The total manufacturing costs incurred for the year are $240,000. The overhead cost was 50% of the direct labor cost, and the direct material cost was $30,000. What was the direct labor cost? A) $140,000 B) $135,000 C) $120,000 D) None of the above

The total manufacturing costs incurred for the year are $240,000. The overhead cost was 50% of the direct labor cost, and the direct material cost was $30,000. What was the direct labor cost? A) $140,000 B) $135,000 C) $120,000 D) None of the above

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter2: Basic Cost Management Concepts

Section: Chapter Questions

Problem 21E: Ellerson Company provided the following information for the last calendar year: During the year,...

See similar textbooks

Related questions

Q: Net sales are $3,000,000, beginning total, assets are $1,400,000. and the asset turnover is 3.0…

A: Let us use the asset turnover ratio formula to work around and compute the ending total assets.Asset…

Q: Financial accounting question

A: Explanation: Cash cycle is calculated by adding days sales outstanding with days inventory…

Q: Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas Company on November 17,…

A: First, we need to calculate the net sale price. The list price of each unit is $750 and Thomas…

Q: I want to correct answer accounting questions

A: Explanation: In the given case, the company issued 2,500 bonds with a par value of $200 each and a…

Q: Net Income 125,000 gross profit 287,000

A: Explanation of Sales Revenue: This represents the total amount earned from selling goods before…

Q: POsting in general account subject

A: Simply The total cost of units completed and transferred out is determined by the number of units…

Q: I need this question answer general Accounting

A: Step 1: Define Accounts receivableAccount receivable can be defined as a current asset that is…

Q: What is the target price to obtain a 15% profit margin on sales?? General accounting

A: Calculation of Cost price per unitCost per unit = Total Cost / Units sold =…

Q: Accurate answer

A: Given:Direct materials for Job C-780: $320Direct labor for Job C-780: $290Direct labor wage rate:…

Q: Financial accounting question

A: Step 1: Define Unit Product CostThe unit product cost is the total cost incurred to produce one unit…

Q: Quick answer of this accounting questions

A: Step 1: Definition of Stockholders' EquityStockholders' equity represents the residual interest in a…

Q: None

A: Step 1: Definition of Cost of Goods Sold (COGS)The Cost of Goods Sold (COGS) represents the direct…

Q: I want solution

A: Compute the predetermined overhead rate first.Predetermined overhead rate = Budgeted factory…

Q: What is the return on equity?

A: To calculate the Return on Equity (ROE), we use the formula:ROE=Net Income/Equity Step 1: Calculate…

Q: General accounting

A: The degree of operating leverage is calculated as follows: Degree of operating leverage =…

Q: What is the return on equity? General accounting

A: To calculate the return on equity (ROE), we need to follow these steps:Calculate Net Income:Profit…

Q: Please give me answer general accounting question

A: Step 1: Define Bad DebtBad debt can be defined as the account receivable that is unrecoverable for…

Q: Account.

A: The correct answer is:A. Assets decrease and Liabilities decrease. Explanation:The accounting…

Q: Kindly help me with general accounting question

A: Step 1: Define Other Comprehensive Income (OCI)Other Comprehensive Income (OCI) refers to the…

Q: Find general account answer

A: Step 1: DefinitionsManufacturing OverheadManufacturing overhead includes indirect costs related to…

Q: Need help with this general accounting question

A: To calculate the firm's Return on Assets (ROA), we use the formula:Step 1: Calculate Net IncomeThe…

Q: Milano Corporation is working on its direct labor budget for the next two months. Each unit of…

A: Step 1: Key InformationDirect labor hours per unit: 0.50 hours.Direct labor rate: $9.80 per…

Q: Need help with this accounting questions

A: Step 1: Definition of Cost of EquipmentThe cost of equipment includes all expenditures necessary to…

Q: A firm has net working capital of $980, net fixed assets of $4,418, sales of $9,250, and current…

A: We will use total asset turnover to calculate sales generated by $1.Total asset turnover = Sales /…

Q: General Accounting question

A: Step 1: Introduction to ratio analysisRatio analysis is a method used to analyze financial…

Q: None

A: Step 1: Given Value for Calculation Profit margin = pm = 5%Equity Multiplier = em = 2.2sales = s =…

Q: If during the year total assets increase by $83,000 and total liabilities decreased by $20,000, by…

A: Step 1: Understanding the Accounting EquationThe fundamental accounting equation is:…

Q: How can the company ensure a smooth transition?

A: Definitions (in 4 Sentences)Accounting Standards: Rules and guidelines established by authoritative…

Q: A corporation has assets and owners' equity of $100 million and $40 million, respectively, what is…

A: Step 1: Understand the Accounting EquationThe accounting equation forms the foundation of a balance…

Q: Charged under the new credit policy? General accounting

A: Lets we assumePrice is to be YParticularsCurrent PolicyNew PolicyPrice per unit104YCost per…

Q: Please need help with this general accounting question not use ai

A: Step 1: Define Stockholders' EquityStockholders' Equity represents the residual interest in the…

Q: A copy machine cost $78,000 when new and has accumulated depreciation of $72,000. Suppose Print and…

A: Explanation of Disposal Transaction:A disposal transaction refers to the process of removing an…

Q: Answer? ? Financial accounting question

A: Step 1: Define Capital GainWhen a capital asset has been sold at a higher price than its face value…

Q: Hi teacher please help me this question general accounting

A: Step 1: Define Debtors' TurnoverDebtors are customers that purchase goods on credit from the…

Q: I need this question answer general Accounting

A: Step 1: Define Cash conversion CycleThe cash conversion cycle (CCC) is a metric that expresses the…

