AccountingRevenue $181,232.65Food Cost $65,240.00Operating Supplies Expenses $6,828.12BÓH Salaries $5,820.00FOH Salaries $ 3,860.50Overtime Pay $1,690.67Utilities $980.65Marketing $ 2,850.00Employer Taxes $780.32Travel and Entertainment $ 86.09Insurance $412.27Employer Insurance $285.50Employee Meals $ 330.35Employee Benefits $795Landscaping $225Depreciation, equipment $135.55equipment leases $70.56telephone $65.921. what is the total labor cost?2. what is the payroll ratio for FOH?3. what is the payroll ratio for BOH?4. what is the labor cost for FOH?5. what is the labor cost for BOH?6. the total hour worked in FOH was 650 hrs, whatis the labor cost per minute for FOH?7. the total hour worked in BOH was 450 hrs, whatis the labor cost per minute for BOH?8. what was the facility sustaining cost?9. during this month 3600 menu items were sold.what was the facility sustaining cost per itemsold?

Labor cost refers to the cost or the expenditure which is incurred through the employers for the…

Answered: Revenue $181,232.65 Food Cost…

Revenue $181,232.65 Food Cost $65,240.00 Operating Supplies Expenses $6,828.12 BOH Salaries $5,820.00 FOH Salaries $ 3,860.50 Overtime Pay $1,690.67

