quality control and maintenance, to the production departments. To aid them in this discussion, the controller has provided the following information: Quality Control Maintenance Machining Assembly Total Budgeted overhead $374,000 $200,000 $392,000 $272,000 $1,238,000 costs before Allocation Budgeted machine – – 45,000 – 45,000 Hours Budgeted direct – – – 23,000 23,000 labour hours Budgeted hours – 5,000 15,000 5,000 25,000 of service: Quality Control Maintenance 8,000 – 14,400 9,600 32,000
compute the budgeted factory overhead rate (i.e., the $ rate per activity base hour, etc.) for department x
Activity Cost Pools, Activity Rates, and Product Costs using Activity-Based Costing Caldwell Home Appliances Inc. is estimating the activity cost associated with producing ovens and refrigerators. The indirect labor can be traced into four separate activity pools, based on time records provided by the employees. The budgeted activity cost and activity-base formation are provided as follows: Activity Procurement Scheduling Materials handling Product development Total cost Ovens Refrigerators Totals Activity Pool Cost $12,600 90,000 11,000 50,000 $163,600 The estimated activity-base usage and unit information for two product lines was determined as follows: Ovens Refrigerators Number of purchase orders Number of production orders Number of moves Number of engineering changes Number of Purchase Orders 400 300 700 Procurement (per purchase order) Scheduling (per production order) Materials handling (per move) Product development (per engineering change order) Activity Base Number of…
please answer this with must explanation , computation , for each steps and each parts answer in text form
Happy Valley Pet Products uses a standard costing system that applies overhead to products based on standard direct labour-hours allowed for actual output of the period. During the recent year, the following data were collected: Total budgeted fixed overhead cost for the year Budgeted standard direct labour-hours Actual fixed overhead cost for the year Actual direct labour-hours Standard direct labour-hours allowed for the actual output $63,450 $60,950 14,100 15,300 12,600 Required. 1. Compute the fixed portion of the predetermined overhead rate for the year. (Round your answer to 2 decimal places.) Predetermined overhead rate per DLH 2. Compute the fixed overhead budget and volume variances. (Indicate the effect of each variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (i.e., zero variance).) Fixed overhead budget variance Fixed overhead volume variance
The managers of Cheyenne Manufacturing are discussing ways to allocate the cost of service departments, such as quality control and maintenance, to the production departments. To aid them in this discussion, the controller has provided the following information: Quality Control Maintenance Machining Assembly Total Budgeted overhead $374,000 $200,000 $392,000 $272,000 $1,238,000 costs before Allocation Budgeted machine – – 45,000 – 45,000 Hours Budgeted direct – – – 23,000 23,000 labour hours Budgeted hours – 5,000 15,000 5,000 25,000 of service: Quality Control Maintenance 8,000 – 14,400 9,600 32,000