Question 6 of 12View PoliciesCurrent Attempt in ProgressManufacturing cost data for Sheffield Company are presented below.(a) Indicate the missing amounts for each letter (a) through (i).Direct materials used- / 12.5==Option AOption BOption C(a)$87,900$80,45048,40048,90047,900Direct labor49,400ManufacturingoverheadTotal manufacturing177,975costsWork in process1/1/20Total cost of work in201,875processWork in process12/31/20Cost of goodsmanufactured$165,244(b)23,900(c)A37,63150,150(d)184,375(e)208,275(f)+A38,151(h)(j)

Completed Table: Solution per item:ItemFormulaSolutionFinal answerOption A(a) Direct Materials Used=…

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Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter10: Accounting Systems For Manufacturing Operations

Section: Chapter Questions

Problem 10.25E: Activity-based costing in an insurance company Umbrella Insurance Company carries three major lines...

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ok t For each of the following independent cases (A to E), compute the missing values in the table: Case A C D E Prime Conversion Cost Cost $ 9,560 $ 16,470 $ 57,300 110,600 48,750 Direct Materials 3,950 10,130 41,500 20,500 Direct Manufacturing Labor Overhead 7,400 12,650 14,400 $ 10,860 25,200 24,300 Total Manufacturing Cost 42,730 69,250 57,500
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Question Content Area Compute conversion costs given the following data: direct materials, $376,200; direct labor, $200,400; factory overhead, $179,400 and selling expenses, $48,400. a. $555,600 b. $131,000 c. $756,000 d. $379,800
Problem 7-16 (Algo) Comparing Traditional and Activity-Based Product Margins [LO7-1, L07-3, LO7-4, LO7-5] Hi-Tek Manufacturing, Inc., makes two types of industrial component parts-the B300 and the T500. An absorption costing income statement for the most recent period is shown: Hi-Tek Manufacturing Inc. Income Statement $ 1,657,500 1,224,620 432,880 620,000 Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating loss $4 (187,120) Hi-Tek produced and sold 60,500 units of B3o0 at a price of $19 per unit and 12,700 units of T500 at a price of $40 per unit. The company's traditional cost system allocates manufacturing overhead to products using a plantwide overhead rate and direct labor dollars as the allocation base. Additional information relating to the company's two product lines is shown below: в300 T500 Total Direct materials $ 400,600 $ 120,400 $ 162,700 $ 42,000 563,300 162,400 498,920 Direct labor Manufacturing overhead Cost of goods sold $…
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Activity-based costing in an insurance company Umbrella Insurance Company carries three major lines of insurance: auto, workers' compensation, and homeowners. The company has prepared the following report for 20Y2: Management is concerned that the administrative expenses may make some of the insurance lines unprofitable. However, the administrative expenses have not been allocated to the insurance lines. The controller has suggested that the administrative expenses could be assigned to the insurance lines using activity-based costing. The administrative expenses are comprised of five activities. The activities and their rates are as follows: Activity-base usage data for each line of insurance were retrieved from the corporate records and are shown below. a.Complete the product profitability report through the administrative activities. b.Determine the underwriting income as a percent of premium revenue. C.Determine the Operating income as a percent of premium revenue, rounded to one decimal place. d.Interpret the report.
(Appendix 3A) Separating Fixed and Variable Costs, Service Setting Louise McDermott, controller for the Galvin plant of Veromar Inc., wanted to determine the cost behavior of moving materials throughout the plant. She accumulated the following data on the number of moves (from 100 to 800 in increments of 100) and the total cost of moving materials at those levels of moves: Required: 1. Prepare a scattergraph based on these data. Use cost for the vertical axis and number of moves for the horizontal axis. Based on an examination of the scattergraph, does there appear to be a linear relationship between the total cost of moving materials and the number of moves? 2. Compute the cost formula for moving materials by using the high-low method. Calculate the predicted cost for a month with 550 moves by using the high-low formula. (Note: Round the answer for the variable rate to three decimal places and the answer for total fixed cost and total cost to the nearest dollar.) 3. CONCEPTUAL CONNECTION Compute the cost formula for moving materials using the method of least squares. (Note: For the method of least squares, round the variable rate to two decimal places and total fixed cost and total cost to the nearest dollar.) Using the regression cost formula, what is the predicted cost for a month with 550 moves? What does the coefficient of determination tell you about the cost formula computed by regression? 4. CONCEPTUAL CONNECTION Evaluate the cost formula using the least squares coefficients. Could it be improved? Try dropping the third data point (300, 3,400), and rerun the regression.
Question 9 contd. Additional Information to be used in the following requirements: Altec wishes to allocate overheads using Activity-based costing (ABC). Table 1 shows estimated data and Table 2 actual data Table 1 Activity cost pool Estimated overheads Total units of Estimated units Estimated units activity A2090 A1090 Machine set up $360,000 150 50 100 Special $900,000 12,000 12,000 0 processing General $540,000 72,000 18,000 54,000 factory Table 2 Activity cost pool Actual overheads Total units of activity Actual units of use by A2090 Actual units of use by A1090 Machine set up $384,000 160 60 100 Special $825,000 11,000 11,000 0 processing General $540,000 72,000 18,000 54,000 factory 2. Calculate the activity rate for each activity. (3 marks)
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