Rollerblade Corp. has budgeted fixed overhead costs of $50,000 per month plus a variable rate of $4 per direct labor hour. The total factory overhead rate is $6. Actual factory overhead in October is $115,000 and 18,000 direct labor hours were reported. Compute the total amount of budgeted overhead.
Q: Do fast and easy calculation for this accounting question not use ai
A: Step 1: Define Income StatementThe first derivation of the income statement is the gross profit…
Q: During the current year, merchandise is sold for $775,000. The cost of the merchandise sold is…
A: Given Data:Sales Revenue = $775,000Cost of Goods Sold (COGS) = $426,250 Part (a): What is the amount…
Q: Prepare journal entries to record the following transactions of Recycled Fashion retail store.…
A: 1. March 3 - Purchased merchandise from Greenworld Company.Debit Inventory: $1,270Credit Accounts…
Q: What is Hannah's debt to equity ratio? On these accounting question
A: Step 1: Define Debt to Equity RatioThere are various financial ratios used to measure the solvency…
Q: Q
A: Explanation of Cash Basis Accounting:Cash basis accounting is a method of accounting where revenues…
Q: Access the company’s investor relations website or the SEC's EDGAR database…
A: Detailed explanation:1. Inventory Turnover=Cost of Goods Sold/ Average Inventory = 28,475 / 7,986.50…
Q: Which of the following statements regarding restricted stock is false? Multiple Choice Even if the…
A: Even if the value of restricted stock decreases from the price on the grant date, it retains some…
Q: Need help
A: Step 1: Define EquityAn investor invests their money in another company. In exchange, the company…
Q: Answer in step by step with explanation. Don't use Ai and chatgpt.
A: Break-even time is the time at which NPV is nil.Note that NPV = Present value of cash inflows of…
Q: find out solutions
A: Detailed SolutionTo calculate the overall margin for the Strobl wedding cake, we need to:Determine…
Q: refer following data
A: Part (a): Calculate the Gross Profit RatioThe Gross Profit Ratio is calculated using the formula:…
Q: Please give me answer
A: Step 1: The debt-to-equity ratio is the ratio of total liabilities to total equity. Debt to equity…
Q: Crane Corporation makes an investment in 540 shares of Cullumber Company's common stock. The stock…
A: Step 1:Journal entries are used to record accounting transaction in chronological order under double…
Q: I need do fast typing clear urjent no chatgpt used i will give 5 upvotes pls full explain with…
A: Solution1. Calculate the internal forces at the cross section of the beam at points A in the…
Q: AAA's
A: Step 1: Determine the value of inventory.Inventory turnover = Net sales/Average inventoryAverage…
Q: FINANCIAL ACCOUNTING- MILFORD INC. HAS A DEBT-TO-EQUITY RATIO OF 0.80. IT HAS TOTAL SHAREHOLDERS'…
A: Explanation of Debt-to-Equity Ratio:The debt-to-equity ratio measures the proportion of a company's…
Q: Need answer the accounting question
A: Step 1: Define Straight-line DepreciationThe straight-line depreciation is the most simple method of…
Q: Need answer the accounting question not use ai
A: Step 1: Define High-Low MethodThe high-low method is one of the method used to identify the variable…
Q: Give true answer these general accounting question
A: Step 1: Define OverheadOverhead refers to indirect production costs that seek allocation as they…
Q: Provide answer for the following Question
A: To analyze this problem, break down each part:Order Details:Parker Plumbing received a special order…
Q: General/financial Accounting
A: Explanation of Insurance Premium: Insurance premium is the amount of money paid by an individual or…
Q: Vvvvvvvv
A: Step 1: Identify Deductible Costs Categorize each cost to determine how it can be deducted:…
Q: Financial Accounting
A: To find the tax shield from depreciation, you first need to understand that the tax shield is the…
Q: Accounting A track of land costs $200,000. The estimated residual value is
A: The depreciation expense for Year 1 is $0 because:in accounting, land is not a depreciable asset…
Q: Prepare the Statement of Financial Position as at 29 February 2024. INFORMATION The trial balance,…
A: Explained Above
Q: account subject
A: Question BreakdownJenkins plans to generate $650,000 of sales revenue if a capital project is…
Q: Tiago
A: When the direct materials are purchased on account, the journal entry is to debit the raw materials…
Q: Presented below is an aging schedule for Oriole Company at December 31, 2024. Number of Days Past…
A: Approach to solving the question: For better clarity of the solution, I have attached the Excel…
Q: Please give me answer
A: c) Separated if meeting specific criteria: accounting standards like IFRS 9 and US GAAP require…
Q: Material purchases budget Hard Core had budgeted sales of 190,000 feet of its concrete culvert…
A: Step 1: First calculate the budgeted production in feet: Budgeted production = Ending finished goods…
Q: tell true option
A: a. Taxing authorities - IncorrectFor the sake of tax compliance, taxing authorities (such the IRS)…
Q: Solve these accounting question
A: Step 1: Define Long-Term DebtLong-term debt refers to a company's liabilities that are due in the…
Q: need both this account requirements
A: a. Estimated Percentage of Idle Time 1. Formula: Estimated Percentage of Idle…
Q: I need answer
A:
Q: North Face is one of the world's most popular outdoor apparel companies. Assume that North Face…
A: Requirement 1: Journal Entry When North Face Signs the Note and Receives the CashStep 1: Identify…
Q: Solve general accounting question not use chatgpt
A: Step 1: Define Net Realizable ValueNet Realizable Value (NRV) is the price or value for which…
Q: Hai
A: Explanation: Under First In, First Out (FIFO) method, it is assumed that the inventory that is…
Q: Solve these general accounting question
A: Step 1: Define Fixed Overhead CostFixed overhead cost is the amount that is incurred on regular…
Q: Need experts solution only.
A: Here are detailed explanations for both requirements (4.1 and 4.2) to help you understand the…
Q: rm.1
A: Part 1: Normal Profit = Total Cost × 35%NRV minus NP = NRV - Normal ProfitMarket Value for each…
Q: Step by step answer with all working format
A: Explanation of Budgeted Overhead:Budgeted overhead refers to the estimated overhead costs a company…
Q: Hi tutor can you please help me to solve this
A: Given Data Direct materials = $12 per unitDirect labor = $18 per unitVariable overhead = $67,500 per…
Q: What are two detailed examples of how data analytics aides management in developing annual budgets…
A: Data analytics has revolutionized the budgeting process by allowing management to make informed,…
Q: can you please solve it
A: Step 1: Definition of Gross ProfitGross Profit is the financial metric that represents the revenue a…
Q: find out this account questions solution
A: Hope this helps
Q: Provide answer this accounting question
A: Step 1:The cost of goods available for sale is calculated as follows: Cost of goods available for…
Q: Agricultural Farms Products Co. Ltd - Pork Branch Trial Balance as at June 30, 2022 A/C Name Trial…
A: 1. Multiple-Step Income Statement for Agricultural Farms Products Co. Ltd - Pork BranchFor the…
Q: Prepare payroll registers. Maintain employees’ earnings records. Journalize and post payroll and…
A: Procedures for Journal Entries and Payroll Processing:a. Payroll registers should be prepared by…
Q: general account questions answer need
A: find the profit margin and debt ratio for the company, we'll use the given information and financial…
Q: Need correct answer
A: Explanation of Contingent Liability:A contingent liability is a potential obligation that arises…
Solve these accounting question not use
Step by step
Solved in 2 steps
- A company estimates its manufacturing overhead will be $840,000 for the next year. What is the predetermined overhead rate given each of the following Independent allocation bases? Budgeted direct labor hours: 90,615 Budgeted direct labor expense: $750000 Estimated machine hours: 150,000Douglas Davis, controller for Marston, Inc., prepared the following budget for manufacturing costs at two different levels of activity for 20X1: During 20X1, Marston worked a total of 80,000 direct labor hours, used 250,000 machine hours, made 32,000 moves, and performed 120 batch inspections. The following actual costs were incurred: Marston applies overhead using rates based on direct labor hours, machine hours, number of moves, and number of batches. The second level of activity (the right column in the preceding table) is the practical level of activity (the available activity for resources acquired in advance of usage) and is used to compute predetermined overhead pool rates. Required: 1. Prepare a performance report for Marstons manufacturing costs in the current year. 2. Assume that one of the products produced by Marston is budgeted to use 10,000 direct labor hours, 15,000 machine hours, and 500 moves and will be produced in five batches. A total of 10,000 units will be produced during the year. Calculate the budgeted unit manufacturing cost. 3. One of Marstons managers said the following: Budgeting at the activity level makes a lot of sense. It really helps us manage costs better. But the previous budget really needs to provide more detailed information. For example, I know that the moving materials activity involves the use of forklifts and operators, and this information is lost when only the total cost of the activity for various levels of output is reported. We have four forklifts, each capable of providing 10,000 moves per year. We lease these forklifts for five years, at 10,000 per year. Furthermore, for our two shifts, we need up to eight operators if we run all four forklifts. Each operator is paid a salary of 30,000 per year. Also, I know that fuel costs about 0.25 per move. Assuming that these are the only three items, expand the detail of the flexible budget for moving materials to reveal the cost of these three resource items for 20,000 moves and 40,000 moves, respectively. Based on these comments, explain how this additional information can help Marston better manage its costs. (Especially consider how activity-based budgeting may provide useful information for non-value-added activities.)Business Specialty, Inc., manufactures two staplers: small and regular. The standard quantities of direct labor and direct materials per unit for the year are as follows: The standard price paid per pound of direct materials is 1.60. The standard rate for labor is 8.00. Overhead is applied on the basis of direct labor hours. A plantwide rate is used. Budgeted overhead for the year is as follows: The company expects to work 12,000 direct labor hours during the year; standard overhead rates are computed using this activity level. For every small stapler produced, the company produces two regular staplers. Actual operating data for the year are as follows: a. Units produced: small staplers, 35,000; regular staplers, 70,000. b. Direct materials purchased and used: 56,000 pounds at 1.5513,000 for the small stapler and 43,000 for the regular stapler. There were no beginning or ending direct materials inventories. c. Direct labor: 14,800 hours3,600 hours for the small stapler and 11,200 hours for the regular stapler. Total cost of direct labor: 114,700. d. Variable overhead: 607,500. e. Fixed overhead: 350,000. Required: 1. Prepare a standard cost sheet showing the unit cost for each product. 2. Compute the direct materials price and usage variances for each product. Prepare journal entries to record direct materials activity. 3. Compute the direct labor rate and efficiency variances for each product. Prepare journal entries to record direct labor activity. 4. Compute the variances for fixed and variable overhead. Prepare journal entries to record overhead activity. All variances are closed to Cost of Goods Sold. 5. Assume that you know only the total direct materials used for both products and the total direct labor hours used for both products. Can you compute the total direct materials and direct labor usage variances? Explain.
- Calculating factory overhead The standard capacity of a factory is 8,000 units per month. Cost and production data follow: Calculate the amount of factory overhead allowed for the actual volume of production each month and the variance between budgeted and actual overhead for each month.Patterson Corporation expects to incur 70,000 of factory overhead and 60,000 of general and administrative costs next year. Direct labor costs at 5 per hour are expected to total 50,000. If factory overhead is to be applied per direct labor hour, how much overhead will be applied to a job incurring 20 hours of direct labor? a. 120 b. 260 c. 28 d. 140If a factory operates at 100% of capacity one month, 90% of capacity the next month, and 105% of capacity the next month, will a different cost per unit be charged to the work-in-process account each month for factory overhead assuming that a predetermined annual overhead rate is used?
- Boarders estimates overhead will utilize 160,000 machine hours and cost $80,000. It takes 4 machine hours per unit, direct material cost of $5 per unit, and direct labor of $5 per unit. What is the cost of each unit produced?Green Bay Cheese Company estimates its overhead to be $375,000. It expects to have 125,000 direct labor hours costing $1,500,000 in labor and utilizing 15,000 machine hours. Calculate the predetermined overhead rate using: A. Direct labor hours B. Direct labor dollars C. Machine hoursBach Instruments Inc. makes three musical instruments: flutes, clarinets, and oboes. The budgeted factory overhead cost is 2,948,125. Overhead is allocated to the three products on the basis of direct labor hours. The products have the following budgeted production volume and direct labor hours per unit: a. Determine the single plant wide overhead rate. b. Use the overhead rate in (a) to determine the amount of total and per-unit overhead allocated to each of the three products, rounded to the nearest dollar.
- Nashler Company has the following budgeted variable costs per unit produced: Budgeted fixed overhead costs per month include supervision of 98,000, depreciation of 76,000, and other overhead of 245,000. Required: 1. Prepare a flexible budget for all costs of production for the following levels of production: 160,000 units, 170,000 units, and 175,000 units. 2. What is the per-unit total product cost for each of the production levels from Requirement 1? (Round each unit cost to the nearest cent.) 3. What if Nashler Companys cost of maintenance rose to 0.22 per unit? How would that affect the unit product costs calculated in Requirement 2?The cost accountant for River Rock Beverage Co. estimated that total factory overhead cost for the Blending Department for the coming fiscal year beginning February 1 would be 3,150,000, and total direct labor costs would be 1,800,000. During February, the actual direct labor cost totalled 160,000, and factory overhead cost incurred totaled 283,900. a. What is the predetermined factory overhead rate based on direct labor cost? b. Journalize the entry to apply factory overhead to production for February. c. What is the February 28 balance of the account Factory OverheadBlending Department? d. Does the balance in part (c) represent over- or underapplied factory overhead?Steeler Towel Company estimates its overhead to be $250,000. It expects to have 100,000 direct labor hours costing $2,500,000 in labor and utilizing 12,500 machine hours. Calculate the predetermined overhead rate using: A. Direct labor hours B. Direct labor dollars C. Machine hours