QUESTION:AT THE BEGINNING OF THE YEAR, RANGLECOMPANYEXPECTED TO INCUR $54,000 OFOVERHEAD COSTS IN PRODUCING 6,000 UNITS OFPRODUCT.THE DIRECT MATERIAL COST IS $20 PER UNIT OFPRODUCT.DIRECT LABOR COST IS $30 PER UNIT.DURING JANUARY, 600 UNITS WERE PRODUCED.REQUIRED:THE TOTAL COST OF THE UNITS MADE IN JANUARYWAS:

To calculate the total cost of the units produced in January, we need to consider direct material…

Answered: QUESTION: AT THE BEGINNING OF THE YEAR,…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Aggie Fitness began business in College Station, TX on June 1, 2018. At that time, the company collected $6,000 in advance payments from customers for 12-month gym memberships. At December 31, 2018, after the adjusting entries are recorded and posted, the balances in Unearned Revenue and Membership Revenue should be, respectively,The possible answers are in the attached images
4
Accounting 1. Eberley Corporation's cost formula for its manufacturing overhead is $25,700 per month plus $10 per machine-hour. For the month of July, the company planned for activity of 5,900 machine-hours, but the actual level of activity was 5,920 machine-hours. The actual manufacturing overhead for the month was $86,800. The spending variance for manufacturing overhead in July would be closest to: $2,100 U $1,900 F $1,900 U $2,100 F
Rasmussen Corporation expects to incur indirect overhead costs of $80,000 per month and direct manufacturing costs of $12 per unit. The expected production activity for the first four months of the year are as follows. January February March April Estimated production in units 6,000 7,000 3,000 4,000 Required Calculate a predetermined overhead rate based on the number of units of product expected to be made during the first four months of the year. Allocate overhead costs to each month using the overhead rate computed in Requirement a. Calculate the total cost per unit for each month using the overhead allocated in Requirement b.
The Production Department of Hruska Corporation has submitted the following forecast of units to be produced by quarter for the upcoming fiscal year: 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Units to be produced 10,800 9,800 11,800 12,800 Each unit requires 0.25 direct labor-hours and direct laborers are paid $13.00 per hour. In addition, the variable manufacturing overhead rate is $1.90 per direct labor-hour. The fixed manufacturing overhead is $88,000 per quarter. The only noncash element of manufacturing overhead is depreciation, which is $28,000 per quarter. Required: 1. Calculate the company’s total estimated direct labor cost for each quarter of the upcoming fiscal year and for the year as a whole. 2. and 3. Calculate the company’s total estimated manufacturing overhead cost and the cash disbursements for manufacturing overhead for each quarter of the upcoming fiscal year and for the year as a whole.
Question
The Production Department of Hruska Corporation has submitted the following forecast of units to be produced by quarter for the upcoming fiscal year: 2nd Quarter 1st Quarter 10,400 3rd Quarter 11,400 4th Quarter 12,400 Units to be produced 9,400 Each unit requires 0.25 direct labor-hours and direct laborers are paid $12.00 per hour. In addition, the variable manufacturing overhead rate is $1.70 per direct labor-hour. The fixed manufacturing overhead is $84,000 per quarter. The only noncash element of manufacturing overhead is depreciation, which is $24,000 per quarter. Required: 1. Calculate the company's total estimated direct labor cost for each quarter of the the upcoming fiscal year and for the year as a whole. 2&3. Calculate the company's total estimated manufacturing overhead cost and the cash disbursements for manufacturing overhead for each quarter of the upcoming fiscal year and for the year as a whole.
My Company produced 26,000 units during February. Direct materials costs are $4.25 per unit and direct labor is $5.75 Pper unit. Variable overhead is applied at $3.50 per unit and fixed overhead is $78,000 per month. Sales commissions are $0.75 per unit sold. Sales salaries for the month are $65,000 and fixed administrative expenses are $80,000. Required: a. Calculate production cost per unit under variable and absorption costing. b. Prepare an income statement under variable costing and under absorption costing for February assuming all 26,000 units produced were sold for $25 each. c. During March, My Company produced 26,000 units and sold 22,000 units. Prepare an income statement under variable and under absorption costing for March assuming each unit sold for $25 each. d. Is the February net income different under each method? Why or why not? What about March, is the net income different? Why or why not? Reconcile net income under both methods.
At the beginning of the year, you estimated the following - Production - 75,000 units Raw Material - 270,000 pounds at a cost of $1,026,000 Direct Labor - 187,500 hours at a cost of $4,125,000 Variable Overhead - 135,000 machine hours at a cost of $567,000 Fixed Overhead - $900,000 At the end of year, the actual results were as follows - Production - 73,000 units Raw Material - 265,720 pounds purchased and used at a cost of $1,036,308 Direct Labor - 179,580 hours at a cost of $3,968,718 Variable Overhead - 133,590 machine hours at a cost of $558,406.20 Fixed Overhead - $891,000
At the beginning of the year, you estimated the following - Production - 75,000 units Raw Material - 270,000 pounds at a cost of $1,026,000 Direct Labor - 187,500 hours at a cost of $4,125,000 Variable Overhead - 135,000 machine hours at a cost of $567,000 Fixed Overhead - $900,000 At the end of year, the actual results were as follows - Production - 73,000 units Raw Material - 265,720 pounds purchased and used at a cost of $1,036,308 Direct Labor - 179,580 hours at a cost of $3,968,718 Variable Overhead - 133,590 machine hours at a cost of $558,406.20 Fixed Overhead - $891,000 16) The Total Variance for Direct Labor is Favorable. 17) What is the Variable Overhead standard for machine hours per unit ? 18) What is the standard rate per machine hour for Variable Overhead ? 19) What is the Efficiency Variance for Variable Overhead ? please answer complete
Manufacturing overhead was estimated to be $200,000 for the year along with 20,000 direct labor hours. Actual labor hours were 22,000. The amount of manufacturing overhead applied to production would be: O $210,000. $220,000. $215,000. $200,000.
50. Which of the following government agencies will most likely be able to obatian a disbursement authority in the form of Cash Disbursement Ceiling (CDC) BIR DPWH DFA NFA

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS