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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Golden Enterprise performs market research for consumer product companies across the country. The company conducts telephone surveys and gathers consumers together in focus groups to review foods, cleaning products, and toiletries. Golden uses a normal-costing system. General overhead is allocated to each job based on 150% of direct labor cost. Actual overhead equaled applied overhead as of April 30, 2020. Actual overhead in May was RM122,000. All costs incurred during the planning stage for a market research job and during the job are gathered in a balance sheet account called “Jobs in Progress (JIP).” When a job is completed, the costs are transferred to an income statement account called “Cost of Completed Jobs (CCJ).” Following is cost information for May 2020: From Beginning JIP Incurred in May Brand Labor General Overhead Labor Choco Jar RM18,000 RM27,000 RM16,000 Herbal Toothpaste 4,000 6,000 34,000 Green Noodles ---…
Swifty Corporation manufactures safes-large mobile safes, and large walk-in stationary bank safes. As part of its annual budgeting process, Swifty is analyzing the profitability of its two products. Part of this analysis involves estimating the amount of overhead to be assigned to each product line. The information shown below relates to overhead. Units planned for production Material moves per product line Purchase orders per product line Direct labor hours per product line (a) (1) One mobile safe $ (2) Your answer is correct. (b1) eTextbook and Media (a) One walk-in safe (b) The total estimated manufacturing overhead was $260,000. Under traditional costing (which assigns overhead on the basis of direct labor hours), what amount of manufacturing overhead costs are assigned to: (Round answers to 2 decimal places, e.g. 12.25.) One mobile safe $ One walk-in safe Mobile Safes Walk-in Safes $ 200 $ 300 450 800 416 50 3,536 200 The total estimated manufacturing overhead of $260,000 was…
Maulana Sdn Bhd (MSB) manufactures and sells two types of products: Pastry roller and Pastry puff .Each unit of product consumes two types of materials, butter and cheese. MSB is preparing its annual budget for the year ending December 31, 2018. The Assistant Accountant provides the following data: Pastrv roller Pastry puff Sales unit 65,000 55,000 Unit selling price RM30 RM20 MSB decided that the beginning and ending inventory for the year 2018 are as follow: Product Beginning inventory(units) Ending inventory(units) Pastry roller 8,000 9,000 Pastry puff 5,000 4,000 +The following materials are needed for the production of pastry roller and pastry puff: Materials: Pastry roller Pastry puff Beginning Ending inventory (kg) inventory (kg) Butter 10 kg 8 kg 272,000 290,000 Cheese 4 kg 3 kg 60,000 41 ,000 Materials: Price per kg Butter RM2.00 Cheese RM8.00 Direct labour per unit and direct labour co ber unit is given below: Hours needed Rate per hour Pastry roller 2 hours Pastry puff 1.5…
Chadwick Shoe Co. produces and sells an e xcellent-quality walking shoe. After production, the shoes are distributed to 20 warehouses around the country. Each warehouse services approximately 100 stores in its region. Chadwick uses an EOQ model to determine the number of pairs of shoes to order for each warehouse from the factory. Annual demand for Warehouse OR2 is approximately 120,000 pairs of shoes. The ordering cost is $250 per order. The annual carrying cost of a pair of shoes is $2.40 per pair. Q. Assume each month consists of approximately 4 weeks. If it takes 1 week to receive an order, at what point should warehouse OR2 reorder shoes?
