Omega Company manufactures a single product. They have two production and two servicedepartments. The following information is provided.Production departmentMachining Assembly$143,500Service departmentMaintenance CanteenOverheads$154,700$165,800$176,900Direct Machine hours 18,84514,050Direct Labor hours6,06520,350| The service department overhead is apportioned to the production department on followingbasis.Machining60%CanteenAssembly30%Maintenance10%Canteen40%60%Required:a. Prepare overhead absorption table showing the reapportionment of service departmentcosts.b. Based on apportionment calculate overhead rate for each production department.c. Calculate per unit cost for the single product if material cost is 3 meters @ $4 permeter and labor is 7 hours @$8 per hour. For machining department overhead is 3hours and for assembly department it is 4 hours. ,d. Determine the selling price of the product if the above cost per unit is 100% plus 25%is markup. (

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Answered: Omega Company manufactures a single…

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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Craftmore Machining produces machine tools for the construction industry. The following details about overhead costs were taken from its company records. Production Activity Indirect Labor Indirect Materials Other Overhead Grinding $ 310,000 Polishing $ 145,000 Product modification 550,000 Providing power $ 260,000 System calibration 560,000 Additional information on the drivers for its production activities follows. Grinding 17,000 machine hours Polishing 17,000 machine hours Product modification 1,500 engineering hours Providing power 15,000 direct labor hours System calibration 200 batches Problem C-1A Part 3 Job 3175 Job 4286 Number of units 150 units 1,875 units Machine hours 350 MH 3,500 MH Engineering hours 30 eng. hours 30 eng. hours Batches 10 batches 30 batches Direct labor hours 520 DLH 4,680 DLH
Ramapo Company produces two products, Blinks and Dinks. They are manufactured in two departments, Fabrication and Assembly. Data for the products and departments are listed below. Product Blinks Dinks Number of Direct Labor Hours Machine Hours Units Per Unit Per Unit is 920 Oa. $52.18 Ob. $89.11 Oc. $14.85 Od. $77.51 1,843 1 6 7 All of the machine hours take place in the Fabrication department, which has an estimated overhead of $100,400. All of the labor hours take place in the Assembly department, which has an estimated total overhead of $77,500. Ramapo Company uses a single plantwide overhead rate to apply all factory overhead costs based on direct labor hours. The factory overhead allocated per unit of Blinks 9
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Quality Brick Company produces bricks in two processing departments-Molding and Firing. Information relating to the company's operations in March follows: a. Raw materials used in production: Molding Department, $27,200; and Firing Department, $4,700. b. Direct labor costs incurred: Molding Department, $19,400; and Firing Department, $5,700. c. Manufacturing overhead was applied: Molding Department, $24,900; and Firing Department, $39,600. d. Unfired, molded bricks were transferred from the Molding Department to the Firing Department. According to the company's process costing system, the cost of the unfired, molded bricks was $67,800. e. Finished bricks were transferred from the Firing Department to the finished goods warehouse. According to the company's process costing system, the cost of the finished bricks was $109,300. f. Finished bricks were sold to customers. According to the company's process costing system, the cost of the finished bricks sold was $103,300. Required: Prepare…
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Carla Vista Industries has three activity cost pools and two products. It expects to produce 2,700 units of Product SZ09 and 1,400 of Product NZ16. Having identified its activity cost pools and the cost drivers for each pool, Carla Vista accumulated the following data relative to those activity cost pools and cost drivers. question: Assign the overhead cost to the two products: SZ09$? and NZ16$?
Black and Blue Sports Inc. manufactures two products: snowboards and skis. The factory overhead incurred is as follows:Indirect labor $507,000Cutting Department 156,000Finishing Department192,000 ________Total $855,000 _______ The activity base associated with the two production departments is direct labor hours. The indirect labor can be assigned to two different activities as follows:Activity Budgeted Activity Cost Activity BaseProduction control $237,000 Number of production runsMaterials handling 270,000 Number of moves ________Total $507,000 ________ ________The activity-base usage quantities and units produced for the two products follow:Instructions1. Determine the factory overhead rates under the multiple production department rate method. Assume that indirect labor is…
acc
The Ramapo Company produces two products, Blinks and Dinks. They are manufactured in two departments, Fabrication and Assembly. Data for the products and departments are listed below. Product Number of Units Labor Hours Per Unit Machine Hours Per Unit Blinks 981 3 8 Dinks 1,861 4 9 All of the machine hours take place in the Fabrication department, which has an estimated overhead of $101,300. All of the labor hours take place in the Assembly department, which has an estimated total overhead of $106,500. The Ramapo Company uses a single overhead rate to apply all overhead costs based on labor hours. What is the overhead cost per unit for Dinks? a.$80.04 b.$64.03 c.$319.53 d.$17.74
Black and Blue Sports Inc. manufactures two products: snowboards and skis. The factory overhead incurred is as follows: 1 Indirect labor $507,000.00 2 Cutting Department 156,000.00 3 Finishing Department 192,000.00 4 Total $855,000.00 The activity base associated with the two production departments is direct labor hours. The indirect labor can be assigned to two different activities as follows: 1 Activity Budgeted Activity Cost Activity Base 2 Production control $237,000.00 Number of production runs 3 Materials handling 270,000.00 Number of moves 4 Total $507,000.00 The activity-base usage quantities and units produced for the two products follow: Number of Number of Direct Labor Hours— Direct Labor Hours— Units Production Runs Moves Cutting Finishing Produced Snowboards 430 5,000 4,000 2,000 6,000 Skis 70 2,500 2,000 4,000 6,000 Total 500 7,500 6,000 6,000…

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