Homework Answers
| Total Monthly production costs (Y) = Fixed production cost per month(a) + Variable production costs per direct labor hour(b) x Direct labor hours per month (X) |
| Y = a + bX |
| Option C is correct |
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Longberry Corporation manufactures and sells party items. The following representative direct labor hours and production costs...
Direct Labor Costs During August, Salinger Company accumulated 500 hours of direct labor costs on Job...
Direct Labor Costs During August, Salinger Company accumulated 500 hours of direct labor costs on Job 40 and 600 hours on Job 42. The total direct labor was incurred at a rate of $18 per direct labor hour for Job 40 and $20 per direct labor hour for Job 42. Journalize the entry to record the flow of labor costs into production during August.
During August, Jernigan Company accumulated 860 hours of direct labor costs on Job 40 and 660...
During August, Jernigan Company accumulated 860 hours of direct labor costs on Job 40 and 660 hours on Job 42. The total direct labor was incurred at a rate of $13 per direct labor hour for Job 40 and $9 per direct labor hour for Job 42. Journalize the entry to record the flow of labor costs into production during August.
Exercise 22-3 Myers Company uses a flexible budget for manufacturing overhead based on direct labor hours....
Exercise 22-3
Myers 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
$1.10
Indirect materials
0.70
Utilities
0.40
Fixed overhead costs per month are Supervision $3,600, Depreciation
$1,800, and Property Taxes $800. The company believes it will
normally operate in a range of 7,700–11,000 direct labor hours per
month.
Prepare a monthly manufacturing overhead flexible budget for 2017
for the expected range of...
Direct materials-1 pound plastic at $6.00per pound Direct labor-2.0 hours at $12.20 per hour Vari...
Direct materials-1 pound plastic at $6.00per pound Direct labor-2.0 hours at $12.20 per hour Variable manufacturing owerhead Fixed manufacturing overhead Total standard cost per unit $6.00 2440 15.00 13.00 $58.40 The predetermined manufacturing overhead rate is $14.00 per direct labor hour ($28.00 2.0 Itwas computed from a master manufacturing overhead budget based on normal production of 10,000 direct labor hours (5,000 units) for the month. The master budget showed total variable costs of $75,000$7.50 per hour) and total foxed overhead...
is based on budgeted direct labor-hours. The direct labor budget indicates that 7,200 direct labor-hours will...
is based on budgeted direct labor-hours. The direct labor budget indicates that 7,200 direct labor-hours will be required in May. The variable overhead rate is $7.70 per direct labor-hour. The company's budgeted fixed manufacturing overhead is $139,680 per month, which includes depreciation of $24,850. All other fixed manufacturing overhead costs represent current cash flows. The company recomputes its predetermined overhead rate every month. The predetermined overhead rate for May should be: Multiple Choice $23.60 $7.70 $19.40 $23.60 $770 $19.40 $2710...
Units produced Machine-hours Direct labor-hours Direct materials costs Direct labor costs Manufacturing overhead costs Total costs...
Units produced Machine-hours Direct labor-hours Direct materials costs Direct labor costs Manufacturing overhead costs Total costs Basic 1,100 3,800 3,600 $18,000 64,500 Dominator 360 3,200 2,100 $ 5,650 45,500 Total 1,460 7,000 5,700 $ 23,650 110,000 209,370 $343,020 Tiger Furnishings's CFO believes that a two-stage cost allocation system would give managers better cost information. She asks the company's cost accountant to analyze the accounts and assign overhead costs to two pools: overhead related to direct labor cost and overhead related...
The manufacturing overhead budget at Franklyn Corporation is based on budgeted direct labor-hours. The direct labor...
The manufacturing overhead budget at Franklyn Corporation is based on budgeted direct labor-hours. The direct labor budget indicates that 2,700 direct labor-hours will be required in January. The variable overhead rate is $7 per direct labor-hour. The company's budgeted fixed manufacturing overhead is $42,990 per month, which includes depreciation of $3,770. All other fixed manufacturing overhead costs represent current cash flows. The January cash disbursements for manufacturing overhead on the manufacturing overhead budget should be: Multiple Choice 0 $61,890 0...
Chrisman Corporation makes a product with the following standard costs: Inputs Direct materials Direct labor Variable...
Chrisman Corporation makes a product with the following standard costs: Inputs Direct materials Direct labor Variable overhead Standard Quantity or Hours 8.8 pounds 1.4 hours 1.4 hours Standard Price or Rate $2.00 per pound $20.00 per hour $10.00 per hour The company reported the following results concerning this product in August. Actual output Raw materials used in production Raw materials purchased Actual direct labor hours Actual cost of raw materials purchased Actual cost of direct labor Actual cost of variable...
