Units produced Production runs per quarter Direct materials cost per unit Direct labor cost per unit Supervision Setup labor Incoming inspection Total overhead Manufacturing overhead in the plant has three main functions: supervision, setup labor, and Incoming material Inspection. Data on manufacturing overhead for a representative quarter follow: $ 288,750 336,000 241,500 $ 866,250 Standard 14,000 a. Using current costing system b. Using proposed ABC system 50 $30 50 Required: a. Compute the unit costs for the two products, Standard and Premium, using the current costing system at Benton (using direct labor costs as the allocation basis for overhead). b. Compute the unit costs for the two products, Standard and Premium, using the proposed ABC system at Benton. Note: For all requirements, do not round Intermediate calculations. Round your answers to 2 decimal places. S S Answer is complete but not entirely correct. Premium 3,500 25 $64 75 Unit cost Standard 120.00 X S 117.67 X S Premium 199.00 x 208.33

Units produced Production runs per quarter Direct materials cost per unit Direct labor cost per unit Supervision Setup labor Incoming inspection Total overhead Manufacturing overhead in the plant has three main functions: supervision, setup labor, and Incoming material Inspection. Data on manufacturing overhead for a representative quarter follow: $ 288,750 336,000 241,500 $ 866,250 Standard 14,000 a. Using current costing system b. Using proposed ABC system 50 $30 50 Required: a. Compute the unit costs for the two products, Standard and Premium, using the current costing system at Benton (using direct labor costs as the allocation basis for overhead). b. Compute the unit costs for the two products, Standard and Premium, using the proposed ABC system at Benton. Note: For all requirements, do not round Intermediate calculations. Round your answers to 2 decimal places. S S Answer is complete but not entirely correct. Premium 3,500 25 $64 75 Unit cost Standard 120.00 X S 117.67 X S Premium 199.00 x 208.33

Name: Units producedProduction runs per quarterDirect materials cost per un
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Units producedProduction runs per quarterDirect materials cost per unitDirect labor cost per unitSupervisionSetup laborIncoming inspectionTotal overheadManufacturing overhead in the plant has three main functions: supervision, setup labor, and Incom

