The Talbot Company has received an order (F324 for 100 widgets. On January 20 tme shop supervisor requisitioned 100 unts of part 503 at a cost of $5 per unt and 500 units of part 456 at a cost of$3 per unt to begn work on the 100 wdgets. On the same day 20 hours of direct labor at $20 per hour are used to work on the widgets On January 21, 200 units of part 543 at S6 per unt are requistioned and 10 hours of drect iabor at S5 per hour are performed on the 100 units of wdgets to complete the jo. Overhead s allocated to the job based on $5 per drect labor hour Required Prepare a job order cost sheet for the 100 widgets

The Talbot Company has received an order (F324 for 100 widgets. On January 20 tme shop supervisor requisitioned 100 unts of part 503 at a cost of $5 per unt and 500 units of part 456 at a cost of$3 per unt to begn work on the 100 wdgets. On the same day 20 hours of direct labor at $20 per hour are used to work on the widgets On January 21, 200 units of part 543 at S6 per unt are requistioned and 10 hours of drect iabor at S5 per hour are performed on the 100 units of wdgets to complete the jo. Overhead s allocated to the job based on $5 per drect labor hour Required Prepare a job order cost sheet for the 100 widgets

Essentials of Business Analytics (MindTap Course List)

2nd Edition

ISBN:9781305627734

Author:Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann, David R. Anderson

Publisher:Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann, David R. Anderson

Chapter11: Linear Optimization Models

Section: Chapter Questions

Problem 7P: Vollmer Manufacturing makes three components for sale to refrigeration companies. The components are...

