Sandpaper $ 4.000 Materials-handling cost 140.000 Lubricants and collants 10.000 Miscellaneous indirect manufacturing labor 80.000 Direct manufacturing labor 600.000 Direct materials, Jan. 1, 2022 80.000 Direct materials, Dec. 31.2022 100.000 Finished goods, Jan. 1, 2022 200.000 Finished googs, Dec. 31 2022 Work in process, Jan. 1, 2022 Work in process, Dec, 31, 2022 Plant-leasing costs Depreciation plant equipment Property taxes on plant equipment Fire insurance on plant equipment Direct materials purchased Revenues 300.000 20.000 28.000 108.000 72.000 8.000 6.000 920.000 2.720.000 Marketing promotions Marketing salaries 120.000 200.000 Distributions costs 140.000 Customer-service costs 200.000

Sandpaper $ 4.000 Materials-handling cost 140.000 Lubricants and collants 10.000 Miscellaneous indirect manufacturing labor 80.000 Direct manufacturing labor 600.000 Direct materials, Jan. 1, 2022 80.000 Direct materials, Dec. 31.2022 100.000 Finished goods, Jan. 1, 2022 200.000 Finished googs, Dec. 31 2022 Work in process, Jan. 1, 2022 Work in process, Dec, 31, 2022 Plant-leasing costs Depreciation plant equipment Property taxes on plant equipment Fire insurance on plant equipment Direct materials purchased Revenues 300.000 20.000 28.000 108.000 72.000 8.000 6.000 920.000 2.720.000 Marketing promotions Marketing salaries 120.000 200.000 Distributions costs 140.000 Customer-service costs 200.000

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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Problem 7-16 (Algo) Comparing Traditional and Activity-Based Product Margins [LO7-1, L07-3, LO7-4, LO7-5] Hi-Tek Manufacturing, Inc., makes two types of industrial component parts-the B300 and the T500. An absorption costing income statement for the most recent period is shown: Hi-Tek Manufacturing Inc. Income Statement $ 1,657,500 1,224,620 432,880 620,000 Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating loss $4 (187,120) Hi-Tek produced and sold 60,500 units of B3o0 at a price of $19 per unit and 12,700 units of T500 at a price of $40 per unit. The company's traditional cost system allocates manufacturing overhead to products using a plantwide overhead rate and direct labor dollars as the allocation base. Additional information relating to the company's two product lines is shown below: в300 T500 Total Direct materials $ 400,600 $ 120,400 $ 162,700 $ 42,000 563,300 162,400 498,920 Direct labor Manufacturing overhead Cost of goods sold $…
X Paste Clipboard FILE H5 1. Compute a predetermined overhead rate. 2. Prepare schedules of cost of goods manufactured and cost of goods sold. 15 56 HOME A Calibri 의 INSERT BI U ▾ 11 12 13 14 Inventories: 1 9 Actual costs for the year: 10 READY ▾ Font 6 Estimated total direct labor hours 7 Actual total direct labor hours 8 Raw materials (all direct) 16 Work in process 17 Finished goods 18 11 B с 1 Stanford Enterprises uses job-order costing. 2 The allocation base for overhead is direct labor hours. 3 4 Data for the year just ended: 5 Estimated total manufacturing overhead cost PAGE LAYOUT Cost of Goods Manufactured and Cost of Goods Sold - Excel DATA REVIEW VIEW A A Purchase of raw materials (all direct) Direct labor cost Manufacturing overhead costs fx 19 Use the data to answer the following. 20 Predetermined overhead rate Actual direct labor hours Sheet1 G FORMULAS % Alignment Number D Beginning $ $ $ Conditional Format as Cell Formatting Table Styles Styles E T $ 275,000 25,000…
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What should the "Direct Labor" be?
keAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false E Print Item Sitka Industries uses a cost system that carries direct materials inventory at a standard cost. The controller has established these standards for one ladder (unit): Standard Standard Standard %3D Quantity Price Cost Direct materials 3 pounds $4.50 per pound $13.50 Direct labor 2.00 hours 12.00 per hour 24.00 Total cost $37.50 Sitka Industries made 3,100 ladders in July and used 9,200 pounds of material to make these units. Sitka Industries bought 15,600 pounds of material in the curr period. There was a $300 unfavorable direct materials price variance. Enter all amounts as positive numbers. A. How much in total did Sitka pay for the 15,600 pounds? Amount paid B. What is the direct materials quantity variance? Direct materials quantity variance $ C. What is the total direct materials cost variance? Total direct materials cost variance $ D. What if 9,800 pounds were used to make these…
CengageNOWv2 | Online teachin x + A v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession. E * Ch 20.2 Cost of Units Transferred Out and Ending Work in Process The costs per equivalent unit of direct materials and conversion in the Filling Department of Ivy Cosmetics Company are $1.75 and $1.85, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials Conversion Inventory in process, beginning of period 2,800 Started and completed during the period 46,000 46,000 Transferred out of Filling (completed) 46,000 48,800 Inventory in process, end of period 3,000 1,500 Total units to be assigned costs 49,000 50,300 The beginning work in process inventory had a cost of $1,570. Determine the cost of completed and transferred-out production and the ending work in process inventory. If required, round to the nearest dollar. Completed and transferred out of production Inventory in process, ending 8,025 Feedback V…
Y Mail IBCD O CBCD Help https://www.applec. 43 Login | Time4MathF... QuickBooks Online... Saved essment i A company reports the following for one of its products. Direct materials standard (4 pounds @ $2 per pound) Actual direct materials used (AQ) Actual units produced $ 8 per unit 320,000 pounds 62,000 units $ 560,000 Actual cost of direct materials used AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Compute the direct materials price and quantity variances and identify each as favorable or unfavorable. Actual Cost Standard Cost 0| 2$
Check my workCheck My Work button is now enabled1 Item 3 Item 3 Superior Micro Products uses the FIFO method in its process costing system. Data for the Assembly Department for May appear below: Materials Labor Overhead Cost added during May $ 83,475 $ 40,310 $ 137,025 Equivalent units of production 15,900 14,500 14,500 Required: Compute the cost per equivalent unit for materials, labor, overhead, and in total. (Round your answers to 2 decimal places.)
SM3 Koontz Company manufactures a number of products. The standards relating to one of these products are shown below, along with actual cost data for May. Standard Cost per UnitActual Cost per UnitDirect materials:Standard: 1.80 feet at $2.00 per foot$ 3.60Actual: 1.75 feet at $2.20 per foot$ 3.85Direct labor:Standard: 0.90 hours at $20.00 per hour18.00Actual: 0.95 hours at $19.40 per hour18.43Variable overhead:Standard: 0.90 hours at $6.40 per hour5.76Actual: 0.95 hours at $6.00 per hour5.70Total cost per unit$ 27.36$ 27.98Excess of actual cost over standard cost per unit$ 0.62 The production superintendent was pleased when he saw this report and commented: “This $0.62 excess cost is well within the 5 percent limit management has set for acceptable variances. It's obvious that there's not much to worry about with this product." Actual production for the month was 12,500 units. Variable overhead cost is assigned to products on the basis of direct labor-hours. There were no…
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Q. 2 Índigo manufacturing has five activity cost pools and two products ( a budget tape vacuum and a deluxe tape vacuum). Information is presented below: