TriStar football manufacturers determined standard production time for stitching of a football as 80minutes. Workers engaged in this operation are classified in pay scale of $ 600 per day of 8 hours.During a day output of four workers were as follows:Bashir8 units7 units6 units5 unitsFaridNazirSharifRequired : Calculate wages of the workers if 100% premium is paid for time saved

Name: TriStar football manufacturers determined standard production time fo
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: TriStar football manufacturers determined standard production time for stitching of a football as 80minutes. Workers engaged in this operation are classified in pay scale of $ 600 per day of 8 hours.During a day output of four workers were as follow

The labor hours are used to calculate the labor wages. The time period shows the efficiency of the…

Business

Accounting

TriStar football manufacturers determined standard production time for stitching of a footbal minutes. Workers engaged in this operation are classified in pay scale of $ 600 per day of 8 ho During a day output of four workers were as follows: 8 units 7 units 6 units 5 units Bashir Farid Nazir Sharif Required : Calculate wages of the workers if 100% premium is paid for time saved

TriStar football manufacturers determined standard production time for stitching of a footbal minutes. Workers engaged in this operation are classified in pay scale of $ 600 per day of 8 ho During a day output of four workers were as follows: 8 units 7 units 6 units 5 units Bashir Farid Nazir Sharif Required : Calculate wages of the workers if 100% premium is paid for time saved

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

GroovyPunch manufactures handmade pillows. Their process consists of two stations: (1) cutting the pattern; (2) stitching and stuffing. Processing information for each station is provided in the following table. Station Processing Time (min) per unit # Workers 1) Cutting 25 9 Other important process parameters are provided as follows: • The production process operates for 9 hours per day. • Fixed operating costs not including wages are $325 per day. • All workers are paid $14 per hour. • Customer demand for finished apparel is 241 units per day. • The net revenue (less variable cost of materials) per unit is $39. Calculate the profit per day. • Round your answer to the nearest tenth of a dollar. 2) Stitching 26 7
Cozy, Inc., manufactures small and large blankets. It estimates $303,263 in overhead during the manufacturing of 80,487 small blankets and 85,543 large blankets. What is the predetermined overhead rate per machine hour if a small blanket takes 4 machine hour and a large blanket takes 1 machine hours? Round to the nearest penny, two decimal places.
Shasta Fixture Company manufactures faucets in a small manufacturingfacility. The faucets are made from brass. Manufacturing has 70employees. Each employee presently provides 38 hours of labor perweek. Information about a production week is as follows: Standard wage per hr.Standard labor time per faucetStandard number of Ibs. of brassStandard price per lb. of brassActual price per lb. of brassActual Ibs. of brass used during the weekNumber of faucets produced during the weekActual wage per hr.Actual hrs. for the week (70 employees x 38 hours) $20.0030 min.2.5 lbs.$1.80$1.9513,000 lbs.5,000$18.752,660 InstructionsDetermine (a) the standard cost per unit for direct materials and directlabor; (b) the direct materials price variance, direct materials quantityvariance, and total direct materials cost variance; and (c) the direct laborrate variance, direct labor time variance, and total direct labor costvariance.
Lenni Clothing Co. manufactures clothing in a small manufacturing facility. Manufacturing has 25 employees. Each employee presently provides 40 hours of productive labor per week. Information about a production week is as follows: Standard wage per hr. $12.00 Standard labor time per unit 12 min. Standard number of yds. of fabric per unit 5.0 yds. Standard price per yd. of fabric $5.00 Actual price per yd. of fabric $5.10 Actual yds. of fabric used during the week 26,200 yds. Number of units produced during the week 5,220 Actual wage per hr. $11.80 Actual hrs. for the week 1,000 hrs.
Use the information below on Direct Labor costs to answer question#33. GIVEN: Management at the Best Ceramic Vase Company wishes to analyze its Direct Labor costs. During September, company management noted that it used 3,400 hours of Direct Labor at a cost of $76,500 to produce 2,300 vases. The company set the following Direct Labor standard. 1.5 hours of Direct Labor per unit at an hourly wage rate of $22.00 33) Determine the actual wage rate (using the Given information above). A) $15.00 B) $22.00 C) $22.18 D) $22.50
Calculate the remuneration of Mary for the day using Taylor's differential piecework system from the following information.
Poodle Grooming Parlour has overheads of £11,000 per month. Each month 2,000 direct labour hours are worked and charged to specific jobs, each of which involves grooming dogs for shows. The costs and time incurred on job number 66962 were: Direct materials (£) 40.00 Direct labour (hours) 5 Wage rate (£ per hour) 16.00 Overheads are charged to jobs on a direct labour hour basis. The cost to the customer is full cost plus 80%. Required: Calculate the full cost and the amount to be charged to the customer for job number 66962. Question content area bottom Part 1 Firstly, the overhead absorption rate can be found by this formula: (Complete the necessary drop downs.) Part 2 The values can now be inserted (Calculate the overhead absorption rate to two decimal places.): Overhead absorption rate = = £enter your response here per direct labour hour…
Jericho Fixture Company manufactures faucets in a small manufacturing facility. The faucets are made from brass. Manufacturing has 50 employees. Each employee presently provides 36 hours of labor per week. Information about a production week is as follows: Line Item Description Value Standard number of lbs. of brass 1.3 lbs. Standard price per lb. of brass $11.50 Standard wage per hour $10.80 Standard labor time per unit 20 min. Actual price per lb. of brass $11.75 Actual lbs. of brass used during the week 12,051 lbs. Number of units produced during the week 9,000 Actual wage per hour $11.12 Actual hours for the week (50 employees × 36 hours) 1,800 Required: a. Determine the standard cost per unit for direct materials and direct labor. Round the cost per unit to two decimal places. Line Item Description Cost per Unit Direct materials standard cost per unit $fill in the blank 1 Direct labor standard cost per unit $fill in the blank 2 Total standard cost…
Rag Swag Inc. manufactures various styles of men’s casual wear. Shirts are cut and assembled by a workforce that is paid by piece rate. This means that they are paid according to the amount of work completed during a period of time. To illustrate, if the piece rate is $0.10 per sleeve assembled, and the worker assembles 800 sleeves during the day, then the worker would be paid $80 (800 × $0.10) for the day’s work. The company is considering adopting a lean manufacturing philosophy by organizing work cells around various types of products and employing pull manufacturing. However, no change is expected in the compensation policy. On this point, the manufacturing manager stated the following: “Piecework compensation provides an incentive to work fast. Without it, the workers will just goof off and expect a full day’s pay. We can’t pay straight hourly wages—at least not in this industry.” A garment company was following piece rate system for its employees and suddenly lean manufacturing…
Erie Company manufactures a mobile fitness device called the Jogging Mate. The company uses standards to control its costs. The labor standards that have been set for one Jogging Mate are as follows: Standard Hours Standard Rate per Hour Standard Cost 24 minutes $ 6.00 $ 2.40 During August, 8,380 hours of direct labor time were needed to make 19,500 units of the Jogging Mate. The direct labor cost totaled $48,604 for the month. Required: 4. What is the labor rate variance and the labor efficiency variance? 5. The budgeted variable manufacturing overhead rate is $4.50 per direct labor-hour. During August, the company incurred $40,224 in variable manufacturing overhead cost. Compute the variable overhead rate and efficiency variances for the month.
Silven Company has identified the following overhead activities, costs, and activity drivers for the coming year: Activity Expected Cost Activity Driver Activity Capacity $138,000 Number of setups 10,200 Number of orders 92,400 Machine hours 18,480 Receiving hours phones with the following expected activity demands: Setting up equipment Ordering materials Machining Receiving Silven produces two models of cell Model X 5,000 80 200 6,600 385 Units completed Number of setups Number of orders Machine hours Receiving hours Required: Model Y 10,000 40 400 4,950 770 120 600 11,550 1,155
One Stop Invitations & More does customize, hand-crafted wedding memorabilia, in which each batch of items is a job. The company has a highly labour-intensive production process, so it allocates manufacturingoverhead based on direct labour hours. The business expects to incur $2,400,000 of manufacturing overhead costs and to use 40,000 direct labour hours during 20X9. At the end of May June 20X9, One Stop Invitations & More reported the following inventories:Raw Materials Inventory $200,000Work-in-Progress Inventory $170,000Finished Goods Inventory $110,000During July 20X9, One Stop Invitations & More actually used 3,000 direct labour hours and recorded thefollowing transactions.i) Purchased materials on account $310,000ii) Manufacturing wages incurred $400,000iii) Materials requisitioned (includes $30,000 of indirect materials) $420,000iv) Assigned manufacturing wages, 90% direct labour, 10% indirect labourv) Other manufacturing overhead incurred $130,000vi) Allocated…