Use the image below to answer the following question. The blue box represents the VAnswer the following question The Lebanese Bakery Inc. also allocates FMOH to products on the basis of standard direct manufacturing labor - hours. For the year, FMOH was budgeted at $4.00 per DMLH. Actual FMOH incurred during the year was $272,000. Baguettes are baked in batches of 100 loaves. Following are some pertinent data for Lebanese Bakery Inc: Direct manufacturing labor use: 2.00 DMLH per batch Fixed manufacturing overhead: $4.00 per DMLH Lebanese Bakery Inc. recorded the following additional data for the year ended December 31: Planned (budgeted) output 3, 840,000 baguettes Actual production 3, 360, 000 baguettes Direct manufacturing labor 50, 400 DMLH Actual fixed MOH $272, 000 Question: 1) Why do we use these headings in specific? Explain each heading. 2) How do you know whether the rate variance ($35200 F) and production volume - variance ($38400 U) are favourable or unfavourable? Is there a formula to use? Please explain. Answer:box represents the formation of a acids formed by al

Use the image below to answer the following question. The blue box represents the VAnswer the following question The Lebanese Bakery Inc. also allocates FMOH to products on the basis of standard direct manufacturing labor - hours. For the year, FMOH was budgeted at $4.00 per DMLH. Actual FMOH incurred during the year was $272,000. Baguettes are baked in batches of 100 loaves. Following are some pertinent data for Lebanese Bakery Inc: Direct manufacturing labor use: 2.00 DMLH per batch Fixed manufacturing overhead: $4.00 per DMLH Lebanese Bakery Inc. recorded the following additional data for the year ended December 31: Planned (budgeted) output 3, 840,000 baguettes Actual production 3, 360, 000 baguettes Direct manufacturing labor 50, 400 DMLH Actual fixed MOH $272, 000 Question: 1) Why do we use these headings in specific? Explain each heading. 2) How do you know whether the rate variance ($35200 F) and production volume - variance ($38400 U) are favourable or unfavourable? Is there a formula to use? Please explain. Answer:box represents the formation of a acids formed by al

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Description: Use the image below to answer the following question. The blue box represents the VAnswer the followingquestion The Lebanese Bakery Inc. also allocates FMOH to products on the basis of standard directmanufacturing labor - hours. For the year, FMOH w

