Show Me HowMonthLabor Cost Employee HoursJanuary$6,900340February$9,799530March$8,040650April$9,687590May$8,390460June$7,431330July$9,390550August$7,350290Assume that this information was used to construct the following formula for monthly labor cost.Total Labor Cost- 56793 + ($1.92 x Employee Hours)Required:Assurne that 695 employee hours are budgeted for the month of September. Use the total labor cost formula for the following calculations:1. Calculate total variable labor cost for September. Round your answer to nearest whole number.2. Calculate total labor cost for September. Round your answer to nearest whole numberCheck My WorkPrevious Using High-Low to Calculate Predicted Total Variable Cost and Total Cost for Budgeted OutputPizza Vesuvio makes specialty pizzas. Data for the past 8 months were collected:MonthLabor CostEmployee HoursJanuary$6,900340February$9,799530March$8,040650April$9,687590May$8,390460June$7,431330July$9,390550August$7,350290Assume that this information was used to construct the following formula for monthly labor cost.Total Labor Cost - $6793 + ($1.92 x Employee Hours)Required:Assume that 695 employee hours are budgeted for the month of September. Use the total labor cost formula for the following calculations:1. Calculate total variable labor cost for September. Round your answer to nearest whole number.

Name: Show Me HowMonthLabor Cost Employee HoursJanuary$6,900340February$9,7
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Description: Show Me HowMonthLabor Cost Employee HoursJanuary$6,900340February$9,799530March$8,040650April$9,687590May$8,390460June$7,431330July$9,390550August$7,350290Assume that this information was used to construct the following formula for monthly labor cos

Solution Given information of the question We use high low method to calculate the variable cost and…

Business

Accounting

Month Labor Cost Employee Hours January $6,900 340 February $9,799 530 March $8,040 650 April $9,687 590 May $8,390 460 June $7,431 330 July $9,390 550 August $7,350 290 Assume that this information was used to construct the following formula for monthly labor cost. Total Labor Cost $6793 + (41.92 x Employee Hours) Requiredi Assume that 695 employee hours are budgeted for the month of September. Use the total labor cost formula for the following calculations 1. Calculate total variable labor cost for September, Round your answer to nearest whole number. 2. Calculate total labor cost for September. Round your answer to

Month Labor Cost Employee Hours January $6,900 340 February $9,799 530 March $8,040 650 April $9,687 590 May $8,390 460 June $7,431 330 July $9,390 550 August $7,350 290 Assume that this information was used to construct the following formula for monthly labor cost. Total Labor Cost $6793 + (41.92 x Employee Hours) Requiredi Assume that 695 employee hours are budgeted for the month of September. Use the total labor cost formula for the following calculations 1. Calculate total variable labor cost for September, Round your answer to nearest whole number. 2. Calculate total labor cost for September. Round your answer to

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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During the year, 3,600 units were produced, 14,500 hours were worked, and the actual manufacturing overhead was $49,000. Actual fixed manufacturing overhead costs equalled the budgeted fixed manufacturing overhead costs. Overhead is applied based on direct labour hours. (a) Calculate the total, fixed, and variable predetermined manufacturing overhead rates. (Round answers to 2 decimal places, e.g. 15.25.) Variable manufacturing overhead $ Fixed manufacturing overhead $ Total manufacturing overhead $ Rate 2.25
Month LabourHours (X) OverheadCosts (Y) Jan 200 $416 Feb 173 $387 Mar 289 $520 Apr 302 $536 May 183 $404 Jun 267 $490 Jul 161 $371 Aug 318 $562 Which of the following choices represents the highest and lowest respective coordinates of activity level and corresponding total overhead costs? (161 labour hours, $371), (318 labour hours, $562) ($371, 161 labour hours), ($562, 318 labour hours) ($562, 318 labour hours), ($371, 161 labour hours) (318 labour hours, $562), (161 labour hours, $371)
During February, direct labor cost totaled P13,000 and direct labor cost was 40% of prime cost. If total manufacturing costs during February were P80,000, the manufacturing overhead was:a. P19,500b. P32,500c. P47,500d. P67,000
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Power Co.'s labor information for June is as follows: Direct labor hours worked 67,000 Standard labor hours for units manufactured 70,000 Unfavorable direct labor rate variance $26,800 Total payroll for labor $824,100 A. What was the actual labor rate per hour? Round your answer to two decimal places. Actual labor rate $fill in the blank 1 per hour B. What was the standard labor rate per hour? Round your answer to two decimal places. Standard labor rate $fill in the blank 2 per hour C. What was the total standard labor cost for units produced in June? Total standard labor cost $fill in the blank 3 D. What was the direct labor time variance for June? Direct labor rate variance $fill in the blank 4
Power Co.'s labor information for June is as follows: Direct labor hours worked 69,100 Standard labor hours for units manufactured 72,000 Unfavorable direct labor rate variance $24,185 Total payroll for labor $839,565 A. What was the actual labor rate per hour? Round your answer to two decimal places. Actual labor rate $ per hour B. What was the standard labor rate per hour? Round your answer to two decimal places. Standard labor rate $ per hour C. What was the total standard labor cost for units produced in June? Total standard labor cost $ D. What was the direct labor time variance for June? Direct labor rate variance $
XYZ Company has the following balances for the current month: Direct materials used OMR 24,000 Direct labor OMR 36,800 Sales salaries OMR 19,200 Indirect labor OMR 4,800 Production manager's salary OMR 9,600 Marketing costs OMR 14,400 Factory lease OMR 6,400 What is total manufacturing cost? a. OMR 81,600 b. OMR 86,400 C. OMR 89,600 d. OMR 96,000 e. None of the given answer.
The following data relate to the Torrence Company for May and August: May August Maintenance hours 20,000 45, 000 Maintenance cost $ 1,322, 000 $ 1,417,000 May and August were the lowest and highest activity levels, and Torrence uses the high-low method to analyze cost behavior. If maintenance hours are estimated to be 23, 000 hours in October, which of the following statements is true? (a) Total maintenance cost will be $ 1,322,000, (b) $1,329,000, (c) $1,379, 000, (d) 1,394, 000, (e)$1,417,000
The levels of production and of manufacturing overhead for the first five months of 2009 for Apex Products are shown below. Units Produced Manufacturing Overhead January 11,500 $58,650 February 12,250 $59,413 March 11,125 $58,262 April 11,950 $59,140 May 10,750 $57,889 Using the high-low method, Apex monthly fixed overhead cost is closest to which of the following? A. $59,413 B. $12,495 C. $12,250 D. $46,918
A review of the company's accounting records for the year just ended discovered the following: Farrina Manufacturing uses a predetermined overhead application rate of $8 per direct labor hour. Underapplied manufacturing overhead: $7.200 Actual manufacturing overhead: $392.000 Budgeted labor hours: 50.000 Simone's actual labor hours worked totaled: O 49,100. 0 49,900. 48.100. 50.900. O cannot be determined based on the information presented.