full fill this accounts requirements Kevin's Electronics, Inc., delivered 1,200 custom-designedcomputer monitors to its customer, Gadgets Galore. The followingcost information was compiled in connection with this order:1Direct Materials Used:1a. Part A327: 1 unit costing $56 per monitor.b. Part B149: 1 unit costing $98 per monitor.Direct Labor Used:Assembly: 6 hours per monitor at the rate of $8 per hour.Inspection: 2 hour per monitor at the rate of $12 per hour.In addition, the company applies manufacturing overhead coststo jobs at the rate of $5 per direct labor hour. The selling price foreach monitor is $385.1Requirements:1a. Determine the total cost for this job.b. Determine the gross margin per monitor.

To solve this problem, we'll break down the calculations into the required steps. Step 1: Given Data…

Answered: Kevin's Electronics, Inc., delivered…

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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Ivanhoe, Inc. manufactures two products: missile range instruments and space pressure gauges. During April, 50 range instruments and 200 pressure gauges were produced, and overhead costs of $87,970 were estimated. An analysis of estimated overhead costs reveals the following activities. Activities Cost Drivers Total Cost 1. Materials handling Number of requisitions $37,800 2. Machine setups Number of setups 28,320 3. Quality inspections Number of inspections 21.850 $87,970 The cost driver volume for each product was as follows. Cost Drivers Instruments Gauges Total Number of requisitions 405 645 1.050 Number of setups 190 290 480 Number of inspections 230 245 475
Crane, Inc. manufactures two products: missile range instruments and space pressure gauges. During April, 50 range instruments and 200 pressure gauges were produced, and overhead costs of $88,010 were estimated. An analysis of estimated overhead costs reveals the following activities. 1. M Materials handling Machine setups Quality inspections 2. 3. Activities (a) The cost driver volume for each product was as follows. Cost Drivers Number of requisitions Number of setups Number of inspections Materials handling Cost Drivers Machine setups Number of requisitions Number of setups Number of inspections Quality inspections $ Instruments Gauges 390 200 240 640 Determine the overhead rate for each activity. 295 265 Total Cost $37,080 28,710 22,220 $88,010 Total 1,030 495 505 Overhead Rate per requisition per setup per inspection
Air United, Inc. manufactures two products: missile range instruments and space pressure gauges. During April, 50 range instruments and 300 pressure gauges were produced, and overhead costs of $94,500 were estimated. An analysis of estimated overhead costs reveals the following activities. Activities Cost Drivers Total Cost 1. Materials handling Number of requisitions $40,000 2. Machine setups Number of setups 21,500 3. Quality inspections Number of inspections 33,000 $94,500 The cost driver volume for each product was as follows. Cost Drivers Instruments Gauges Total Number of requisitions 400 600 1,000 Number of setups 200 300 500 Number of inspections 200 400 600 (a) Determine the overhead rate for each activity. Overhead Rate Materials handling $enter a dollar amount per requisition per requisition Machine setups…
Primary Co. makes two products, benches, and chairs. Several activities are required to produce each product. Activity Activity Rate Fabrication $30 per machine hour Assembly $35 per direct labor hour Inspection $20 per inspection A. Production of benches required 600 machine hours, 190 direct labor hours, and 15 inspections. Calculate the total cost to be allocated to the production of benches. B. Production of chairs required 400 machine hours, 223 direct labor hours, and 25 inspections. Calculate the total cost to be allocated to the production of chairs.
Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below: Standard Quantity or Hours Standard Price or Rate Standard Cost Direct materials 7.40 pounds $ 2.30 per pounds $ 17.02 Direct labor 0.90 hours $ 8.50 per hour $ 7.65 During the most recent month, the following activity was recorded: a. 21,500 pounds of material were purchased at a cost of $2.10 per pound. b. All of the material purchased was used to produce 2,500 units of Zoom. c. 2,000 hours of direct labor time were recorded at a total labor cost of $21,000. Required: 1. Compute the materials price and quantity variances for the month. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).) 2. Compute the labor rate and efficiency variances for the month.…
Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below: Standard Quantity or Standard Price or Rate Standard Cost Direct materials Direct labor Hours 4.6 pounds $ 2.50 per pound 8.2 hours $ 18.00 per hour $ 11.50 $ 3.60 During the most recent month, the following activity was recorded: a. Twenty thousand pounds of material were purchased at a cost of $2.35 per pound. b. All of the material purchased was used to produce 4,000 units of Zoom. c. 750 hours of direct labor time were recorded at a total labor cost of $14,925. Required: 1. Compute the materials price and quantity variances for the month. 2. Compute the labor rate and efficiency variances for the month. (For all requirements, Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Do not round intermediate…
Rahul
I need help with this problem. I need assistance with 1 A-B and with 2 A-C. Thank you in advance.
Advanced Miniature Development manufactures computer graphics cards (GPUs). Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 4,160 GPUs were as follows: Cost Driver Direct materials Direct labor Factory overhead Instructions Determine the: Each GPU requires 0.5 hour of direct labor. f. Standard Costs 110,000 lbs. at $6.30 2,080 hours at $15.80 Rates per direct labor hr., based on 100% of normal capacity of 2,000 direct labor hrs.: Variable cost, $4.25 Fixed cost, $6.00 a. direct materials price variance b. direct materials quantity variance c. total direct materials cost variance d. direct labor rate variance direct labor time variance total direct labor cost variance g. the variable factory overhead controllable variance h. fixed factory overhead volume variance i. total factory overhead cost variance. Actual Costs 115,000 lbs. at $6.50 2,000 hours at $15.40 $8,200 variable cost $12,000 fixed cost
Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below: Standard Quantity Standard Price Standard or Hours or Rate Cost Direct materials. Direct labor..... 4.6 pounds $2.50 per pound $12.00 per hour $11.50 $2.40 0.2 hours During the most recent month, the following activity was recorded: a. Twenty thousand pounds of material were purchased at a cost of $2.35 per pound. b. All of the material purchased was used to produce 4,000 units of Zoom. c. 750 hours of direct labor time were recorded at a total labor cost of $10,425. Required: 1. Compute the direct materials price and quantity variances for the month. 2. Compute the direct labor rate and efficiency variances for the month.
Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below: Standard Quantity or Hours Standard Price or Rate Standard Cost Direct materials 7.80 pounds $ 2.50 per pound $ 19.50 Direct labor 0.30 hours $ 6.00 per hour $ 1.80 During the most recent month, the following activity was recorded: 9,300.00 pounds of material were purchased at a cost of $2.20 per pound. All of the material purchased was used to produce 1,000 units of Zoom. 200 hours of direct labor time were recorded at a total labor cost of $1,400. Required: 1. Compute the materials price and quantity variances for the month. 2. Compute the labor rate and efficiency variances for the month. (For all requirements, Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Round your…
Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below: Standard Quantity or Hours Standard Priceor Rate StandardCost Direct materials 6.50 pounds $ 1.90 per pound $ 12.35 Direct labor 0.30 hours $ 13.00 per hour $ 3.90 During the most recent month, the following activity was recorded: 20,500.00 pounds of material were purchased at a cost of $1.70 per pound. All of the material purchased was used to produce 3,000 units of Zoom. 800 hours of direct labor time were recorded at a total labor cost of $12,000. Required: 1. Compute the materials price and quantity variances for the month. 2. Compute the labor rate and efficiency variances for the month.

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