Question 2.A company manufactures two products, X and Y, for which the following information is availableParticularsBudgeted production (units)Product X4,000Product Y6,000Labour hours per unit58Number of production runs required46Number of inspections during production32Production set-up costsOMR 350,000Inspection costsOMR 150,000Total overhead costsOMR 500,000Using Activity Based Costing, calculate the budgeted overhead cost per unit for Product X and Product Y.

First, we need to calculate the total cost for each activity. The total cost for production setup is…

Answered: Question 2. A company manufactures two…

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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QUESTION 1 Sydney Co is preparing its production overhead budgets. Cost Centre Expenses and related information have been budgeted as follows: Required: Calculate the overheads to be apportioned to the four cost centres.
Question 14. A manufacturer of playground equipment has a standard costing system based on machine hours (MHs) as the measure of activity. Data from the company's flexible budget for manufacturing overhead are given below: Denominator Level of Activity 3,100 MHs Fixed Overhead Cost $42,200 The following data pertain to operations for the most recent period: Actual Hours 3,600 MHs Standard Hours Allowed for the Actual Output 3,700 MHs Actual Total Fixed Overhead Cost $41,000 What was the fixed overhead budget variance for the period, rounded to the nearest dollar? Question 14 options: $950 unfavourable. $1,200 favourable. $2,790 favourable. $4,470 unfavourable.
Sample Problems: 1. A company produces a single product that has the following standard costs: Materials Labor Variable overhead 5 pieces at P4 per piece 3 hours at P10 per hour 3 hours at P15 per hour 3 hours at P5 per hour P20 30 45 15 Fixed overhead Total manufacturing cost P110 The budgeted fixed overhead is P15,000. This is for the budgeted production (the normal capacity level) of 1,000 units requiring total budgeted time of 3,000 hours. During the period, the company produced 1,100 units and incurred the following costs: Materials Labor Variable overhead Fixed overhead Total 5,600 pieces at P3.80 per piece 3,250 hours at P11 per hour 3,250 hours at 14.50 per hour P21,280 35,750 47,125 16,000 P120,155 Prepare variance analysis for materials, labor and overhead.
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Question Content Area The standard costs and actual costs for factory overhead for the manufacture of 2,900 units of actual production are as follows: Standard Costs Line Item Description Value Fixed overhead (based on 10,000 hours) 3 hours per unit at $0.70 per hour Variable overhead 3 hours per unit at $1.93 per hour Actual Costs Total variable cost, $18,000 Total fixed cost, $8,200 The fixed factory overhead volume variance is a. $0 b. $728 unfavorable c. $910 unfavorable d. $728 favorable
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Units produced Production runs per quarter Direct materials cost per unit Direct labor cost per unit Supervision Setup labor Incoming inspection Total overhead Manufacturing overhead in the plant has three main functions: supervision, setup labor, and Incoming material Inspection. Data on manufacturing overhead for a representative quarter follow: $ 288,750 336,000 241,500 $ 866,250 Standard 14,000 a. Using current costing system b. Using proposed ABC system 50 $30 50 Required: a. Compute the unit costs for the two products, Standard and Premium, using the current costing system at Benton (using direct labor costs as the allocation basis for overhead). b. Compute the unit costs for the two products, Standard and Premium, using the proposed ABC system at Benton. Note: For all requirements, do not round Intermediate calculations. Round your answers to 2 decimal places. S S Answer is complete but not entirely correct. Premium 3,500 25 $64 75 Unit cost Standard 120.00 X S 117.67 X S…
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Banks Corporation has the following information for direct materials for the latest period. BANKS CORPORATION INFORMATION FOR DIRECT MATERIALS FOR THE LATEST PERIOD Standard price per unit of direct materials Actual price per unit of direct materials Budgeted units of output Standard quantity of direct materials allowed per unit of output Actual units of direct materials used Actual units of direct materials purchased Actual units of output produced SA SA 15.00 $ 16.50 45,000 3 units 40,000 50,000 14,000 The company calculates its price variance based on quantity purchased. What is the direct materials price variance? $60,000 favorable. $60,000 unfavorable.

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