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Utease Corporation has several production plants nationwide. A newly opened plant in Dubuque produces and sells one product. The plant is treated, for responsibility accounting purposes, as a profit center. The unit standard costs for a production unit, with overhead applied based on direct labor hours, are as follows. Manufacturing costs (per unit based on expected activity of 17,000 units or 18,700 direct labor hours): Direct materials (1.8 pounds at $10) Direct labor (1.1 hours at $60) Variable overhead (1.1 hours at $10) Fixed overhead (1.1 hours at $28) standard cost per unit Budgeted selling and administrative costs: variable Fixed Units produced Units sold Unit selling price Direct labor hours worked Direct labor costs Direct materials purchased Direct materials costs Direct materials used Actual fixed overhead Actual variable overhead Actual selling and administrative costs Expected sales activity: 13,000 units at $350 per unit Desired ending Inventories: 12% of sales Assume this is the first year of operations for the Dubuque plant. During the year, the company had the following activity. Comprehensive Problem 6 (Algo) Part f $ f. Calculate the actual plant operating profit/loss for the year. Answer is complete but not entirely $ Operating profit $ 2,009,500 18.00 66.00 11.00 22.00 117.00 4 per unit $1,500,000 16,000 14,500 $ 345 17,100 $ 1,043,100 $ $ 1,000,000 87,000 $ $ 1,652,000 In addition, all over- or underapplied overhead and all product cost variances are adjusted to cost of goods sold. 32,800 pounds 328,000 32,800 pounds

Utease Corporation has several production plants nationwide. A newly opened plant in Dubuque produces and sells one product. The plant is treated, for responsibility accounting purposes, as a profit center. The unit standard costs for a production unit, with overhead applied based on direct labor hours, are as follows. Manufacturing costs (per unit based on expected activity of 17,000 units or 18,700 direct labor hours): Direct materials (1.8 pounds at $10) Direct labor (1.1 hours at $60) Variable overhead (1.1 hours at $10) Fixed overhead (1.1 hours at $28) standard cost per unit Budgeted selling and administrative costs: variable Fixed Units produced Units sold Unit selling price Direct labor hours worked Direct labor costs Direct materials purchased Direct materials costs Direct materials used Actual fixed overhead Actual variable overhead Actual selling and administrative costs Expected sales activity: 13,000 units at $350 per unit Desired ending Inventories: 12% of sales Assume this is the first year of operations for the Dubuque plant. During the year, the company had the following activity. Comprehensive Problem 6 (Algo) Part f $ f. Calculate the actual plant operating profit/loss for the year. Answer is complete but not entirely $ Operating profit $ 2,009,500 18.00 66.00 11.00 22.00 117.00 4 per unit $1,500,000 16,000 14,500 $ 345 17,100 $ 1,043,100 $ $ 1,000,000 87,000 $ $ 1,652,000 In addition, all over- or underapplied overhead and all product cost variances are adjusted to cost of goods sold. 32,800 pounds 328,000 32,800 pounds

FINANCIAL ACCOUNTING
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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Utease Corporation has several production plants nationwide. A newly opened plant in Dubuque produces and sells one product. The plant is treated, for responsibility accounting purposes, as a profit center. The unit standard costs for a production unit, with overhead applied based on direct labor hours, are as follows. Manufacturing costs (per unit based on expected activity of 17,000 units or 18,700 direct labor hours): Direct materials (1.8 pounds at $10) Direct labor (1.1 hours at $60) variable overhead (1.1 hours at $10) Fixed overhead (1.1 hours at $20) standard cost per unit Budgeted selling and administrative costs: Variable Fixed Units produced Units sold Unit selling price Direct labor hours worked Direct labor costs Direct materials purchased Direct materials costs Direct materials used Actual fixed overhead Actual variable overhead Actual selling and administrative costs Expected sales activity: 13,000 units at $350 per unit Desired ending Inventories: 12% of sales Assume this is the first year of operations for the Dubuque plant. During the year, the company had the following activity. Comprehensive Problem 6 (Algo) Part f 1. Calculate the actual plant operating profit/loss for the year. Answer is complete but not entirely Operating profit $ 2,009,500 $ $ $ $ 18.00 66.00 11.00 22.00 117.00 16,000 14,500 345 17,100 $ 1,043,100 $1,500,000 4 per unit In addition, all over- or underapplied overhead and all product cost variances are adjusted to cost of goods sold. 32,800 pounds 328,000 32,800 pounds $ 1,000,000 87,000 $ $ 1,652,000
Transcribed Image Text:Utease Corporation has several production plants nationwide. A newly opened plant in Dubuque produces and sells one product. The plant is treated, for responsibility accounting purposes, as a profit center. The unit standard costs for a production unit, with overhead applied based on direct labor hours, are as follows. Manufacturing costs (per unit based on expected activity of 17,000 units or 18,700 direct labor hours): Direct materials (1.8 pounds at $10) Direct labor (1.1 hours at $60) variable overhead (1.1 hours at $10) Fixed overhead (1.1 hours at $20) standard cost per unit Budgeted selling and administrative costs: Variable Fixed Units produced Units sold Unit selling price Direct labor hours worked Direct labor costs Direct materials purchased Direct materials costs Direct materials used Actual fixed overhead Actual variable overhead Actual selling and administrative costs Expected sales activity: 13,000 units at $350 per unit Desired ending Inventories: 12% of sales Assume this is the first year of operations for the Dubuque plant. During the year, the company had the following activity. Comprehensive Problem 6 (Algo) Part f 1. Calculate the actual plant operating profit/loss for the year. Answer is complete but not entirely Operating profit $ 2,009,500 $ $ $ $ 18.00 66.00 11.00 22.00 117.00 16,000 14,500 345 17,100 $ 1,043,100 $1,500,000 4 per unit In addition, all over- or underapplied overhead and all product cost variances are adjusted to cost of goods sold. 32,800 pounds 328,000 32,800 pounds $ 1,000,000 87,000 $ $ 1,652,000
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