ACCT 2301 Cost Allocation Handout #16 Os company has two production departments in its manufacturing acilities....
ACCT 2301 Cost Allocation Handout #16 Os company has two production departments in its manufacturing acilities. Home Tools specializes in hond tools for individual home users, and ofessional Tools makes sophisticated tools for professional maintenance Otto's accountant has identified the following annual costs associated with these two products: Facile Salary of vice president of production Salary d e cheme tools Salary Re s to Direct materials cost home tools Direct materials colossional tools Direct labor cosm os Direct labores professionals...
Lamb Tools Company has two production departments in its manufacturing facilities. Home tools specializes in hand tools for individual home users, and professional tools makes sophisticated tools for professional maintenance workers. Lamb's accountant has identified the following annual costs associated with these two products: Financial data Salary of vice president of production Salary of manager, home tools Salary of manager, professional tools Direct materials cost, home tools Direct materials cost, professional tools Direct labor cost, home tools Direct labor cost,...
ACCT 2301 Handout #4 Preparing an Income Statement Klyn Company provided the following information regarding its operations for the month ending September 30, 2020: Administrative costs Depreciation on factory equipment Indirect materials Marketing and distribution costs Salanes for factory supervisors Wages for production workers Raw materials used Sales revenue Selling costs Utilities for production facilities $15,000 6,000 1,000 12,000 10,000 13,000 19.000 98,000 9,000 4,000 Number of units produced Number of unuts sold 20,000 15,000 Required: 1) Compute the firm's...
EXERCISE 2: Gerald Manufacturing makes two different Products, M and N. The company's two departments are named after the products. Product M is made in Department M. Product N is made in Department N. Following are the annual costs and other information associated with these two products Indirect Costs Direct costs: Direct Costs: (Overhead) Dept M Dept N Salary- VP of Overall Production $180,000 $56,000 Salary- Department Supervison $76,000 Direct Materials $300,000 $420,000 Direct Labor $240,000 $680,000 Direct Utilities Cost...
Indirect Cost Allocation: Direct Method Charlie Manufacturing Company has two production departments, Melting and Molding. Direct general plant management and plant security costs benefit both production departments. Charlie allocates general plant management costs on the basis of the number of production employees and plant security costs on the basis of space occupied by the production departments using the direct method of overhead allocation. In November, the following overhead costs were recorded: Melting Department overhead $ 500,000 Molding Department overhead 400,000...
Chapter 3 Handout Exercise ine following cost data relate to the manufacturing activities of Black Company during the just completed year: $ 3,000 5,000 10,000 24,000 6,000 $48,000 Manufacturing overhead costs incurred: Property taxes, factory...... Utilities, factory .... Indirect labor ............ Depreciation, factory...... Insurance, factory .......... Total actual manufacturing overhead costs.... ยท Other costs incurred: Purchases of raw materials. ... ... Direct labor cost ............ Inventories: Raw materials, beginning ... Raw materials, ending....... Work in process, beginning .. Work in...
PROBLEMS LO 12-1, 122, 123 connect All applicable Problems we valable in Connect. Problem 12-14 Cost accumulation and allocation Yalland Manufacturing Company makes twofferent pros M N 'The party's two depart iments are named after the products, for example Product M is made in Department M. Yald's countant has identified the following annual c i med with these products $160,000 Financial data Salary of vice president of production division Salary of supervisor Department Salary of supervisor Department N Direct cost...
need help with exercise 1 parts 1-3 Exercise Oro Company has two departments with the following production data. It has historically used a single-plant-wide overhead rate based on direct labor cost Welding Fabrication Manufacturing overhead cos $ 120,000 $ 180,000 Direct labor cost $ 25,000 $ 6,250 Direct labor hours 2,500 625 Machine hours 100 2,000 a) Single Plant-Wide Overhead Rate Compute departmental overhead rates. Assume welding applies overhead using direct labor hours and fabrication using machine hours. b) Departmental...
The Dougherty Furniture Company manufactures tables. In March, the two production departments had budgeted allocation bases of 5,000 machine-hours in Department 100 and 10,000 direct manufacturing labor-hours in Department 200. The budgeted manufacturing overheads for the month were $75,000 and $80,000, respectively. For Job A, the actual costs incurred in the two departments were as follows: Department 100 Department 200 Direct materials purchased on account $110,000 $177,500 Direct materials used 32,500 13,500 Direct manufacturing labor 52,500 53,500 Indirect manufacturing labor 8,000 9,000 Indirect materials used 1,500 1,750 Lease on...
Please show steps to solve. Indirect Cost Allocation: Direct Method Sprint Manufacturing Company has two production departments, Melting and Molding. Direct general plant management and plant security costs benefit both production departments. Sprint allocates general plant management costs on the basis of the number of production employees and plant security costs on the basis of space occupied by the production departments. In November, the following overhead costs were recorded: Melting Department direct overhead $140,000 Molding Department direct overhead 300.000 General...