Vignana Corporation manufactures and sells hand-painted clay figurines of popular sports heroes. Shown below are some of the costs incurred by Vignana for last year: Cost of clay used in production Wages paid to the workers who paint the figurines Wages paid to the sales manager's secretary Cost of junk mail advertising What is the total of the direct costs above? Multiple Choice $154,000 $116,000 $62,000 $195,000 of 15 $ 62,000 $ 92,000 $ 24,000 $ 41,000 H Next >

Vignana Corporation manufactures and sells hand-painted clay figurines of popular sports heroes. Shown below are some of the costs incurred by Vignana for last year: Cost of clay used in production Wages paid to the workers who paint the figurines Wages paid to the sales manager's secretary Cost of junk mail advertising What is the total of the direct costs above? Multiple Choice $154,000 $116,000 $62,000 $195,000 of 15 $ 62,000 $ 92,000 $ 24,000 $ 41,000 H Next >

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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Jones Company incurred the following costs while producing 100 chairs: Units produced 100 chairs Direct materials $10 per unit Direct labor 15 per unit Variable manufacturing overhead 3 per unit Total fixed manufacturing overhead 2,000 Variable selling and administrative 4 per unit Fixed selling and administrative 3,000 What is operating income using absorption costing if 80 units were sold for $150 each? ANSWER $9,760 $6,440 $8,160 $4,840 I DON'T KNOW YET
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b) Almond Delites manufactures various types of biscuits. FMF Biscuits Ltd has approached wwwwwww Almond Delites with a proposal to sell the company its top-selling biscuit at a price of $22 000 for 20 000 units. The costs shown are associated with the production of 20 000 units of almond biscuits: Direct materials Direct labour Manufacturing overhead Total cost $12,000 $5,000 $ 8,000 $25,000 The manufacturing overhead consists of $2 000 of variable costs, with the balance being allocated to fixed costs. Assume that 40% of the fixed costs would be avoidable if the almond biscuits were purchased externally rather than produced internally. Required: i) Should Almond Delites make or buy the almond biscuit? ANSWER b (i): ii) What qualitative factors should Almond Delites consider before making its decision? ANSWER b (ii):
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Cost of Services Sold Jean and Tom Perritz own and manage Happy Home Helpers, Inc. (HHH), a house-cleaning service. Each cleaning (cleaning one house one time) takes a team of three house cleaners about 1.5 hours. On average, HHH completes about 15,000 cleanings per year. The following total costs are associated with the total cleanings: Direct materials Direct labor Variable overhead Fixed overhead ? $472,500 15,000 18,000 Next year, HHH expects to purchase $25,600 of direct materials. Projected beginning and ending inventories for direct materials are as follows: Direct Materials Inventory Required: Beginning $4,000 2,600 Ending There is no work-in-process inventory and no finished goods inventory; in other words, a cleaning is started and completed on the same day. 1. Prepare a statement of cost of services sold in good form. If an amount is zero, enter "0". Happy Home Helpers, Inc. Statement of Cost of Services Sold For the Coming Year 2. How does this cost of services sold…
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Mariposa Manufacturing builds custom wooden cabinets, Mariposa Manufacturing has reported the following costs for the previous year. Assume no production inventories. Advertising: $70,000Cost of hardware (slides, handles, etc.): $34,000 Cost of wood: $117,000 Depreciation on production equipment: $63,000Factory property taxes: $17,300 Factory rent: $76,000 Glue: $3,800 Production supervisor salary: $40,700Sales manager salary: $41,600Utilities for factory: $23,900 Wages for maintenance workers: $31,800 Wages of assembly workers: $91,400Wages of finishing workers: $77,300 Compute the direct material cost and direct labor cost