The indirect cost allocation rate must have been? The Chesapeake Organization reported $400,000 oftotal indirect costs for shipments. A product line thatused 6 shipments was allocated $2400 in indirectcosts for shipments. The indirect cost allocation ratemust have been:

The indirect cost allocation rate can be calculated by dividing the total indirect costs by the…

Answered: The Chesapeake Organization reported…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 1PA: The following product Costs are available for Haworth Company on the production of chairs: direct...

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The indirect cost allocation rate must have been? General accounting
Subject: Cost management & accounting MCQs: 1) Grover Company has the following data for the production and sale of 2,000 units. Sales price per unit $ 800 per unitFixed costs: Marketing and administrative $ 400,000 per periodManufacturing overhead $ 200,000 per periodVariable costs: Marketing and administrative $ 50 per unitManufacturing overhead $ 80 per unitDirect labor $ 100 per unitDirect materials $ 200 per unitWhat is the total manufacturing cost per unit? a) $380 b) $480 c) $730 d) $430 2) Vegas Company has the following unit costs: Variable manufacturing overhead $ 25 Direct materials 20 Direct labor 19 Fixed manufacturing overhead 12 Variable marketing and administrative 7 Vegas produced and sold 10,000 units. If the product sells for $100, what is the gross margin?…
for XYZ company, the following information related to costs is available for the last quarter: direct materials $1,000, direct labor $3,000, variables MOH $200, fixed MOH $1,800 and selling and administrative expenses $3,000. the product cost under absorption costing is: a) $6000 b)4200 c)5800 d)9000
During the current period, 14,000 units were produced and 12,000 units were sold. Fixed manufacturing costs incurred amounted to $126,000. An absorption costing income statement would report fixed manufacturing costs as which of the following? Select one: a.Costs of $108,000 as a deduction from gross profit to obtain operating income b.Overhead of $126,000 as a deduction from sales revenue to obtain gross profit c.Overhead of $108,000 as a deduction from sales revenue to obtain gross profit d.Costs of $126,000 as a deduction from sales revenue to obtain contribution margin
For XYZ Company, the following information related to costs is available for the last quarter: direct materials $2,000, direct labor $3,000, variable MOH $400, fixed MOH $1,600 and selling and administrative expenses $3,000. The product cost under absorption costing is: O a. $10,000 O b. $5,40O O c. $6,600 O d. $7,000 O e. none of the given answers
(6) Department W had 2,220 units, one-third completed at the beginning of the period. There were 13,900 units transferred to Department X from Department W during the period, and 800 units were one-half completed at the end of the period. Assume the completion ratios apply to both direct materials and conversion costs, and the company uses the FIFO cost flow method. What is the total number of units to be assigned costs on the cost of production report for Department W? a.15,320 units b.13,900 units c.14,700 units d.16,120 units
Department W had 2,820 units, one-third completed at the beginning of the period; 12,100 units were transferred to Department X from Department W during the period; and 1,050 units were one-half completed at the end of the period. Assume the completion ratios apply to direct materials and conversion costs. What is the equivalent units of production used to compute unit conversion cost on the cost of production report for Department W? Assume the company uses FIFO. a.11,685 units b.11,160 units c.15,970 units d.9,280 units The following information pertains to Tanzi Company. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were on credit. Assets Cash and short-term investments $35,855 Accounts receivable (net) 29,267 Inventory 26,611 Property, plant and equipment 210,452 Total Assets $302,185 Liabilities and Stockholders' Equity Current liabilities $56,968 Long-term liabilities…
Department W had 2,400 units, one-third completed at the beginning of the period; 12,500 units were transferred to Department X from Department W during the period; and 1,750 units were one-half completed at the end of the period. Assume the completion ratios apply to direct materials and conversion costs. The equivalent units of production used to compute unit conversion cost on the cost of production report for Department W, assuming the company uses FIFO, are a.16,650 units b.11,700 units c.12,575 units d.10,100 units
Cost Account Questions.
Bramble Company accumulated the following standard cost data concerning product I-Tal. Direct materials per unit: 3.0 pounds at $4.50 per pound Direct labor per unit: 8.6 hours at $15.00 per hour Manufacturing overhead: Allocated based on direct labor hours at a predetermined rate of $22.50 per direct labor hour Compute the standard cost of one unit of product I-Tal. (Round answer to 2 decimal places, e.g. 2.75.) Standard cost $ I Per Unit
Solution
Norred Corporation has provided the following information: Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Sales commissions Cost per Cost per Unit Period $ 7.05 $ 3.70 $ 1.60 $ 1.50 $ 0.45 $121,500 Variable administrative expense Fixed selling and administrative expense $ 44,550 If 8,000 units are produced, the total amount of indirect manufacturing cost incurred is closest to:

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The Chesapeake Organization reported $400,000 of total indirect costs for shipments. A product line that used 6 shipments was allocated $2400 in indirect costs for shipments. The indirect cost allocation rate must have been: