The chief executive of Dabid's salon is interested in accumulating some information on the overhead costs incurred by the Company. You have been asked to analyze the following six months' worth of data: Month April May June LTT Overhead Cost No. of Appointments 867 P 48,128 45,200 47,120 50,800 47,460 624 689 July August September 974 730 49,920 901 Using the least squares regression method, give an estimate of the fixed cost for each mon O P34,371.72 O P35,631.77 O P36,804.09 O P37,545.70
Q: Elmo Security Consultants (ESC) offer a standardized review of data security for small business…
A: The gross margin in accounting is defined as sales less cost of goods sold. As other costs, such…
Q: The managers of Sandusky Inc. have decided to use the month of January to determine the cost of…
A: Overhead can be allocated/calculated on the basis of Traditional ApproachActivity based…
Q: If Chance Consulting wants to earn a profit that equals 35% of the job’s cost, how much should the…
A: Computation of labour rate is given by the following fomula Labour rate = Direct labour cost /…
Q: Assume that the following predictions were made for the year for one of the plants of Milliken &…
A: The pre-determined overhead rate is calculated as the estimated overhead costs divided by the…
Q: Annie runs a fitness and nutrition center. She has learned that overhead costs are a function of how…
A: Contribution margin is a key term used in accounting to measure the profitability of a product or…
Q: Job order cost accounting for a Service companyThe law firm of Furlan and Benson accumulates costs…
A: Given, Job order cost system is used.
Q: 1. Indicate whether the following statements describe reporting by the financial accounting function…
A: A. The users of the report are managers who need a daily summary of work done each shift.This…
Q: The managing director of a consulting group has the accompanying monthly data on total overhead…
A: OverheadsThe expenses incurred by the company in the process of production that are not directly…
Q: Using the high-low point method, compute the fixed cost. Using the high-low point method, how much…
A: Fixed costs are those costs which does not change with the increase or decrease in the level of…
Q: At the end of the first month of opening your business, you calculate the actual operating costs of…
A: Variance: The difference between the actual cost or price and the budgeted (standard) cost or price…
Q: Pay Corporate Secretary Wages $1,457 Advertising Expense $1,809 Depreciation Expense (factory…
A: Overheads means all type of indirect costs and expenses being incurred in business. These costs can…
Q: Zion Pool Cleaning Service provides pool cleaning services to residential customers. The company has…
A: One popular technique in cost accounting to ascertain how variations in sales volume and expenses…
Q: 1. What is the cost equation for maintenance costs using the high-low method? 2. Calculate the mean…
A: A high and low method of the cost equation is the equation of the costs by which the costs can turn…
Q: Use the following information from BSJ Industries to determine the predetermined overhead rate based…
A: The predetermined overhead rate is calculated as Estimated overhead cost divided by Estimated base…
Q: Account Balances Account Jan. 31 Feb. 28 Costs Incurred Materials Inventory Direct Materials Used…
A: Cost accounting: A branch of accounting that is associated with the calculation of the total cost…
Q: The management of Casablanca Manufacturing Corporation believes that machine-hours is an appropriate…
A: Based on the given data, there can be the following dependent or independent variables:This…
Q: Costs and Balances At the end of February, after the second month of operations of Able Baker…
A: Direct material cost is the cost of raw material produced or purchased to produce the final…
Q: The Double Door Corp has gathered the following data on its overhead and associated costs for the…
A:
Q: Tempe Office Services and Supplies (TOSS) provides various products and services in the Tempe…
A: Since you have posted a question with multiple sub parts, we will provide the solution only to the…
Q: Required: 1. Compute its predetermined overhead rate as a percent of direct labor. 2. Compute its…
A: Predetermined overhead rate: This rate is used by the business entities to allocate the…
Q: The managerial accountant at Organic Beverage Factory used spreadsheet software to run a regression…
A: Cost incurred to produce and sell a product consist of 2 components, variable cost, and fixed…
Q: Lisa Ronsin had recently been transferred to the Home Security Systems Division of National Home…
A: 6. Lisa can rework the calculations and try to make her senior understand that the agreement adopted…
Q: Tracey Packaged Snax reports the following information for November: Units produced and sold Per…
A: Income statement is one of the part of the financial statement. It shows the profitability, total…
Q: osts and Balances t the end of February, after the second month of operations of Able Baker Charlie…
A: Cost of goods sold means the cost incurred on the manufacturing or…
Q: Nas corporation's manager in the stamping department have been studying the overhead cost and the…
A:
Q: Felix & Company reports the following information. Period Units Produced Total Costs 1 0 $2,595 2…
A: Fixed cost is the cost which remains the same in total for all level of activities. It does not…
Q: than Manufacturing Incorporated produces floor mats for automobiles. The owner, Joseph Ethan, has…
A: The variable cost is the cost that changes with the level of activity. The maintenance cost…
Q: Elmo Security Consultants (ESC) offer a standardized review of data security for small business…
A: Variable costs are expenses that vary in direct proportion to the level of production or business…
Q: The managerial accountant at Sunny Manufacturing needs to determine how many costs are fixed costs…
A: Variable cost per machine hour = ( Total cost at High machine-hours - Total cost Low machine…
Q: Hello! I posted this question and only the 3 subparts were solved kindly solve the remaining 2 parts…
A: The High-low method of determining variable and fixed costs uses the highest and lowest amount and…
Q: Describe how process costing is different than job costing. Identify at least three differences.…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: Crosshill Company's total overhead costs at various levels of activity are presented below: Month…
A: VARIABLE COST Variable Cost is a cost that varies with the level of output.variable costs include…
Q: Costs and Balances At the end of February, after the second month of operations of Able Baker…
A: Let us consider the beginning Material Inventory be x. Therefore, As per ques, $3,300 is the amount…
Q: Compute the linear cost function, relating total overhead costs to physician contact hours, using…
A:
Q: The company expects that it will work for 7,000 machine-hours in January 2020. Using the high-low…
A: High-low method is the method which is used by the company to measure the fixed assets which are…
Q: Costs and Balances At the end of February, after the second month of operations of Able Baker…
A:
Q: If Toyota Motor Company receives an order on May 1, begins production on May 19, and ships the order…
A: The Manufacturing Cycle Efficiency (MCE) ratio is calculated by dividing the value-added time by the…
Q: What types of expenses are likely included in the total manufacturing overhead cost of $32,450…
A: Manufacturing overhead is all indirect costs incurred during the production process. This overhead…
Q: asked that you review the company's costing system and "do what you can to help us get better…
A: The activity variance is the difference between the flexible budget and planning budget data.The…
Q: Field Legal Services is trying to determine the variable and fixed elements of its service overhead.…
A: The high-low method is used to differentiate the mixed cost. The mixed cost is the combination of…
Q: Required: Calculate the amount for each of the following (one unit = one review) if the number of…
A:
Q: The following data obtained from XYZ Corporation represent the total overhead cost and…
A: 1. The relationship between the working hours and the overhead cost are mixed because some are fixed…
Q: The managing director of a consulting group has the accompanying monthly data on total overhead…
A: Regression equation is given as, Overhead Costs= 163066.7+ 49.2000×Billable Hours Explanation:Given…
Q: Hartley Uniforms produces uniforms. The company allocates manufacturing overhead based on the…
A: The predetermined overhead rate is calculated as estimated overhead cost divided by estimated base…
Q: At the end of February, after the second month of operations of Able Baker Charlie Company, Charles…
A: Solution: Factory overhead incurred = Total manufacturing costs incurred in period - Direct…
Q: Data table Month Total Cost January......$ 3,420 February.....$ 3,700 $ 3,500 $ 3,780 $ 4,000 $…
A: Variable cost is the cost that changes with change in activity of cost driver used. The variable…
Q: A manufacturing company applies factory overhead based on direct labor hours. At the beginning of…
A: Calculate overhead rate as per DLHs:Overhead rate = Estimated overhead costs / Estimated Direct…
![The chief executive of Dabid's salon is interested in accumulating some
information on the overhead costs incurred by the Company. You have
been asked to analyze the following six months' worth of data:
Month
Overhead Cost
No. of Appointments
867
P 48,128
April
May
June
45,200
624
47,120
689
July
August
September
50,800
974
47,460
49,920
730
901
Using the least squares regression method, give an estimate of the fixed cost for each month
P34,371.72
P35,631.77
P36,804.09
O P37,545.70](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa4d9933a-df6e-4bea-b345-f89d392ccd8d%2Ffade2722-f907-4e53-8bd7-d08138236f53%2Frvcy69_processed.jpeg&w=3840&q=75)
![](/static/compass_v2/shared-icons/check-mark.png)
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
- Costs and Balances At the end of February, after the second month of operations of Able Baker Charlie Company, Charles shows you the data he's collected, but he was unable to figure out some of the amounts. Review the following data and fill in the missing amounts on the chart for Able Baker Charlie Company. Note: It may be helpful to use T accounts to map the flow of the amounts through the manufacturing accounts and solve for the missing dollar values. It may also be helpful to review the steps for determining the cost of materials used, total manufacturing cost incurred, and cost of goods manufactured. Data for February Decrease in materials inventory Materials inventory on Feb. 28 Direct materials purchased Direct materials used Total manufacturing costs incurred in period Total manufacturing costs incurred in period Total manufacturing costs incurred in period Account Materials Inventory Work in Process Inventory Finished Goods Inventory Account Balances Jan. 31 $2,700 50% of…Nova Company's total overhead cost at various levels of activity are presented below: Total Overhead Cost Month April May June July Machine- Hours 54,000 44,000 64,000 74,000 $ 210,240 $ 183,140 $ 237,340 $ 264,440 Assume that the total overhead cost above consists of utilities, supervisory salaries, and maintenance. The breakdown of these costs at the 44,000 machine-hour level of activity is: Utilities (variable) Supervisory salaries (fixed) Maintenance (mixed) Total overhead cost $ 70,400 47,000 65,740 $183,140 Nova Company's management wants to break down the maintenance cost into its variable and fixed cost elements. Required: 1. Estimate how much of the $264,440 of overhead cost in July was maintenance cost. (Hint: to do this, it may be helpful to first determine how much of the $264,440 consisted of utilities and supervisory salaries. Think about the behavior of variable and fixed costs.) 2. Using the high-low method, estimate a cost formula for maintenance in the form Y = a +…The managerial accountant at Sunny Manufacturing needs to determine how many costs are fixed costs and how many costs are variable costs in the organization. The managerial accountant reported the following information: Sunny Manufacturing Cost Report January – June 20XX Month Machine-Hours Total Costs January 1,800 $21,500 February 2,900 $23,200 March 1,000 $19,750 April 2,400 $21,000 May 3,400 $23,900
- Suppose the smartphone manufacturer Peony Electronics provides the following information for its costs last month (in millions): (Click the icon to view the costs.) Read the requirements. Requirements 1, 2 and 3. Classify each of these costs according to its place in the value chain. Within the production category, break the costs down further into three subcategories: Direct Materials, Direct Labor, and Manufacturing Overhead. Then calculate the total cost for each value chain category. (Enter amounts in millions. If an input field is not used in the table, leave the input field empty; do not enter a zero.) Cost Delivery expense Salaries of salespeople Chipset Exterior case for phone Assembly-line workers' wages Technical support hotline Depreciation on plant and equipment Rearrange production process 1-800 (toll-free) line for customer orders Scientists' salaries Total costs Cost R and D $ 14 Peony Electronics Value Chain Cost Classification Direct Design Materials LA 60 5 $…The Wonder Drug Company's total overhead costs at various levels of activity are presented below: Month September October November December Assume that the overhead costs above consist of indirect labor, scheduling salaries, and maintenance. The breakdown of these costs for the month of November is as follows: Indirect labor (V) Maintenance (M) Scheduling Salaries (F) a. Direct Labor Hours 15,000 12,000 18,000 21,000 Total Overhead Direct Labor Hours High Required: (a.) Using the high-low method, determine the cost formula for maintenance. (b.) Express the company's total overhead costs in linear equation form. $ 21,000 $ 219,600 197,400 125,000 542,000 Low 12,000 Total Overhead $ 472,000 409,400 542,000 604,700 DifferenceHamilton Company applies manufacturing overhead costs to products based on direct labor hours. The company estimates manufacturing overhead cost for the year to be $262,000 and direct labor hours to be 20,000. Actual overhead for the year was $290,000. Required: 1. Compute the predetermined overhead rate. 2. If the company actually used 23,200 direct labor hours, how much manufacturing overhead is applied to their job? Complete this question by entering your answers in the tabs below. Required 1 Required 2 If the company actually used 23,200 direct labor hours, how much manufacturing overhead is applied to their job? Applied Manufacturing Overhead 89 SEP 17 Next > A O
