Required information[The following information applies to the questions displayed below.]Martinez Company's relevant range of production is 7,500 units to 12,500 units. When it produces and sells 10,000 units,its average costs per unit are as follows:Average Cost PerUnitDirect materials$5.10Direct labor$2.60$Variable manufacturing overheadFixed manufacturing overheadFixed selling expense1.60$4.00$2.10Fixed administrativeexpense$2.10Sales commissions$1.10Variable administrative expense$0.5515. What incremental manufacturing cost willI Martinez incur if it increases production from 10,000 to 10,001 units? (Round your answerto 2 decimal places.)X Answer is complete but not entirely correct.Incremental cost per unit produced12,000.00 Required information[The following information applies to the questions displayed below.]Martinez Company's relevant range of production is 7,500 units to 12,500 units. When it produces and sells 10,000 units,its average costs per unit are as follows:Average Cost PerUnitDirect materials$5.10$$Direct labor2.60Variable manufacturing overheadFixed manufacturing overheadFixed selling expenseFixed administrative expense1.60$4.00$2.10$2.10Sales commissions$1.10Variable administrative expense$0.5513. If the selling price is $21.10 per unit, what is the contribution margin per unit? (Do not round intermediate calculations. Round youranswer to 2 decimal places.)X Answer is complete but not entirely correct.Contribution margin per unit$9.50

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rect labor $ 2.60 riable manufacturing overhead ked manufacturing overhead zed selling expense ced administrative expense $ 1.60 4.00 $ 2.10 $ 2.10 les commissions $ 1.10 riable administrative expense 0.55

rect labor $ 2.60 riable manufacturing overhead ked manufacturing overhead zed selling expense ced administrative expense $ 1.60 4.00 $ 2.10 $ 2.10 les commissions $ 1.10 riable administrative expense 0.55