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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The Gidget Company produces a variety of styles of gidgets, and measures total output as the standard hours allowed for actual output. Gidget Company's manufacturing overhead budget calls for $50,000 of fixed overhead for the year plus $10 per direct labor hour. Last year the Gidget Company produced 11,000 standard hours of output. Actual manufacturing overhead for the year amounted to $53,000 of fixed overhead and the Gidget Company used 8,000 direct labor hours. The Gidget Company uses standard direct labor hours allowed as a basis for allocating overhead and uses 10,000 direct labor hours as its denominator volume. Calculate the production volume variance:
Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] Textra produces parts for a machine manufacturer. Parts go through two departments, Molding and Trimming. The company budgets overhead cost of $246,250 in the Molding department and $206,250 in the Trimming department. The company budgets 16,000 machine hours (MH) in Molding and 25,000 direct labor hours (DLH) in Trimming. Actual production information follows. Number of Molding Department Units Hours per Unit Total Hours Trimming Department Hours per Unit Total Hours Part Z Part X Totals 3,000 2.0 MH per unit 4,000 2.5 MH per unit 6,000 MH 10,000 MH 16,000 MH 3 DLH per unit 9,000 DLH 4 DLH per unit 16,000 DLH 25,000 DLH Exercise 17-7 (Algo) Plantwide overhead rate LO P1 Required: 1. Compute the plantwide overhead rate using direct labor hours as the allocation base. 2. Determine the overhead cost per unit for each part using the…
Marvin’s Kitchen Supply delivers restaurant supplies throughout the city. The firm adds 10 percent to the cost of the supplies to cover the delivery cost. The delivery fee is meant to cover the cost of delivery. A consultant has analyzed the delivery service using activity-based costing methods and identified four activities. Data on these activities follow. Cost Driver Volume Activity Cost Driver Cost Driver Volume Processing order Number of orders $ 65,000 5,000 orders Loading truck Number of items 342,000 100,000 items Delivering merchandise Number of orders 80,000 5,000…
Sifton Electronics Corporation manufactures and assembles electronic motor drives for video cameras. The company assembles the motor drives for several accounts. The process consists of a lean cell for each customer. The following information relates to only one customer's lean cell for the coming year. For the year, projected labor and overhead was $5,154,500 and materials costs were $34 per unit. Planned production included 5,408 hours to produce 16,900 motor drives. Actual production for August was 1,820 units, and motor drives shipped amounted to 1,400 units. Conversion costs are applied based on units of production From the foregoing information, determine the amount of the conversion costs charged to Raw and In Process Inventory during August. Oa. $555,100 Ob. $556,954 Oc. $235,349 Od. $128,100
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Good Eats Inc. manufactures flatware sets. The budgeted production is for 80,000 sets this year. Each set requires 2.5 hours to polish the material. If polishing labor costs $15.00 per hour, determine the direct labor cost budget for polishing for the year.$____
The Pizza Company makes two types of frozen pizzas: pepperoni and cheese. The Pizza Company allocates overhead to these two products based on the number of direct labor hours. The direct labor hours per unit for making a pepperoni pizza is 5 minutes or 1/12 of an hour. The direct labor hours per unit for making a cheese pizza is 4 minutes or 1/15 of an hour. At the start of the year The Pizza Company expected to make 12,000 pepperoni pizzas and 6,000 cheese pizzas. During the year, The Pizza Company actually made 9,000 pepperoni pizzas and 7,500 cheese pizzas. The time cards indicate that direct laborers worked for 1,300 hours. What are the total expected direct labor hours, standard direct labor hours, and actual direct labor hours?
Sifton Electronics Corporation manufactures and assembles electronic motor drives for video cameras. The company assembles the motor drives for several accounts. The process consists of a lean cell for each customer. The following information relates to only one customer's lean cell for the coming year. For the year, projected labor and overhead was $3,678,300 and materials costs were $32 per unit. Planned production included 5,856 hours to produce 18,300 motor drives. Actual production for August was 1,980 units, and motor drives shipped amounted to 1,390 units. Conversion costs are applied based on units of production From the foregoing information, determine the cell conversion cost rate. Oa. $2,646.26 Ob. $1,857.73 Oc. $201.00 Od. $628.13
Northwood Company manufactures basketballs. The company has a ball that sells for $25. At present, the ball Is manufactured In a small plant that relles heavly on direct labor workers. Thus, varlable expenses are high, totallng $15.00 per ball, of which 60% Is direct labor cost. Last year, the company sold 58,000 of these balls, with the following results: $ 1,450,000 Sales (58,800 balls) variable expenses Contribution margin Fixed expenses 870,000 580,000 374,000 Net operating income 206,000 Required: 1. Compute (a) last year's CM ratio and the break-even polnt in balls, and (b) the degree of operating leverage at last year's sales level. 2. Due to an Increase in labor rates, the company estimates that next year's varlable expenses will Increase by $3.00 per ball. If this change takes place and the selling price per ball remalns constant at $25.00, what will be next year's CM ratio and the break-even polnt in balls? 3. Refer to the data in (2) above. If the expected change in varlable…
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Bright Lamp Company has budgeted its conversion cost for small lamp production as $85,000 for 1,300 production hours. Each unit produced by the cell requires 15 minutes of process time. During the month, 3,800 units are manufactured in the cell. The estimated materials cost is $18 per unit. Journalize entries for the following: In your computations, round per unit cost to two decimal places and use rounded amount in subsequent calculations. If required, round your final answers to the nearest dollar. a. Materials are purchased on account to produce 4,000 units. fill in the blank b38b7bf9cfc7f9c_2 fill in the blank b38b7bf9cfc7f9c_3 fill in the blank b38b7bf9cfc7f9c_5 fill in the blank b38b7bf9cfc7f9c_6 b. Conversion costs are applied to 3,800 units of production. fill in the blank 62f974fecf90fa6_2 fill in the blank 62f974fecf90fa6_3 fill in the blank 62f974fecf90fa6_5 fill in the blank 62f974fecf90fa6_6 c. The cell…