Marvel Limited manufactures a variety of components for commercial applications. The firm utilizes job order costing with a predetermined overhead rate of $4.50 per machine hour. During June 2020, Marvel Limited Worked on the following jobs: Direct Materials used on Job Direct Labour Cost Machine Hours Job #52 Job #53 Job #54 $14,910 $16,640 $7,010 $19,450 $13,600 $10,050 1,390 1,480 830 a) Calculate the amount of overhead to be allocated to each job for the month
Q: please answer in text form with introduction , concept , explanation, computation , steps clearly…
A: Houle Furniture Company's Liquidity and Solvency Analysis (2021 vs. 2020)Introduction:This analysis…
Q: The master budget at Monroe Manufacturing last period called for sales of 42,400 units at $46 each.…
A: Calculation of Sales & Variable Costs for the required period Budgeted Sales $1,950,400…
Q: Sal Solan has a capital balance of $23,000; Sam Scott's balance is $22,000. Barbara Hamlet pays…
A: In the transaction involving the admission of Barbara Hamlet to the Solan & Scott partnership,…
Q: Windhoek Mines, Limited, of Namibia, is contemplating the purchase of equipment to exploit a mineral…
A: Net presentvalue(NPV) quantifies projects profitability ,considering all cash flows and the time…
Q: Visnu
A: Step 1: 8) Product-level activities are the activities that are related to the specific product.…
Q: Equipment acquired on January 8 at a cost of $199,350 has an estimated useful life of 20 years, has…
A: Requirement aStep 1: Compute the annual depreciation Cost 199,350 Residual value…
Q: Vishnu
A: project B is a better investment for Perit Industries because it has a positive netpresent Value…
Q: please answer in text form and in proper format answer with must explanation , calculation for each…
A: Detailed explanation:1. Calculate the savings per unit for Division A: Division B is able to sell…
Q: 6. Access a recently issued SEC Accounting and Auditing Enforcement Release related to a fraud…
A: SEC Accounting and Auditing Enforcement Releases related to fraud actions. Here are a few notable…
Q: provide answer of all question
A: solution 1&2. $700 x 35% = $245 incremental cash inflow 3. Net present value : -$83 + $50 +…
Q: K Mobile Concepts makes special equipment used in cell towers. Each unit sells for $400. Mobile…
A: Solution: Variable Manufacturing Cost per Unit = $1200000/12000 = $100 Impact on Profit = (Offer…
Q: $118,800; Income tax expense was $11,400; cost of goods sold was $247,500. Required: a. Calculate…
A: Income Statement BreakdownWe can use the provided information to calculate the missing values on the…
Q: Question 3 Beta Company manufactures a single product. The Company keeps its records of…
A: Beta Company - Manufacturing Cost Analysis (Step-by-Step)a. Manufacturing Overhead Cost Added to…
Q: Note: This problem is for the 2021 tax year. John Parsons (123-45-6781) and George Smith…
A: Here's a breakdown of the information needed for each form:Form 1120S - U.S. Income Tax Return for…
Q: None
A: Calculations: Note: I only search online the MACRS since it was not provided. Also, the recovery…
Q: On October 1, Goodwell Company rented warehouse space to a tenant for $3,500 per month. The tenant…
A: Step 1: Initial journal entry Upon receiving the cash payment, a debit entry is made to the cash…
Q: A company sells two products with information as follows: Sales price per unit Variable cost per…
A: Approach to solving the question: Detailed explanation:Solution was presented above. Examples: Key…
Q: Hardev
A: Step 1: Calculate the Total costs under the Flexible BudgetSales = 12,550 units x $81 per unit =…
Q: Sluggo, a slot machine manufacturer, paid and incurred the following expenses during the year: Raw…
A: Step 1: Total manufacturing costs Raw materials$50,000Materials and supplies 10,000Freight-in on…
Q: "Wonderful! Not only did our salespeople do a good job in meeting the sales budget this year, but…
A: References; Beg, Z. (2020). Flex Budgets and Variances at Speedy Tire Co. Institute of Management…
Q: Required information [The following information applies to the questions displayed below] Melissa,…
A: Key references: Minuto, F. D., & Lanzini, A. (2022). Energy-sharing mechanisms for energy…
Q: Dineshbhai
A: We have the Flexible Budget and Actual results of Quilcene Osteria for AugustWe should prepare the…
Q: Photo from XYZ
A: Consolidated financial statements are financial statements that combine the financial results of a…
Q: answer
A: To determine the cost of goods sold for Sluggo, let's first understand what constitutes the cost of…
Q: Pakodi
A: Next, let's calculate the amount of deductible Ronald needs to meet:Since Ronald visited the general…
Q: Question 1 (1 point) Chad and Jason Roberts paid $8,500…
A: Question 3: FalseExplanation: Amounts earned in a Tax-Free Savings Account (TFSA) are not subject to…
Q: Easy Use Electronic Center began October with 80 units of inventory that cost $57 each. During…
A:
Q: The following actual and standard cost data for direct material and direct labor relate to the…
A: Actual hours worked = 4,300 hoursStandard labor hours allowed = 4,000 hoursStandard rate = 15 Labor…
Q: Vinubhai
A: Lavage RapideFlexible Budget Performance ReportFor the Month Ended August 31Line Item Actual Results…
Q: Denjar
A: We must determine the earnings attributable to common shareholders (numerator) and the weighted…
Q: What's the standard deviation of a portfolio with the following characteristics? Rate of return if…
A: 1) Standard Deviation means the risk of the stock. It depicts that how much a stock varies under…
Q: PART 2: Preparing Financial Statements 60 Marks The listing of the ledger accounts (unadjusted) of…
A: A. Cost of Goods Manufactured StatementWe can't calculate exact values for all components due to…
Q: Whispering Corporation has outstanding 427,000 shares of $10 par value common stock. The corporation…
A: Hope you got your answer.Kindly do rate this answer helpful....Thank You
Q: answer with correct option
A: Given information, Beginning inventory = $60,000Cost of goods purchased = $380,000Ending inventory =…
Q: Journalize payroll tax
A: Step 1: Introduction to payroll taxPayroll taxes refer to those taxes paid by both employer and…
Q: provide 1 and 2
A: 1.Average cost:Compute the average cost per unit first. Units Unit Cost Total Beginning Inventory…
Q: Amy's regular hourly wage rate is $22, and she receives an hourly rate of $33 for work in excess of…
A: Step 1: Step 2: Step 3: Step 4:
Q: The Foundational 15 (Algo) [LO12-1, LO12-2, LO12-3, LO12-5, LO12-6] [The following information…
A: Answer information:2a Net operating income420000 Add: Depreciation578000 Annual net cash flow998000…
Q: Granger Products recorded the following transactions for the just-completed month. The company had…
A: **Finished Goods Inventory T-account:**| Date | Description | Debit ($) | Credit ($)…
Q: es All Company uses a sales journal, purchases journal, cash receipts journal, cash payments…
A: Remember that all transactions involving the receipt of cash are recorded in the cash receipts…
Q: Given the following information, determine the cost of the inventory at June 30 using the LIFO…
A: The cost of the ending inventory using the LIFO (Last-In, First-Out) perpetual inventory method…
Q: Incremental analysis involves the accumulation of information concerning a single course of action,…
A: The objectives of incremental analysis are to determine the incremental costs and benefits that are…
Q: Problem 24-05 Given the following information, construct the firm's cash budget for the given months…
A: JanuaryFebruaryMarchAprilSales Cash sales Collections Other receipts40,000 110,000 Total…
Q: Saginaw Inc. completed its first year of operations with a pretax loss of $647,500. The tax return…
A: b. Record the deferred tax consequences of the depreciation book-tax difference:``` General Journal…
Q: On August 1, Pure Joy Corporation (a U.S.-based Importer) placed an order to purchase merchandise…
A: Sure, let's break down each part: a. Journal entries: 1. On August 1, Pure Joy Corporation enters…
Q: Required information Skip to question [The following information applies to the questions displayed…
A: (a) To record the purchase of the landDateAccountDebitCreditJuly 23Mineral deposit$8,247,600 Cash…
Q: 15. Once the break-even point is reached, which of the following statements is true? A. The total…
A: Option a: This option is incorrect because at the breakeven point, the total fixed costs = the total…
Q: Vertical Analysis Income statement information for Einsworth Corporation follows: Sales $376,000…
A: Step 1: Find the percentage for sales Formula:Sales Percentage=Amount of SalesAmount of Sales×100…
Q: a. What are the budgeted operating profits in each division for year 1 after the corporate costs are…
A: Step 1: Step 2: Step 3: Step 4:
Q: On January 1, 2021, Morris Enterprises issued 9%, 5-year bonds with a face amount of $900,000 at…
A: Hope you got your answer Kindly rate this helpful....Thank You
Step by step
Solved in 2 steps with 1 images
