Redlands used machine hours to apply factory overhead costs. The company incurred $90 actuatotal factory overhead costs to make the 12 products.4. Direct Labor VariancesActual Price ActualQuantityDirect labor quantity variance:Direct labor price variance:Total direct labor variance:5. Factory Overhead VariancesActual Price Actual QuantityFactory overhead quantity variance:Factory overhead price variance:Total factory overhead variance:6. Cost of Goods ManufacturedStandard Price Actual QuantityDirect materialsDirect laborFactory overheadCost of goods manufacturedStandard Price Standard QuantityStandard Price Actual QuantityStandard Price Standard This section has a nine-part comprehensive problem with multiple questions to address. Downloadthe Chapter 9 Comprehensive Problem Template below to complete all parts. You will need yourBergevin and MacQueen book for reference.Redlands Inc. reported standard and actual costs for the product that it manufactures:ItemDirect material priceDirect materials quantityDirect labor priceDirect labor quantityFactory overhead costMachine hours per unitNumber of finished products madeNumber of finished products soldSales price per unitStandard$3 per lb.2 lbs.$53 hours$2 per machinehour2 machinehours1010$40Actual$2 per lb.4 lbs.$72 hours3 machinehours1211$40

Name: Redlands used machine hours to apply factory overhead costs. The comp
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Description: Redlands used machine hours to apply factory overhead costs. The company incurred $90 actuatotal factory overhead costs to make the 12 products.4. Direct Labor VariancesActual Price ActualQuantityDirect labor quantity variance:Direct labor price var

The formula for Direct Labor Variances: Direct labor quantity variance=Standard Price × Standard…

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Redlands Inc. reported standard and actual costs for the product that it manufactures: Item Direct material price Direct materials quantity Direct labor price Direct labor quantity Factory overhead cost Machine hours per unit Number of finished products made Number of finished products sold Sales price per unit Standard $3 per lb. 2 lbs. $5 3 hours $2 per machine hour 2 machine hours 10 10 $40 Actual $2 per lb. 4 lbs. $7 2 hours 3 machine hours 12 11 $40

Redlands Inc. reported standard and actual costs for the product that it manufactures: Item Direct material price Direct materials quantity Direct labor price Direct labor quantity Factory overhead cost Machine hours per unit Number of finished products made Number of finished products sold Sales price per unit Standard $3 per lb. 2 lbs. $5 3 hours $2 per machine hour 2 machine hours 10 10 $40 Actual $2 per lb. 4 lbs. $7 2 hours 3 machine hours 12 11 $40

