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QUESTION 26 Dragon Fire Hot Sauce makes two types of hot sauces-meek and mild. Budgeted information...
Padfolio Club makes two products (Padfolios and Business Cards) for students to use during interview season....
Padfolio Club makes two products (Padfolios and
Business Cards) for students to use during interview season. The
company uses a normal costing system with a single manufacturing
overhead cost pool (allocated based on direct labor costs), and
operates at capacity (i.e. all overhead is allocated to units
produced in the year).
Direct Material and Direct Labor is incurred in the
factory and is directly traced to the two product lines (Padfolios
& Business Cards). Overhead costs (like plant supervision,
maintenance...
Padfolio Club makes two products (Padfolios and Business Cards) for students to use during interview season....
Padfolio Club makes two products (Padfolios and Business Cards) for students to use during interview season. The company has two production departments (Forming and Assembly) and operates at capacity. The controller has asked you to compare plant-wide, department, and activity-based cost allocation. Direct Material and Direct Labor is incurred in both production departments (Forming & Assembly) and is directly traced to the two product lines (Padfolios & Business Cards). There are also two types of overhead (Setup & Supervision) incurred...
2 pts Question 26 The rate established at the beginning of a period that uses estimated...
2 pts Question 26 The rate established at the beginning of a period that uses estimated overhead and an allocation factor such as estimated direct labor, and that is used to assign overhead cost to jobs, is the Predetermined overhead rate. Overhead variance rate. Estimated labor cost rate. Chargeable overhead rate. Miscellaneous overhead rate. 2 pts Question 25 A company has an overhead application rate of 125% of direct labor costs. How much overhead would be allocated to a job...
2 Calculate the budgeted cost of each product line (Padfolios vs. Business Cards) based on departmental...
2
Calculate the budgeted cost of each product line
(Padfolios vs. Business Cards) based on departmental overhead
rates, where:
(a) Forming department overhead costs are allocated based on direct
manufacturing labor costs of the forming department, and
(b) Assembly department overhead costs are allocated based on total
direct costs of the assembly department.
(Direct costs should be traced to the products as
identified above. Indirect costs should be allocated to the
products based on two overhead allocation rates -- one...
QUESTION 6 Using the following information calculate the cost of goods sold: Utilities for the store...
QUESTION 6 Using the following information calculate the cost of goods sold: Utilities for the store 9,500 Sales commissions 10,000 Sales revenue 164,000 Purchases of merchandise 85,000 January 1 inventory 27,000 Rent of store 13,500 December 31 inventory 23,000 a. $112,000 b. $85,000 c. $89,000 d. $108,000 3 points QUESTION 7 Based on the information below what is the cost of direct materials used: Beginning of year End of year Raw materials inventory 200 180 Work in Process inventory...
40. ABC and predetermined overhead rates. Assume that SunSpees Corporation makes three types of sunglasses, Razors,...
40. ABC and predetermined overhead rates. Assume that SunSpees Corporation makes three types of sunglasses, Razors, Slims, and Eagles, for major retailers such as Ray-Ban and Gucci. SunSpecs presently applies overhead using a predetermined rate based on direct labor hours. A consultant recommended that SunSpecs switch to activity-based cost- ing. Management decided to give ABC a try and identified the following activities, cost drivers, and estimated costs for Year 2 for each activity center. Estimated Activity Recommended Cost Driver Annual...
1. Gina in the King's Road Inc., makes naugahyde couches. The company uses two main materials...
1. Gina in the King's Road Inc., makes naugahyde couches. The company uses two main materials to make the furniture, wood and leather. The company's standard costs for materials and labor are as follows (wood in boards and leather in pounds, variable/fixed overhead based on machine hours). Overhead costs are allocated to production based on machine hours. Standard Quantity Standard Cost Standard Price Or Hours or Rate Wood $5.70 per board $51.30 9 boards Leather 65.60 8 pounds $8.20 per...
Smoky Mountain Corporation makes two types of hiking boots-the Xtreme and the Pathfinder. Data concerning these...
Smoky Mountain Corporation makes two types of hiking boots-the Xtreme and the Pathfinder. Data concerning these two product lines appear below: Selling price per unit Direct materials per unit Direct labor per unit Direct labor-hours per unit Estimated annual production and sales Xtreme $ 120.00 $ 63.30 $ 17.00 1.7 DLHS 22,000 units Pathfinder $ 87.00 $ 52.00 $ 10.00 1.0 DLHS 76,000 units The company has a traditional costing system in which manufacturing overhead is applied to units based...
kunkel company makes two products and uses a conventional costing system Kunkel Company makes two products...
kunkel company makes two products and uses a conventional costing
system
Kunkel Company makes two products and uses a conventional costing system in which a single plantwide predetermined overhead rate is computed based on direct labor-hours. Data for the two products for the upcoming year follow: Direct materials cost per unit Direct labor cost per unit Direct labor-hours per unit Number of units produced Mercon Wurcon $ 8.00 $ 6.00 $ 10.00 $ 11.00 2.00 7.00 1,000 2,000 These products...
