Wages and salaries Parts and supplies Equipment depreciation. Truck operating expenses Rent Administrative expenses Revenue Expenses per Month $ 21,000 For example, wages and salaries should be $21,000 plus $15.00 per repair-hour. The company expected to work 2,800 repair-hours in May, but actually worked 2,700 repair-hours. The company expects its sales to be $53.00 per repair-hour. $ 2,790 $5,780 $ 4,620 $ 3,880 Required: Compute the company's activity variances for May. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Wages and salaries Parts and supplies Equipment depreciation Truck operating expenses Rent Jake's Roof Repair Activity Variances For the Month Ended May 31 Administrative expenses Total expense Net operating income Repair-Hour $15.00 $ 7.30 $ 0.35 $ 1.80 $ 0.80

Wages and salaries Parts and supplies Equipment depreciation. Truck operating expenses Rent Administrative expenses Revenue Expenses per Month $ 21,000 For example, wages and salaries should be $21,000 plus $15.00 per repair-hour. The company expected to work 2,800 repair-hours in May, but actually worked 2,700 repair-hours. The company expects its sales to be $53.00 per repair-hour. $ 2,790 $5,780 $ 4,620 $ 3,880 Required: Compute the company's activity variances for May. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Wages and salaries Parts and supplies Equipment depreciation Truck operating expenses Rent Jake's Roof Repair Activity Variances For the Month Ended May 31 Administrative expenses Total expense Net operating income Repair-Hour $15.00 $ 7.30 $ 0.35 $ 1.80 $ 0.80

Name: Wages and salariesParts and suppliesEquipment depreciation.Truck oper
Uploaded: 2024-03-05T11:50:36.000Z
Channel: Bartleby
Description: Wages and salariesParts and suppliesEquipment depreciation.Truck operating expensesRentAdministrative expensesRevenueExpensesper Month$ 21,000For example, wages and salaries should be $21,000 plus $15.00 per repair-hour. The company expected to work

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The Retread Tire Company recaps tires. The fixed annual cost of the recapping operation is $60,000. The variable cost of recapping a tire is $9. The company charges $25 to recap a tire. a. For an annual volume of 12,000 tires, determine the total cost, total revenue, and profit. b. Determine the annual break-even volume for the Retread Tire Company operation.
Franklin Corporation incurs the following annual fixed costs: Item Depreciation Officers' salaries Long-term lease Property taxes Cost $ 55,000 180,000 95,000 14,000 Skipped Required Determine the total fixed cost per unit of production, assuming that Franklin produces 8,500, 9,000, or 9,500 units. (Round your answers to 2 decimal places.) Units Produced 8,500 9,000 9,500 Fixed cost per unit
Sales revenue for XYZ Company is $1,000,000. The cost of goods sold is $450,000 and the operating expenses are $250,000. Interest revenue for the company is $100,000 and the interest expenses are $50,000. The minimum required rate of return is 15% and cost of operating assets $1,500,000. What is the residual income for XYZ Company? a. $125,000 b. $175,000 c. $100,000 d. $75,000
Vernon Corporation incurs the following annual fixed costs. Item Cost $ 52,000 120,000 85,000 9,000 Depreciation officers' salaries Long-term lease Property taxes Required Determine the total fixed cost per unit of production, assuming that Vernon produces 1,500, 2,000, or 2,500 units. (Round your answers to 2 decimal places.) Units Produced 1,500 2,000 2,500 Fixed cost per unit
Operating Capacity in hours per year = 2,000 hours Hourly rate for crane with operator = $203.00 Downtime = 10.0% Operating Expense = 53.0% Calculate each with the provided numbers above: Gross Potential Income Effective Gross Income Net Operating Income.
HH Auto Repair reports the following information for the coming year. $ Labor rate, including fringe benefits Annual labor hours 55 per labor hour 11,900 hours $2,190,000 Annual materials (parts) purchases Annual overhead costs: Materials purchasing, handling, and storage $ 394,200 Other overhead (depreciation, insurance, taxes, rent) Target profit margin (on both labor and materials) $ 178,500 32 % 1. Compute the price (rate) per hour of direct labor. (Round your answer to 2 decimal places.) 2. Compute the materials markup (in %). 3. What price should the company quote for a job requiring four labor hours and $770 in parts? (Round your answer to 2 places.) 1. Total labor rate per hour 2. Materials markup % 3. Total price quote
Dunaway Company reports the following costs for the year: How much are Dunaway’s period Costs? $250,000 $270 000 $345,000 $175,000
Time 2) Modern LLC rented a manufacturing machine from supplier for one month. Following expenditure were incurred: Fixed monthly expenses: Machine rent OMR 5600 Other data as follows: Selling price per unit OMR 12 Variable cost per unit OMR 5 Contribution margin OMR 7 Consider each question independently. Working should form part of your answer. A) What is the monthly break-even point in number of units? In OMR Sales? B) If 10,0000 units were sold, what would be the company's net income (profit)? C) If the fixed cost decreased by 10%, what would be the monthly break-even point in number of units? In OMR Sales? D) Refer to the original data. Selling price increased by 25%. What would be new net income (profit) be if 8,000 units were sold?
A recent income statement of Company A reported the following data: Units sold 8,000Sales revenue ₱7,200,000Variable costs ₱4,000,000Fixed costs ₱1,600,000 If the company desired to earn a target net profit of ₱480,000, it would have to sell:A. 1,200 units. B. 2,800 units. C. 4,000 units. D. 5,200 units.
Accounting Cullumber Company's break-even point in sales dollars is $650,000. Assuming fixed costs are $195,000, what sales revenue is needed to achieve a target net income of $90,000? Sales revenue needed:
The following are the annual costs of Peter Corp. relating to Material A which required 40,000 units per year: Unit Cost Insurance cost $20 Storage cost 32 Freight in 36 Order cost 10 Interest that could have been earned on the alternative investment of funds $320,000 What is the annual carrying cost per unit?
Finch Company began its operations on March 31 of the current year. Finch has the following projected costs: May $198,000 April $156,000 a. $49,500 b. $252,000 c. $202,500 d. $153,000 Manufacturing costs* Insurance expense** Depreciation expense Property tax expense*** *Of the manufacturing costs, three-fourths is paid for in the month they are incurred; one-fourth is paid in the following month. **Insurance expense is $900 a month; however, the insurance is paid four times yearly in the first month of the quarter (i.e., January, April, July, and October). ***Property tax is paid once a year in November. The cash payments for Finch Company expected in the month of June are 900 1,850 500 900 1,850 June 500 $204,000 900 1,850 500 Previous Next