rect labor rate per hour. rect labor hours per gallon. hours
Q: The following information pertains to inventory for a company: March 1 Beginning inventory 35 units…
A: FIFO, or "First-In, First-Out," is a simple inventory or queue management method where the first…
Q: actors affecting the classification of a cost as direct or indirect include: OA. cost behaviour…
A: Direct Cost:- Costs that are directly related to the production of goods are called direct costs…
Q: Cullumber Corporation shipped $21,600 of merchandise on consignment to Oriole Company. Cullumber…
A: Method of recording financial transactions in the book of original entries by debiting and crediting…
Q: The journal entry to re-establish an encumbrance from the prior year would include: Multiple…
A: The budgetary encumbrance is the amount that a company has kept in reserve for future expenditures.
Q: Requirements a. What are the total amounts of deductions for and from AGI that Kiera may take with…
A: Compute the total amount of expense:Insurance :The balance of $100 is deductible as an itemized…
Q: If you put up $45,000 today in exchange for a 6.4 percent, 15-year annuity, what will the annual…
A: Annual cash flows are the regular payments or cash receipts received or paid out on an annual basis…
Q: On January 1, 2023, Pronghorn Limited pays $105,753 to purchase $110,000 of Chan Corporation 9%…
A: Bonds selling at a price below the face value result in discount. The discount on bonds is amortized…
Q: amount of cash flows from operating activities from the following data. Net income Initial accounts…
A: The cash flow statement is prepared to record the cash flow from various activities during the…
Q: 6. A corporation had 50,000 shares of $20 par value common stock outstanding on July 1. Later that…
A: Stock dividends are dividends paid to the shareholders in the form of shares i.e. instead of cash…
Q: Mullins Corporation uses the FIFO method in its process costing system. Data concerning the first…
A: The equivalent units of production concept come into existence when some units are not fully…
Q: Littlestown Corporation reports the following information: Balance in National Bank checking account…
A: Current assets are assets that are projected to be converted into cash within a year. Accounts…
Q: Sunland Orthotics Company distributes a specialized ankle support that sells for $30. The company's…
A: The Contribution Margin Ratio is the percentage of revenue that covers variable costs, and it shows…
Q: Super Cruiseline offers nightly dinner cruises departing from several cities on the East Coast of…
A: MARGINAL COSTING INCOME STATEMENTMarginal Costing Income Statement is One of the Important Cost…
Q: The Shine Company, which manufactures projection equipment, is ready to introduce a new line of…
A: Markup % on total variable cost is calculated by dividing markup amount by total variable cost. The…
Q: The following inventory transactions took place for Cullumber Corporation for the month of May: Date…
A: The inventory can be valued using various methods as FIFO, LIFO and average method. Using average…
Q: Suppose that Sheridan, Inc. reported ending inventory at December 31, 2025 of $1032000 under LIFO.…
A: FIFO is first in first out which means inventory bought first is sold first.LIFO is last in first…
Q: Required: a. Compute Sigma's taxable income assuming that it used the straight-line method to…
A: Taxable Income: The amount of income used to determine whether an individual or business owes taxes…
Q: Thomas Textiles Corporation began November with a budget for 40,000 hours of production in the…
A: VARIABLE OH RATE VARIANCEVariable OH Rate Variance is due to the difference between standard…
Q: The depreciation data for a property are as follows: Book Value = $330,330 Salvage value $80,970…
A: Sum of Years Digit Method: It implies a method that is used by a business to depreciate it's fixed…
Q: On March 13, a company writes off a customer's account of $3,900. On June 3, the customer…
A: An allowance method is a method used to provide for losses due to uncollectible accounts. Under this…
Q: Sales (9,600 units at $225 each) Variable costs (9,600 units at $180 each) Contribution margin Fixed…
A: "Since you have asked multiple questions, we will solve first question for you. If you want any…
Q: Wilson Foods Corporation leased a commercial food processor on September 30, 2021. The five-year…
A: An agreement of contract that is prepared to transfer the right to use the resources for a…
Q: Liz's Health Food Store has estimated monthly financing requirements for the next six months as…
A: For calculation of total dollar interest payments, we will take the monthly interest rate and…
Q: Required information The Ferre Publishing Company has three service departments and two operating…
A: The costs from service department can be allocated to various operating departments using different…
Q: 840 A 1 Chapter 9: Applying Excel 2 3 Data 4 Revenue 5 Cost of ingredients 6 Wages and salaries 7…
A: Budget is the estimation of revenue and expense prior to start the operation. To manage the working…
Q: On June 11, 2019, Hat Trick Manufacturing sold goods worth $400,000 with terms 2/10, n/30 to Ice…
A: Accounts Receivable is a ledger used to report sales on accounts. If a company sells its inventory…
Q: Head-First Company plans to sell 4,200 bicycle helmets at $67 each in the variable cost is $44…
A: The break-even point is the point where the company is able to cover all its costs but does not make…
Q: At the end of the month of July you close the books of your company and received the bank statement.…
A: Bank reconciliation adjusting entries are journal entries made to correct the book balance of the…
Q: The Sirap Co leased equipment from the lessee valued at $400,000. The lease contract has payments of…
A: A lease is defined as a contractual agreement incorporated between two business entities where one…