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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1- Chapter 1 Assignment i 1 of 15 € a 19 2 Total manufacturing overhead cost Manufacturing overhead per unit 4# Direct materials. Direct labor Variable manufacturing overhead Fixed manufacturing overhead Fixed selling expense Fixed administrative expense Sales commissions Variable administrative expense Required information [The following information applies to the questions displayed below.] Martinez Company's relevant range of production is 7,500 units to 12,500 units. When it produces and sells 10,000 units, its average costs per unit are as follows: Okay 3 4 Y A Saved 11. If 8,000 units are produced, what is the total amount of manufacturing overhead cost incurred to support this level of production? What is this total amount expressed on a per unit basis? (Round your "per unit" answer to 2 decimal places.) & LO 5 * Help 6 Save & Exit 7 Average Cost per Unit $7.00 $4.50 $ 1.40 $ 4.00 $4.00 $ 2.10 $ 1.10 $ 0.55 You Check my work 8 Submit 9 } 11 0 d
5 Vista Company reports the following information. Direct materials Direct labor Variable overhead Fixed overhead Units produced Compute its product cost per unit under absorption costing. Multiple Choice $76.00. $152.00. $171.00. $ 44 per unit 64 per unit $ 44 per unit $ 380,000 per year 20,000 units < Pr
Applying Excel 13: Predetermined Overhead Rate ✓ 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 A B Raw Materials Inventory 57,500 5,700 43,000 Finished Goods Inventory 216,000 Factory Overhead 14,800 61,000 52,300 6,000 Multiple Choice с =+C17/F11 =+C17/(SUM(B17:B19)) =+E5/E3 37,000 14.800 173,000 =+E5/E4 122,100 D E Assuming the company applies overhead as a percentage of direct labor cost, which formula accurately computes the predetermined overhead rate? Work in Process Inventory 37,000 216,000 111.000 122,100 54,100 Factory Wages Payable 172,000 0 111.000 ......... 61,000
Maglie Company manufactures two video game consoles: handheld and home. The handheld consoles are smaller and less expens than the home consoles. The company only recently began producing the home model. Since the introduction of the new product. profits have been steadily declining. Management believes that the accounting system is not accurately allocating costs to products particularly because sales of the new product have been increasing Management has asked you to investigate the cost allocation problem. You find that manufacturing overhead is currently assigned to products based on their direct labor costs. For your investigation, you have data from last year. Manufacturing overhead was $1,366,000 based on production of 340.000 handheld consoles and 89,000 home consoles. Direct labor and direct materials costs were as follows. Direct labor Materials Handheld $1,294, 500 790,000 Cost Driver Number of production runs Quality tests performed Shipping orders processed Total overhead…
ces The following data from the just completed year are taken from the accounting records of Mason Company: Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs Inventories Raw materials. Work in process Finished goods Beginning $ 7,000 $ 10,000 $ 20,000 Required 1 Required 2 Required 3 Ending $ 15,000 $ 5,000 $ 35,000 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement. Complete this question by entering your answers in the tabs below. Mason Company Schedule of Cost of Goods Manufactured Beginning work in process inventory Direct materials: Prepare a schedule of cost of goods manufactured. Assume all raw materials used…
M Thu Sep 8 t 14 of 15 AA Period Ce b Home | bartl... 23 my.post.edu... X 14 Unit 1-... 14 rint ezto.mheducation.com A Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Fixed selling expense Fixed administrative expense Sales commissions Variable administrative expense 5 Total direct manufacturing cost Total indirect manufacturing cost Okay C Required information [The following information applies to the questions displayed below.] Martinez Company's relevant range of production is 7,500 units to 12,500 units. When it produces and sells 10,000 units, its average costs per unit are as follows: G what is the h. Average Cost per Unit $ 7.00 $4.50 $ 1.40 $ 4.00 $4.00 $ 2.10 $ 1.10 $ 0.55 14. If 12,000 units are produced, what are the total amounts of direct and indirect manufacturing costs incurred to support this level of production? (Do not round intermediate calculations.) @ 29% 4 + 88 Init 1-C... You a
Required information [The following information applies to the questions displayed below.] Oak Mart, a producer of solid oak tables, reports the following data from its second year of business. Sales price per unit $ Units produced this year Units sold this year 300 per unit 115,000 units 118,250 units 3,250 units Units in beginning-year inventory Beginning inventory costs Variable (3,250 units x $135) Fixed (3,250 units x $80) $ 438,750 260,000 Total $ 698,750 Manufacturing costs this year Direct materials $ Direct labor $ Overhead costs this year Variable overhead $3,000,000 Fixed overhead $7,400,000 Selling and administrative costs this year Variable $1,300,000 Fixed 4,400,000 2. Prepare the current-year income statement for the company using absorption costing. OAK MART COMPANY S
Variable costs: Direct materials $0.15 Direct labor 0.06 Variable overhead 0.11 Fixed overhead 0.30 Total cost $0.62
Smythe Co. makes furniture. The following data are taken from its production plans for the year. Direct labor costs Hazardous waste disposal costs $5,860,000 625,000 Chairs Expected production 207,000 units Direct labor hours required Hazardous waste disposed Tables 18,000 units 15,400 DLH 1,200 pounds 256,000 DLH 700 pounds Required: 1. Determine the hazardous waste disposal cost per unit for chairs and for tables if costs are assigned using a single plantwide overhead rate based on direct labor hours. Overhead costs 0 Product Activity Driver OH $ per direct labor hour Units Produced OH Cost per unit Chairs Total Overhead Cost 0.00 $ 0.00 $ 254,000 $ 16,400 $ 0 Tables 0 0 2. Determine hazardous waste disposal costs per unit for chairs and for tables if costs are assigned based on the number of pounds disposed of. -- ************ H 0
Period Co 5 AA Chapter 1 Assignment 7 A ! Home | bartl.. 2 W # S Total product cost ezto.mheducation.com A Okay 23 my.post.edu... Direct materials. Direct labor Variable manufacturing overhead Fixed manufacturing overhead Fixed selling expense Fixed administrative expense Sales commissions Variable administrative expense 3 E $ D () Required information [The following information applies to the questions displayed below.] Martinez Company's relevant range of production is 7,500 units to 12,500 units. When it produces and sells 10,000 units, its average costs per unit are as follows: $ 150,000 Saved 4 5 R T & LL V Question 1 -... Required: 1. For financial accounting purposes, what is the total amount of product costs incurred. to make 10,000 units? (Do not round intermediate calculations.) * 6 Y B G H 5 7 N G what is the h... Help U J Average Cost per Unit Save & Exit $7.00 $ 4.50 $ 1.40 $ 4.00 $ 4.00 $ 2.10 $ 1.10 $ 0.55 M You 8 1 K ! Init 1-C... Check my work I 9 O Submit L ? ct 0 P…
Exercise 11-6A (Algo) Recording overhead costs in T-accounts LO 11-2 Rundle Company and Rooney Company both apply overhead to the Work in Process Inventory account using direct labor hours. The following information is available for both companies for the year. Rundle Actual manufacturing overhead Aatual direet labor hours Underapplied overhead Overapplied overhead Сoпpany $119,150 21,000 Rooney Company $262,250 25,000 11,000 $ 21,500 Required a. Compute the predetermined overhead rate for each company. b. Using T-accounts, record the entry to close the overapplied or underapplied overhead at the end of the accounting period for each company, assuming the amounts are immaterial. Complete this question by entering your answers in the tabs below. Required A Required B Compute the predetermined overhead rate for each company. (Round your answers to 2 decimal places.) Per Direct Labor Hour Rundle Compamy Rooney Company Predetermined overhead rate Required A Required B>
Ace Company is a manufacturer of basketballs and began operations this year. The company produced 4,300 units and sold 3,750 units. Each basketball was sold at a price of $46. Fixed overhead costs are $53,000 per year, and fixed selling and administrative costs are $46,600 per year. The company also reports the following per unit variable costs for the year. Direct materials Direct labor Variable overhead Variable selling and administrative expenses Compute income under variable costing. Multiple Choice O $105,000 $99,600 $5,400 $59,642 $ 7.00 per unit $ 5.00 per unit $ 4.00 per unit $ 2.00 per unit