Lenox Solvents manufactures a special fluid at its Hazelridge plant. Operating data for June follow.MaterialsLaborManufacturing overhead$ 2,499,000214,200859,800The Hazelridge plant produced 1,110,000 liters in June. The plant never has any beginning or ending inventories.Required:Compute the cost per liter of liquid produced in June.Note: Round your answer to 2 decimal places.Cost per liter

3.22Explanation:Step 1: First is to get the total manufacturing cost by getting the total of…

Answered: Lenox Solvents manufactures a special…

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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Tractor Company needs to prepare pro forma financial statements for the next fiscal year. To do so, the company must forecast its total overhead cost. The actual machine hours and total overhead cost are presented below for the past six months. Machine Hours 1,990 2,100 1,750 1,600 1,870 2,020 Using the high-low method, unit variable overhead cost is calculated to be: Month January February March April May June Multiple Choice O O O $2.08 $1.78 $1.98 $1.68 Total Overhead $ 6,320 $1.88 6,580 6,020 5,590 6,060 6,370
Jason Inc. provides the following manufacturing costs for the first four months of the year. Manufacturing Costs for the First Four Months Months Production in Units Total Costs January 2,500 $33,750 February 1,800 $29,900 March 3,000 $36,500 April 2,600 $34,300 Using the high-low method, determine the total fixed costs. (Round intermediate calculations to two decimal places, and the final calculation to the nearest dollar.) Group of answer choices $15,500 $20,000 $30,300 $16,500
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Dog
Robin Inc. provides the following manufacturing costs for the Third quarter of the year in the table below. Manufacturing Costs for the Third Quarter Months Production in Units Total Costs July 3,800 $59,550 August 4,200 $62,450 September 5,500 $71,875 Using the high-low method, determine the variable costs per unit. (Round intermediate calculations and your final answer to two decimal places.) Group of answer choices $14.37 $13.07 $7.25 $15.67
Compute the cost per gallon of liquid cleaner produced in June.
Enviro Corporation manufactures a special liquid cleaner at its Green Plant. Operating data for June follow: Material $714,000 Labor 61,200 Manufacturing Overhead 244,800 The green plant produced 850,000 gallons in June. The plant never has any beginning or ending inventories. Compute the cost per gallon of liquid cleaner produced in June.
Enviro Corporation manufactures a special liquid cleaner at its Green plant. Operating data for June follow: Materials $ 484,000 Labor 47,000 Manufacturing overhead 234,000 The Green plant produced 1,700,000 gallons in June. The plant never has any beginning or ending inventories. Required: Compute the cost per gallon of liquid cleaner produced in June. (Round your answer to 2 decimal places.)
Strait Co. manufactures office furniture. During the most productive month of the year, 3,200 desks were manufactured at a total cost of $84,500. In the month of lowest production, the company made 1,170 desks at a cost of $55,500. Using the high-low method of cost estimation, total fixed costs are a.$84,500 b.$55,500 c.$29,000 d.$38,772
Prince Rupert company manufactures product A. B, C and D. Data for the year ended Dec 31, 2021, is as follows. Product Units/ Production Production run Cost of material per unit ($) Direct labourhours required per unit Machine hours required per unit A 20 3 80 2 1 B 40 4 60 5 8 C 45 6 70 7 5 D 120 12 65 9 3 Cost of Direct labor per hour: $ 6 Overhead costs for Prince Rupert company. Set up cost $ 12,000 Handling material cost $ 6,000 Scheduling costs $ 14,000 i. Using the peanut butter costing approach, calculate the cost per unit. (use Direct labor hours as a basis of allocation) ii. Using ABC Costing, calculate the cost per unit. Please justify why you choose that allocation base. iii. Show the difference of cost per unit using peanut butter and ABC costing
please answer within 30 mins.
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