Pacific Manufacturing budgeted 80,000 direct labor hours with estimated overhead costs of $400,000 variable and $120,000 fixed. Actual production used 75,000 labor hours. Calculate total overhead production level. A. $375,000 B. $520,000 C. $495,000 D. $500,000 costs at actual
Q: Need help with this financial accounting question please answer
A: Step 1: Define Required Rate of Return The Required Rate of Return is the minimum return an…
Q: General Account.
A: The statement that is FALSE is: Option C. Most preferred stock is owned by individual investors due…
Q: I won't to this question answer general accounting question
A: Solution= accounts receivable beginning + sales - accounts receivable ending= $1,375 + $10,000 -…
Q: Question: A companys total liabilities are $247,000, and its equity is $987,000. What are the total…
A: Step 1: The accounting formula is Assets - Liabilities = Owner's equity. To determine the total…
Q: Hello expert please help this question.
A:
Q: What is its inventory turnover ratio?
A: Concept of Cost of Goods Sold (COGS):Cost of Goods Sold represents the direct costs associated with…
Q: Provide answer accounting question
A: Step 1: Given Value for Calculation Beta = b = 1.45Risk Free Rate = rf = 4%Market Return = rm = 11%…
Q: Provide correct answer general accounting
A: Step 1: Define Sales of A Target ProfitIn accounting, the level of sales (in dollars or in units) of…
Q: What is the belence under current liabilities in the 2024 balance sheet??
A: Step 1: Define Current LiabilityCurrent liabilities are the obligation a company has to repay in…
Q: Answer? ? General Accounting question
A: Step 1: Define InventoryThe beginning and ending balances in inventory represent two different…
Q: Do fast answer of this accounting questions
A: Step 1: Definition of Gross MarginGross Margin represents the difference between net sales revenue…
Q: If a business has a net income of $44,700 and total equity of $111,750, what is the ROE? a.10% b.…
A: To calculate ROE, use the following formula:ROE = (Net Income / Total Equity) x 100 Given:Net Income…
Q: Do fast answer of this accounting questions
A: Step 1: Definition of Cost of Goods Sold (COGS)COGS represents the cost of merchandise sold during a…
Q: If equity at the beginning of the period is $100,000, and at the end of the period is $90,000, and…
A: Step 1: Understand the Accounting RelationshipThe change in equity over a period is affected…
Q: Calculate the company's dividend yield on these financial accounting question please answer
A: Step 1: Define Dividend YieldDividend yield measures the annual dividend income relative to the…
Q: What is variance?
A: Explanation of Direct Labor Price Variance:Direct Labor Price Variance refers to the difference…
Q: Finished goods inventory costs $_
A: Step 1: Understand Variable CostingUnder variable costing, only variable manufacturing costs are…
Q: Don't use ai given answer accounting questions
A: Step 1: Definition of Net IncomeNet income is the total revenue minus total expenses, including…
Q: Kindly help me with general accounting question
A: Step 1: Define Accounts ReceivableAccounts receivable refers to the amount due from the customers…
Q: Mia Steel started the year with total assets of $325,000 and total liabilities of $174,000. During…
A: Explanation of Total Assets: Total Assets represent the sum of all resources owned by a business…
Q: Gm has a market value of... Please provide answer this financial accounting question
A: To calculate the weights of equity and debt for WACC, we use the formula: Weight of Equity…
Q: Provide correct answer financial accounting question
A: Step 1: Define Discount RateA discount rate is defined as the rate that aids in discounting future…
Q: i dont know how to solve please help me. it is general account subject question.
A: Key Facts:Prepayment of Rent:Accounting treatment: Recognized as an asset (prepaid expense) because…
Q: Kindly help me with accounting questions
A: Step 1: Definition of Adjusted Net IncomeAdjusted net income reflects corrections to errors in the…
Q: Kindly help me with general accounting question
A: Step 1: Define Contribution MarginThe contribution margin is equal to the selling price minus…
Q: Get correct answer accounting questions
A: Step 1: Definitions of1.Return on Total Assets (ROA):ROA measures how efficiently a company uses its…
Q: When using the allowance method
A: Concept of Allowance for Doubtful AccountsThe Allowance for Doubtful Accounts is a contra-asset…
Q: Quick answer of this accounting questions
A: Step 1: Definition of Profit MarginThe profit margin is the percentage of the selling price that…
Q: What is Artisan's labor efficiency variance for October on these general accounting question?
A: Step 1: Calculation of standard direct labor hoursNumber of units produced = 8,000Time required per…
Q: Need help with this accounting questions
A: Step 1: Definition of Projected Benefit Obligation (PBO)The change in the projected benefit…
Q: General accounting
A: Explanation of Gross Profit:Gross profit is the financial metric that shows the profitability of a…
Q: General Accounting solve this problem
A: Explanation: The formula to calculate direct material price variance is as follows:Direct materials…
Q: Provide correct answer general Accounting
A: Step 1: Define Accumulated DepreciationAccumulated depreciation refers to the sum of depreciation…
Q: Please provide this question solution general accounting
A: Explanation: The question requires us to calculate the gross and after-tax return of Sarah from the…
Q: Hello tutor please provide correct answer general Accounting
A: Step 1: Formula Cost of goods sold = Beginning inventory + Purchases - Ending inventory Step 2:…
Q: I want solution
A: Comprehensive income includes all changes in equity during a period, except those resulting from…
Q: Gross profit percentage on sales 30%What amount of inventory was lost in the fire?
