Please do not provide handwritten answer thanku EXERCISE 8-15 Direct Labor and Manufacturing Overhead Budgets LO8-5, LO8-6The Production Department of Hruska Corporation has submitted the following forecast of units to beproduced by quarter for the upcoming fiscal year:Units to be produced1st Quarter12,0002nd Quarter 3rd Quarter10,00013,0004th Quarter14,000Each unit requires 0.2 direct labor-hours and direct laborers are paid $12.00 per hour.In addition, the variable manufacturing overhead rate is $1.75 per direct labor-hour. The fixed manu-facturing overhead is $86,000 per quarter. The only noncash element of manufacturing overhead is depre-ciation, which is $23,000 per quarter.Required:1. Calculate the company's total estimated direct labor cost for each quarter of the the upcoming fiscalyear and for the year as a whole. Assume that the direct labor workforce is adjusted each quarter toMaster Budgetingmatch the number of hours required to produce the estimated number of units produced (Hint: Referto Schedule 4 for guidance).2.Calculate the company's total estimated manufacturing overhead cost for each quarter of the upcomingfiscal year and for the year as a whole (Hint: Refer to Schedule 5 for guidance).3.Calculate the company's cash disbursements for manufacturing overhead for each quarter of the theupcoming fiscal year and for the year as a whole (Hint: Refer to Schedule 5 for guidance).373

Budgeting is a tactical planning made by business to spend its money efficiently. A business need to…

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. Assume that the direct labor workforce is adjusted each quarter to Master Budgeting match the number of hours required to produce the estimated number of units produced (Hint: Refer to Schedule 4 for guidance). 2. Calculate the company's total estimated manufacturing overhead cost for each quarter of the upcoming fiscal year and for the year as a whole (Hint: Refer to Schedule 5 for guidance). 3. Calculate the company's cash disbursements for manufacturing overhead for each quarter of the the upcoming fiscal year and for the year as a whole (Hint: Refer to Schedule 5 for guidance). 373

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. Assume that the direct labor workforce is adjusted each quarter to Master Budgeting match the number of hours required to produce the estimated number of units produced (Hint: Refer to Schedule 4 for guidance). 2. Calculate the company's total estimated manufacturing overhead cost for each quarter of the upcoming fiscal year and for the year as a whole (Hint: Refer to Schedule 5 for guidance). 3. Calculate the company's cash disbursements for manufacturing overhead for each quarter of the the upcoming fiscal year and for the year as a whole (Hint: Refer to Schedule 5 for guidance). 373