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Brannon Company manufactures ceiling fans and uses an activity-based costing system. Each ceiling fan consists of 20 separate parts totaling $95 in direct materials, and requires 2.5 hours of machine time to produce. Additional information follows: Cost Pool Allocation Base Overhead Rate Materials handling Number of parts $.08 Machining Machine hours $7.20 Assembling Number of parts $.35 Packaging Number of finished units $2.70 What is the cost of machining per ceiling fan? Brannon Company manufactures ceiling fans and uses an activity-based costing system. Each ceiling fan consists of 20 separate parts totaling $95 in direct materials, and requires 2.5 hours of machine time to produce. Additional information follows: Cost Pool Allocation Base Overhead Rate Materials handling Number of parts $.08 Machining Machine hours $7.20 Assembling Number of parts $.35 Packaging Number of finished units $2.70 What is the cost of machining per ceiling fan? $144.00 $18.00 $180.00 $30.00
Production and sales (units) Materials cost ($) Labour cost per unit ($) at $12 per hour Machine hours (per unit) Total no. of production runs Total no. of purchase orders Total no. of deliveries to retail division Market/Retail prices Overhead costs: Machine set-up costs ($) Machine maintenance costs ($) Ordering costs ($) Delivery costs ($) Total ($) Product S Product R 3,200 5,450 117 95 9 1 12 64 80 260 total: 6 2 30 82 64 320 306,435 415,105 11,680 144,400 877,620 Rinse @ $241.69 = full cost +10% oll Retail price Rinse: $260 The company's policy is to transfer the washing machines from the assembly division to the retail division at full cost plus 10% resulting in internal transfer prices, of $220.17 and $241.69 for S and R when transferred to the retail division. The retail division sells S for $320 per machine and R for $260 per machine to the market. (a) Use activity based costing to allocate the overheads and recalculate the transfer prices for S and R. (b) Calculate the…
Schwiesow Corporation has provided the following information: Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Sales commissions Multiple Choice O $38,000 O $39,000 Variable administrative expense Fixed selling and administrative expense $ 6,000 If 9,500 units are produced, the total amount of manufacturing overhead cost is closest to: O $37,000 Cost per Unit $ 7.60 $3.40 $ 2.00 $52.300 $ 1.00 $ 0.30 Cost per Period $ 20,000
Multiple Choice $9,907.97 $89,171.73 $5,173.02 $136.51
Anita Corporation Berhad uses the following activity rates from its activity-based costing to assign overhead costs to products. Activity Cost Pools Activity Rate (USD) Setting up batches 86.50 per batch Assembling products 4.63 per assembly hour Processing customer orders 52.16 per customer order Data concerning two products appear below: Product JJ Product SS Number of batches 34 43 Number of assembly hours 105 812 Number of customer orders 17 32 How much overhead cost would be assigned to Product JJ using the company's activity-based costing system? How much overhead cost would be assigned to Product SS using the company's activity-based costing system?
Cost per Equivalent Unit—FIFO Method Superior Micro Products uses the FIFO method in its process costing system. Data for the Assembly Department for May appear below: Required: Compute the cost per equivalent unit for materials, labor, overhead, and in total.
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Drilling Company uses activity-based costing and provides this information: Manufacturing Activity Cost Driver Driver Rate Materials handling Number of parts $ 0.60 Machinery Number of machine hours 51.00 Assembly Number of parts 2.85 Inspection Number of finished units 30.00 Drilling has just completed 80 units of a component for a customer. Each unit required 100 parts and 3 machine hours. The prime cost is $1,300 per finished unit. All other manufacturing costs are classified as manufacturing overhead. Required: 1. Compute the total manufacturing costs and the unit costs of the 80 units just completed using ABC costing. 2. In addition to the manufacturing costs, the firm has determined that the total cost of upstream activities, including research and development and product design, is $180 per unit. The total cost of downstream activities, such as distribution, marketing, and customer service, is $300 per unit. Compute the full product cost per unit, including…
Boswell Company manufactures two products, Regular and Supreme. Boswell's overhead costs consist of machining. $2400000; and assembling. $1200000. Information on the two products is: Direct labor hours Machine hours Number of parts Regular Supreme 10000 15000 30000 90000 160000 Ⓒ$2568000 $1440000. $2160000. $1032000. 10000 Overhead applied to Regular using activity-based costing is
Subject: Cost AccountingPlease answer the questions given. Thank you!
Activity Cost Pool Supporting direct labor Machine processing Machine setups Production orders Shipments Product sustaining Activity data have been supplied for the following two products: Number of units produced per year Direct labor-hours Machine-hours Machine setups Production orders Shipments Product sustaining Activity Cost Pool Supporting direct labor Machine processing Machine setups Production orders Shipments Product sustaining Total overhead cost Activity Rates $9 per direct labor-hour $3 per machine-hour $45 per setup $150 per order $ 130 per shipment $ 875 per product K425 0 $ Total Expected Activity K425 M67 2,000 M67 200 1,000 2,800 Required: How much total overhead cost would be assigned to K425 and M67 using the activity-based costing system? 0 7 7 14 2 50 40 2 NNNN 2
Standard Product CostsDeerfield Company manufactures product M in its factory. Production of M requires 2 pounds of material P, costing $8 per pound and 0.5 hour of direct labor costing, $14 per hour. The variable overhead rate is $12 per direct labor hour, and the fixed overhead rate is $16 per direct labor hour. What is the standard product cost for product M? Direct material Answer Direct labor Answer Variable overhead Answer Fixed overhead Answer Standard product cost per unit Answer