- Rulers Company is a neon sign company that estimated overhead will be $60,000, consisting of 1,500 machine hours. The cost to make Job 416 is $95 in neon, 15 hours of labor at $13 per hour, and five machine hours. During the month, it incurs $95 in indirect material cost, $130 in administrative labor, $320 in utilities, and $350 in depreciation expense. What is the predetermined overhead rate if machine hours are considered the cost driver? What is the cost of Job 416? What is the overhead incurred during the month?Lucy Sportswear manufactures a specialty line of T-shirts using a job order cost system. During March, the following costs were incurred in completing Job ICU2: direct materials, 13,700; direct labor, 4,800; administrative, 1,400; and selling, 5,600. Factory overhead was applied at the rate of 25 per machine hour, and Job ICU2 required 800 machine hours. If Job ICU2 resulted in 7,000 good shirts, the cost of goods sold per unit would be: a. 5.70. b. 6.50. c. 5.50. d. 6.30.Steeler Towel Company estimates its overhead to be $250,000. It expects to have 100,000 direct labor hours costing $2,500,000 in labor and utilizing 12,500 machine hours. Calculate the predetermined overhead rate using: A. Direct labor hours B. Direct labor dollars C. Machine hours
- San Mateo Optics, Inc., specializes in manufacturing lenses for large telescopes and cameras used in space exploration. As the specifications for the lenses are determined by the customer and vary considerably, the company uses a job-order costing system. Manufacturing overhead is applied to jobs on the basis of direct labor hours, utilizing the absorption- or full-costing method. San Mateos predetermined overhead rates for 20x1 and 20x2 were based on the following estimates. Jim Cimino, San Mateos controller, would like to use variable (direct) costing for internal reporting purposes as he believes statements prepared using variable costing are more appropriate for making product decisions. In order to explain the benefits of variable costing to the other members of San Mateos management team, Cimino plans to convert the companys income statement from absorption costing to variable costing. He has gathered the following information for this purpose, along with a copy of San Mateos 20x1 and 20x2 comparative income statement. San Mateo Optics, Inc. Comparative Income Statement For the Years 20x1 and 20x2 San Mateos actual manufacturing data for the two years are as follows: The companys actual inventory balances were as follows: For both years, all administrative expenses were fixed, while a portion of the selling expenses resulting from an 8 percent commission on net sales was variable. San Mateo reports any over-or underapplied overhead as an adjustment to the cost of goods sold. Required: 1. For the year ended December 31, 20x2, prepare the revised income statement for San Mateo Optics, Inc., utilizing the variable-costing method. Be sure to include the contribution margin on the revised income statement. 2. Describe two advantages of using variable costing rather than absorption costing. (CMA adapted)Baldwin Printing Company uses a job order cost system and applies overhead based on machine hours. A total of 150,000 machine hours have been budgeted for the year. During the year, an order for 1,000 units was completed and incurred the following: The accountant computed the inventory cost of this order to be 4.30 per unit. The annual budgeted overhead in dollars was: a. 577,500. b. 600,000. c. 645,000. d. 660,000.Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated its total manufacturing overhead cost at $257,070 and total machine hours at 62,700. During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labor cost, and machine hours for each job: Direct materials used Direct labor Machine hours Job 101 11,600 $ $ 16,900 1,800 hours Job 102 $ 8,700 $ 6,200 2,000 hours Job 103 $ 5,900 $ 4,500 1,100 hours Total $ 26,200 $ 27,600 4,900 hours Job 101 was completed and sold for $50,800. Job 102 was completed but not sold. Job 103 is still in process. Actual overhead costs recorded during the first month of operations totaled $15,690. Required: 1. Prepare a journal entry showing the transfer of Job 102 into Finished Goods Inventory upon its completion. 2. Prepare the journal entries to recognize the sales revenue and…
- Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated Its total manufacturing overhead cost at $237,500 and total machine hours at 62,500. During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labor cost, and machine hours for each job: Direct materials used Direct labor Machine hours Job 1011 $ 11,600 $ 18,000 1,700 hours 1. Predetermined Overhead Rate 2. Total Applied Manufacturing Overhead 3. Ending Work in Process Inventory 4. Gross profit Job 102 $ 8,100 $ 5,700 5-a. Balance 5-b. Is it over- or underapplied? 2,700 hours Job 103 $5,500 $ 5,100 Job 101 was completed and sold for $50,400. Job 102 was completed but not sold. Job 103 is still in process. Actual overhead costs recorded during the first month of operations totaled $19,800. 1,100 hours Total Required: 1. Calculate the predetermined…ABC Company uses a job-order costing system and a predetermined overhead rate based on machine hours. At the beginning of 2022, ABC estimated that manufacturing overhead for the year would be P4,800,000 and machine hours would be 80,000. The following information pertains to April 2022: Job #1 Job #2 Job #3 Work in process, April 1 P320,000 P520,000 P760,000 April production: Direct materials requisitioned 80,000 96,000 144,000 Direct labor costs 48,000 72,000 90,000 Machine hours 400 700 900 Actual overhead costs incurred during April amounted to P125,000. During April, jobs 1 and 3 were completed. Job 1 was delivered to a customer and an invoice for P800,000 was billed. Any over- or under-applied overhead is considered to be insignificant. 1. How much is the cost of goods…Case Inc. is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fiberglass, and lumber, depending upon customer preference. On June 1, 2020, the general ledger for Case Inc. contains the following data. Raw Materials Inventory $ 3,900 Manufacturing Overhead Applied $ 35,600 Work in Process Inventory $ 5,975 Manufacturing Overhead Incurred $ 29,400 Subsidiary data for Work in Process Inventory on June 1 are as follows. Job Cost Sheets Customer Job Cost Element Rodgers Stevens Linton Direct materials $ 700 $ 900 $ 1,000 Direct labor 300 500 700 Manufacturing overhead 375 625 875 $ 1,375 $ 2,025 $ 2,575 During June, raw materials purchased on account were $ 4,600, and all wages were paid. Additional overhead costs consisted of depreciation on equipment $ 800 and miscellaneous costs of $ 400 incurred on account.A summary of materials requisition slips…
- Case Inc. is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fiberglass, and lumber, depending upon customer preference. On June 1, 2020, the general ledger for Case Inc. contains the following data. Raw Materials Inventory $ 3,900 Manufacturing Overhead Applied $ 35,600 Work in Process Inventory $ 5,975 Manufacturing Overhead Incurred $ 29,400 Subsidiary data for Work in Process Inventory on June 1 are as follows. Job Cost Sheets Customer Job Cost Element Rodgers Stevens Linton Direct materials $ 700 $ 900 $ 1,000 Direct labor 300 500 700 Manufacturing overhead 375 625 875 $ 1,375 $ 2,025 $ 2,575 During June, raw materials purchased on account were $ 4,600, and all wages were paid. Additional overhead costs consisted of depreciation on equipment $ 800 and miscellaneous costs of $ 400 incurred on account.A summary of materials requisition slips…The Harriott manufacturing company uses job order costing system. The company uses machinehours to apply overhead cost to jobs. At the beginning of 2020, the company estimated that 31,400machine hours would be worked and $5,024,000 overhead cost would be incurred during 2020.The following activities took place in the work in process inventory during February: WIP Inventory A/CNovember 1 Bal. b/f$51,250Direct Materials Used 256,400 Other transactions incurred:▪ Indirect material issued to production was $40,360▪ Total manufacturing labour incurred in November was $368,000, 75% of this amountrepresented direct labour.▪ Other manufacturing overhead costs incurred for November amounted to $340,490.▪ Two jobs were completed with total costs of $384,000 & $270,000 respectively. They weresold on account at a margin of 33⅓% on sales. Cont' For other manufacturing overhead incurredf) For manufacturing overhead applied to production for November, given that…Carla Vista Limited is a company that produces machinery to customer orders, using a normal job-order cost system. It applies manufacturing overhead to production using a predetermined rate. This overhead rate is set at the beginning of each fiscal year by forecasting the year's overhead and relating it to direct labour costs. The budget for 2022 was as follows: Direct labour Manufacturing overhead $1,804,000 902,000 As at the end of the year, two jobs were incomplete. These were 1768B, with total direct labour charges of $113,600, and 1819C, with total direct labour charges of $390,100. Machine hours were 287 hours for 17688 and 647 hours for 1819C. Direct materials issued for 1768B amounted to $220,000, and for 1819C they amounted to $420,500. Total charges to the Manufacturing Overhead Control account for the year were $898,500, and direct labour charges made to all jobs amounted to $1,583,600, representing 247,500 direct labour hours. There were no beginning inventories. In…