Monte Services, Inc. is trying to establish the standard labor cost of a typical brake repair. The following data have been collected from time and motion studies conducted over the past month. Actual time spent on the brake repairs Hourly wage rate Payroll taxes Setup and downtime Cleanup and rest periods Fringe benefits (a) 5 hours $12 20% of wage rate 11% of actual labor time 34% of actual labor time 25% of wage rate Determine the standard direct labor hours per brake repairs. (Round answer to 2 decimal places, e.g. 1.25.) Standard direct labor hours per brake repair hours
Q: Flapjack Corporation had 7,817 actual direct labor hours at an actual rate of $12.00 per hour.…
A: The variance analysis is established for controlling the cost and measuring the performance. The…
Q: The case below relates to IAS 10. Indicate whether they are adjusting and non-adjusting events and…
A: IAS 10 that is international accounting standard 10 relates to events that occurs after the…
Q: management
A: Companies have a tough task of achieving sales targets amid intense competition. They need a sales…
Q: The following lots of Commodity Z were available for sale during the year. Beginning inventory First…
A: LIFO- (Last in First Out): Under LIFO inventory accounting, units purchased last are the units to be…
Q: On February 1, 2021, Sanford & Son issued 12% bonds dated February 1, 2021, with a face amount of…
A: The bonds are issued at a discount or premium depending on the market rate of bonds payable. The…
Q: ) Mr Fancyman has consulted you as a broker. According to him, he wants to invest in a pension fund…
A: Compounding is a way to find the FV of present cash flow by using appropriate discount rate or CVF.…
Q: Seiko's current salary is $85,500. Her marginal tax rate is 32 percent, and she fancies European…
A: After-tax cost refers to the income generated from business activities after deducting the amount of…
Q: Sandpiper Company has 30,000 shares of cumulative preferred 2% stock, $100 par and 50,000 shares of…
A: Dividends are paid in two types Stock dividends and Cash dividends. Stock dividend means a payment…
Q: The standard costs and actual costs for factory overhead for the manufacture of 2,500 units of…
A: Fixed overhead production volume variance : Difference between the Budgeted fixed vactory overhead…
Q: What type of substantive testing (not test of controls) should be used for each of the following…
A: Substantive testing is also known as substantive procedures, which are the procedures an auditor…
Q: In 2022, Lisa and Fred, a married couple, had taxable income of $300,000. If they were to file…
A: Taxable Income The portion of your gross income known as "taxable income" is used to determine your…
Q: Almond Treats manufactures various types of cereals that feature almonds. Acme Cereal Company has…
A: Note: In the decision-making question of buying or making the goods, the firstly relevant cost for…
Q: Ray Corporation purchases 5 tickets to the Super Bowl in February 2017 for entertaining its…
A: Ray Corporation purchases 5 ticket for $7000 from scalpers. Face value of the ticket = $750.
