) Presented below are the production data for the first six months of the year for the mixed costs incurred by Venus Company.MonthCostUnitsJanuary$5,2604,100February$5,0004,000March$6,8105,520April$9,9009,000May$5,9004,960June$7,3906,510Venus Company uses the high-low method to analyze mixed costs.1. What is the cost function? (Show your calculation)2. What is the total cost if the company produces 6,500 units?

1. What is the cost function? We're going to use the high-low method, which involves identifying…

Answered: ) Presented below are the production…

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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The following example illustrates how traditional cost accounting techniques could result in a misleading and inequitable division of costs between low-volume and high-volume products, and demonstrates that ABC may provide a more meaningful allocation of costs. Suppose that Cooplan manufactures four products, W, X, Y and Z. The direct labour cost per hour is $5. Other output and cost data for the period just ended are as follows. Number of production runs in the period Material cost Direct labour Machine per unit $4 Output units hours per unit hours per unit W 10 2 20 1 1 10 2 80 3 Y 100 5 20 1 1 100 5 80 3 14 Overhead costs 24 Expediting and scheduling costs Materials handling costs 9,100 7,700 Short-run variable costs 3,080 10,920 Set-up costs Required Prepare unit costs for each product using traditional costing and ABC.
Information taken from Kombucha Cooperative's records for the most recent year is as follows: Direct material used Direct labor Variable manufacturing overhead Fixed manufacturing overhead Variable selling and administrative costs Fixed selling and administrative costs Required: 215,000 79,600 41,000 68,000 35,200 20,000 1. Assuming Kombucha Cooperative's uses absorption costing, compute the inventoriable costs for the year. 2. Compute the year's inventoriable costs using variable costing. 1. Absorption costing 2. Variable costing Inventoriable costs
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Sunland Co. gathered the following information on power costs and factory machine usage for the last six months: Month January February March April May June (a) Power Cost $28,390 (b) 36,069 32,895 26,235 (c) 23,890 20,700 Your answer is correct. Variable power costs $ Using the high-low method of analyzing costs, answer the following questions and show computations to support your answers. eTextbook and Media Your answer is correct. Factory Machine Hours What is the estimated variable portion of power costs per factory machine hour? (Round answer to 2 decimal places, e.g. 15.25.) Fixed power costs $ eTextbook and Media 15,800 21,400 Total power cost $ 18,700 High 15,100 13,500 What is the estimated fixed power cost each month? 10,500 1.41 5,895 per factory machine hour Low 5,895 If it is estimated that 13,800 factory machine hours will be run in July, what is the expected total power cost for July?
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Windhoek Manufacturers produces two products, Amber and Black. The following cost estimates have been prepared using the traditional absorption costing approach. Selling price per unit Production costs per unit: Material costs Direct labour costs Manufacturing overhead cost Profit per unit Additional information. Estimates sales demand Machine hours per unit Required 1.1 1.2 Amber N$ Amber 69 27 6 12 24 9 000 0.75 Calculate the return per machine hour for each product if through put accounting approach is used. Calculate the profit for the period, using a throughput accounting approach, assuming the company priorities Black Black N$ Black 93 24 15 18 36 12 000 1.20 TIOLE.(
The following data have been extracted from the records of Puzzle Incorporated: Production level, in units Variable costs Fixed costs Mixed costs Total costs Required: February 9,700 $ 21,340 ? 18,916 $ 77,356 Total cost August a. Calculate the missing costs. b. Calculate the cost formula for mixed cost using the high-low method. c. Calculate the total cost that would be incurred for the production of 12,804 units. d. Identify the two key cost behavior assumptions made in the calculation of your answer to part c. 17,460 $ ? 37,100 ? $ 104,361 Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Calculate the total cost that would be incurred for the production of 12,804 units. Note: Do not round intermediate calculations.
The following data have been extracted from the records of Puzzle Incorporated: February August Production level, in units 9,400 20,680 Variable costs $ 22, 560 $ ? question mark Fixed costs ? question mark 39, 300 Mixed costs 19, 612 ? question mark Total costs $81,472 $ 125, 238 Required: Calculate the missing costs. Calculate the cost formula for mixed cost using the high-low method. Calculate the total cost that would be incurred for the production of 15, 040 units. Identify the two key cost behavior assumptions made in the calculation of your answer to part c.
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A, B , And E only please
During October, Jobs 878, 879, and 880 were started. Data on costs added during October for all jobs are as follows: Direct materials Direct labor Job 877 $14,490 15,600 Job 878 $5,920 8,700 Job 879 $3,480 1,900 Job 880 $1,880 1,900 Overhead is applied to production at the rate of 60% of direct labor cost. Job 877 was completed on October 28, and the client was billed at cost plus 50%. All other jobs remained in process. Required: 1. Prepare a brief job-order cost sheet showing the October 1 balances of all four jobs, plus the direct materials and direct labor costs during October. There is no need to calculate applied overhead at this point or to total the costs. All amount cells must have an entry; enter zeros as needed. Gorman Company Job-Order Cost Sheets For the Month of October Job 877 Beginning balance $18,630 Job 878 Job 879 Job 880
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