or the amount of time it takes to complete each of these activities: wing: 53 minutes. 58 minutes. ment: 91 minutes. tion Processing: 98 minutes. es in Personnel work 43-hour weeks with four weeks for vacation. Of the 43 hours and so on. The costs of the Personnel Department, including any allocated costs f the year, Personnel conducted 2,000 interviews, made 535 hires, made 4,600 asse

or the amount of time it takes to complete each of these activities: wing: 53 minutes. 58 minutes. ment: 91 minutes. tion Processing: 98 minutes. es in Personnel work 43-hour weeks with four weeks for vacation. Of the 43 hours and so on. The costs of the Personnel Department, including any allocated costs f the year, Personnel conducted 2,000 interviews, made 535 hires, made 4,600 asse

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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Elmo has the following information for the month of October, its first month of operations Work in Process October 1st $0 Units completed & transferred out in October $120,000 Work in Process October 30th $32,000 100% completed for materials 80% completed for conversion costs Costs added in October shown below Materials $145,900 Direct Labour $ 96,000 Overhead $108,000 (1.) Determine the equivalent units of production for October. (2.) Determine the cost of the ending work-in-process. (3.) Determine the cost of goods completed.
Exercises The salary for a plant supervisor for a manufacturing facility is $120,000 per year. The plant's capacity is 300,000 units per year. Required 1. Prepare a table that shows how the cost of supervision behaves in total and on a per-unit basis as production increases from 0 to 250,000 units per year, using 50,000-unit increments. 2. How would you classify the behavior of the cost of supervision?
Roget Factory has budgeted factory overhead for the year at $15,500,000. It plans to produce 2,000,000 units of product. Budgeted direct labor hours are 1,050,000, and budgeted machine hours are 750,000. Using a single plantwide factory overhead rate based on direct labor hours, the factory overhead rate for the year is a. $20.67 b. $77.50 c. $7.75 Od. $14.76
A company estimates its manufacturing overhead will be $720,711 for the next year. What is the predetermined overhead rate if the allocation base is 58,987 budgeted direct labor hours? Round to the nearest hundredth, two decimals.
Calculating and Using a Single Charging Rate The expected costs for the Maintenance Department of Stazler, Inc., for the coming year include: Fixed costs (salaries, tools): $72,930 per year Variable costs (supplies): $1.30 per maintenance hour Estimated usage by: Assembly Department 4,900 Fabricating Department 6,200 Packaging Department 11.000 Total maintenance hours 22,100 Actual usage by: Assembly Department 3,425 Fabricating Department 6,300 Packaging Department 10,200 Total maintenance hours 19,925 Required: 1. Calculate a single charging rate for the Maintenance Department. Round your answer to the nearest cent. per maintenance hour 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? when required, round your answers…
The centralized computer technology department of Hardy Company has expenses of $320,000. The department has provided a total of 4,000 hours of service for the period. The Retail Division has used 2,750 hours of computer technology service during the period, and the Commercial Division has used 1,250 hours of computer technology service. How much should each division he charged for computer technology department services?
At the end of the first year, the XYZ Team had incurred $550,000 of cost, with the total estimated cost of $1,050,000. Their total estimated revenue is $1,200,000. If the percentage of completion by labor hours expended is 60.8%, calculate the revenue to date for the labor hours expended method, using Alternative A.
A company absorbs fixed production overheads in one of its departments on the basis of machine hours. There were 100,000 budgeted machine hours for the forthcoming period. The fixed production overhead absorption rate was $2.50 per machine hour. During the period, the following actual results were recorded: Standard machine hours 110,000 Fixed production overheads $300,000 What was the fixed production overhead under/over absorption amount? A Over absorbed by $25,000 B Under absorbed by $50,000 C Over absorbed by $50,000 D Under absorbed by $25,000
At the beginning of the year, you estimated the following - Production - 75,000 units Raw Material - 270,000 pounds at a cost of $1,026,000 Direct Labor - 187,500 hours at a cost of $4,125,000 Variable Overhead - 135,000 machine hours at a cost of $567,000 Fixed Overhead - $900,000 At the end of year, the actual results were as follows - Production - 73,000 units Raw Material - 265,720 pounds purchased and used at a cost of $1,036,308 Direct Labor - 179,580 hours at a cost of $3,968,718 Variable Overhead - 133,590 machine hours at a cost of $558,406.20 Fixed Overhead - $891,000
At the beginning of the year, you estimated the following - Production - 75,000 units Raw Material - 270,000 pounds at a cost of $1,026,000 Direct Labor - 187,500 hours at a cost of $4,125,000 Variable Overhead - 135,000 machine hours at a cost of $567,000 Fixed Overhead - $900,000 At the end of year, the actual results were as follows - Production - 73,000 units Raw Material - 265,720 pounds purchased and used at a cost of $1,036,308 Direct Labor - 179,580 hours at a cost of $3,968,718 Variable Overhead - 133,590 machine hours at a cost of $558,406.20 Fixed Overhead - $891,000 16) The Total Variance for Direct Labor is Favorable. 17) What is the Variable Overhead standard for machine hours per unit ? 18) What is the standard rate per machine hour for Variable Overhead ? 19) What is the Efficiency Variance for Variable Overhead ? please answer complete
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
Mannitou Company made the following predictions for the year: Budgeted factory overhead costs Budgeted direct labor hours Budgeted machine hours $300,000 50,000 hours 100,000 hours Job A2 (which was started and completed in June) used 3,000 direct labor hours, 2,000 machine hours, and $57,000 of prime costs. If factory overhead is applied based on machine hours, the cost of Job A2 for Mannitou Company is Oa. $75,000. Ob. $63,000. Oc. $69,000. Od. $66,000.