Calculate the answer Riverfront Construction's material waste policy:1. Standard allowance: 8% of materials2. Each 1% under allowance: $200 bonus3. Each 1% over allowance: $350 penaltyProject used 6.5% waste on $40,000 materials, calculate bonus/penalty for thisAccounting problem.

Explanation of Material Waste Policy: A material waste policy is a set of guidelines that…

Answered: Riverfront Construction's material…

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter11: Cost-volume-profit Analysis

Section: Chapter Questions

Problem 4CDQ: How would each of the following costs be classified if units produced is the activity base? a....

See similar textbooks

Similar questions

Kindly provide the correct options for the following three questions
Each finished unit of product X contains 60 pounds of raw materials. The manufacturing process must provide for a 20% waste allowance. The raw materials can be purchased for a cost of P2.50 a pound under terms of 2/10, n/30. The company takes all cash discounts. What is the standard direct materials cost of each unit of product X? a. 180 b. 187.50 c. 183.75 d. 176.40 Please include a short explanation. Thank you.
ake's Roof Repair has provided the following data concerning its costs: Fixed Cost per Month Cost per Repair-Hour $ 21,300 $ 16.00 $ 7.00 $ 0.50 $ 1.50 Wages and salaries Parts and supplies Equipment depreciation $ 2,770 Truck operating expenses $5,780 $ 4,630 Administrative expenses $3,820 $ 0.80 For example, wages and salaries should be $21,300 plus $16.00 per repair-hour. The company expected to work 2,900 repair-hours in May, but actually worked 2,800 repair-hours. The company expects its sales to be $46.00 per repair-hour. Required: Compute the company's activity variances for May. Note: 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. Rent
Jake's Roof Repair provided the following data concerning its costs: Fixed Cost Cost per per Month Repair-Hour Wages and salaries Parts and supplies Equipment depreciation $ 21,200 $ 15.00 $ 7.10 $ 2,770 $ 0.45 Truck operating expenses Rent $ 5,720 $ 1.60 $ 4,640 $ 3,880 $ 0.50 Administrative expenses For example, wages and salaries should be $21,200 plus $15.00 per repair-hour. The company expected to work 2,800 repair-hours in May but actually worked 2,700 repair-hours. The company expects its sales to be $54.00 per repair-hour. Required: Compute the company's activity variances for May. Note: 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. Revenue Expenses: Jake's Roof Repair Activity Variances For the Month Ended May 31 Wages and salaries Parts and supplies Equipment depreciation Truck operating expenses Rent Administrative expenses Total expenses Net…
Jake's Roof Repair has provided the following data concerning its costs: Fixed Cost Cost per Repair-Hour $ 16.00 $ 7.20 $ 0.40 $ 1.70 per Month $ 21,400 Wages and salaries Parts and supplies Equipment depreciation Truck operating expenses $ 2,700 $ 5,790 $ 4,680 $ 3,890 Rent Administrative expenses $ 0.80 For example, wages and salaries should be $21,400 plus $16.00 per repair-hour. The company expected to work 2,800 repair-hours in May, but actually worked 2,700 repair-hours. The company expects its sales to be $52.00 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…
What is the cost formula for maintenance for this general accounting question?
ABC Corporation has the following estimated cost information for the upcoming year: a. Direct materials $100,000. b. Indirect Materials: $20,000. c. Direct labor: $150,000. d. Indirect labor: $70,000. e. Other MOH: $50,000. f. Sales commissions: $25,000. g. Advertising expense: $51,000. h. Rent on factory building: $35,000. i. Rent on office building: $40,000. The company estimated that 10,500 machine hours and 20,000 direct labor hours will be worked during the upcoming year. The company uses direct labor hours as the allocation base. What is the POHR rate for the company?
The firm incurred the following costs for the month: direct materials = ₱66,000; manufacturing overhead = ₱138,000; direct labor = ₱56,000; selling expenses = ₱32,000; and administrative expenses = ₱42,000.00. The conversion cost for the month would be? a. ₱122,000 b. ₱194,000 c. ₱260,000 d. ₱226,000 e. ₱268,000 f. ₱334,000.
Standard materials are 10 sq ft at $4.00 per sq ft. If a process produces 2000 uses 19 sq ft at $5,00 per sq ft a. 72, 000 favorable b. -72, 000 Unfavorable
Jake’s Roof Repair has provided the following data concerning its costs: Fixed Costper Month Cost perRepair-Hour Wages and salaries $ 21,200 $ 15.00 Parts and supplies $ 7.20 Equipment depreciation $ 2,740 $ 0.45 Truck operating expenses $ 5,710 $ 1.80 Rent $ 4,640 Administrative expenses $ 3,890 $ 0.60 For example, wages and salaries should be $21,200 plus $15.00 per repair-hour. The company expected to work 2,800 repair-hours in May, but actually worked 2,700 repair-hours. The company expects its sales to be $51.00 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.)
Shale Remodeling uses time and materials pricing. It reports the following iInformation. Direct labor rate $ 150 per DLH $ 120 per DLH 288 of dairect materials cost Non-materials-related overhead Materials-related overhead Target profit margin (both conversion and direct materials) 208 The time charger per hour of direct labor is: Multiple Choice $288. $333. $324. 204.
XYZ's manufacturing overhead is 55% of its total conversion costs. If direct labor is direct labor is ₱90,000 and if direct materials are ₱80,000, the manufacturing overhead is? a. ₱ 163,636.36 b. ₱ 145,454.55 c. ₱ 170,000 d. ₱ 177,777.78 e. ₱ 200,000 f. ₱ 309,090.91

SEE MORE QUESTIONS

Recommended textbooks for you

Survey of Accounting (Accounting I)

Accounting

ISBN:

9781305961883

Author:

Carl Warren

Publisher:

Cengage Learning

Survey of Accounting (Accounting I)

Accounting

ISBN:

9781305961883

Author:

Carl Warren

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS

Riverfront Construction's material waste policy: 1. Standard allowance: 8% of materials 2. Each 1% under allowance: $200 bonus 3. Each 1% over allowance: $350 penalty Project used 6.5% waste on $40,000 materials, calculate bonus/penalty for this Accounting problem.