Montana Company produces basketballs. It incurred the following costs during the year. Direct materials Direct labor Fixed manufacturing overhead $14,934 $25,125 $10,420 Variable manufacturing overhead $32,254 Selling costs $21,077 What are the total product costs for the company under absorption costing?
Q: Solve this question not use ai
A: Step 1:To calculate the unit contribution margin, we need to divide the total contribution margin by…
Q: Answer this question fast
A: Explanation of Asset:An asset is anything of value that a company owns or controls and expects to…
Q: Accounting below options
A: Step 1:- Define Budgeted Accounts ReceivableThe budgeted accounts receivable could be determined by…
Q: Tutor help me
A: Explanation of Cost of Goods Sold (COGS):COGS refers to the direct costs associated with producing…
Q: Give true answer do fast with calculation
A: Step 1: Define CVP AnalysisIn management accounting, Cost-Volume-Profit (CVP) is an important…
Q: Please Provide Solution of this Question with Round 2 Decimal places
A: To calculate the net income for Y3K, Inc., we can use the return on equity (ROE) formula, which is…
Q: Vaughn Company's inventory records show the following data: Unit Units Cost Inventory, January 1…
A: Beginning inventory cost: 10000 units * $9.40/unit = $94000June 18 purchase cost: 9400 units *…
Q: Please help with this accounting question
A: Step 1: Introduction to the Deferred Income Tax LiabilityDeferred income tax liability can be found…
Q: Give true answer this accounting question
A: Step 1: Define Operating leverageOne of the measure used in the cost accounting by the business…
Q: Accounting calculate a. b. c.
A: Question A):• Step 1: Use the formula: CCC = DII + DSO − DPO• Step 2: Add DII and DSO• Step 3:…
Q: Financial Accounting Question 12
A: Explanation of Total Cost Paid:Total cost paid refers to the actual amount of money spent by a…
Q: Don't use AI.
A: Several of these cost items can be linked to specific regions, especially those related to sales,…
Q: Help calculating Balance sheet items with limited information. Specifically need to know how to…
A: 1) First, let's establish some relationships:With Times Interest Earned of 10: Operating Income =…
Q: General Accounting
A: Step 1: Define Understanding RatiosThe ratios of a company are generated by looking at the figures…
Q: Financial Accounting
A: Step 1: Introduction to the OvertimeOvertime means the excess hours that employees work over their…
Q: Question in image, thanks!
A: Explanation: As per lower of cost or net realizable value (LCNRV) basis of inventory valuation, the…
Q: Solve this problem
A: Step 1:a. The owner's equity as of December 31, 2018 is calculated as follows: Owner's equity =…
Q: On July 9, Coronado Company sells goods on credit to Wildhorse Company for $4600, terms 2/10, n/60.…
A: Step 1:As the goods are sold on credit basis with the terms of 2% discount if payment is made within…
Q: The historical cost principle requires that assets be reported at their: a) Market value b)…
A: Explanation of Market Value:Market value refers to the current price at which an asset can be bought…
Q: An adjusting entry always affects: a) Only revenue accounts b) Only asset accounts c) One balance…
A: Hello student! An adjusting entry is a journal entry that applies our accrual basis accounting which…
Q: The entry to record the receipt of payment within the discount period on a sale of $2400 with terms…
A: Step 1: Calculate the DiscountThe terms 2/10, n/30 mean the customer gets a 2% discount if they pay…
Q: Need answer the accounting question not use ai
A: Part A: Monthly Payments CalculationFV=PMT x (1+r)n−1/ rWhere:FV = Future Value ($1,000,000)PMT =…
Q: I want Accurate answer with explanation
A: Explanation of the Balance Sheet:The Balance Sheet is a snapshot of a company's financial position…
Q: None
A: Step 1: Define Make or BuyIn a relevant analysis for a make-or-buy decision, the things to consider…
Q: Problem Set 2Caricolor Limited operates a paint manufacturing plant, housing two distinct…
A: 1. Compute Equivalent Units in the Mixing DepartmentEquivalent Units Calculation:- Units Completed…
Q: Which of the following is an asset? a) Accounts Payable Retained Earnings c) Accounts Receivable d)…
A: Explanation of Accounts Receivable:Accounts receivable refers to the money that a company is owed by…
Q: During July, the following purchases and sales were made by Swifty Company. There was no beginning…
A: Under FIFO, the oldest inventory items are sold first. Therefore, we need to track the inventory…
Q: January February March Cash Receipts Cash payments $ 515,000 402,000 468,000 $ 456,300 343,300…
A: Detailed explanation: JanuaryFebruaryMarchBeginning Cash Balance50,000 50,000 65,977add Cash…
Q: Accounting
A: If you have any problem let me know in comment section thank you.