Q: Factory Overhead Cost Variances Blumen Textiles Corporation began April with a budget for 43,000…
A: VARIABLE OH COST VARIANCEOverhead cost variance or Overall (or net) overhead variance is the…
Q: Cove's Cakes is a local bakery. Price and cost information follows: Price per cake Variable cost per…
A: The break-even sales units are calculated as the fixed costs divided by the contribution margin…
Q: April 1 (balance on hand). 4 8222 13 21 Purchases 29 420 1,050 840 @ $5.30 560 @ 5.70 5.40 350 0…
A: Lets understand the basics.inventory can be calculated using various inventory methods which are,(1)…
Q: Shadee Corporation expects to sell 570 sun shades in May and 420 in June. Each shade sells for $148.…
A: Budgeting is the process of estimating future operations based on past performance. % are estimated…
Q: Trevor Mills produces agricultural feed at its only plant. Materials are added at the beginning of…
A: Equivalent units means where the some goods remain incomplete at the end of process and we need to…
Q: Problem 6-2A (Algo) Variable costing income statement LO P2 Trez Company began operations this year.…
A: Income Statement is a financial statement that shows profitability, total revenue and total…
Q: Exercise 8-17A (Algo) Effect of revenue expenditures versus capital expenditures on financial…
A: Lets understand the basics.As per balance sheet equation, total assets are always generated using…
Q: The following information is taken from the 2015 annual report to shareholders of Herme-Finnet (HF)…
A: Allowance for doubtful accounts means where we expect some debts to become bad in near future then…
Q: Compute the cost of goods sold for the month using the FIFO, LIFO, and average-cost methods. (Round…
A: Weighted Average Method is one of the methods of inventory valuation in which it is assumed that…
Q: Sales (100,000 units @ Sh.20) Variable costs: Direct material 2,000,000 Direct labor 6,500,000…
A: The cost volume and profit analysis work like a managerial tool for analysis of any given level of…
Q: Curtiss Construction Company, Incorporated, entered into a fixed-price contract with Axelrod…
A: Revenue Recognition means the recording of revenues of an entity in its books. It is an accrual…
Q: Exercise 8-2A (Static) Identifying long-term operational assets LO 8-1 Required: Which of the…
A: Long Term Operational Assets are the assets that are used by the company for more than one year. It…
Q: A company decides to redeem its bonds before maturity for 101. The face value of the bonds is…
A: Bonds payable is one of liability being incurred in business. On these bonds, regular interest…
Q: 3. Prepare a journal entry to close out the Manufacturing Overhead account into Cost of Goods Sold.…
A: Any differences between the applied and actual overhead are documented at the end of the term. There…
Q: The Marigold Corporation is disposing of a piece of equipment on May 1, 2025. The equipment had an…
A: Depreciation expense :— It is the allocation of depreciable cost of asset over the estimated useful…
Q: Identify and Compute Net Operating Assets Following is the balance sheet for Lowe’s Companies Inc.…
A: Net Operating Assets (NOA) is a financial term that describes how well a business uses its assets to…
Q: Based on the following d
A: Gross income includes your wages, dividends, capital gains, business income, retirement…
Q: Hello my question is how the Township of Thomasville’s General Fund has the following net resources…
A: General fund is that fund which can be used for any purpose. Some part of general fund may be…
Q: Power Corporation acquired 100 percent ownership of Scrub Company on February 12, 20X9. At the date…
A: A journal entry is a basic accounting record that is used to chronologically track financial…
Q: Gig Harbor Boating is the wholesale distributor of a small recreational catamaran sailboat.…
A: The income statement is prepared to record the revenue and expenses for the period.The gross margin…
Q: REI sells snowboards. Assume the following information relates to REI's purchases of snowboards…
A: FIFO (First-In, First-Out) is an inventory method where the oldest items are sold first.LIFO…
Variance Analysis
In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.
Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
Step by step
Solved in 3 steps
- Labor data for making one gallon of finished product in Cynthia Company are as follows. (1) Price-hourly wage rate $15.10, payroll taxes $0.60, and fringe benefits $1.70. (2) Quantity-actual production time 1.4 hours, rest periods and cleanup 0.30 hours, and setup and downtime 0.20 hours. Compute the following. (Round answers to 2 decimal places, e.g. 1.25.) (a) Standard direct labor rate per hour. $ (b) Standard direct labor hours per gallon. (c) Standard labor cost per gallon. $ hoursLabour data for making one unit of finished product in Waterway Company are as follows: (1) Price-hourly wage rate $10.00, payroll taxes $0.80, and fringe benefits $1.60. (2) Quantity-actual production time 1.40 hours, rest periods and cleanup 0.50 hours, and set-up and downtime 0.40 hours. Calculate the following: (Round calculations and final answers to 2 decimal places, e.g. 15.25.) a. Standard direct labour rate per hour $enter a dollar amount rounded to 2 decimal places b. Standard direct labour hours per unit enter a number of hours rounded to 2 decimal places hours c. Standard labour cost per unit Senter a dollar amount rounded to 2 decimal placesLabor data for making one pound of finished product in Khalil Co. are as follows: (1) Price-hourly wage rate $11.00, payroll taxes $1.95, and fringe benefits $1.25. (2) Quantity-actual production time 1.25 hours, rest periods and clean up 0.25 hours, and setup and downtime 0.15 hours. Instructions Compute the following. (a) Standard direct labor rate per hour. (b) Standard direct labor hours per pound. (c) Standard cost per pound.
