Montana Company produces basketballs. It incurred the following costs during the year. Direct materials Direct labor $ 14,076 $ 25,693 $ 9,948 Variable manufacturing overhead $ 32,282 $ 21,315 Fixed manufacturing overhead Selling costs What are the total product costs for the company under variable costing?
Q: Provide correct answer Sub. General Account
A: 1. Compute the variable cost per unit using the high-low method:Identify the highest and lowest…
Q: I want to correct answer accounting questions
A: Gross profit and gross profit percentage are key measures of a company's profitability. Gross profit…
Q: Hastings company has purchased a group solve this accounting questions
A: Step 1: Define AssetsAssets are classified as both financial and non-financial resources in…
Q: Please solve this question
A: Step 1: Define Gross Profit Gross Profit is calculated as sale minus cost of goods sold. The cost of…
Q: Subject:- General Account
A: The LCNRV rule states that inventory should be valued at the lower of either:Cost, orNet Realizable…
Q: Need help with this question solution general accounting
A: Step 1: Define Over Or Under Allocated OverheadOverhead costs are allocated to production based on a…
Q: What was your percent return on these financial accounting question?
A: Step 1: Define Returns on a StockA stock represents a share of ownership by the investor in a given…
Q: (Financial Account) Fiwrt Corporation manufactures and sells stainless steel coffee mugs. Expected…
A: To determine how many mugs Fiwrt Corporation should produce during November, we use the following…
Q: Question: Gujri Place Clock Shop sold a grandfather clock for $2,250 subject to a 9% sales tax. The…
A:
Q: Please provide correct answer in this general account questions No ai use
A: To calculate the unit product cost under variable costing, we include only the variable…
Q: Do fast answer accounting questions
A: Step 1: Definition of Work in Process (WIP) InventoryWork in Process (WIP) inventory refers to goods…
Q: Hi expert please give me answer general accounting
A: Step 1: Define Direct MaterialsDirect materials are used right away in the production of the goods.…
Q: Please need answer the general accounting question
A: Step 1: Define Outstanding ChecksOutstanding checks are those that have been issued by the company…
Q: Hello All Please check all details and provide solution in this general account query
A: Step 1: Understand the Problem and DataWe are tasked with determining the income from operations…
Q: I need answer of this question solution general accounting
A: Step 1: Define Sales RevenueA sales revenue is the sale of goods or rendering of services in the…
Q: If you give me wrong answer I will give you unhelpful rate on these general accounting question
A: Step 1: Define Appling Manufacturing OverheadManufacturing overhead cannot be traced to the…
Q: The standard costs and actual costs for direct materials for the manufacture of 2500 actual units of…
A: Explanation of Direct Materials Quantity Variance: This represents the difference between the…
Q: Financial Account - Mitchel Corporation manufactures a single product. Last year, variable costing…
A: Key Concepts: Variable Costing vs Absorption CostingUnder variable costing, fixed manufacturing…
Q: solution want
A: To determine the unit values for Herman Company's products under the Net Realizable Value (NRV)…
Q: Sunland's financial statements contained the following selected data (in millions). Current assets…
A: (a) Current RatioThe current ratio is calculated as:Current Ratio=Current Assets/Current Liabilities…
Q: Find the period cost
A: To calculate the total amount of period costs, we need to identify which costs from the list qualify…
Q: Calculate the taxable income solve this accounting questions
A: Step 1: Define Taxable IncomeTaxable income refers to the portion of a company's income subject to…
Q: General Accounting Question provide solution
A: Step 1: Define Gross ProfitGross Profit is the difference between the selling price and the cost of…
Q: None
A: Step 1: Define Average Collection PeriodAverage collection period means the number of days which the…
Q: Financial Accounting answer do fast and step by step calculation
A: Step 1: Define Holding Period ReturnApart from the annual rate of return, the holding period return…
Q: What was the firm's 2015 operating cash flow, or OCF on these general accounting question?
A: Step 1: Define Net Capital SpendingNet capital spending is the amount of fixed asset expenditure…
Q: I need this financial accounting question
A: Step 1: Define Interest RateThe interest rate depicts the rate at which the bank offers to pay a…
Q: D.C Company disposed of an asset at the end of the eighth year of its estimated life for $11,500…
A: Explanation of Straight-Line Depreciation: Straight-line depreciation is a method of allocating the…
Q: Please give me answer this question solution general accounting
A: Step 1: Define Total AssetsIn accounting, the total items that have economic value to a firm are…
Q: Can you answer this general accounting question?
A: Step 1: Define Percentage ChangePercentage change is a mathematical expression that shows the change…
Q: Need help with this accounting question
A: Step 1: Define Absorption CostingAlthough companies can choose between Absorption Costing and…
Q: Hey tutor answer these general accounting question not use ai
A: Step 1: Define Operating CycleThe operating cycle represents the sum of the average collection…
Q: Question
A: Explanation of Modified Relevance Testing: Modified relevance testing is an advanced approach to…
Q: What was the total cost of cases competed ?
