Homework Answers
Production department is an organisational unit of a factory that has responsibility for partially manufacturing or producing a product.
Hence option production department is correct.
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An organizational unit of a factory that has the responsibility for partially manufacturing or producing a...
Smythe Manufacturing has 27,000 labor hours available for producing X and Y. Consider the following information:...
Smythe Manufacturing has 27,000 labor hours available for producing X and Y. Consider the following information: Product X Product Y Required labor time per unit (hours) 2 Maximum demand (units) 6,000 8,000 Contribution margin per unit $5.00 $6.00 Contribution margin per labor hour $2.50 $2.00 If Smythe follows proper managerial accounting practices, which of the following production schedules should the company set? Product Product Y A. O units 8.000 units B. 1,500 units 8,000 units C. 6,000 units o units...
Each of the following situations describes an organizational unit. Identify which type of responsibility center each...
Each of the following situations describes an organizational unit. Identify which type of responsibility center each underlined item is (cost, revenue, profit, or investment Center Organization Type of Responsibility Center (Cost, Revenue, Profit, or Investment) Revenue a. Sherwin-Willams Store 1933 is located in Copley, Ohio. The store sells paints, wallpapers, and supplies to do-it-yourself customers and to professional wall covering installers. b. The Accounting Research and Compliance Department at FirstEnergy is responsible for researching how new accounting pronouncements and rules...
Newton Manufacturing has 36,000 labor hours available for producing M and N. Consider the following information:...
Newton Manufacturing has 36,000 labor hours available for producing M and N. Consider the following information: Product M Product N Required labor time per unit (hours) 2 3 Maximum demand (units) 6,100 8,600 Contribution margin per unit $ 9.00 $ 9.30 Contribution margin per labor hour $ 4.50 $ 3.10 If Newton follows proper managerial accounting practices in terms of setting a production schedule, how much contribution margin would the company expect to generate? Multiple Choice $54,150. $125,880. $128,680. $134,880....
Single plantwide and Multiple production department factory overhead rate methods and product cost distortion Instructions Single...
Single plantwide and Multiple production department factory overhead rate methods and product cost distortion Instructions Single Plantwide Method Multiple Production Department Method Final Questions Instructions The management of Firebolt Industries Inc. manufactures gasoline and diesel engines through two production departments, Fabrication and Assembly. Management needs accurate product cost information in order to guide product strategy. Presently, the company uses a single plantwide factory overhead rate for allocating factory overhead to the two products. However, management is considering the multiple production...
Activity-based and department rate product costing and product cost distortions Instructions Amount Descriptions Factory Overhead Rates...
Activity-based and department rate product costing and product cost distortions Instructions Amount Descriptions Factory Overhead Rates Factory Overhead Costs Instructors Black and Sue Sports Inc. manufactures two products onboards and is the factory overhead incurred is as follows: 1 Indirect labor 350700 15600000 Cutting Department 3 Finishing Department 19200000 S855000.00 The activity base associated with the two production departments is direct labor hours. The Indirect labor can be assigned to two different activities as follows: Activity Base Budgeted Activity Cost...
Black and Blue Sports Inc. manufactures two products: snowboards and skis. The factory overhead incurred is...
Black and Blue Sports Inc. manufactures two products: snowboards and skis. The factory overhead incurred is as follows: Indirect labor $507,000 Cutting Department 156,000 Finishing Department 192,000 Total $855,000 The activity base associated with the two production departments is direct labor hours. The indirect labor can be assigned to two different activities as follows: Activity Budgeted Activity Cost Activity Base Production control $237,000 Number of production runs Materials handling 270,000 Number of moves Total $507,000 The activity-base usage quantities and...
Responsibility accounting revolves around the concept that Multiple Choice A. someone has to be made responsible...
Responsibility accounting revolves around the concept that Multiple Choice A. someone has to be made responsible for all costs. B. responsibility for accounting numbers belongs to the accounting department C. each manager’s performance should be judged by how well the manager manages those items directly under his or her control. D. the manager in charge of a particular department should be responsible for all the costs within his or her department.
Elfalan Corporation produces a single product. The cost of producing and selling a single unit of...