Q: Accounting wellness corp ?
A: Step 1:- Define Bad DebtDebtors of the business who are no longer able to repay their debt are…
Q: Financial Accounting Problem 5.2
A: To compute: Price Earnings Ratio = Price per share / Earnings per share Price Earnings Ratio = $50 /…
Q: Need help
A: The question requires the determination of the profitability index. The profitability index measures…
Q: Financial Accounting
A: Step 1: Define Direct Material VarianceThe difference between the standard cost for the actual…
Q: Give me all options solution which option is correct and which option is incorrect with response.
A: 1. "Public and private Canadian corporations are eligible for the small business…
Q: General Accounting
A: Step 1: Define Profitability IndexThe profitability index (PI) is also termed the profit investment…
Q: Accounting NPBT
A: Step 1:- Define Profit MarginThe income statement for a firm shows the costs incurred, sales made,…
Q: Need Answer
A: DefinitionCash flow to creditors represents the net cash that a company pays to its creditors during…
Q: ACCOUNTING PROBLEM SOLVE
A: Explanation of Current Assets: Current assets are resources owned by a business that are expected to…
Q: Want answer
A: Explanation of Revenue:Revenue refers to the total amount of money earned by Doctor J. from…
Q: General Accounting Question Solution
A: Option a: This option is incorrect because adding 200 employees means lowering the permanent workers…
Q: Accounting during the year, l&m need help
A: Step 1: Definition of Liability:In financial accounting, liability refers to the amount a company…
Q: Help
A: Explanation of Balance Sheet:The balance sheet is a financial statement that provides a snapshot of…
Q: Please help me answer this accounting question
A: Step 1: Define Overhead CostBusiness establishments record the overhead cost of their production…
Q: Provide Answer of this General Accounting Question
A: Question 1:a) Price VarianceGiven:Actual Quantity (AQ) of materials purchased: 42,200 gallonsActual…
Q: A company uses direct labor hours as its overhead allocation base. Its standard amount per…
A: The standard overhead rate is calculated by dividing the total overhead by the total direct labor…
Q: Need experts solution only, Don't use AI.
A: alculation of Part(a)Calculation of Annual Cash EarningsParticularsAmount ($)Total Net Cash Earnings…
Q: Need Help Please Provide solution
A: Step 1:- Define Accrued InterestAccrued interest can be defined as the accumulated interest since…
Q: Revenue is recognized when it is: a) Earned b) Collected in cash c) Invoiced d) Paid for
A: Here's an explanation of each option:a) EarnedRevenue is recognized when it is earned, meaning when…
Q: You are an independent consultant hired by Penmen Groceries, and they are exploring options to…
A: Vulnerabilities in an organization's Accounting Information System (AIS) can come in various forms,…
Q: [The following information applies to the questions displayed below.] Alexandra's Boutique has the…
A: Step 1:Periodic inventory method is the method where inventory is valued at the end of period. LIFO…
Please Need Answer of this General Accounting Question.
Step by step
Solved in 2 steps
- The following product costs are available for Stellis Company on the production of erasers: direct materials, $22,000; direct labor, $35,000; manufacturing overhead, $17,500; selling expenses, $17,600; and administrative expenses; $13,400. What are the prime costs? What are the conversion costs? What is the total product cost? What is the total period cost? If 13,750 equivalent units are produced, what is the equivalent material cost per unit? If 17,500 equivalent units are produced, what is the equivalent conversion cost per unit?Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Required: 1. Calculate the total cost of direct materials used in production. 2. Calculate the cost of goods manufactured. Calculate the unit manufacturing cost. 3. Of the unit manufacturing cost calculated in Requirement 2, 2.70 is direct materials and 5.30 is overhead. What is the prime cost per unit? Conversion cost per unit?SmokeCity, Inc., manufactures barbeque smokers. Based on past experience, SmokeCity has found that its total annual overhead costs can be represented by the following formula: Overhead cost = 543,000 + 1.34X, where X equals number of smokers. Last year, SmokeCity produced 20,000 smokers. Actual overhead costs for the year were as expected. Required: 1. What is the driver for the overhead activity? 2. What is the total overhead cost incurred by SmokeCity last year? 3. What is the total fixed overhead cost incurred by SmokeCity last year? 4. What is the total variable overhead cost incurred by SmokeCity last year? 5. What is the overhead cost per unit produced? 6. What is the fixed overhead cost per unit? 7. What is the variable overhead cost per unit? 8. Recalculate Requirements 5, 6, and 7 for the following levels of production: (a) 19,500 units and (b) 21,600 units. (Round your answers to the nearest cent.) Explain this outcome.