A: Explanation of Weighted Average MethodThe weighted average method is a cost accounting technique…
Q: Financial Account - In March 2015, Sparrow Corporation hired three individuals Austin, Adam, and…
A: The Work Opportunity Tax Credit (WOTC) is available to employers for hiring individuals from certain…
Q: Get correct answer accounting questions
A: Step 1: Definition of Variable CostsVariable Costs are costs that change in direct proportion to the…
Q: Provide answer
A: Risk-pattern analysis is the process of relating the various risks to the various risks in a system…
Q: Given answer accounting questions
A: Step 1: Formula Cash received from revenue = Unearned revenue, ending + Sales revenue - Unearned…
Q: How to find the cost of goods sold please answer
A: Step 1: Define Cost of Goods Sold (COGS)The Cost of Goods Sold (COGS) refers to the direct costs…
Q: Question:Financial Account Which one of the following is an advantage of using variable costing? a.…
A: The correct answer is:c. Variable costing makes cost-volume relationships more easily apparent.…
Q: Financial accounting
A: Step 1: Define Total CostTotal cost indicates the entire costs incurred during the process of…
Q: Please given answer general accounting
A: Step 1: Define Notes ReceivableDebts owed by customers to the company are referred to as notes…
Q: Please given answer
A: Step 1: Define AssetsAssets are the items presented in the Balance sheet of a company to which the…
Q: Units produced Direct labor-hours used Machine-hours used Direct materials costs Direct labor costs…
A:
Q: Question: EXPLAIN THE ROLE OF THE CONSERVATISM PRINCIPLE IN ACCOUNTING, AND...
A: Definitions Related to the Question:Explanation of Conservatism PrincipleThe conservatism principle…
Q: I don't need ai answer accounting questions
A: Yield to current stands for the amount of income an investor can receive on an investment in a…
Q: Kindly help with this accounting questions
A: Step 1: Definition of Credit SalesCredit sales represent the total sales made on credit during a…
Q: Financial Accounting Question please find the correct answer
A: Step 1: Define Cost of Equipment:The Cost of Equipment refers to the total amount incurred to…
Q: Compute the lower of cost or market valuation
A: Explanation of Lower-of-Cost-or-Market (LCM) Rule:The lower-of-cost-or-market (LCM) rule is an…
Q: Need help with this question solution general accounting
A: Step 1: Define Equivalent UnitsEquivalent units are used by industries with continuous manufacturing…
Variable Costing?? It's General Account issue
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?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?
- Natur-Gro, Inc., manufactures composters. Based on past experience, Natur-Gro has found that its total annual overhead costs can be represented by the following formula: Overhead cost = 264,000 + 1.42X, where X equals number of composters. Last year, Natur-Gro produced 30,000 composters. Actual overhead costs for the year were as expected. Total overhead for per unit was a. 1.42 b. 8.80 c. 11.63 d. 10.22Davis Co. uses backflush costing to account for its manufacturing costs. The trigger points are the purchase of materials, the completion of goods, and the sale of goods. Prepare journal entries to account for the following: a. Purchased raw materials, on account, 70,000. b. Requisitioned raw materials to production, 70,000. c. Distributed direct labor costs, 15,000. d. Factory overhead costs incurred, 45,000. (Use Various Credits for the account in the credit part of the entry.) e. Completed all of the production started. f. Sold the completed production for 195,000, on account. (Hint: Use a single account for raw materials and work in process.)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?
- Calgary Manufacturing company makes chairs and desks. The following costs were incurred in making its products during its first year of operation. Chairs Desks TotalDirect Materials $ 7,000 $9,000 $16,000Direct Labor 15,000 11,000 26,000 Also the company incurred $19,760 of employee benefits cost. Since these overhead costs are driven by the use of labor they are allocated to the products based on the direct labor dollars. Based on this information alone the total cost of making chairs is Note: Do not round intermediate calculationHamilton 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…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 37,100
- GodoThe following cost data relate to the manufacturing activities of Chang Company during the just completed year: Manufacturing overhead costs incurred: $ 16,700 147,000 9,700 87,000 273,900 11,700 $ 546,000 Indirect materials Indirect labor Property taxes, factory Utilities, factory Depreciation, factory Insurance, factory Total actual manufacturing overhead costs incurred Other costs incurred: $ 417,000 $ 77,000 Purchases of raw materials (both direct and indirect) Direct labor cost Inventories: Raw materials, beginning Raw materials, ending Work in process, beginning Work in process, ending $ 21,700 $ 31,700 $ 41,700 $ 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. Complete this question by entering your…help please