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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EXERCISE 8-15 Direct Labor and Manufacturing Overhead Budgets LO8-5, LO8-6 The Production Department of Hruska Corporation has submitted the following forecast of units to be produced by quarter for the upcoming fiscal year: Units to be produced. 2. 1st Quarter 3. 12,000 2nd Quarter 3rd Quarter 10,000 13,000 Each unit requires 0.2 direct labor-hours and direct laborers are paid $12.00 per hour. In addition, the variable manufacturing overhead rate is $1.75 per direct labor-hour. The fixed manufacturing overhead is $86,000 per quarter. The only noncash element of manufacturing over- head is depreciation, which is $23,000 per quarter. Required: 1. 4th Quarter 14,000 Calculate the company's total estimated direct labor cost for each quarter of the the upcom- ing fiscal year and for the year as a whole. Assume that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the estimated number of units produced (Hint: Refer to Schedule 4 for…
EXERCISE 8-15 Direct Labor and Manufacturing Overhead Budgets [ LO8-5, Q LO8-6] 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 12,000 10,000 13,000 14,000 Each unit regquires 0.2 direct labor-hours and direct laborers are paid $12.00 per hour. In addition, the variable manufacturing overhead rate is $1.75 per direct labor-hour. The fixed manufacturing overhead is $86,000 per quarter. The only noncash element of manufacturing overhead is depreciation, which is $23,000 per quarter. Required: 1. Prepare the company's direct labor budget for the upcoming fiscal year, assuming that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced.
Question 7 Howard Bannister Company budgets the following per-unit costs for the upcoming year: Direct Material Direct Labor Variable Selling Expenses Sales commission $32.54 $21.24 $15.70 $20.10 Howard budgets producing 1,017 units and having 27,370 of total variable overhead, 49,540 of total fixed overhead, and 30,387 of total fixed S&A costs for the year. Howard allocates overhead based on units produced. What is the per-unit cost of inventory under variable costing (i.e., assuming budgets are correct, how much will be the total amount debited to WIP if Howard produces one additional unit)? Round your answer to two decimal places (e.g., 192.37).
Question 1 Shiashi Ltd is preparing its manufacturing overhead budget for 2024. Relevant data consist of the following: - Units to be produced (by quarters): 20,000, 24,000, 34,000 and 36,000. Direct labour: Time is 1.5 hours per unit. Variable overhead costs per direct labour hour: Indirect materials GH¢1.40; indirect labour GH 2.40 and maintenance $1.50. Fixed overhead costs per quarter: Supervisory salaries GH 55,000; depreciation GH 27,000 and maintenance GH¢25,000. a) You are required to prepare the manufacturing overhead budget for the year, showing quarterly data. b) What does an organisation stand to gain by preparing annual budgets for its operations? c) Describe the budgeting process of any business entity that you are familiar with.
Exercise 8-15 (Algo) Direct Labor and Manufacturing Overhead Budgets [LO8-5, LO8-6] 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 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…
ces 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 10, 100 9,100 3rd Quarter 11,100 Units to be produced 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 $1.80 per direct labor-hour. The fixed manufacturing overhead is $81,000 per quarter. The only noncash element of manufacturing overhead is depreciation, which is $21,000 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. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3…
ces 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 10,100 9,100 3rd Quarter 11,100 Units to be produced 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 $1.80 per direct labor-hour. The fixed manufacturing overhead is $81,000 per quarter. The only noncash element of manufacturing overhead is depreciation, which is $21,000 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. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3…
Exercise 8-15 (Algo) Direct Labor and Manufacturing Overhead Budgets (LO8-5, L08-6) The Production Department of Hruska Corporation has submitted the following forecast of units to be produced by quarter for the upcoming fiscal year Ist Quarter 11,700 2nd Quarter 10,700 Jed Quarter 12,700 Units to be produced Each unit requires 0.25 direct labor-hours and direct laborers are paid $15.00 per hour In addition, the variable manufacturing overhead rate is $180 per direct labor hour. The fixed manofacturing overhead is $97,000 per quarter. The only noncash element of manufacturing overhead is depreciation, which is $37,000 per quarter Total direct labor cost 13,700 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…
3 The production manager of Rordan Corporation has submitted the following quarterly production forecast for the upcoming fiscal year: 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 10,400 8,000 8,200 10,500 Each unit requires 0.35 direct labor-hours, and direct laborers are paid $14.00 per hour. Units to be produced Required: 1. Prepare the company's direct labor budget for the upcoming fiscal year. (Round "Direct labor time per unit (hours)" answers to 2 decimal places.) Direct labor time per unit (hours) Total direct labor-hours needed Direct labor cost per hour Total direct labor cost 1st Quarter Rordan Corporation Direct Labor Budget 2nd Quarter 3rd Quarter 4th Quarter Year
Exercise 4-31 The Charito Company is planning an overhead budget cost budget for the next month, July, 2021. Past cost studies indicate that costs have followed behavior patterns as given below: Variable Rate Per Hour Indirect materials PO.90 Heat, light & power 1.20 Repairs & maintenance Lubrication 4.60 0.50 In addition, management has estimated fixed factory overhead as follows: Supervision P44,000 36,000 14,500 Indirect labor Heat, light & power 17,200 Repairs & maintenance Taxes & insurance 9,000 Total P129,000 During the next month, the company plans to manufacture 150,000 units of product. Products are produced at the rate of 6 units per hour. Normal plant capacity is 30,000 hours. REQUIRED: 1. Prepare the factory overhead budget for July, 2021. 2. Determine the unused normal capacity, if any.
Ay 1 mcqs Bushman Ltd is preparing its manufacturing overhead budget for 2022. Relevant data are as follows: 1. Units to be produced (by quarters): 10,000, 12,000, 15,000, 18,000 2. Direct labour: 1.5 hours per unit 3. Variable overhead costs per direct labour hour Indirect materials $0.70 Indirect labour $1.20 Maintenance $0.50 4. Fixed overhead costs per quarter Supervisory salaries $35,000 Depreciation $16,000 Maintenance $15,000 1.) The total manufacturing overhead costs for the year is a. $130,800 b. $462,000 c. $500,000 d. $264,000 2.) The total fixed costs for quarter 3 is a. $55,000 b. $57,750 c. $64,000 d. $66,000 3.)How much is the total direct labour hours for quarter 4? a. 27,000 b. 22,500 c. 18,000 d. 15,000 4.)How much is the total direct labour hours for the year? a. 55,000 b. 82,500 c. 198,000 d. 140,000 5.)The total manufacturing overhead costs for quarter 1 is a. $109,200 b. $102,000 c. $120,000 d. $130,800 6.)How much is the total direct labour hours for…
Problem 11-39 Budgets and Performance Evaluation (LO 11-1, 11-6) Johnson Electrical produces Industrial ventilation fans. The company plans to manufacture 87,000 fans evenly over the next quarter at the following costs: direct material, $1,914,000; direct labor, $435,000; variable production overead, $639,450; and fixed production overhead, $966,000. The $966,000 amount includes $84,000 of straight-line depreciation and $126,000 of supervisory salaries. Shortly after the conclusion of the quarter's first month, Johnson reported the following costs: Direct saterial Direct labor Variable production overhead Depreciation Supervisory salaries Other fixed production overhead Total Dave Kellerman and his crews turned out 26,000 fans during the month-a remarkable feat given that the firm's manufacturing plant was closed for several days because of storm damage and flooding. Kellerman was especially pleased with the fact that overall financial performance for the period was favorable when…