Elfalan Corporation produces a single product. The cost of producing and selling a single unit of this product at the company's normal activity level of 45,000 units per month is as follows: Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Variable selling & administrative expense Fixed selling & administrative expense Per Unit $45.18 $ 8.60 $ 1.60 $18.30 $ 2.80 $13.00 The normal selling price of the product is $96.10 per unit. An order has been received from...
t-unit factory the last line of your report, rounded to one decimal place. D What does...
t-unit factory the last line of your report, rounded to one decimal place. D What does the report in (C) indicate to you? obj. 3 EX 4-5 Multiple production department factory overhead rate method Obj. 2 s tortilla chips, B. Small glove, Performance Gloves, Inc. produces three sizes of sports gloves: small, medium, and large. A 59.20 per unit glove pattern is first stenciled onto leather in the Pattern Department. The stenciled patterns are then sent to the Cut and...
3.26. Manufacturing Bayes. A factory has three types of machines producing an item. The probabilities that...
3.26. Manufacturing Bayes. A factory has three types of machines producing an item. The probabilities that the item is conforming if it is produced on the ith machine are given in the following table: Type of machine Probability of item conforming 2 3 0.94 0.95 0.97 The total production is distributed among the machines as follows: 30% is done on type 1,50% on type 2, and 20% on type 3 machines. One item is selected at random from the production...
Smythe Manufacturing has 27,000 labor hours available for producing X and Y. Consider the following information: Product X Product Y Required labor time per unit (hours) 2 Maximum demand (units) 6,000 8,000 Contribution margin per unit $5.00 $6.00 Contribution margin per labor hour $2.50 $2.00 If Smythe follows proper managerial accounting practices, which of the following production schedules should the company set? Product Product Y A. O units 8.000 units B. 1,500 units 8,000 units C. 6,000 units o units...
Each of the following situations describes an organizational unit. Identify which type of responsibility center each underlined item is (cost, revenue, profit, or investment Center Organization Type of Responsibility Center (Cost, Revenue, Profit, or Investment) Revenue a. Sherwin-Willams Store 1933 is located in Copley, Ohio. The store sells paints, wallpapers, and supplies to do-it-yourself customers and to professional wall covering installers. b. The Accounting Research and Compliance Department at FirstEnergy is responsible for researching how new accounting pronouncements and rules...
Single plantwide and Multiple production department factory overhead rate methods and product cost distortion Instructions Single Plantwide Method Multiple Production Department Method Final Questions Instructions The management of Firebolt Industries Inc. manufactures gasoline and diesel engines through two production departments, Fabrication and Assembly. Management needs accurate product cost information in order to guide product strategy. Presently, the company uses a single plantwide factory overhead rate for allocating factory overhead to the two products. However, management is considering the multiple production...
Activity-based and department rate product costing and product cost distortions Instructions Amount Descriptions Factory Overhead Rates Factory Overhead Costs Instructors Black and Sue Sports Inc. manufactures two products onboards and is the factory overhead incurred is as follows: 1 Indirect labor 350700 15600000 Cutting Department 3 Finishing Department 19200000 S855000.00 The activity base associated with the two production departments is direct labor hours. The Indirect labor can be assigned to two different activities as follows: Activity Base Budgeted Activity Cost...
Elfalan Corporation produces a single product. The cost of producing and selling a single unit of this product at the company's normal activity level of 45,000 units per month is as follows: Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Variable selling & administrative expense Fixed selling & administrative expense Per Unit $45.18 $ 8.60 $ 1.60 $18.30 $ 2.80 $13.00 The normal selling price of the product is $96.10 per unit. An order has been received from...
t-unit factory the last line of your report, rounded to one decimal place. D What does the report in (C) indicate to you? obj. 3 EX 4-5 Multiple production department factory overhead rate method Obj. 2 s tortilla chips, B. Small glove, Performance Gloves, Inc. produces three sizes of sports gloves: small, medium, and large. A 59.20 per unit glove pattern is first stenciled onto leather in the Pattern Department. The stenciled patterns are then sent to the Cut and...
3.26. Manufacturing Bayes. A factory has three types of machines producing an item. The probabilities that the item is conforming if it is produced on the ith machine are given in the following table: Type of machine Probability of item conforming 2 3 0.94 0.95 0.97 The total production is distributed among the machines as follows: 30% is done on type 1,50% on type 2, and 20% on type 3 machines. One item is selected at random from the production...
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