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

Required information Skip to question Greenwood Company manufactures two products-15, 000 units of Product Y and 7,000 units of Product Z. The company uses a plantwide overhead rate based on direct labor - hours. It is considering implementing an activity - based costing (ABC) system that allocates all of its manufacturing overhead to four cost pools. The following additional information is available for the company as a whole and for Products Y and Z: Activity Cost Pool Activity Measure Estimated Overhead Cost Expected Activity Machining Machine - hours $ 213,400 11,000 MHs Machine setups Number of setups $ 61,600 140 setups Production design Number of products $ 78,000 2 products General factory Direct labor-hours $244,000 10,000 DLHS Activity Measure Product Y Product Z Machining 7,400 3,600 Number of setups 60 80 Number of products 1 1 Direct labor-hours 7,400 2,600 2. Using the plantwide overhead rate, how much manufacturing overhead cost is allocated to Product Y and Product Z?…
Superior Micro Products uses the weighted-average method in its process costing system. Data for the Assembly Department for May appear below: Materials Labor Overhead Work in process, May 1 $ 29,500 $ 48,456 $ 236,049 Cost added during May $ 179,375 $ 32,304 $ 157,366 Equivalent units of production 2,500 2,400 2,300 Required: Compute the cost per equivalent unit for materials, labor, overhead, and in total. (Round your answers to 2 decimal places.)
Multiple Choice $9,907.97 $89,171.73 $5,173.02 $136.51
Angel Corporation uses activity-based costing to determine product costs for external financial reports. The company has provided the following data concerning its activity-based costing system: Activity Cost Pools (and Activity Measures) Machine related (machine-hours) Estimated Overhead Cost $323,840 $363,000 $258,420 Batch setup (setups) Order size (direct labor-hours) Expected Activity Activity Cost Pools Machine related Product X Product Y Total 5,400 10,800 4,400 7,400 2,400 7,400 12,800 Batch setup 13,200 11,800 Order size Assuming that actual activity turns out to be the same as expected activity, the total amount of overhead cost allocated to Product X would be closest to: (Round your intermediate calculations to 2 decimal places.)
Equivalent Units of Production and Cost per Equivalent Unit—FIFO Method Required: Assume that the company uses the FIFO method in its process costing system. 1. Compute the first department’s equivalent units of production for materials, labor, and overhead for the month. 2. Compute the first department’s cost per equivalent unit for materials, labor, overhead, and in total for the month.
An activity based costing system is being considered at Evelia, nv to assign products overhead costs; these overhead costs are currently assigned strictly by number of units produced. First, the two overhead costs of Rent expense and Insurance expense would be allocated to three activity cost pools - Finishing, Sanding, and Other - based on resource consumption. The information used to perform these allocations is below: Overhead Costs: Rent expense: $2,000,000 Insurance expense: $1,650,000 Distribution of Resource Consumption across Activity Cost Pools: Overhead Cost Activity Cost Pools Finishing Sanding Other Rent expense 0.45 0.25 0.30 Insurance expense 0.20 0.35 0.45 In the second stage, Finishing costs would be assigned to products using direct labor hours and Sanding costs would be assigned to products using the number of machine hours. The costs in the Other activity pool would not be assigned to products. Activity data for the company's two products is as…
Heidelberg Fabrication manufactures two products, G-09 and G-35: Units produced Direct materials cost per unit Machine-hours per unit Production runs per quarter G-09 19,400 $7 4 144 Machine depreciation Setup labor Materials handling Total Production at the plant is automated and any labor cost is included in overhead. Data on manufacturing overhead at the plant follow: G-35 3,880 $ 19 7 72 $184,760 52,380 41,904 $ 199,044 Required: a. Heidelberg currently applies overhead on the basis of machine-hours. What is the predetermined overhead rate for the quarter? Note: Round your answer to 2 decimal places. b. Heidelberg is thinking of adopting an ABC system. They have tentatively chosen the following cost drivers: machine-hours for machine depreciation, production runs for setup labor, and direct material dollars for materials handling. Compute the cost driver rates for the proposed system at Heidelberg.
- Chapter Four Activity Cost Pool Machining Machine setups Production design General factory Activity Measure Machining Required information Greenwood Company manufactures two products-13,000 units of Product Y and 5,000 units of Product Z. The company uses a plantwide overhead rate based on direct labor-hours. It is considering implementing an activity- based costing (ABC) system that allocates all of its manufacturing overhead to four cost pools. The following additional information is available for the company as a whole and for Products Y and Z: Number of setups Number of products Direct labor-hours Activity Measure Machine-hours Number of setups Number of products Direct labor-hours Activity rate Saved Product Y Product Z 8,800 3,200 240 40 1 1 8,800 3,200 5. What is the activity rate for the Product Design activity cost pool? per product Save
Doles Corporation uses the following activity rates from its activity-based costing to assign overhead costs to products. Activity Cost Pools Setting up batches Processing customer orders Assembling products Data concerning two products appear below: Number of batches Number of customer orders Number of assembly hours Total overhead cost Activity Rate $69.22 per batch $26.28 per customer order $ 12.11 per assembly hour Product K52W 65 45 418 Required: How much overhead cost would be assigned to each of the two products using the company's activity-based costing system? (Round your intermediate calculations and final answers to 2 decimal places.) Product K52W Product X94T Product X94T 52 30 161
Senff Corporation uses the following activity rates from its activity-based costing to assign overhead costs to products: Activity Cost Pools Setting up batches Processing customer orders Assembling products Data concerning two products appear below: Number of batches Number of customer orders Number of assembly hours Activity Rate $ 82.25 per batch $ 73.65 per customer order $ 9.01 per assembly hour Product V91Z 76 21 493 Product V211 13 10 698 How much overhead cost would be assigned to Product V91Z using the activity-based costing system? (Round your intermediate calculations to 2 decimal places.)
Equivalent Units of Production and Related Costs The charges to Work in Process—Baking Department for a period as well as information concerning production are as follows. The Baking Department uses the weighted average cost method, and all direct materials are placed in process during production. Work in Process—Baking Department Bal., 2,700 units, 60% completed 5,265 To Finished Goods, 19,400 units ? Direct materials, 19,700 units 56,145 Direct labor 27,449 Factory overhead 14,141 Bal., 3,000 units, 40% completed ? If required, round cost per equivalent unit answer to two decimal places. a. Determine the number of whole units to be accounted for and to be assigned costs. fill in the blank units b. Determine the number of equivalent units of production. fill in the blank units c. Determine the cost per equivalent unit. $ fill in the blank per equivalent unit d. Determine the cost of units transferred to Finished Goods. $ fill in the blank e.…
Ling Company has two departments, Assembly and Finishing. Consider the following data for the Assembly Department Beginning work in process Started during the month Completed during the month Ending work in process Costs added during month Units 3,300 19,300 16,300 6,300 Direct Direct % Complete Material Labor Overhead 90% b. Calculate the cost per equivalent unit. Note: Round your answer to 4 decimal places. 60% a. Equivalent units b. Cost per equivalent unit c. Costs transferred out d. Ending inventory cost $13,000 $8,050 $4,310 a. Compute the number of total equivalent units for the Assembly Department. Ling uses the weighted average method to determine equivalent units. c. Compute the amount of costs that should be transferred to the Finishing Department. Note: Round your answer to the nearest cent. d. Compute the amount of costs that should be assigned to the 6,300 units in ending inventory. Note: Round your answer to the nearest cent. per unit Total $2,735 $25,360