Q: Compute the cost assigned to ending inventory using FIFO. (Round your average cost per unit to 2…
A:
Q: On January 1, 20X1, Bixby Inc. purchased equipment costing $75,000. The equipment is estimated to…
A: Straight line method of depreciation charges a fixed amount of depreciation each year. This method…
Q: Derek Dingler conducts corporate training seminars on managerial accounting techniques all around…
A: Introduction Opportunity cost is the profit that is forfeited when one option is chosen over…
Q: costing system, direct material "requisitions" are ordinarily debited to
A: In a job costing system, costs issued to production are recorded through work in process inventory…
Q: On August 1, Cairle Company's work-in-process inventory consisted of three jobs with the following…
A: The income statement is prepared to record the revenues and expenses of the current period. The…
Q: s and then donated to ng the half-year conver Depreciation
A: Answer : Cost of assets = $160,000 Useful life = 5 Years a) Straight line depreciation :Straight…
Q: The following transactions were selected from the records of OceanView Company: July 12 Sold…
A: Net sale is the amount of sale that an entity has made after deducting the discount allowed, sales…
Q: Required: 1. Compute cost of goods available for sale and the number of units available for sale.…
A: LIFO is known as Last-in first-out in which method the inventory purchased last sold first. The main…
Q: On January 1, Year 1, Pierce Corporation issued $25,000 in 8%, 5-year bonds payable at 102. Interest…
A: Assets, liabilities and stockholders equity are recorded in the Balance Sheet. Income and expenses…
Q: On the road to financial independence, Toby is planning to save and invest regularly. Toby decides…
A: Concept The future value of an annuity due is the value of recurring payments over the specified…
Q: Parent Inc. purchased 60,000 of the outstanding (specified below) voting shares of Sub, for $625,000…
A: Parent Inc purchased 60,000 shares out of 78,000 shares. 60,000 shares = $625,000 purchase price per…
Q: What are the advantages of preferred stock versus common stock? Which type is generally preferable…
A: A company can raise its capital from different sources like equity and stocks, bonds and other type…
Q: Mark for follow up Question 37 of 50. Christina and Javier, a married couple filing a joint ret…
A: Introduction:- The following basic information as follows:- Christina and Javier, a married couple…
Q: 1 1 1 1 1 1 6 8 9 11 15 16 287 19 20 13888 21 24 25 30 30 30 Oct-22 Particulars Opened a new account…
A: A post-closing trial balance is prepared once the accounts are closed. This statement is prepared to…
Q: Boehm Incorporated is expected to pay a $2.60 per share dividend at the end of this year (i.e., D1 =…
A: It has been provided: Expected dividend (D1) = $2.60 Constant growth rate = 10% Required rate of…
Q: How they come up
A: Economic ordered quantity (EOQ) is a minimum quantity of goods that makes the total cost of…
Q: Exercise 12-34 (Static) Organization Structure and Responsibility Centers (LO 12-3) Evergreen…
A: The given question is asking about the responsibility center. Responsibility center: The…
Q: The following pre-closing accounts and balances were drawn from the records of Carolina Company on…
A: The amount of net income that will be reported on the year 1 income statement is: (A) $1,350 Net…
Q: As per IAS 16: PPE, how would you recognize your company’s vehicle that was acquired with the…
A: As per IAS 16 : PPE, Property, Plant and Equipment are tangible items that : (a) are held for use in…
Q: [The following information applies to the questions displayed below.] On January 1, Boston Company…
A: Answer to Question:2(a) Amount to deposit: $305,707.85…
Q: The star osts and actual costs for Fixed overhead (based on 10,000 hours) Variable overhead Actual…
A: Solution: Correct answer : (a) $3800 Unfavorable Variable factory overhead controllable variance:…
Q: ter the potential retirement income benefit. efined Contribution Pension Plan (DCPP) egistered…
A: Defined Pension Plan - An employer-promised defined/predetermined pension payment plan is referred…
Q: 4.An individual made $85,000 for the year. Using the tax given , answer the following questions:…
A: A.) Marginal tax rate is the highest bracket rate an individual's taxable income falls into i.e. the…
Q: If the payout ratio is 0.40 and dividends are 40 , then net income is Select one: a. 80 b. 100…
A: Dividend payout ratio is the share of dividend paid to the shareholders out of the total income of…