- The following product Costs are available for Haworth Company on the production of chairs: direct materials, $15,500; direct labor, $22.000; manufacturing overhead, $16.500; selling expenses, $6,900; and administrative expenses, $15,200. What are the prime costs? What are the conversion costs? What is the total product cost? What is the total period cost? If 7,750 equivalent units are produced, what is the equivalent material cost per unit? If 22,000 equivalent units are produced, what is the equivalent conversion cost per unit?Wyandotte Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 256,900, direct labor cost was 176,000, and overhead cost was 308,400. There were 40,000 units produced. Required: 1. Calculate the total cost of direct materials used in production. 2. Calculate the cost of goods manufactured. Calculate the unit manufacturing cost. 3. Of the unit manufacturing cost calculated in Requirement 2, 6.62 is direct materials and 7.71 is overhead. What is the prime cost per unit? Conversion cost per unit?York Company Is a machine shop that estimated overhead will be $50,000, consisting of 5,000 hours of direct labor. The cost to make job 0325 is $70 in aluminum and two hours of labor at $20 per hour. During the month. York incurs $50 in indirect material cost. $150 in administrative labor, $300 in utilities, and $250 in depreciation expense. What is the predetermined overhead rate if direct labor hours are considered the cost driver? What is the cost of Job 0325? What is the overhead incurred during the month?
- Pink Company incurred the following costs during the month: direct labor, P120,000; factory overhead, P108,000, and direct materials purchases, P160,000 inventories show the following costs: Beginning Ending Finished goods P27,000 P30,000 Work in process P61,500 P57,500 Direct materials P37,500 P 43,500 How much is the cost of goods manufactured?The following cost data relate to the manufacturing activities of the Kamas Company during the most recent year. Factory overhead costa incurred during the year: P 1,600 2,600 5,100 13.000 2,500 P24,800 Property taxes - factory Utilities - factory Indirect labor Depreciation - factory Insurance - factory Total Actual FOH costs Other costa incurred during the year: Purchases of raw materials Direct labor cost P15,000 Inventoriea: Raw materials, beginning Raw materiala, ending Work-in-process, beginning Work-in -process, ending P5,000 4,400 3,500 4,500 The company uses a predetermined overhead rate to charge overhend cost to production. The rate for the year just completed was P4.00 per machine-hour; a total of 6,000 machine-hours wRre recorded for the year. Compute for the cost of goods manufactured for the vear.Hamilton Company applies manufacturing overhead costs to products based on direct labor hours. The company estimates manufacturing overhead cost for the year to be $276,000 and direct labor hours to be 20,000. Actual overhead and actual direct labor hours for the year were $325,000 and 24,600 hours, respectively. Required: 1. Compute over- or underapplied overhead. 20. Which accounts will be affected by the over- or underapplied manufacturing overhead? 2b. Will the accounts be increased or decreased to adjust for the over- or underapplied manufacturing overhead? Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Compute over- or underapplied overhead. Manufacturing overhead Req 1 Req 2A Req 28 Which accounts will be affected by the over- or underapplied manufacturing overhead? (Select all that apply.) Cost of Goods Sold Manufacturing Overhead Finished Goods Inventory Selling and Administrative Overhead Marketing and Distribution Overhead Req 1 Req 2A…
- Warren Company applies overhead based on direct labor cost. Warren Company estimated that it would incur $97,000 in manufacturing overhead costs and $63,500 of direct labor costs during the current year. Actual manufacturing overhead cost totaled $82,000 and actual direct labor costs totaled $62,000 during the current year. If total manufacturing costs were $167,000, what amount of direct materials was used during the year? Multiple Choice $11,500 $23,000 $8,000 None of these answers are correct.ABC Company accumulated the following cost information for the year: Salesperson salaries Indirect materials Indirect labor Factory depreciation Direct labor Multiple Choice Using the above information, what are the total factory overhead costs? O $12,900. $78,800. $53,200. $ 16,100 4,100 8,600 $17,000. 12,900 37,100The following cost data relate to the manufacturing activities of Chang Company during the just completed year: Manufacturing overhead costs incurred: Indirect materials$ 16,700Indirect labor147,000Property taxes, factory9, 700Utilities, factory87, 000Depreciation, factory273, 900Insurance, factory 11, 700 Total actual manufacturing overhead costs incurred$ 546, 000Other costs incurred: Purchases of raw materials (both direct and indirect)$ 417,000Direct labor cost$ 77,000Inventories: Raw materials, beginning$ 21, 700Raw materials, ending$ 31, 700 Work in process, beginning$ 41, 700Work in process, ending$ 71, 700 The company uses a predetermined overhead rate of $26 per machine - hour to apply overhead cost to jobs. A total of 21,400 machine - hours were used during the year. Required:1. Compute the amount of underapplied or overapplied overhead cost for the year.2. Prepare a schedule of cost of goods manufactured for the year.
