Riverbed's Classic Cars restores classic automobiles to showroom status. Budgeted data for the current year are as follows Restorers' wages and fringe benefits Purchasing agent's salary and fringe benefits Administrative salaries and fringe benefits Other overhead costs Total budgeted costs (a) * Your answer is incorrect. Profit margin on labor $ esc ! The company anticipated that the restorers would work a total of 12,720 hours this year. Expected parts and materials were $1,335,600. 1 In late January, the company experienced a fire in its facilities that destroyed most of the accounting records. The accountant remembers that the hourly labor rate was $70.00 and that the material loading charge was 83.00%. Q A $8 Determine the profit margin per hour on labor. (Round intermediate calculations to 2 decimal places, e.g. 10.25 and final answer to 0 decimal places, e.g. 10.) Z 2 W S # 3 3 Time Charges $292,560 X 20 E 63,600 $381,600 25,440 70 D $ 4 per hour 888 R C Material Loading Charges % $71,550 5 21.942 F 66,780 $160,272 T 6 G Y & 7 B H A 00* 8 N 1

Riverbed's Classic Cars restores classic automobiles to showroom status. Budgeted data for the current year are as follows Restorers' wages and fringe benefits Purchasing agent's salary and fringe benefits Administrative salaries and fringe benefits Other overhead costs Total budgeted costs (a) * Your answer is incorrect. Profit margin on labor $ esc ! The company anticipated that the restorers would work a total of 12,720 hours this year. Expected parts and materials were $1,335,600. 1 In late January, the company experienced a fire in its facilities that destroyed most of the accounting records. The accountant remembers that the hourly labor rate was $70.00 and that the material loading charge was 83.00%. Q A $8 Determine the profit margin per hour on labor. (Round intermediate calculations to 2 decimal places, e.g. 10.25 and final answer to 0 decimal places, e.g. 10.) Z 2 W S # 3 3 Time Charges $292,560 X 20 E 63,600 $381,600 25,440 70 D $ 4 per hour 888 R C Material Loading Charges % $71,550 5 21.942 F 66,780 $160,272 T 6 G Y & 7 B H A 00* 8 N 1

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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Wildhorse's Classic Cars restores classic automobiles to showroom status. Budgeted data for the current year are as follows: Restorers' wages and benefits Purchasing agent's salary and benefits Administrative salaries and benefits Other overhead costs Total budgeted costs (a1) Your answer is correct. Profit margin $ eTextbook and Media (a2) The company anticipated that the restorers would work a total of 10,000 hours this year. Expected parts and materials were $1,200,000. In late January, the company experienced a fire in its facilities that destroyed most of the accounting records. The accountant remembers that the hourly labor rate was $60.00 and that the material loading charge was 83.80%. Your answer is correct. Time Charges Material Loading Charges Profit margin (a3) $329,400 Determine the profit margin per hour on labor. (Round answer to 2 decimal places, e.g. 15.25.) eTextbook and Media 73,200 24,400 $427,000 Total price of labor and materials $ Determine the profit margin on…
NuFloor Manufacturing produces floor tiles. The managers at NuFloor are trying to develop budgets for the upcoming quarter. The following data have been gathered for a particular tile design. Projected unit sales 3,600 cases Selling price per case $ 200 Inventory at the beginning of the quarter 600 cases Target inventory at the end of the quarter 800 cases Direct labor hours needed to produce one case 0.40 hours Direct labor wages $ 15 per hour Direct material cost per case $ 16 Variable manufacturing overhead cost per case $ 10 Fixed overhead costs for the upcoming quarter $ 319,200
Gardner Corporation manufactures skateboards and is in the process of preparing next year's budget. The pro forma income statement for the current year is presented below. Sales $ 1,500,000 Cost of sales: Direct Material $ 250,000 Direct labor 150,000 Variable Overhead 75,000 Fixed Overhead 100,000 575,000 Gross Profit $ 925,000 Selling and G&A Variable 200,000 Fixed 250,000 450,000 Operating Income $ 475,000 The break-even point (rounded to the nearest dollar) for Gardner Corporation for the current year is:
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Alyeski Tours operates day tours of coastal glaciers in Alaska on its tour boat the Blue Glacier. Management has identified two cost drivers-the number of cruises and the number of passengers-that it uses in its budgeting and performance reports. The company publishes a schedule of day cruises that it may supplement with special sailings if there is sufficient demand. Up to 86 passengers can be accommodated on the tour boat. Data concerning the company's cost formulas appear below: Fixed Cost per Month $ 6,400 $ 2,500 $ 5,600 $ 3,300 Cost per Cruise $ 480.00 Cost per Passenger $ 3.30 Vessel operating costs Advertising Administrative costs $ 38.00 $ 1.50 Insurance For example, vessel operating costs should be $6,400 per month plus $480.00 per cruise plus $3.30 per passenger. The company's sales should average $30.00 per passenger. In July, the company provided 58 cruises for a total of 3,200 passengers. Required: Prepare the company's flexible budget for July. Alyeski Tours Flexible…
Classic Loungers is in the process of preparing a production cost budget for August. Actual costs in July for 400 chaise lounge chairs were: Materials cost $ 6,000 Labor cost 8,000 Rent 2,000 Depreciation 4,000 Other fixed costs 5,000 Total $ 25,000 Material cost and Labor cost are considered variable. Each chair was sold for $160 in July. Management estimates that sales will increase to 440 chairs during August if the company lowers the selling price to $150 per chair. What is the incremental profit (loss) associated with the price reduction? $(200) $(2,200) $2,100 $800 $600
Oriole Remanufacturing rebuilds spot welders for manufacturers. The following budgeted cost data for 2022 are available for Oriole: Time Charges Material Loading Charges Technicians' wages and benefits $260,700 Parts manager's salary and benefits $36,960 Office employee's salary and benefits 63,200 16,720 Other overhead 23,700 25,520 Total budgeted costs $347,600 $79,200 The company wants a $35 profit margin per hour of labour and a 30% profit margin on parts. It has budgeted for 7,900 hours of repair time in the coming year and estimates that the total invoice cost of parts and materials in 2022 will be $352,000. (a) Your answer is correct. Calculate the rate charged per hour of labour. Rate charged eTextbook and Media 79 per hour Attempts: 1 of 2 used (b) Calculate the material loading percentage. (Round answer to 3 decimal places, e.g. 15.251%.) Material loading percentage eTextbook and Media Save for Later % Attempts: 0 of 2 used Submit Answer
Wetherbee Tech Services (WTS) is a chain of computer maintenance technicians for households and small businesses. The following data are available for last year's services: • WTS recorded 120,300 tech calls last year. It had budgeted 125,600 calls, averaging 90 minutes each. • Standard variable labor and support costs per tech call were as follows: Direct IT specialist services: 90 minutes at $54 per hour Variable support staff, supplies, and overhead: 30 minutes at $24 per hour . Fixed overhead costs: Annual budget $4,140,600 Fixed overhead is applied at the rate of $36.00 per call. • Actual tech service call costs: Direct IT specialist services: 120,300 calls averaging 84 minutes at $56.00 per hour Variable support staff, supplies, and overhead: averaging 48 minutes per call at $22.50 per hour x 120, 300 calls Fixed overhead Required: a. Prepare a cost variance analysis for each variable cost for last year. b. Prepare a fixed overhead cost variance analysis. Complete this question by…
2 Tarnish Industries produces miniature models of farm equipment. These collectibles are in great demand. It takes two operations, molding and finishing, to complete the miniatures. Next year's expected activities are shown in the following table: 00:56:51 Mc τ Graw Hill @ 2 W S Direct labor hours Machine hours X Tarnish Industries uses departmental overhead rates and is planning on a $2.40 per machine hour overhead rate for the Finishing department. Compute the budgeted manufacturing overhead cost for the Finishing department given the information shown in the table. Multiple Choice # 3 O $394,800 O * E $189,600 D C $244,800 $ JOI 4 ● 4 R F % V Molding 79,000 DLH 102,000 MH 5 T G Lo 40 6 Finishing 164,500 DLH 85,500 MH Y & H 4 Q Search ► 11 ) O O L alt fi P - 112 { ? ctri + [ = prt sc ] pause delete backspace home num enter H
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The following data are available for ABC Repair Shop purchasing and materials management for 2016: Purchasing manager wages $ 200,000 Fringe benefits 50,000 Overhead 80,000 Budgeted Material purchases $300,000 The desired profit margin is $10 per labour hour. It is estimated that 4,000 labour hours will be worked in 2016. The company wants to make a 15% profit on material purchases. Calculate the material loading rate.