Prepare budgeted income statement and supporting budgets. (LO 1, 2, 3) r! Bolivar Farm Supply Company...
Prepare budgeted income statement and supporting budgets. (LO 1, 2, 3) r! Bolivar Farm Supply Company manufactures and sells a fertilizer called Basic II. The following data are available for preparing budgets for Basic Il for the first 2 quarters of 2017. 1. Sales: Quarter 1,40,000 bags; quarter 2.50,000 bags. Selling price is $60 per bag. 2. Direct materials: Each bag of Basic II requires 6 pounds of Crup at a cost of $4 per pound and 10 pounds of...
Padfolio Club makes two products (Padfolios and
Business Cards) for students to use during interview season. The
company uses a normal costing system with a single manufacturing
overhead cost pool (allocated based on direct labor costs), and
operates at capacity (i.e. all overhead is allocated to units
produced in the year).
Direct Material and Direct Labor is incurred in the
factory and is directly traced to the two product lines (Padfolios
& Business Cards). Overhead costs (like plant supervision,
maintenance...
Padfolio Club makes two products (Padfolios and Business Cards) for students to use during interview season. The company has two production departments (Forming and Assembly) and operates at capacity. The controller has asked you to compare plant-wide, department, and activity-based cost allocation. Direct Material and Direct Labor is incurred in both production departments (Forming & Assembly) and is directly traced to the two product lines (Padfolios & Business Cards). There are also two types of overhead (Setup & Supervision) incurred...
2 pts Question 26 The rate established at the beginning of a period that uses estimated overhead and an allocation factor such as estimated direct labor, and that is used to assign overhead cost to jobs, is the Predetermined overhead rate. Overhead variance rate. Estimated labor cost rate. Chargeable overhead rate. Miscellaneous overhead rate. 2 pts Question 25 A company has an overhead application rate of 125% of direct labor costs. How much overhead would be allocated to a job...
2
Calculate the budgeted cost of each product line
(Padfolios vs. Business Cards) based on departmental overhead
rates, where:
(a) Forming department overhead costs are allocated based on direct
manufacturing labor costs of the forming department, and
(b) Assembly department overhead costs are allocated based on total
direct costs of the assembly department.
(Direct costs should be traced to the products as
identified above. Indirect costs should be allocated to the
products based on two overhead allocation rates -- one...
40. ABC and predetermined overhead rates. Assume that SunSpees Corporation makes three types of sunglasses, Razors, Slims, and Eagles, for major retailers such as Ray-Ban and Gucci. SunSpecs presently applies overhead using a predetermined rate based on direct labor hours. A consultant recommended that SunSpecs switch to activity-based cost- ing. Management decided to give ABC a try and identified the following activities, cost drivers, and estimated costs for Year 2 for each activity center. Estimated Activity Recommended Cost Driver Annual...
1. Gina in the King's Road Inc., makes naugahyde couches. The company uses two main materials to make the furniture, wood and leather. The company's standard costs for materials and labor are as follows (wood in boards and leather in pounds, variable/fixed overhead based on machine hours). Overhead costs are allocated to production based on machine hours. Standard Quantity Standard Cost Standard Price Or Hours or Rate Wood $5.70 per board $51.30 9 boards Leather 65.60 8 pounds $8.20 per...
Smoky Mountain Corporation makes two types of hiking boots-the Xtreme and the Pathfinder. Data concerning these two product lines appear below: Selling price per unit Direct materials per unit Direct labor per unit Direct labor-hours per unit Estimated annual production and sales Xtreme $ 120.00 $ 63.30 $ 17.00 1.7 DLHS 22,000 units Pathfinder $ 87.00 $ 52.00 $ 10.00 1.0 DLHS 76,000 units The company has a traditional costing system in which manufacturing overhead is applied to units based...
kunkel company makes two products and uses a conventional costing
system
Kunkel Company makes two products and uses a conventional costing system in which a single plantwide predetermined overhead rate is computed based on direct labor-hours. Data for the two products for the upcoming year follow: Direct materials cost per unit Direct labor cost per unit Direct labor-hours per unit Number of units produced Mercon Wurcon $ 8.00 $ 6.00 $ 10.00 $ 11.00 2.00 7.00 1,000 2,000 These products...
Prepare budgeted income statement and supporting budgets. (LO 1, 2, 3) r! Bolivar Farm Supply Company manufactures and sells a fertilizer called Basic II. The following data are available for preparing budgets for Basic Il for the first 2 quarters of 2017. 1. Sales: Quarter 1,40,000 bags; quarter 2.50,000 bags. Selling price is $60 per bag. 2. Direct materials: Each bag of Basic II requires 6 pounds of Crup at a cost of $4 per pound and 10 pounds of...
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