- As newly appointed Cost Accountant, you find that the selling price of Job No. 9669 has been calculated on the following basis: Particulars Materials Direct Wages – 22 hours at 25GHS per hour Department: GHs' 12.08 5.50 A – 10 hours B- 4 hours C - 8 hours Plus 33% on Prime Cost 17.58 5.86 23.44 An analysis of the previous year's profit and loss account shows the following: Particulars GHs` | Particulars GHs' Materials Used Direct Wages: 77,500 Factory Overheads: 5,000 A 6,000 B 4,000 C A 2,500 B 4,000 1,000 Selling Costs 30,000 You are required to: (a) Draw up a Job Cost Sheet; (b) Calculate and enter the revised costs using the previous year's figures as a basis; (c) Add to the total job cost 10% for profit and give the final selling price.Benson Corporation estimated its overhead costs would be $22,500 per month except for January when it pays the $153,120 annual insurance premium on the manufacturing facility. Accordingly, the January overhead costs were expected to be $175,620 ($153,120 + $22,500). The company expected to use 7,900 direct labor hours per month except during July, August, and September when the company expected 9,100 hours of direct labor each month to build inventories for high demand that normally occurs during the Christmas season. The company's actual direct labor hours were the same as the estimated hours. The company made 3,950 units of product in each month except July, August, and September, in which it produced 4,550 units each month. Direct labor costs were $24.70 per unit, and direct materials costs were $10.00 per unit. Required a. Calculate a predetermined overhead rate based on direct labor hours. b. Determine the total allocated overhead cost for January, March, and August. c. Determine…Assume it is the beginning of the month, using the estimates and a job-order costing system, what price would you recommend Lina quote for each of the above two jobs to ensure profitability in the long term? 2. Assume it is the end of the month, determine the amount of under- or over-applied overhead and recommend to Lina how the amount should be accounted for. 3. Prepare a schedule of cost of goods manufactured for the month - these were the only two jobs started and sold (zero beginning and ending work-in-process inventory). Assume that actual materials used and the labour rate/hours are the same as estimated. Hint: refer to Exhibit 5.11 on page 213 of text for suggested format.
- Tempe Office Services and Supplies (TOSS) provides various products and services in the Tempe Research Park, home to numerous high-tech and bio-tech companies. Making color copies is one of its most popular and profitable services. The controller performed a regression analysis of data from the Color Copy Department with the following results: Intercept R-squared Number of observations X coefficient Month July August September October November December The regression output was based on the following data: Color Copy Department Costs Number of Color Copies 25,900 23,000 19,550 18, 150 30.874686 0.970922 22,150 20,400 6 0.081144 $ 2,095 1,955 1,600 1,475 1,815 1,725 Required: 1. What is the variable cost per color copy for TOSS? 2. What is the fixed cost for the Color Copy Department? 3. Based on the regression output obtained by the controller, what cost formula should be used to estimate future total costs for the Color Copy Department? Enter answer as an equation in the form of y= a…The controller at Wesson Company's manufacturing plant has provided you with the following information for the first quarter's operations: Direct materials Fixed manufacturing overhead costs Sales price Variable manufacturing overhead Direct labor Fixed marketing and administrative costs Units produced and sold during the quarter Variable marketing and administrative costs Required: a. Prepare a gross margin income statement. b. Prepare a contribution margin income statement. Complete this question by entering your answers Required A Required B Prepare a contribution margin income statement. Contribution Margin Income StatementHamilton Company applies manufacturing overhead costs to products based on direct labor hours. The company estimates manufacturing overhead cost for the year to be $262,000 and direct labor hours to be 20,000. Actual overhead for the year was $290,000. Required: 1. Compute the predetermined overhead rate. 2. If the company actually used 23,200 direct labor hours, how much manufacturing overhead is applied to their job? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the predetermined overhead rate. Note: Round your answer to 2 decimal places. Predetermined Overhead Rate 89 SEP 17 Next > S LAO
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)