A: To determine the amount of inventory lost in the fire, we use the gross profit method to estimate…
Q: Correct Answer
A: Approach to solving the question:Understanding and Analysis Detailed explanation: To calculate the…
Q: Answer this general accounting question
A: Step 1: Calculation of Predetermined overhead rateStep 2: Calculation of Applied OverheadsApplied…
Q: Problem 3.4.2: A classified income statement showed net sales of $755,000, cost of goods sold of…
A: Concept of Net SalesNet sales represent the total revenue a company earns from selling goods or…
Q: Find turnover and average total assets? General accounting
A: Step 1: Define Asset Turnover RatioThe asset turnover ratio compares the net sales of a company with…
Q: Assets totaled $25,550 and liabilities totaled $8,630 at the beginning of the year. During the year,…
A: Concept of AssetsAssets are resources owned by a company or individual that have economic value and…
Q: Owner's equity for our company is $980,000, and total liabilities are $377,000. The company paid…
A: Explanation of Owner's Equity: Owner's Equity represents the owner's claim to the company's assets…
Q: Please provide answer this general accounting question
A: Let us use Year 2 data. Debt-to-equity ratio = Total Liabilities / Shareholder's…
Q: Calculate digital solution cash return on assets?? General accounting
A: Step 1: Definition of Cash Return on AssetsThe Cash Return on Assets measures how efficiently a…
Q: Provide general accounting soluutions
A: Key Information ProvidedTransaction Details:Scanlon Company sells 1,000 widgets to Avon Inc. for $14…
Q: general account
A: Step 1: Inventory means the goods not sold at the end of accounting year. It is calculated as…
Q: I want this question answer general Accounting
A: Step 1: Formulas Return on assets = Net earnings/Average total assetsAsset turnover = Net…
Q: What will be the firm's cash cycle?? General accounting
A: Step 1: Define Cash cycleCash cycle is given as the inventory conversion period plus the average…
Q: Assets turnover??
A: Step 1: Define Asset TurnoverTotal asset turnover represents the ability of a company to use…
Financial accounting question
Step by step
Solved in 2 steps
- A company estimates its manufacturing overhead will be $750,000 for the next year. What is the predetermined overhead rate given the following independent allocation bases? Budgeted direct labor hours: 60,000 Budgeted direct labor expense: $1,500,000 Estimated machine hours: 100,000A company estimates its manufacturing overhead will be $840,000 for the next year. What is the predetermined overhead rate given each of the following Independent allocation bases? Budgeted direct labor hours: 90,615 Budgeted direct labor expense: $750000 Estimated machine hours: 150,000Douglas Davis, controller for Marston, Inc., prepared the following budget for manufacturing costs at two different levels of activity for 20X1: During 20X1, Marston worked a total of 80,000 direct labor hours, used 250,000 machine hours, made 32,000 moves, and performed 120 batch inspections. The following actual costs were incurred: Marston applies overhead using rates based on direct labor hours, machine hours, number of moves, and number of batches. The second level of activity (the right column in the preceding table) is the practical level of activity (the available activity for resources acquired in advance of usage) and is used to compute predetermined overhead pool rates. Required: 1. Prepare a performance report for Marstons manufacturing costs in the current year. 2. Assume that one of the products produced by Marston is budgeted to use 10,000 direct labor hours, 15,000 machine hours, and 500 moves and will be produced in five batches. A total of 10,000 units will be produced during the year. Calculate the budgeted unit manufacturing cost. 3. One of Marstons managers said the following: Budgeting at the activity level makes a lot of sense. It really helps us manage costs better. But the previous budget really needs to provide more detailed information. For example, I know that the moving materials activity involves the use of forklifts and operators, and this information is lost when only the total cost of the activity for various levels of output is reported. We have four forklifts, each capable of providing 10,000 moves per year. We lease these forklifts for five years, at 10,000 per year. Furthermore, for our two shifts, we need up to eight operators if we run all four forklifts. Each operator is paid a salary of 30,000 per year. Also, I know that fuel costs about 0.25 per move. Assuming that these are the only three items, expand the detail of the flexible budget for moving materials to reveal the cost of these three resource items for 20,000 moves and 40,000 moves, respectively. Based on these comments, explain how this additional information can help Marston better manage its costs. (Especially consider how activity-based budgeting may provide useful information for non-value-added activities.)
- At the beginning of the period, the Fabricating Department budgeted direct labor of 72,000 and equipment depreciation of 18,500 for 2,400 hours of production. The department actually completed 2,350 hours of production. Determine the budget for the department, assuming that it uses flexible budgeting.ABC Inc. spent a total of $48,000 on factory overhead. Of this, $28,000 was fixed overhead. ABC Inc. had budgeted $27,000 for fixed overhead. Actual machine hours were 5.000. Standard hours for units made were 4,800. The standard variable overhead rate was $4.10. What is the variable overhead rate variance?Activity-based costing: factory overhead costs The total factory overhead for Bardot Marine Company is budgeted for the year at 600,000, divided into four activities: fabrication, 204,000; assembly, 105,000; setup, 156,000; and inspection, 135,000. Bardot Marine manufactures two types of boats: speedboats and bass boats. The activity-base usage quantities for each product by each activity are as follows: Each product is budgeted for 250 units of production for the year. Determine (A) the activity rates for each activity and (B) the activity-based factory overhead per unit for each product.
- Business Specialty, Inc., manufactures two staplers: small and regular. The standard quantities of direct labor and direct materials per unit for the year are as follows: The standard price paid per pound of direct materials is 1.60. The standard rate for labor is 8.00. Overhead is applied on the basis of direct labor hours. A plantwide rate is used. Budgeted overhead for the year is as follows: The company expects to work 12,000 direct labor hours during the year; standard overhead rates are computed using this activity level. For every small stapler produced, the company produces two regular staplers. Actual operating data for the year are as follows: a. Units produced: small staplers, 35,000; regular staplers, 70,000. b. Direct materials purchased and used: 56,000 pounds at 1.5513,000 for the small stapler and 43,000 for the regular stapler. There were no beginning or ending direct materials inventories. c. Direct labor: 14,800 hours3,600 hours for the small stapler and 11,200 hours for the regular stapler. Total cost of direct labor: 114,700. d. Variable overhead: 607,500. e. Fixed overhead: 350,000. Required: 1. Prepare a standard cost sheet showing the unit cost for each product. 2. Compute the direct materials price and usage variances for each product. Prepare journal entries to record direct materials activity. 3. Compute the direct labor rate and efficiency variances for each product. Prepare journal entries to record direct labor activity. 4. Compute the variances for fixed and variable overhead. Prepare journal entries to record overhead activity. All variances are closed to Cost of Goods Sold. 5. Assume that you know only the total direct materials used for both products and the total direct labor hours used for both products. Can you compute the total direct materials and direct labor usage variances? Explain.Direct labor hours are estimated as 2,000 in Quarter 1; 2,100 in Quarter 2; 1,900 in Quarter 3; and 2,300 in Quarter 4. Prepare a manufacturing overhead budget using the information provided.Calculating amount of factory overhead applied to work in process The overhead application rate for a company is 2.50 per unit, made up of 1.00 for fixed overhead and 1.50 for variable overhead. Normal capacity is 10,000 units. In one month, there was an unfavorable flexible budget variance of 200. Actual overhead for the month was 27,000. What was the amount of the budgeted overhead for the actual level of production?
- Naranjo Company designs industrial prototypes for outside companies. Budgeted overhead for the year was 260,000, and budgeted direct labor hours were 20,000. The average wage rate for direct labor is expected to be 25 per hour. During June, Naranjo Company worked on four jobs. Data relating to these four jobs follow: Overhead is assigned as a percentage of direct labor cost. During June, Jobs 39 and 40 were completed; Job 39 was sold at 130 percent of cost. (Naranjo had originally developed Job 40 to order for a customer; however, that customer was near bankruptcy and the chance of Naranjo being paid was growing dimmer. Naranjo decided to hold Job 40 in inventory while the customer worked out its financial difficulties. Job 40 is the only job in Finished Goods Inventory.) Jobs 41 and 42 remain unfinished at the end of the month. Required: 1. Calculate the balance in Work in Process as of June 30. 2. Calculate the balance in Finished Goods as of June 30. 3. Calculate the cost of goods sold for June. 4. Calculate the price charged for Job 39. 5. What if the customer for Job 40 was able to pay for the job by June 30? What would happen to the balance in Finished Goods? What would happen to the balance of Cost of Goods Sold?Nashler Company has the following budgeted variable costs per unit produced: Budgeted fixed overhead costs per month include supervision of 98,000, depreciation of 76,000, and other overhead of 245,000. Required: 1. Prepare a flexible budget for all costs of production for the following levels of production: 160,000 units, 170,000 units, and 175,000 units. 2. What is the per-unit total product cost for each of the production levels from Requirement 1? (Round each unit cost to the nearest cent.) 3. What if Nashler Companys cost of maintenance rose to 0.22 per unit? How would that affect the unit product costs calculated in Requirement 2?USD Inc. has established the following standard cost per unit: Although 10,000 units were budgeted, 12,000 units were produced. The Purchasing department bought 50,000 lb of materials at a cost of $237,500. Actual pounds of materials used were 46,000. Direct labor cost was $287,500 for 25,000 hours worked. Required: Make journal entries to record the materials transactions, assuming that the materials price variance was recorded at the time of purchase. Make journal entries to record the labor variances.