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The Talbott Company has received an order for 100 widgets. On January 20 the shop supervisor requisitioned 100 units of part 503 at a cost of $5 per unit and 500 units part 456 at a cost of $3 per unit to begin work on the 100 widgets. On the same day 20 hours of direct labor at $20 per hour are used to work on the widgets. On January 21, 200 units of part 543 at S6 per unit are requisitioned and 10 hours of direct labor at $15 per hour are performed on the 100 units of widgets to complete the job. Overhead is allocated to the job based on $5 per direct labor hour. What is the total job cost? a. $4000 b. $3,900 C $3000 d. $2,900 What is the total cost for direct labor? a. $600 b. $500 c. $550 d. $650
The Talbott Company has received an order (#324) for 100 widgets. On January 20 the shop supervisor requisitioned 100 units of part 503 at a cost of $5 per unit and 500 units part 456 at a cost of $3 per unit to begin work on the 100 widgets. On the same day 20 hours of direct labor at $20 per hour are used to work on the widgets. On January 21, 200 units of part 543 at S6 per unit are requisitioned and 10 hours of direct labor at $15 per hour are performed on the 100 units of widgets to complete the job. Overhead is allocated to the job based on $5 per direct labor hour. Make a job order cost sheet for the 100 widgets.
Manchester Ceramics makes custom ceramic tiles. During March, the company started and finished Job #266. Job #266 consists of 2,500 tiles; each tile sells for $12.00. The company's records show the following direct materials were requisitioned for Job #266. Basic terra cotta tiles: 2,500 units at $4.00 per unit Specialty paint: 5 quarts at $7.00 per quart High gloss glaze: 4 quarts at $12.00 per quart Labor time records show the following employees worked on Job #266: Alice Cooper: 18 hours at $24 per hour Matthew Kline: 20 hours at $13 per hour Manchester Ceramics allocates manufacturing overhead at a rate of $27 per direct labor hour. What is the gross profit per tile on Job #266? (Round your final answer to two decimal places and DO NOT include any units)
Picture It Inc. manufactures customized wooden frames. The direct materials needed to construct the frames are wood, glass, and cardboard. Picture It has 22 employees who work for 40 hours in a work week and are each paid $17 per hour. The company produced and sold 900 frames in the month of September. During the month of September the following purchases were made to produce the 900 frames: Wood-4000 ft. at $1.20/ft. Glass-400 pieces at $5.60/piece Cardboard-500 pieces at $0.50/piece Required: 1. Calculate the total product cost for the month. Assume that all employees worked for 4 weeks in September and that the company incurred $55,000 as manufacturing overhead costs. 2. Calculate the per-unit cost. Round your answer to two decimal places. 3. Calculate the gross margin for the month of September assuming that the company sells each frame for $250.
Cycle Gear Corporation has Incurred the following costs on job W456, an order for 20 special sprockets to be delivered at the end of next month: Direct materials: • On April 10, requisition number 15673 was Issued for 40 titanlum blanks to be used in the special order. The blanks cost $20 each. On April 11, requisition number 15678 was Issued for 420 hardened nibs also to be used In the special order. The nibs cost $1.75 each. Direct labour: • On April 12, Jamle Unser worked from 1:00 a.m. until 2:45 p.m. on job W456. He is pald $12.60 per hour. • On April 18, Mellssa Chan worked from 8:15 a.m. until 1130 a.m. on job W456. She is pald $13.20 per hour. Required: 1. On what documents would these costs be recorded? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer.) Purchase requisition form of the Cycle Gear Corporatilon. The…
Diane Buswell examined some of the accounting records and reported that Current Designs purchased 1,400 pounds of polyethylene powder for this order at a total cost of $3,640. Twenty Five (25) finishing kits were assembled at a total cost of $4,400. The payroll records showed that the type I employees worked 98 hours on this project at a total cost of $1,274. The type Il finishing employees worked 131 hours at a total cost of $1,408.25. A total of 25 kayaks were produced for this order. The standards that had been developed for this model of kayak were used in CD2 and are reproduced here. For each kayak: 52 pounds of polyethylene powder at $2.50 per pound 1 finishing kit (rope, seat, hardware, etc.) at $184 4 hours of type I labor from people who run the oven and trim the plastic at a standard wage rate of $13 per hour 5 hours of type Il labor from people who attach the hatches and seat and other hardware at a standard wage rate of $10 per hour. Calculate the eight variances that are…
Huron Company produces a commercial cleaning compound known as Zoom. The direct materialsand direct labor standards for one unit of Zoom are given below: (picture) During the most recent month, the following activity was recorded: a. Twenty thousand pounds of material were purchased at a cost of $2.35 per pound. b. All of the material purchased was used to produce 4,000 units of Zoom. c. 750 hours of direct labor time were recorded at a total labor cost of $10,425. Required:1. Compute the materials price and quantity variances for the month.2. Compute the labor rate and efficiency variances for the month.
Diane Buswell examined some of the accounting records and reported that Current Designs purchased 1,190 pounds of polyethylene powder for this order at a total cost of $2,023. Twenty (20) finishing kits were assembled at a total cost of $3,220. The payroll records showed that the type I employees worked 56 hours on this project at a total cost of $784. The type Il finishing employees worked 87 hours at a total cost of $978.75. A total of 20 kayaks were produced for this order. The standards that had been developed for this model of kayak were used in CD2 and are reproduced here. For each kayak: 52 pounds of polyethylene powder at $1.50 per pound 1 finishing kit (rope, seat, hardware, etc.) at $168 3 hours of type I labor from people who run the oven and trim the plastic at a standard wage rate of $14 per hour 4 hours of type Il labor from people who attach the hatches and seat and other hardware at a standard wage rate of $11 per hour. Calculate the eight variances that are listed…
Bert’s Electronics Inc. delivered 1,500 custom-designed computer monitors to its customer, Video Shack. The following cost information was compiled in connection with this order: Direct Materials Used Part A327: 1 unit costing $70 per monitor Part B149: 1 unit costing $100 per monitor Direct Labor Used Assembly: 6 hours per monitor at the rate of $20 per hour Inspection: 1 hour per monitor at the rate of $22 per hour In addition, the company applies manufacturing overhead costs to jobs at the rate of $15 per direct labor hour. The selling price for each monitor is $500. Required (a) Determine the total cost for this job.
Lancaster Inc produces portable radios. It requires 4 units of Part AC3 in order to manufacturethe radio. The standard unit cost of the Part AC3 is set at $3.75. The manager of Lancaster Inc alsosets a standard direct labour requirement for the production of the radios at 2 hrs per unit and sets astandard direct labour hourly rate at $11. During the month of May, 18,000 units of Part AC3 waspurchased for a total of $63,000 and 2500 units of radios were manufactured using 10,900 units ofPart AC3. In order to manufacture the 2,500 units of radios, the direct labours worked for a total of5,000 hours and the company paid a total of $58,000 to the direct labours. The selling price per unitof Radio was set at $98. The Variable manufacturing overhead is applied using direct labour hours.The variable MOH standard rate was set at $6 per direct labour hours. Actual variable MOH for themonth of May was $16,000. Required :a. Calculate both material related variances and comment on your answer.…
Sinkoe’s Optometry Center purchases all raw materials (e.g. lenses, frames, etc.) on credit. During June, these purchases totalled P 8,700. Labor and actual overhead during June totalled P 24,000 and P 35,000, respectively. In addition to the labor cost, the applied conversion cost included an added P 38,000. All of the eyeglasses worked on during the month were completed and sold on credit for a total of P 80,000. Requirements: Record these transactions (including any closing entries) into T-accounts, assuming a traditional costing. Record these transactions (including any closing entries) into T-accounts, assuming a JIT cost system.
Classic Tile Company makes custom ceramic tiles. During March, the company started and finished Job #266. Job #266 consists of 3,500 tiles; each tile sells for $21. The company's records show the following direct materials were requisitioned for Job #266. Basic terra cotta tiles: 3,500 units at 7 per unit Specialty paint: 10 quarts at $8 per quart High gloss glaze: 6 quarts at $22 per quart Labor time records show the following employees worked on Job #266: Alice Cooper: 20 hours at $29 per hour Matthew Kline: 26 hours at $17 per hour Classic Tile Company allocates manufacturing overhead at a rate of $32 per direct labor hour. What is the total amount of direct materials, direct labor, and manufacturing overhead that should be shown on Job #266's job cost record?