Prepare a selling and administrative expense budget for the year.
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Logan Lighting, a manufacturer of light fixtures, has the following budgeted expenses for the year:
Advertising$ 42,000
Depreciation of office furniture63,000
Executive salaries425,000
Office supplies22,000
Factory supplies37,000
Sales commissions125,000
Rent (80% of the building is the factory, 20% of the building is the office)
80,000
Factory floor supervisor salaries236,000
Telephone and copier32,000
Travel87,000
Prepare a selling and administrative expense budget for the year.
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- Gibco Service has budgeted the following time-and-material for 2019: Budgeted Costs For 2019 Time Material Charges Charges Painters' wages and benefits $54,000 Service manager's salary and benefits $44,000 Office employee's salary and benefits 7,400 6,000 Cost of paint 50,000 Overhead (supplies, utilities, etc.) 14,000 22,000 Gibco budgets 2,000 hours of paint time in 2019 and will charge a profit of $8 per hour on the labour rate, in addition to a 12% mark-up on the cost of paint. On February 15, 2019, Gibco is asked to prepare a price estimate to paint a building. Gibco estimates that this job will take 25 labour hours and $900 in paint. 1.Calculate the material loading charge rate % for 2019 2. What is the planned profit for the year? Do not enter $ or commas.The total factory overhead for Big Light Company is budgeted for the year at $1,204,000. Big Light manufactures two different products: night lights and desk lamps. Night lights are budgeted for 11,800 units. Each night light requires 2 hours of direct labor. Desk lamps are budgeted for 12,200 units. Each desk lamp requires 3 hours of direct labor. a. Determine the total number of budgeted direct labor hours for the year. direct labor hours b. Determine the single plantwide factory overhead rate using direct labor hours as the allocation base. Round your answer to two decimal places. $ per direct labor hour c. Determine the factory overhead allocated per unit for each product using the single plantwide factory overhead rate determined in (b). Round your answers to two decimal places. Night lights $ Desk lamps $ per unit per unit4. Francis and Hartley Law Office employs 12 full-time attorneys and 10 paraprofessionals. Direct and indirect costs are applied on a professional labor-hour basis that includes both attorney and paraprofessional hours. Following is information for 2022: Budget Actual Indirect costs $270,000 $300,000 Annual salary of each attorney $100,000 $110,000 Annual salary of each paraprofessional $29,000 $30,000 Total professional labor-hours 50,000 dlh 60,000 dlh How much should the client be billed in an actual costing system if 220 professional labor-hours are used? A) $5,940 B) $7,744 C) $8,228 D) $7,040
- The total factory overhead for Bardot Marine Company is budgeted for the year at $600,000 divided into two departments: Fabrication, $420,000, and Assembly, $180,000. Bardot Marine manufactures two types of boats: speedboats and bass boats. The speedboats require 8 direct labor hours in Fabrication and 4 direct labor hours in Assembly. The bass boats require 4 direct labor hours in Fabrication and 8 direct labor hours in Assembly. Each product is budgeted for 250 units of production for the year. If required, round all per unit answers to the nearest cent. a. Determine the total number of budgeted direct labor hours for the year in each department. Fabrication _______direct labor hours Assembly _______direct labor hours b. Determine the departmental factory overhead rates for both departments. Fabrication Department rate $______per dlh Assembly Department rate $______per dlh c. Determine the factory overhead allocated per unit for each product using the department…The total factory overhead for Big Light Company is budgeted for the year at $1,703,240. Big Light manufactures two different products: night lights and desk lamps. Night lights are budgeted for 17,300 units. Each night light requires 3 hours of direct labor. Desk lamps are budgeted for 17,500 units. Each desk lamp requires 2 hours of direct labor. a Determine the total number of budgeted direct labor hours for the year. direct labor hours b Determine the single plantwide factory overhead rate using direct labor hours as the allocation base. Round your answer to two decimal places. per direct labor hour c Determine the factory overhead allocated per unit for each product using the single plantwide factory overhead rate determined in (b). Round your answers to two decimal places. per unit per unit Night Lights Desk LampsPwC, a local accounting firm, employs 25 full-time tax professionals. The budgeted annual compensation per employee is $50,000. The average chargeable time per client annually is 380 hours. Indirect costs are allocated according to professional labor-hours. Budgeted indirect costs for the year are $521,000 and the firm expects to have 80 clients during the coming year. Required: a) What is the budgeted indirect cost rate per hour? b) If 8 clients leave and the workforce stays at 25 employees, what is PwC's new indirect cost rate per hour?