Q: During the year to 31 December 2019, a customer started legal proceedings against TCI Food company,…
A: IAS 37 deals with provisions and contingent liabilities. IAS 37 has laid out some provision…
Q: crap value at end 5 year is R50Million Expectation of 880000 visitors which will remain constant…
A: Investment Investments are assets that a business holds in order to generate income through…
Q: Prepare the adjusting entry for each of the ff. situations. The last day of the accounting period is…
A: INTRODUCTION Adjusting entries are those entries which are recorded at the end of a accounting…
Q: Ashford Starshine Group provided the following income information from its first 3 years of…
A: Deferred tax It is a liability as being the amount of income tax payable in future period in respect…
Q: a) Prepare comparative journal entries using the above data, under the periodic and perpetual…
A: There are two types of system to maintain inventory . They are periodic inventory system and…
Q: Glacier Products Inc. is a wholesaler of rock climbing gear. The company began operations on January…
A: Working Note: 1.) Cost of share = (1600*$36) = $ 57,600 Sale value = (1600*$39) =$ 62,400…
Q: During the current year, Eleanor Shellstrop, a married individual who files a joint return, reports…
A: Income Income is the cash received by an individual or organization in return for their services or…
Q: Required information [The following information applies to the questions displayed below.] Bacon…
A: A stock dividend, a method used by companies to distribute wealth to shareholders, is a dividend…
Q: 4. Compute gross profit earned by the company for each of the four costing methods. (Round your…
A: In accounting, the Weighted Average Cost (WAC) method of inventory valuation uses a weighted average…
Q: The standard cost of Product B manufactured by Pharrell Company includes 3.1 units of direct…
A: Price variance is calculated by multiplying the number of actual units actually purchased by the…
Q: Clear Sound Audio uses a periodic inventory system. One of the store's most popular products is an…
A: Inventory Valuation Methods - Inventory can be valued using various methods - First-in First-Out…
Q: t the beginning of 2021, Angel Corporation began offering a 1-year warranty on its products. The…
A: Solution: Warranty expense is recognized in income statement in the year of sale based on estimate…
Q: For each of the following possible sales mixes, calculate operating income: Regular Sander…
A: Cost volume profit (CVP) analysis will be done here. CVP analysis helps in assessing how changes in…
Step by step
Solved in 2 steps
- Jake's Roof Repair has provided the following data concerning its costs: Fixed Cost per Month Cost per Repair-Hour $ Wages and salaries Parts and supplies Equipment depreciation $ Truck operating expenses $ $ Administrative expenses $ Rent 21,200 2,770 5,760 4,680 3,840 $ 15.00 $ 7.80 $ 0.55 $ 1.50 $ 0.70 For example, wages and salaries should be $21,200 plus $15.00 per repair-hour. The company expected to work 2,500 repair-hours in May, but actually worked 2,400 repair-hours. The company expects its sales to be $50.00 per repair-hour. Required: Compute the company's activity variances for May. (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.)The controller of Hall Industries has collected the following monthly expense data for use in analyzing the cost behavior of maintenance costs. Month TotalMaintenance Costs TotalMachine Hours January $2,817 3,734 February 3,201 4,268 March 3,841 6,402 April 4,801 8,429 May 3,414 5,335 June 4,930 8,536 Determine the variable-cost components using the high-low method. (Round variable cost to 2 decimal places e.g. 12.25.) Variable cost per machine hour $ eTextbook and Media Determine the fixed cost components using the high-low method. (Round answer to 0 decimal places e.g. 2,520.) Fixed costs $The expected costs for the Maintenance Department of Stazler, Inc., for the coming year include: Fixed costs (salaries, tools): 64,900 per year Variable costs (supplies): 1.35 per maintenance hour Estimated usage by: Actual usage by: Required: 1. Calculate a single charging rate for the Maintenance Department. 2. Use this rate to assign the costs of the Maintenance Department to the user departments based on actual usage. Calculate the total amount charged for maintenance for the year. 3. What if the Assembly Department used 4,000 maintenance hours in the year? How much would have been charged out to the three departments?
