Chapter 1, Problem 15DQ

Valencia Technology produces a basic smartphone as a contract manufacturer. Overhead is applied at a rate of $60 per direct labor hour. The direct labor rate is $18 per hour. In August, there was no beginning or ending work in process, and the assembly department produced 18,000 finished smartphones. The materials cost was $270,000, and there were 4,500 direct labor hours worked during the month. Actual overhead spending was $268,000 during the month. Requirements: 1. Calculate the total cost of production in the month of August. 2. Calculate the cost per unit for each smartphone produced. 3. Determine if overhead was overapplied or underapplied and by what amount.

Rock Industries made sales to two customers. Both sales were on credit terms of 3/15, n/45. Customer A purchased $50,000 of goods, returned none, and paid in 14 days. Customer B purchased $75,000 of goods, returned, and was given credit for $7,500 of goods and paid in 30 days. What was the net revenue from these two customers?

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Subhangi Apparel planned to use 2 yards of fabric per unit, budgeted at $58 per yard. However, the fabric actually cost $60 per yard. The company actually made 1,600 units, although it had planned to make only 1,400 units. Total yards used for production were 3,250. How much is the total materials variance?

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A jewelry store paid $5,250.00 for a platinum engagement ring. If the store wants to achieve a 35% markup based on the selling price, what should the ring be sold for? No AI

financial accounting question