Q: Fit & Slim (F&S) is a health club that offers members various gym services. Required:…

A: In the first scenario, the separate performance obligations are the gym membership and the yoga…

Q: A production department's output for the most recent month consisted of 20,000 units completed and…

A: Step 1: Understand the Weighted Average MethodThe weighted average method combines work done in the…

Q: I need this question answer general Accounting

A: Step 1: Define Amortization ExpenseAmortization expense refers to the process of systematically…

Q: Answer this general accounting problem

A: Detailed explanation:Work backward to find Finished Goods Inventory on January 1, 2018:Cost of Goods…

Q: Quick answer of this accounting questions

A: Step 1: Definition of Earnings Per Share (EPS)Earnings Per Share (EPS) is a measure of the…

Q: General accounting

A: Step 1: Definitions of Definition of Market-to-Book RatioThe market-to-book ratio compares a…

Q: Compute the net income of this general accounting question

A: Step 1: Define Net IncomeNet income is computed by subtracting the cost of goods sold, operating…

Q: Answer? ? Financial accounting question

A: Step 1: Define Claimed as dependentA qualifying person is a dependent and in the US, the government…

Q: Kindly help me with accounting questions

A: Given:Budgeted variable maintenance costs = $300,000Actual variable maintenance costs =…

Q: RRR Stores has total debt of $6,666 and a debt-equity ratio of 0.59. What is the value of the total…

A: Step 1: Calculation of EquityStep 2: Calculation of Total assetsTotal assets = Debt + EquityTotal…

Q: The contribution margin per unit?

A: Explanation of Contribution Margin per Unit:Contribution margin per unit is the amount that each…

Q: EXPLAIN THE CONCEPT OF REVENUE RECOGNITION. WHAT ARE THE CRITERIA THAT MUST BE MET BEFORE REVENUE…

A: Detailed explanation:Revenue recognition is an accounting principle that determines when a business…

Q: Please given correct answer general accounting

A: Calculate Total Income:Wages ($3,000) + Taxable Interest Income ($1,500) = $4,500. Determine…

Q: The Billings on Construction in Progress account is a(n): a. contract revenue account. b. inventory…

A: The correct answer is:c. contra-inventory account. Explanation:The Billings on Construction in…

Q: None

A: Explanation of Direct Materials: Direct materials are the raw materials that can be directly traced…

Question

100%

What was the direct labor cost on these general accounting question?

The total manufacturing costs incurred for the year are $240,000. The
overhead cost was 50% of the direct labor cost, and the direct material cost
was $30,000. What was the direct labor cost?
A) $140,000
B) $135,000
C) $120,000
D) None of the above

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

Wyandotte Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 256,900, direct labor cost was 176,000, and overhead cost was 308,400. There were 40,000 units produced. Required: 1. Calculate the total cost of direct materials used in production. 2. Calculate the cost of goods manufactured. Calculate the unit manufacturing cost. 3. Of the unit manufacturing cost calculated in Requirement 2, 6.62 is direct materials and 7.71 is overhead. What is the prime cost per unit? Conversion cost per unit?
The following product costs are available for Stellis Company on the production of erasers: direct materials, $22,000; direct labor, $35,000; manufacturing overhead, $17,500; selling expenses, $17,600; and administrative expenses; $13,400. What are the prime costs? What are the conversion costs? What is the total product cost? What is the total period cost? If 13,750 equivalent units are produced, what is the equivalent material cost per unit? If 17,500 equivalent units are produced, what is the equivalent conversion cost per unit?
The following product Costs are available for Haworth Company on the production of chairs: direct materials, $15,500; direct labor, $22.000; manufacturing overhead, $16.500; selling expenses, $6,900; and administrative expenses, $15,200. What are the prime costs? What are the conversion costs? What is the total product cost? What is the total period cost? If 7,750 equivalent units are produced, what is the equivalent material cost per unit? If 22,000 equivalent units are produced, what is the equivalent conversion cost per unit?
Orinder Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 275,800, direct labor cost was 153,000, and overhead cost was 267,300. There were 25,000 units produced. Unit manufacturing cost (rounded to the nearest cent) is a. 28.40 b. 27.98 c. 34.95 d. 27.55
Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Refer to Exercise 2.21. Last calendar year, Ellerson recognized revenue of 1,312,000 and had selling and administrative expenses of 204,600. Required: 1. What is the cost of goods sold for last year? 2. Prepare an income statement for Ellerson for last year.
The following product costs are available for Kellee Company on the production of eyeglass frames: direct materials, $32,125; direct labor, $23.50; manufacturing overhead, applied at 225% of direct labor cost; selling expenses, $22,225; and administrative expenses, $31,125. The direct labor hours worked for the month are 3,200 hours. A. What are the prime costs? B. What are the conversion costs? C. What is the total product cost? D. What is the total period cost? E. If 6.425 equivalent units are produced, what is the equivalent material cost per unit? F. What is the equivalent conversion cost per unit?
Please need help
How much is direct labor cost?
The Pixel Company reported total manufacturing costs of $186,000; manufacturing overhead totaling $42,000 and direct materials totaling $31,000. How much is direct labor cost? please expert answer this question
A company estimates the following manufacturing costs for the next period: direct labor, $540,000; direct materials, $221,000; and factory overhead, $148,000. 1. Compute its predetermined overhead rate as a percent of direct labor.2. Compute its overhead cost as a percent of direct materials.
How much is direct labour cost
A manufacturer estimates its factory overhead costs to be $51,000 and machine hours to be 7,300 for the year. If the actual hours worked on production total 4,550 and the actual factory overhead costs are $30,070, what is the amount of the over- or under applied factory overhead?