Use the following information for the Quick Study below. (Algo)Miami Solar manufactures solar panels for industrial use. The company budgets production of 4,500 units (solar panels) inJuly and 4,400 units in August.QS 20-11 (Algo) Manufacturing: Factory overhead budget LO P1Each unit requires 4 hours of direct labor at a rate f $19 per hour. The company applies variable overhead at the rate of $18 per directlabor hour. Budgeted fixed factory overhead is $185,000 per month. Prepare a factory overhead budget for August.MIAMI SOLARFactory Overhead BudgetDirect labor hours neededBudgeted variable overheadBudgeted total factory overheadAugust

Direct costs are the expenses that are directly used for the production of goods and services for…

Answered: Use the following information for the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image) Peggy's Pillows produces and sells a decorative pillow for $75.00 per unit. In the first month of operation, 2,000 units were produced and 1,750 units were sold. Actual fixed costs are the same as the amount budgeted for the month. Budgeted monthly production is 2,500 units. The production volume variance is written off to the cost of goods sold account. Other information for the month includes: Variable manufacturing costs $20.00 per unit Variable marketing costs $ 3.00 per unit Fixed manufacturing costs per month $ 17,500 Administrative expenses, all fixed $15.00 per unit 1. What is cost of goods sold using absorption costing?
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Blue Spruce Welding rebuilds spot welders for manufacturers. The following budgeted cost data for 2022 is available for Blue Spruce. Technicians' wages and benefits Parts manager's salary and benefits Office employee's salary and benefits Other overhead (a) Total budgeted costs Compute the rate charged per hour of labor. Time Charges $202,800 Labor rate $ 39,000 7,800 $249,600 The company desires a $39 profit margin per hour of labor and a 28% profit margin on parts. It has budgeted for 7,800 hours of repair time in the coming year, and estimates that the total invoice cost of parts and materials in 2022 will be $416,000. Material Loading Charges per hour $39,300 14,780 29,120 $83,200
3
A Company produces items to order and had the following budgeted overheads for the year on normal activity levels. Department Assembly Machining Painting Packing Labour: Budgeted Overheads Selling and administrative overheads are 10% of Factory Cost. The company received an order for 500 widgets, made as Batch 2024 and incurred the following costs. Assembly Dept: Machining Dept. Painting Dept. Packing Dept. Required: 36.000 86 000 40 000 30.000 Overhead Absorption Base 1500 per labour hours 2.500 per machine hours 1 800 per labour hours 1000 per labour hours 256 hours (2) $4.25 per hour 904 hours $2.50 per hour 180 hours) $3.25 per hour 350 hours @ $5.25 per hour Calculate the OAR's for each department. Calculate the total cost of the Batch showing clearly: i. Prime Cost ii. Factory Cost iii. Total Cost of the Batch
Subject: Acounting

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