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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n Question 4 Assume that total sales revenue for 2018 is projected to be $1,227,903. Assume also the following costs for Shannon's Brewery: Packaged (Cans & Bottles) Kegs Shrinkage/WIP Loss Contract Labor Direct Labor Freight Consumer Advertising Trade Promotion Sales Promotion. Salaries & Benefits $150,000 $80,000 $42,000 $9,000 $240,000 $18,000 $34,659 $25,210 $18,000 $180,000 Compute Shannon's % NMC. Round your answer to the nearest percent. For example, if your computed answer is 99.4% your answer rounds down to 99%. If your computed answer is 99.5% you should round up to 100%. DO NOT INCLUDE THE % SIGN IN YOUR ANSWER.
$200,000 Gross Wages Social Security Normal Rates (no caps) Medicare Tax Normal Rates State Income Tax 5% Federal Income Tax 10% State Unemployment Tax (SUTA) 5.4% Federal Unemployment Tax (FUTA) .6% 1 Please-make-employee-and-employer-payroll-entries...
5 3) Given the info below, calculate the loaded hourly labor rate 6 7 Project Mgr $80,000/yr 38 2080 hours per year 39 Proj Manager worked 40 hours/week for 50 weeks Social security 6,2 % on first $106,800 Medicare 1.45% of all wages FUTA 8 % on first $7000 40 41 42 43 SUTA 4.5% of first $18,000 44 Workers Comp $7.25 per $100 of wages General Liability 75% of wages 45 Health insurance $300/mo Retirement $.75 per $1 contributed by emploee on 6% of all wages-company gives 4.5% 46 47 48 49 +
Repair-Hour $15.00 $ 7.80 $ 0.50 $ 1.80 per Month $ 21,400 Wages and salaries Parts and supplies Equipment depreciation Truck operating expenses $ 2,740 $ 5,730 $ 4,670 $ 3,860 Rent Administrative expenses $ 0.60 For example, wages and salaries should be $21,400 plus $15.00 per repair-hour. The company expected to work 3,000 repair-hours in May, but actually worked 2,900 repair-hours. The company expects its sales to be $50.00 per repair-hour. Required: Compute the company's activity variances for May (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Jake's Roof Repair Activity Variances For the Month Ended May 31 Revenue Expenses: Wages and salaries Parts and supplies Equipment depreciation Truck operating expenses Rent Administrative expenses Total expense Net operating income
Pricing: meteor model retails for 840€, Moonlight Model retails 1485€ The company incurs overheads which total €1200.000. Α total of 15000€ direct labour hours are worked. Department cost center Buliding rent 50.000 utilities 50.000 machining 600.000 Procurement 150.000 Sales 150.000 General Management 200.000 Total 1.200.000 Cost center Machining Finishing Administration Floor Area 1.500 sq.m 1.500 sq.m 2.000 sq.m Machine Hours 25.000 hours 5.000 hours Direct Labour Hours 5000 hours 10.000 hours Each unit of Meteor was machined for 10 hours in Machining and 1 hour in Finishing. Each unit of the Moonlight was machined for 2 hours in Machining and 1 hour in Finishing. Calculate the full cost for each bicycle model (e.g. Meteor and Moonlight) based on: a. Plant-wide (single or blanket) overhead rates b. Department cost centre rates (where overhead absorption rates are based on an overhead analysis sheet) c. Activity-based costing (ABC)
Hours Employee M T W T F S Hourly Rate Federal Income Tax Withholding Health Insurance L. Helton 9 7 8 8 10 2 $12 $33 $12 R. Kenseth 7 8 8 8 8 5 14 36 27 D. Tavaras 9 10 8 9 9 0 15 60 26 Employees are paid 1.50 times the regular hourly rate for all hours worked in excess of 40 hours per week. FICA taxes are 7.65% on the first $132,900 of gross earnings. Bonita Company is subject to 5.40% state unemployment taxes and 0.60% federal unemployment taxes on the first $7,000 of gross earnings. (a) Prepare the payroll register for the weekly payroll. (Round answers to 2 decimal places, e.g. 15.25.) Employee Total Hours L. Helton R. Kenseth D. Tavaras Totals Earnings Regular Overtime Gross Pa $
Payroll Factory Sales Administrative Total Wages Due $126,000 40,000 38,000 $204,000 FICA $126,000 40,000 38,000 $204,000 Amount Subject to Payroll Taxes Unemployment Tax State Federal $43,000 5,000 $48,000 $43,000 5,000 $48,000 At this point in the year, some employees have already received wages in excess of those to which payroll taxes apply. Assume that the state unemployment tax is 2.5%. The FICA rate is 7.65% on an employee's wages to $142,800 and 1.45% in excess of $142,800. Of the $204,000 wages subject to FICA tax, $20,000 of the sales wages is in excess of $142,800. Federal unemployment tax rate is 0.8% after credits. Income tax withheld amounts to $16,300 for factory, $6,900 for sales, and $5,800 for administrative.
156 Principles of Cost Accounting Journal entries for payroll A partial summary of the payroll data for Burrington Manufactur- ing Company for each week of June is as follows: ЕЗ-5 LO2 LO3 June 7 June 14 June 21 June 28 Gross earnings . $ 36,500 $ 34,200 $ 37,300 $ 38,400 Deductions: FICA tax, 8% $? $? $? $? Tax-sheltered annuity. 1,825 1,780 1,855 1,870 Income tax 4,215 4,120 4,320 4,410 Health insurance 600 600 600 600 Total deductions $? $? $? $? Net earnings $? $? $? $? a. Compute the missing amounts in the summary, assuming that no employees have reached the $100,000 FICA maximum. b. For each payroll period, prepare journal entries to (1) record the payroll and (2) record the payments to employees.
Name Penny Bart Laura Sam +Lisa Bart: Penny: 40 regular hours * $15 = $600 2 overtime hours * (15*1.5) = $45 Commission: $8,500 * .03 = = $255 Total gross pay = $900.00 Laura: Time Worked Sam: 42 hours 55 hours 1 week 38 hours 50 hours Lisa: Rate of Pay $15.00 $12.50 $55,000 year $14.50 $8.00 Using the table above, calculate the gross earnings for each of the employees. Remember to take overtime hours into consideration. Also, calculate commission where applicable and add it to the gross hourly pay. Show your work! The first one is done for you. Commission % 3% 1% N/A N/A 2% Sales $8,500 $14,300 N/A N/A $22,050
Problem 1 Purchase price of raw materials P100,000 Rebates on raw material purchases Import taxes Local taxes paid in relation to the purchase 1,500 Freight-in 12% VAT on the purchase price Interest expense related to the purchase 3,200 Utilities used on factories to 0, Wages of factory personnel Salaries of accountants 000 Depreciation of factory equipment Depreciation of the head office 00 00 2,800 Normal losses during production Abnormal losses during production General and administrative expenses Storage costs of work-in-process inventories Storage costs of finished goods inventories 00 00 Shipping costs on sale of finished goods How much is the total cost of inventories?
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