- Hicks Contracting collects and analyzes cost data in order to track the cost of installing decks on new home construction jobs. The following are some of the costs that they incur. Classify these costs as fixed or variable costs and as product or period costs. Lumber used to construct decks ($12.00 per square foot) Carpenter labor used to construct decks ($10 per hour) Construction supervisor salary ($45,000 per year) Depreciation on tools and equipment ($6,000 per year) Selling and administrative expenses ($35,000 per year) Rent on corporate office space ($34,000 per year) Nails, glue, and other materials required to construct deck (varies per job)Please use the information from this problem for these calculations. After grouping cost pools and estimating overhead and activities, Box Springs determined these rates: It estimates there will be five orders in the next year, and those jobs will involve: What is the total cost of the jobs?The controller of Sandhill Industries has collected the following monthly cost data for use in analyzing the behavior of maintenance costs. Month January February March April May June (a1) Total Maintenance Costs $2,880 3,273 3,928 4,632 3,491 4,844 X Your answer is incorrect. Total Machine Hours 3,820 Variable cost per machine hour $ 4,364 6,546 8,619 5,455 8,730 Determine the unit variable costs using the high-low method for this mixed cost. (Round answer to 2 decimal places e.g. 2.25.) 1352
- Jake's Roof Repair has provided the following data concerning its costs: Fixed Cost Cost per per Month Repair-Hour Wages and salaries Parts and supplies $ 21,400 $ 15.00 $ 7.20 Equipment depreciation $ 2,740 $ 0.55 Truck operating expenses Rent $ 5,720 $ 1.70 $ 4,660 $ 3,880 $ 0.70 Administrative expenses For example, wages and salaries should be $21,400 plus $15.00 per repair-hour. The company expected to work 2,700 repair-hours in May, but actually worked 2,600 repair-hours. The company expects its sales to be $47.00 per repair-hour. Required: Compute the company's activity variances for May. Note: 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. Revenue Expenses: Jake's Roof Repair Activity Variances For the Month Ended May 31 Wages and salaries Parts and supplies Equipment depreciation Truck operating expenses Rent Administrative expenses Total expense Net…Jake's Roof Repair has provided the following data concerning its costs: Fixed Cost Cost per Repair-Hour per Month Wages and salaries Parts and supplies $ 21,200 $15.00 $ 7.80 $ 0.55 $ 1.80 $ 2,740 $ 5,780 $ 4,610 $ 3,840 Equipment depreciation Truck operating expenses Rent Administrative expenses $ 0.40 For example, wages and salaries should be $21,200 plus $15.00 per repair-hour. The company expected to work 2,500 repair-hours in May, but actually worked 2,400 repair-hours. The company expects its sales to be $47.00 per repair-hour. Required: Compute the company's activity variances for May. (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.) Jake's Roof Repair Activity Variances For the Month Ended May 31 Revenue Expenses: Wages and salaries Parts and supplies Equipment depreciation Truck operating expenses Rent Administrative expenses Total expense Net…Write a linear cost function equation for each of the following conditions. Use y for estimated costsand X for activity of the cost driver. Machine operating costs include $1,000 of maintenance per month, and $15.00 of coolant usagecosts for each day the machinery is in operation.
- The controller of Blossom Industries has collected the following monthly expense data for use in analyzing the cost behaviour of maintenance costs: Total Total Month Maintenance Costs Machine Hours January $2,750 2,850 February 3,150 4,400 March 4,000 6.250 April 4,520 8,250 May 3,320 5.000 June 5,693 8,300 (a1) Determine the variable-cost component using the high-low method. (Round answer to 2 decimal places e.g. 12.25.)Jake's Roof Repair has provided the following data concerning its costs: Fixed Cost Cost per per Month $ 21,200 Wages and salaries Parts and supplies Equipment depreciation Truck operating expenses Repair-Hour $15.00 $ 7.50 $ 0.50 $ 1.60 $ 2,770 $ 5,710 $ 4,680 $ 3,870 Rent Administrative expenses $ 0.40 For example, wages and salaries should be $21,200 plus $15.00 per repair-hour. The company expected to work 2,800 repair-hours in May, but actually worked 2,700 repair-hours. The company expects its sales to be $44.00 per repair-hour. Required: Compute the company's activity variances for May. (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.)Jake’s Roof Repair has provided the following data concerning its costs: Fixed Costper Month Cost perRepair-Hour Wages and salaries $ 20,900 $ 15.00 Parts and supplies $ 7.60 Equipment depreciation $ 2,730 $ 0.55 Truck operating expenses $ 5,750 $ 1.60 Rent $ 4,650 Administrative expenses $ 3,870 $ 0.70 For example, wages and salaries should be $20,900 plus $15.00 per repair-hour. The company expected to work 2,900 repair-hours in May, but actually worked 2,800 repair-hours. The company expects its sales to be $48.00 per repair-hour. Required: Compute the company’s activity variances for May.