- 3. Better Products Company manufactures insulation and applies manufacturing overhead costs to production at a budgeted indirect-cost rate of $18 per direct labor-hour. The following data are obtained from the accounting records for October 2022: Direct materials $370,000 Direct labor (3,300 hours @ $17/hour) 56,100 Indirect labor 22,000 Plant facility rent 53,000 Depreciation on plant machinery and equipment 41,000 Sales commissions 17,000 Administrative expenses 29,000 The actual amount of manufacturing overhead costs incurred in October 2022 totals ________. A) $277,500 B) $116,000 C) $162,000 D) $123,000Valley Trails is preparing the Cash Budget for the upcoming period, and is concerned about their ability to meet their financial obligations in the short term. Following is information relating to Valley’s financial performance: Beginning-of-period balances: Accounts Receivable: $81,000 Accounts Payable: $40,500 Accumulated Factory Depreciation: $432,000 Cash: $20,250 Estimates for end-of-period balances: Accounts Receivable: $101,250 Accounts Payable: $27,000 Accumulated Factory Depreciation: $444,000 Budgeted activity levels for the period: Sales: $375,000 Purchases of Direct Materials: $67,200 Direct Labor Wages: $112,500 Manufacturing Overhead: $37,500 Selling and Administrative Expenses: $63,000 Except for purchases of direct materials, all expenses are paid as incurred. What is the budgeted ending cash balance for the period? Select one: a. $133,800 b. None of these options are correct. c. $93,300 d. $105,300 e. $115,050Pinnacle Corp. budgeted $245,500 of overhead cost for the current year. Actual overhead costs for the year were $240,720. Pinnacle's plantwide allocation base, machine hours, was budgeted at 48,450 hours. Actual machine hours were 55,160. A total of 101,090 units was budgeted to be produced and 98,000 units were actually produced. Pinnacle's plantwide factory overhead rate for the current year is: a. $5.07 per machine hour b. $4.97 per machine hour c. $2.43 per machine hour d. $2.38 per machine hour
- Gardner Corporation manufactures skateboards and is in the process of preparing next year's budget. The pro forma income statement for the current year is presented below. Sales $ 1,500,000 Cost of sales: Direct Material $ 250,000 Direct labor 150,000 Variable Overhead 75,000 Fixed Overhead 100,000 575,000 Gross Profit $ 925,000 Selling and G&A Variable 200,000 Fixed 250,000 450,000 Operating Income $ 475,000 The break-even point (rounded to the nearest dollar) for Gardner Corporation for the current year is:Walkenhorst Company's machining department prepared its 2022 budget based on the following data: Practical capacity 40,000 units 2 Standard machine hours per unit Standard variable factory overhead Budgeted fixed factory overhead $ 3.00 per machine hour $ 336,000 The department uses machine hours to apply factory overhead to production. In 2022, the department used 86,800 machine hours and incurred $602,000 in total manufacturing overhead cost to manufacture 42,170 units. Actual fixed overhead cost for the year was $351,000. Required: Determine for the year: 1. The fixed, variable, and total factory overhead application rates (per machine hour). (Round your answers to 2 decimal places.) 2. The total flexible budget, for factory overhead cost based on output achieved in 2022. 3. The production volume variance. State whether this variance was favorable (F) or unfavorable (U). 4. The total overhead spending variance. State whether this variance was favorable (F) or unfavorable (U). 5. The…Pinnacle Corp. budgeted $218,050 of overhead cost for the current year. Actual overhead costs for the year were $207,500. Pinnacle's plantwide allocation base, machine hours, was budgeted at 53,300 hours. Actual machine hours were 46,460. A total of 91,830 units was budgeted to be produced and 98,000 units were actually produced. Pinnacle's plantwide factory overhead rate for the current year is: a.$2.26 per machine hour b.$4.09 per machine hour c.$3.89 per machine hour d.$2.37 per machine hour
