Required information ITHE following information applies to the questions displayed below.] BatCo makes baseball bats. Each bat requires 1.00 pounds of wood at $18 per pound and 0.25 direct labor hour at $30 per hour. Overhead is assigned at the rate of $60 per direct labor hour Prepare a standard cost card for a baseball bat for BatCo. (Round your final answers to 2 decimal places.) Standard price Standard cost or rate Inputs Standard quantity or hours per unit Direct materials pounds Direct labor DLH Overhead DLH

Required information ITHE following information applies to the questions displayed below.] BatCo makes baseball bats. Each bat requires 1.00 pounds of wood at $18 per pound and 0.25 direct labor hour at $30 per hour. Overhead is assigned at the rate of $60 per direct labor hour Prepare a standard cost card for a baseball bat for BatCo. (Round your final answers to 2 decimal places.) Standard price Standard cost or rate Inputs Standard quantity or hours per unit Direct materials pounds Direct labor DLH Overhead DLH

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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Tom’s Shoe Repair provides a variety of shoe and repair services. Analysis of monthly costs revealed the following cost formulas when direct labor hours are used as the basis of cost determination: Supplies: y = $0 + $4.00X Production supervision and direct labor: y = $500 + $7.00X Utilities: y = $350 + $5.40X Rent: y = $450 + $0.00X Advertising: y = $75 + $0.00X a. Prepare a flexible budget at 250, 300, 350, and 400 direct labor hours. b. Calculate a total cost per direct labor hour at each level of activity. c. Tom’s employees usually work 350 direct labor hours per month. The average shoe repair requires 1.25 labor hours to complete. Tom wants to earn a 40 percent margin on his cost. What should be the average charge per customer, rounded to the nearest dollar to achieve Tom’s profit objective?
Compute the standard cost for one pair of boots, based on the following standards for each pair of boots:Standard materials quantity: 1.25 yards of leather at $35.00 per yardStandard labor: 9 hours at $25.75 per hourFactory overhead: $1.76 per direct labor hourRound your answer to two decimal places.Total standard cost
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Required information [The following information applies to the questions displayed below.] Performance Products Corporation makes two products, titanium Rims and Posts. Data regarding the two products follow: Rims Posts: Direct Labor- Hours per unit 0.40 0.60 Additional information about the company follows: a. Rims require $20 in direct materials per unit, and Posts require $18. b. The direct labor wage rate is $18 per hour. c. Rims are more complex to manufacture than Posts and they require special equipment. d. The ABC system has the following activity cost pools: Activity Cost Pool Machine setups Special processing General factory Annual Production 26,000 units 88,000 units Unit product cost of Rims Unit product cost of Posts Activity Measure Number of setups Machine-hours Direct labor-hours. Estimated Overhead Cost $28,160 $ 164,560 $ 780,000 Estimated Activity Rims 110 2,000 10,400 Posts 90 0 52,800 Total 200 2,000 63,200 2. Determine the unit product cost of each product…
You make widgets, which is a subassembly for you main product of whatsup. An outside vendor has provided you with a quote to supply the widget part for $ 72.00 per unit Your cost records show the following: Your projected production for the widget is 12,500 units Item of Cost Per Unit Cost Direct Material $18.75 Direct Labor $38.00 Variable manufacturing overhead $9.25 Lease on manufacturing facility $36,000.00 per year Depreciation of equipment $2.50 Allocated Corporate Expenses $1.25 If this offer is accepted, you can sublease the manufacturing facility for $15,000 per year All direct and variable costs can be avoided. The equipment has no salvage value How much would net operating income be changed if the outside supplier offer was accepted? Show all calculations for full credit
Please answer parts 5-8 according to the images attached below. Highland Company produces a lightweight backpack that is popular with college students. Standard variable costs relating to a single backpack are given below: Standard Quantity or Hours Standard Price or Rate Standard Cost Direct materials ? $ 5.00 per yard $ ? Direct labor ? ? ? Variable manufacturing overhead ? $ 2 per direct labor-hour ? Total standard cost per unit $ ? Overhead is applied to production on the basis of direct labor-hours. During March, 780 backpacks were manufactured and sold. Selected information relating to the month’s production is given below: Materials Used Direct Labor Variable Manufacturing Overhead Total standard cost allowed* $ 15,600 $ 13,104 $ 2,496 Actual costs incurred $ 13,112 ? $ 5,491 Materials price variance ? Materials quantity variance $ 790 U Labor rate variance ? Labor efficiency variance ? Variable…
Required information [The following information applies to the questions displayed below.] Morning Dove Company manufactures one model of birdbath, which is very popular. Morning Dove sells all units it produces each month. The relevant range is 0 to 1,600 units, and monthly production costs for the production of 1,300 units follow. Morning Dove's utilities and maintenance costs are mixed with the fixed components shown in parentheses. Production Costs Direct materials Direct labor Utilities ($110 fixed) Supervisor's salary Maintenance ($270 fixed) Depreciation Total Cost $ 2,500 8,100 650 3,000 510 750 Suppose it sells each birdbath for $24. Required: 1. Calculate the unit contribution margin and contribution margin ratio for each birdbath sold. 2. Complete the contribution margin income statement assuming that Morning Dove produces and sells 1,500 units.
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The following product costs are available for Arrez Company on the production of DVD cases: direct materials, $1,120; direct labor, $15.50; manufacturing overhead, applied at 150% of direct labor cost; selling expenses, $1,450; and administrative expenses, $950. The direct labor hours worked for the month are 90 hours. Round your answers to two decimal places. A. What are the prime costs? $fill in the blank 1 B. What are the conversion costs? $fill in the blank 2 C. What is the total product cost? $fill in the blank 3 D. What is the total period cost? $fill in the blank 4 E. If 1,400 equivalent units are produced, what is the equivalent material cost per unit? $fill in the blank 5 F. What is the equivalent conversion cost per unit?
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A firm makes a range of running shoes. There are three models – Short; Middle; and Long distance. The products are aimed at different segments of the market. Product costs are computed using an overhead rate based on the labour hour method. Selling prices are set on full cost plus 20%. A unit refers to a pair of running shoes. The following information is available: Short distance Middle distance Long distance Direct material cost per unit $25 $35 $40 Labour hours per unit 2 hrs 2 hrs 2 hrs Labour rate per hour $12 $12 $12 Total labour hours used 120,000 hrs 24,000 hrs 16,000 hrs Total number of units 60,000 units 12,000 units 8,000 units Cost driver information: Short distance Middle distance Long distance No. of machine hours 60,000 48,000 48,000 No. of material orders 30 100 200 No. of sales orders 12 48 63 The total overhead costs for the business amount to $1.2…
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