ompute for the total cost per month using costing labor cost by the given data Compute for the percentage weight of the monetary benefit, non monetary benefit, and deferred monetary benefit Compute for the percentage of cost relevant to the sales of total labor cost, given that there are 40 employees in the company and the reve

ompute for the total cost per month using costing labor cost by the given data Compute for the percentage weight of the monetary benefit, non monetary benefit, and deferred monetary benefit Compute for the percentage of cost relevant to the sales of total labor cost, given that there are 40 employees in the company and the reve

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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A manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that factory overhead costs would be $351,232 and direct labor hours would be 43,904. Actual factory overhead costs incurred were $391,711, and actual direct labor hours were 51,004. What is the amount of overapplied or underapplied manufacturing overhead at the end of the year? If the contribution margin ratio for France Company is 46%, sales were $452,000, and fixed costs were $100,000, what was the income from operations? Department M had 2,100 units 57% completed in process at the beginning of June, 11,600 units completed during June, and 1,700 units 25% completed at the end of June. What was the number of equivalent units of production for conversion costs for June if the first-in, first-out method is used to cost inventories?
Consider the following information for Presidio Incorporated's most recent year of operations. Number of units produced Number of units sold Sales price per unit Direct materials per unit Direct labor per unit Variable manufacturing overhead per unit Fixed manufacturing overhead per unit ($282,960 2,400 units) Total variable selling expenses ($14 per unit sold) Total fixed general and administrative expenses Complete this question by entering your answers in the tabs below. Required: 2-a. Complete a full absorption costing income statement for Presidio. Assume there was no beginning inventory. 2-b. Complete a contribution margin income statement for Presidio. Assume there was no beginning inventory. 3. Compute the difference in profit between full absorption costing and variable costing. Req 2A Reg 2B 2,400 1,500 $ 630.00 65.00 95.00 45.00 117.90 Req 3 Gross Margin Less: Non-Manufacturing Expenses 21,000.00 74,000.00 Complete a full absorption costing income statement for Presidio.…
Farrow Company reports the following annual results. Contribution Margin Income Statement Sales (420, 00 units) Variable costs Direct materials Direct labor Overhead Per Unit $ 15.00 Annual Total $ 6, 300, 000 2.00 4.00 2.50 840, 000 1,680, 000 1,050, 000 2,730, 000 Contribution margin Fixed costs Fixed overhead 6.50 2.00 840, 000 630, 000 Fixed general and administrative 1.50 Incone $ 3.00 $ 1, 260, 000 The company receives a special offer for 42,000 units at $12 per unit. The additional sales would not affect its normal sales. Variable costs per unit would be the same for the special offer as they are for the normal units. The special offer would require incremental fixed overhead of $168,000 and incremental fixed general and administrative costs of $181,000. (a) Compute the income or loss for the special offer. (b) Should the company accept or reject the special offer? ces Complete this question by entering your answers in the tabs below. Required A Required B Compute the income or…
The section of Waterways that produces controllers for the company provided the following information. Sales for month of February 4,200 Variable manufacturing cost per unit $10.00 Sales price per unit $43.00 Fixed manufacturing overhead cost (per month for controllers) $83,000 Variable selling and administrative expenses per unit $2.90 Fixed selling and administrative expenses (per month for controllers) $13,250 Using this information for the controllers, determine the contribution margin ratio, the degree of operating leverage, the break-even point in dollars, and the margin of safety ratio for Waterways Corporation on this product. Contribution Margin Ratio (Round to 0 decimal places, e.g. 25%.) % Degree of Operating Leverage (Round to 2 decimal places, e.g. 5.25.) Break-even Point in Dollars $ Margin of Safety Ratio (Round to 1 decimal place, e.g. 5.2%.) %
The following information pertains to the first year of operation for Crystal Cold Coolers Inc.: Number of units produced Number of units sold Unit sales price Direct materials per unit Direct labor per unit Variable manufacturing overhead per unit Fixed manufacturing overhead per unit ($224,000/2,800 units) Total variable selling expenses ($11 per unit sold) Total fixed general and administrative expenses Complete this question by entering your answers in the tabs below. Required: Prepare Crystal Cold's full absorption costing income statement and variable costing income statement for the year. Full Absorption Costing 2,800 2,400 340 60 45 13 80 Variable Costing $ 26,400 $ 60,000
Intercontinental, inc., provides you with the following data for its single product Sales price per unit $ 50.00 Fixed costs (per month) Selling, general, and administrative (SG&A) 1,350,000 Manufacturing overhead 2,700,000 Variable costs (per unit) Direct labor 7.00 Direct materials 12.00 Manufacturing overhead 10.00 SG&A…
Calculate the Return on Investment from the following responsibility report data using total revenue as the base: Responsibility report data Account Actual Revenues Clothing revenue $473,158 Clothing accessories revenue 18,757 Expenses Associates wages $41,704 Managers wages 22,906 Cost of clothing sold 254,631 Cost of accessories sold 5,969 Equipment/fixture repairs 960 Utilities 1,539 Round to two decimal places. Be sure to enter the answer as a percentage but do not include the % sign.
The following information has been gathered for the Harrell Manufacturing Company for its fiscal year ending December 31: Actual manufacturing overhead costs $ 229,500 Actual direct labor hours 56,600 Actual direct labor costs $ 462,000 Estimated manufacturing overhead costs $ 196,180 Estimated direct labor $ 451,000 Estimated direct labor hours 57,700 What is the predetermined manufacturing overhead rate per direct labor hour?
Steven pulled together the following annual revenue and cost information for his small business: total variable costs $7,600, total COGS $6,000, total revenues $23,400, total fixed costs $4,700, and total SG&A $6,300. Determine the contribution margin, gross margin, and operating income for Steven for the year. Contribution margin Gross margin Operating income tA $ tA $ tA $
During Heaton Company's first two years of operations, it reported absorption costing net operating income as follows: sales (@$64 per unit) Cost of goods sold (@ $39 per unit) Gross margin selling and administrative expenses* Net operating income *$3 per unit variable; $252,000 fixed each year. The company's $39 unit product cost is computed as follows: Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead ($400,000 25,000 units) Absorption costing unit product cost Production and cost data for the first two years of operations are: Units produced Units sold Year 1 25,000 20,000 Year 2 25,000 30,000 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Using variable costing, what is the unit product cost for both years? Unit product cost Required 3 Required: 1. Using variable costing, what is the unit product cost for both years? 2. What is the variable costing net operating Income In Year 1 and In Year 2? 3.…
Benson Corporation estimated its overhead costs would be $22,500 per month except for January when it pays the $153,120 annual insurance premium on the manufacturing facility. Accordingly, the January overhead costs were expected to be $175,620 ($153,120 + $22,500). The company expected to use 7,900 direct labor hours per month except during July, August, and September when the company expected 9,100 hours of direct labor each month to build inventories for high demand that normally occurs during the Christmas season. The company's actual direct labor hours were the same as the estimated hours. The company made 3,950 units of product in each month except July, August, and September, in which it produced 4,550 units each month. Direct labor costs were $24.70 per unit, and direct materials costs were $10.00 per unit. Required a. Calculate a predetermined overhead rate based on direct labor hours. b. Determine the total allocated overhead cost for January, March, and August. c. Determine…
Review the contribution margin income statements for Cover-to-Cover Company and Biblio Files Company on their respective Income Statements. Complete the following table from the data provided on the income statements. Each company sold 82,800 units during the year. Cover-to-Cover Company Biblio Files Company Contribution margin ratio (percent) Unit contribution margin Break-even sales (units) Break-even sales (dollars) $ %