- Bramble Company accumulated the following standard cost data concerning product I-Tal. Direct materials per unit: 3.0 pounds at $4.50 per pound Direct labor per unit: 8.6 hours at $15.00 per hour Manufacturing overhead: Allocated based on direct labor hours at a predetermined rate of $22.50 per direct labor hour Compute the standard cost of one unit of product I-Tal. (Round answer to 2 decimal places, e.g. 2.75.) Standard cost $ I Per UnitAcacia Manufacturing has compiled the following information from the accounting system for the one product it sells: $45 per unit Sales price Fixed costs (for the month) Marketing and administrative Manufacturing overhead Variable costs (per unit) Marketing and administrative Direct materials Manufacturing overhead Direct labor Units produced and sold (for the month) Required: a. Calculate the product costs per unit Note: Round your answer to 2 decimal places. b. Calculate the period costs for the period. $ 23,100 $ 8,400 Exercise 2-55 (Static) Components of Full Costs (LO 2-6) a. Product costs per unit b. Period costs $2 $ 13 $3 $9 21,000Wildhorse Company accumulated the following standard cost data concerning product I-Tal. Direct materials per unit: 2.50 pounds at $4.40 per pound Direct labor per unit: 0.40 hours at $16.00 per hour Manufacturing overhead: Allocated based on direct labor hours at a predetermined rate of $20.00 per direct labor hour Compute the standard cost of one unit of product I-Tal. (Round answer to two decimal places (e.g., 2.75).) Standard cost $
- Acacia Manufacturing has compiled the following information from the accounting system for the one product it sells: $ 45 per unit Sales price Fixed costs (for the month) Marketing and administrative Manufacturing overhead Variable costs (per unit) Marketing and administrative Direct materials Manufacturing overhead Direct labor Units produced and sold (for the month) Required: a. Determine the variable manufacturing cost per unit. b. Determine the variable cost per unit. c. Determine the full absorption cost per unit Note: Round your answer to 2 decimal places. d. Determine the full cost per unit Note: Round your answer to 2 decimal places. $ 23,100 $ 8,400 Exercise 2-54 (Static) Components of Full Costs (LO 2-6) a. Variable manufacturing cost per unit b. Variable cost per unit c. Full absorption cost per unit d. Full cost per unit $2 $ 13 $3 $9 21,000Benson Corporation estimated its overhead costs would be $22,500 per month except for January when it pays the $153,120 annual insurance premium on the manufacturing facility. Accordingly, the January overhead costs were expected to be $175,620 ($153,120 + $22,500). The company expected to use 7,900 direct labor hours per month except during July, August, and September when the company expected 9,100 hours of direct labor each month to build inventories for high demand that normally occurs during the Christmas season. The company's actual direct labor hours were the same as the estimated hours. The company made 3,950 units of product in each month except July, August, and September, in which it produced 4,550 units each month. Direct labor costs were $24.70 per unit, and direct materials costs were $10.00 per unit. Required a. Calculate a predetermined overhead rate based on direct labor hours. b. Determine the total allocated overhead cost for January, March, and August. c. Determine…How do I determine the cost of one unit each of SW100 and SG150, assuming a company wide overhead rate is used based on total machine hours? Round rate to two decimal places.
- Merone Company allocates materials handling cost to the company's two products using the below data: Multiple Choice Total expected units produced Total expected material moves Expected direct labor-hours per unit The total materials handling cost for the year is expected to be $339,780. If the materials handling cost is allocated on the basis of direct labor-hours, the total materials handling cost allocated to the profab barns is closest to: (Round your intermediate calculations to 2 decimal places.) O O O $154,626.00 250,364.21 $130,340.00 Modular Homes 6,800 $141,145.98 Prefab Barns 9,800 680 880 280 380Marquis Company estimates that annual manufacturing overhead costs will be $894,600. Estimated annual operating activity bases are direct labor cost $497,000, direct labor hours 49,700, and machine hours 99,400.Compute the predetermined overhead rate for each activity base. (Round answers to 2 decimal places, e.g. 10.50% or 10.50.) Overhead rate per direct labor cost enter percentages rounded to 2 decimal places % Overhead rate per direct labor hour $enter a dollar amount rounded to 2 decimal places Overhead rate per machine hourUse the following information from BSJ Industries to determine the predetermined overhead rate based on direct labor costs. (Round your final answer to 2 decimal places.) Direct labor hours 50,000 Average hourly pay rate $ 27.00 Manufacturing overhead $ 3,105,000 Predetermined overhead rate $ for every dollar of labor cost