Homework Answers
| (a) | Cost of each job: | |||||||||
| Lynn | Brian | Mike | Total | |||||||
| Direct materials | 660 | 510 | 290 | 1460 | ||||||
| Auditor labor costs | 5900 | 7000 | 3675 | 16575 | ||||||
| Overhead costs | 4104 | 5076 | 2646 | 11826 | ||||||
| (Auditor hours*Predetermined overhead rate) | (76*54) | (94*54) | (49*54) | |||||||
| Total cost | 10664 | 12586 | 6611 | 29861 | ||||||
| (b) | Balance in service contract in process account=Cost of incomplete job=Cost of Lynn=$ 10664 | |||||||||
| © | Balance in operating overhead account=Actual overhead incurred-Overhead applied=12100-11826=$ 274 | |||||||||
January February March April Machine Hours 5,900 3,200 4,900 2,600 Manufacturing Overhead $ 300,000 224,000 263,800...
January February March April Machine Hours 5,900 3,200 4,900 2,600 Manufacturing Overhead $ 300,000 224,000 263,800 190,000 a-1. Use the high-low method to determine the variable element of manufacturing overhead costs per machine-hour. (Round your answer to 2 decimal places.) a-2. Use the high-low method to determine the fixed element of monthly overhead cost. b. Bursa expects machine-hours in May to equal 5,300. Use the cost relationships determined in part a to forecast May's manufacturing overhead costs. c. Suppose Bursa...
Consider the following hypotheses H0 : μ- 5,900 HA: μ 5,900 The population is normally distributed...
Consider the following hypotheses H0 : μ- 5,900 HA: μ 5,900 The population is normally distributed with a population standard deviation of 620. Compute the value of the test statistic and the resulting p-value for each of the following sample results. For each sample, determine if you can "reject/do not reject" the null hypothesis at the 10% significance level. (You may find it useful to reference the appropriate table z table or table ( legative values should be indicated by...
Venus Company applies overhead based on direct labor hours. The variable overhead standard is 9 hours...
Venus Company applies overhead based on direct labor hours. The variable overhead standard is 9 hours at $4.60 per hour. During October, Venus Company spent $236,800 for variable overhead. 52,940 labor hours were used to produce 5,900 units. What is the variable overhead rate variance? Multiple Choice $736 favorable $7,460 favorable $736 unfavorable $6,724 favorable
in a small town in New York, we initiated a cohort study and followed 5,900 people...
in a small town in New York, we initiated a cohort study and followed 5,900 people for a mean follow-up of 2 years. At the end of the 2nd year, none of the participants was lost to follow-up. During this follow-up, we identified 600 cases of malaria. What was the cumulative incidence? 10.1% 10.1 per 1,000 50.8% 10 cases
Exercise 15-12 Don Lieberman and Associates, a CPA firm, uses job order costing to capture the...
Exercise 15-12 Don Lieberman and Associates, a CPA firm, uses job order costing to capture the costs of its audit jobs. There were no audit jobs in process at the beginning of November. Listed below are data concerning the three audit jobs conducted during November. Bramble Inc. Vaughn Inc. Sunland Inc. Direct materials $510 $660 $5,900 76 Auditor labor costs $290 $3,675 $7,000 Auditor hours 94 49 Overhead costs are applied to jobs on the basis of auditor hours, and...
Equivalent Units of Conversion Costs The Filling Department of Eve Cosmetics Company had 5,900 ounces in...
Equivalent Units of Conversion Costs The Filling Department of Eve Cosmetics Company had 5,900 ounces in beginning work in process inventory (70% complete). During the period, 65,300 ounces were completed. The ending work in process inventory was 3,300 ounces (70% complete). What are the total equivalent units for conversion costs? If required, round to the nearest unit. -------------units
Year Cash Flow 0 −$7,800 1 3,000 2 5,900 3 2,300 &nb
Year Cash Flow 0 −$7,800 1 3,000 2 5,900 3 2,300 a. What is the profitability index for the cash flows if the relevant discount rate is 7 percent? b. What is the profitability index for the cash flows if the relevant discount rate is 16 percent c. What is the profitability index for the cash flows if the relevant discount rate is 22 percent?