Direct Labor Costs puring May, Salinger Company accumulated 510 hours of direct labor costs on Job...
Direct Labor Costs puring May, Salinger Company accumulated 510 hours of direct labor costs on Job 200 and 640 hours on Job 305. The total direct labor was incurred at a rate of $15 per direct labor hour for Job 200 and $17 per direct labor hour for Job 305. Journalize the entry to record the flow of labor costs into production during May. If an amount box does not require an entry, leave it blank.
Direct Labor Costs During May, Hatch Company accumulated 640 hours of direct labor costs on Job...
Direct Labor Costs During May, Hatch Company accumulated 640 hours of direct labor costs on Job 200 and 710 hours on Job 305. The total direct labor was incurred at a rate of $11 per direct labor hour for Job 200 and $16 per direct labor hour for Job 305. Journalize the entry to record the flow of labor costs into production during May. If an amount box does not require an entry, leave it blank.
Direct Labor Costs During August, Salinger Company accumulated 500 hours of direct labor costs on Job 40 and 600 hours on Job 42. The total direct labor was incurred at a rate of $18 per direct labor hour for Job 40 and $20 per direct labor hour for Job 42. Journalize the entry to record the flow of labor costs into production during August.
During August, Jernigan Company accumulated 860 hours of direct labor costs on Job 40 and 660 hours on Job 42. The total direct labor was incurred at a rate of $13 per direct labor hour for Job 40 and $9 per direct labor hour for Job 42. Journalize the entry to record the flow of labor costs into production during August.
Exercise 22-3
Myers 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
$1.10
Indirect materials
0.70
Utilities
0.40
Fixed overhead costs per month are Supervision $3,600, Depreciation
$1,800, and Property Taxes $800. The company believes it will
normally operate in a range of 7,700–11,000 direct labor hours per
month.
Prepare a monthly manufacturing overhead flexible budget for 2017
for the expected range of...
Direct materials-1 pound plastic at $6.00per pound Direct labor-2.0 hours at $12.20 per hour Variable manufacturing owerhead Fixed manufacturing overhead Total standard cost per unit $6.00 2440 15.00 13.00 $58.40 The predetermined manufacturing overhead rate is $14.00 per direct labor hour ($28.00 2.0 Itwas computed from a master manufacturing overhead budget based on normal production of 10,000 direct labor hours (5,000 units) for the month. The master budget showed total variable costs of $75,000$7.50 per hour) and total foxed overhead...
is based on budgeted direct labor-hours. The direct labor budget indicates that 7,200 direct labor-hours will be required in May. The variable overhead rate is $7.70 per direct labor-hour. The company's budgeted fixed manufacturing overhead is $139,680 per month, which includes depreciation of $24,850. All other fixed manufacturing overhead costs represent current cash flows. The company recomputes its predetermined overhead rate every month. The predetermined overhead rate for May should be: Multiple Choice $23.60 $7.70 $19.40 $23.60 $770 $19.40 $2710...
Units produced Machine-hours Direct labor-hours Direct materials costs Direct labor costs Manufacturing overhead costs Total costs Basic 1,100 3,800 3,600 $18,000 64,500 Dominator 360 3,200 2,100 $ 5,650 45,500 Total 1,460 7,000 5,700 $ 23,650 110,000 209,370 $343,020 Tiger Furnishings's CFO believes that a two-stage cost allocation system would give managers better cost information. She asks the company's cost accountant to analyze the accounts and assign overhead costs to two pools: overhead related to direct labor cost and overhead related...
The manufacturing overhead budget at Franklyn Corporation is based on budgeted direct labor-hours. The direct labor budget indicates that 2,700 direct labor-hours will be required in January. The variable overhead rate is $7 per direct labor-hour. The company's budgeted fixed manufacturing overhead is $42,990 per month, which includes depreciation of $3,770. All other fixed manufacturing overhead costs represent current cash flows. The January cash disbursements for manufacturing overhead on the manufacturing overhead budget should be: Multiple Choice 0 $61,890 0...
Direct Labor Costs puring May, Salinger Company accumulated 510 hours of direct labor costs on Job 200 and 640 hours on Job 305. The total direct labor was incurred at a rate of $15 per direct labor hour for Job 200 and $17 per direct labor hour for Job 305. Journalize the entry to record the flow of labor costs into production during May. If an amount box does not require an entry, leave it blank.
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