Can you show me how this is done? Porter Manufacturing Company uses a standard cost accounting system. In 2011, the company produced 28,000 units. Each unit took several pounds of direct materials and 2 standard hours of direct labor at a standard hourly rate of $12.00. Normal capacity was 50,000 direct labor hours. During the year, 53,965 pounds of raw materials were purchased at $1.3 per pound. All materials purchased were used during the year. If the materials price variance was $4,649 favorable, what was the standard materials price per pound? Selected Answer: 8,643 Correct Answer: 1.39 ± 0.01
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please answer all requirements with explanation , computation , formulation and steps thanks for help in advance The total factory overhead for Bardot Marine Company is budgeted for the year at $600,000 divided into two departments: Fabrication, $420,000, and Assembly, $180,000. Bardot Marine manufactures two types of boats: speedboats and bass boats. The speedboats require 8 direct labor hours (dlh) in Fabrication and 4 direct labor hours in Assembly. The bass boats require 4 direct labor hours in Fabrication and 8 direct labor hours in Assembly. Each product is budgeted for 250 units of production for the year. A. Determine the total number of budgeted direct labor hours for the year in each department. Fabrication direct labor hours Assembly direct labor hours B. Determine the departmental factory overhead rates for both departments. When required, round all per-unit answers to the nearest cent. Fabrication per dlh Assembly per dlh C. Determine the factory…
Lavado Rapido is a Mexican company that owns and operates a large automatic car wash facility near Mexico City. The following table provides data concerning the company’s costs: For example, electricity cost are $1,500 per month plus $0.20 per car washed. The company expects to collect an average of $5.50 per car washed . The company actually washed 9,500 cars in October. Required: Prepare the company’s flexible budget for October.
Cowboy Ice Cream Company (CIC) produces ice cream bars that it markets through a variety of grocery stores. It makes the ice cream bars in batches of 2,000 units. CIC produced 36,000 ice cream bars during the prior accounting period. The cost of producing the ice cream bars is shown below. Materials cost ($29 per unit x 36,000) Labor cost ($26 per unit x 36,000) Manufacturing supplies ($9 x 36,000) Batch-level costs (18 batches at $6,000 per batch) Product-level costs $1,044,000 936,000 324,000 108,000 300,000 370,000 Facility-level costs Total costs $3,082,000 Cost per unit = $3,082,000 + 36, 000 = $85.61 Required a. OnCue has offered to buy a batch of 500 ice cream bars for $68 each. CIC's normal selling price is $93 per unit. Calculate the relevant cost per unit for the special order. Based on the preceding quantitative data, should CIC accept the special order? b. OnCue offered to buy a batch of 2,000 ice cream bars for $68 per unit, calculate the relevant cost per unit for the…
Gloves and mittens are two related goods made by Kettle Factory. The overall manufacturing overhead budget is $1,050,000, with 600,000 direct labor hours expected. Glove manufacture is expected to take 375,000 direct labor hours, while mitten production will take 225,000 direct labor hours. Round your answers to two decimal places, if necessary. a. Determine the single plantwide factory overhead rate based on direct labor hours.$fill in the blank 1 per direct labor hour b. How much is the factory overhead cost per pair of gloves if each pair requires 2 hours to produce?$fill in the blank 2 c. How much is the factory overhead cost per pair of mittens if each pair takes 1.5 hours to produce?$fill in the blank 3 d. How much total factory overhead will be allocated to glove production if 187,500 pairs are budgeted and 190,000 pairs are actually produced during the period? Use your answer from (b) above.$fill in the blank 4 e. How much total factory overhead will be allocated to mitten…
. The total factory overhead for Landen Company is budgeted for the year at $675,000. Landen manufactures two drapery products: sheer curtains and insulated curtains. These products each require 6 direct labor hours (dlh) to manufacture. Each product is budgeted for 7,500 units of production for the year. What would the factory overhead allocated per unit for insulated curtains using the single plantwide factory overhead rate be? a.$15.00 b.$270.00 c.$45.00 d.$90.00
Hartley Uniforms produces uniforms. The company allocates manufacturing overhead based on the machine hours each job uses. Hartley Uniforms reports the following cost data for the past year: Budget Actual 7,600 hours 6,100 hours Direct labor hours Machine hours 7,200 hours 6,300 hours Depreciation on salespeople's autos $23,000 $23,000 Indirect materials $48,500 $50,500 Depreciation on trucks used to deliver uniforms to customers solla $13,000 $70,000 $40,000 $11,000 Depreciation on plant and equipment Indirect manufacturing labor $72,500 $42,000 Customer service hotline $19,000 $21,000 Plant utilities $35,900 $38,400 Direct labor cost $72,500 $85,500 Requirements 1odel tba 1. Compute the predetermined manufacturing overhead rate. 2. Calculate the allocated manufacturing overhead for the past year. 3. Compute the underallocated or overallocated manufacturing overhead. How will this underallocated or overallocated manufacturing overhead be disposed of? 4. How can managers usA acco