Kerekes Manufacturing Corporation has prepared the following overhead budget for next month. Activity level 2,500 machine-hours...
Kerekes Manufacturing Corporation has prepared the following overhead budget for next month. Activity level 2,500 machine-hours Variable overhead costs: Supplies $ 11,250 Indirect labor 21,000 Fixed overhead costs: Supervision 15,700 Utilities 5,900 Depreciation 6,900 Total overhead cost $ 60,750 The company's variable overhead costs are driven by machine-hours. What would be the total budgeted overhead cost for next month if the activity level is 2,400 machine-hours rather than 2,500 machine-hours? Multiple Choice $58,870 $58,320 $59,460 $60,750
Johnson Company uses a flexible budget for manufacturing overhead based on direct labor hours. Variable manufacturing...
Johnson Company uses a flexible budget for manufacturing overhead based on direct labor hours. Variable manufacturing overhead costs per direct labor hour are as follows: Indirect Labor: $1.00 Indirect Materials: $0.50 Utilities: $0.30 Fixed overhead costs per month are Supervision $4,200, Depreciation $1,800, and property taxes $600. The company believes it will normally operate in a range of 5,900-11,900 direct labor hours per month. -Prepare a monthly manufacturing overhead flexible budget for 2020 for the expected range of activity, using...
Marc, a single taxpayer, earns $191,000 in taxable income and $5,900 in interest from an investment...
Marc, a single taxpayer, earns $191,000 in taxable income and $5,900 in interest from an investment in city of Birmingham Bonds. Using the U.S. tax rate schedule for year 2019, what is his effective tax rate? (Round your final answer to two decimal places.) (Use Tax rate schedule) Multiple Choice 0 27.92 percent 21.55 percent O 19.36 percent o 27.92 percent o 21.55 percent o 19.36 percent o 18.09 percent o None of the choices are correct
January February March April Machine Hours 5,900 3,200 4,900 2,600 Manufacturing Overhead $ 300,000 224,000 263,800 190,000 a-1. Use the high-low method to determine the variable element of manufacturing overhead costs per machine-hour. (Round your answer to 2 decimal places.) a-2. Use the high-low method to determine the fixed element of monthly overhead cost. b. Bursa expects machine-hours in May to equal 5,300. Use the cost relationships determined in part a to forecast May's manufacturing overhead costs. c. Suppose Bursa...
Consider the following hypotheses H0 : μ- 5,900 HA: μ 5,900 The population is normally distributed with a population standard deviation of 620. Compute the value of the test statistic and the resulting p-value for each of the following sample results. For each sample, determine if you can "reject/do not reject" the null hypothesis at the 10% significance level. (You may find it useful to reference the appropriate table z table or table ( legative values should be indicated by...
Exercise 15-12 Don Lieberman and Associates, a CPA firm, uses job order costing to capture the costs of its audit jobs. There were no audit jobs in process at the beginning of November. Listed below are data concerning the three audit jobs conducted during November. Bramble Inc. Vaughn Inc. Sunland Inc. Direct materials $510 $660 $5,900 76 Auditor labor costs $290 $3,675 $7,000 Auditor hours 94 49 Overhead costs are applied to jobs on the basis of auditor hours, and...
Marc, a single taxpayer, earns $191,000 in taxable income and $5,900 in interest from an investment in city of Birmingham Bonds. Using the U.S. tax rate schedule for year 2019, what is his effective tax rate? (Round your final answer to two decimal places.) (Use Tax rate schedule) Multiple Choice 0 27.92 percent 21.55 percent O 19.36 percent o 27.92 percent o 21.55 percent o 19.36 percent o 18.09 percent o None of the choices are correct
Most questions answered within 3 hours.
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Population Standard Deviation
5.0000
Sample Size
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Sample Mean
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Confidence Interval
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