Narp. Ine, is preparing a budget for next vear and requires a breakdown of the costof steam used in its factory into fixed and variable components. The following data on thecost of steam used and the units produced are available for the last six months:25)Cost of SteamUnits ProducedJulyAugustSeptember.October$ 15,85013,00016,37020,00017,60018.5003,000c22,0002,9003,7502,6702.65016.970November.December.Total....S101.320 ansSharp uses the high-low method of analysis.Required: Show your work in answering the question. Failure to do so results inzero pointsa. What is the estimated variable cost of steam per unit produced?b. What is the total fixed cost?c. If there were 2,500 units produced the cost of steam would be?

Using the high-low method, the variable cost can be calculated by using the given formula: Variable…

Answered: Narp. Ine, is preparing a budget for…

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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← Oliver, Inc. manufactures model airplane kits and projects production at 300, 680, 500, and 800 kits for the next four quarters. (Click the icon to view the manufacturing information.) Prepare Oliver's direct materials budget, direct labor budget, and manufacturing overhead budget for the year. Round the direct labor hours needed for production, budgeted overhead costs, and predetermined overhead allocation rate to two decimal places. Round other amounts to the nearest whole number. Direct materials (ounces) per kit Direct materials needed for production Plus: Total direct materials needed Less: Budgeted purchases of direct materials Direct materials cost per ounce Budgeted cost of direct materials purchases For the Year Ended December 31 First Second Third Fourth Quarter Quarter Quarter Quarter Total
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Aaron's chairs is in the process of preparing a production costbudget for August. Actual costs in July for 120 chairs were:Materials cost $4,730Labor cost 2,940Rent 1,500Depreciation 2,500Other fixed costs 3,200Materials and labor are the only variable costs. If productionand sales are budgeted to change to 120 chairs in August,how much is the expected total variable cost on the Augustbudget?
Tannin Products Inc. prepared the following factory overhead cost budget for the Trim Department for July of the current year, during which it expected to use 14,000 hours for production: Variable overhead cost: Indirect factory labor $44,800 Power and light 10,360 Indirect materials 21,000 Total variable overhead cost $ 76,160 Fixed overhead cost: Supervisory salaries $54,380 Depreciation of plant and equipment 14,310 Insurance and property taxes 26,710 Total fixed overhead cost 95,400 Total factory overhead cost $171,560 Tannin has available 18,000 hours of monthly productive capacity in the Trim Department under normal business conditions. During July, the Trim Department actually used 13,000 hours for production. The actual fixed costs were as budgeted. The actual variable overhead for July was as follows: Actual variable factory overhead cost: Indirect factory labor $40,560…
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Kerekes Manufacturing Corporation has prepared the following overhead budget for next month. Activity level 2,200 machine-hours Variable overhead costs: Supplies Indirect labor Fixed overhead costs: Supervision Utilities Depreciation Total overhead cost Multiple Choice The company's variable overhead costs are driven by machine-hours. What would be the total budgeted overhead cost for next month if the activity level is 2,100 machine-hours rather than 2,200 machine-hours? (Round your intermediate calculations to 2 decimal places.) O $54,560 $53,330 $52,770 $ 9,240 17,820 $52,080 15,300 5,600 6,600 $ 54,560
The following data relates to Coachman Company's budgeted amounts for next year. Budgeted Data: Department 1 Department 2 Overhead costs $ 300,000 $ 400,000 Direct labor hours 60,000 DLH 80,000 DLH Machine hours 1,000 MH 2,000 MH What is the company's plantwide overhead rate if machine hours are the allocation base? (Round your answer to two decimal places.) Multiple Choice $100.00 per MH $150.00 per MH $233.33 per MH $4.90 per MH $5.00 per MH Please dont provide answer in image format thank you
A company identified the following partial list of activities, costs, and activity drivers expected for the next year: Budgeted Costs $ 83,600 $ 8,800 $ 40,500 Activity Extrusion costs Handling costs Packaging costs Production volume Batches made Orders filled Product A 750,000 units 200 batches 75 Cost Driver Number batches made Number of orders filled Number of units made Product B 600,000 units 750 batches 200 Calculate activity rates for each of the three activities using activity-based costing (ABC). 4
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image) Peggy's Pillows produces and sells a decorative pillow for $75.00 per unit. In the first month of operation, 2,000 units were produced and 1,750 units were sold. Actual fixed costs are the same as the amount budgeted for the month. Budgeted monthly production is 2,500 units. The production volume variance is written off to the cost of goods sold account. Other information for the month includes: Variable manufacturing costs $20.00 per unit Variable marketing costs $ 3.00 per unit Fixed manufacturing costs per month $ 17,500 Administrative expenses, all fixed $15.00 per unit 1. What is cost of goods sold using absorption costing?
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