Accounting
What does mean by absorb at 150% of direct Labour cost mean by and how to calculate it
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Accounting
(A) Given the production constraint of 450,000 machine hours, what is the product mix that will maximize profits?(B) If the company authorizes overtime to produce more units, the direct labour cost per unit will increase by 50% due to an overtime premium. Materials cost and variable overhead cost per unit will be the same for overtime production as regular production. Should the company authorize the overtime? What would be the financial impact of doing so?MontageTotal demand for 2021 350,000Sales price per...
Soriano Manufacturing Company uses a standard cost accounting system to account for the manufacturing of exhaust...
Soriano Manufacturing Company uses a standard cost accounting system to account for the manufacturing of exhaust fans. In July 2020, it accumulates the following data for 1,500 units started and finished: Cost and Production Data Actual Standard Raw materials Units purchased 21,000 Units used 21,000 22,000 Unit cost $3.40 $3.00 Direct labour Hours worked 3,450 3,600 Hourly rate $11.80 $12.50 Manufacturing overhead Incurred $101,500 Applied $108,000 Manufacturing overhead was applied based on direct labour hours. Normal capacity for the month...
cost accounting
In this section, please choose one best answer based on the problem below: All Loved Co. has identified following overhead activities, costs and activity drivers for the coming year: Machine set up cost25.500.000Machine hours25.500Machine running costs64.620.000Production runs100Purchasing costs33.560.000Purchase order200Delivery costs54.320.000deliveries140All Loved produced two models of pillow: Cushy and Fluffy with the following expected data:CushyFluffySelling Price/unitRp. 15.000Rp. 13.000Raw Material usage/unit2.8 unit1 unitDirect labour hours/unit0.6 hour0.5 hourMachine hours/unit0.5 hour0.7 hourNumber of...
. Q1: The following profit reconciliation statement summari zes t ance of one of SEWs products...
. Q1: The following profit reconciliation statement summari zes t ance of one of SEWs products for March. Budgeted profit Sales volume variance Standard profit on actual sales Selling price variance 4 250 85DA 3 400 4000А (600) Adverse Favourable Cost variances: 1 000 Direct material price Direct material usage Direct labour rate Direct labour efficiency Variable overhead expenditure Variable overhead efficiency Fixed overhead expenditure Fixed overhead volume Actual profit 150 200 150 600 75 2 500 150 1175 36502475F...
a. Which of the following statements about managerial accounting is true? 1) Managerial accounting information is...
a. Which of the following statements about managerial accounting is true? 1) Managerial accounting information is prepared for external users. 2) Managerial accounting information is a legal requirement. 3) The structure of managerial accounting practice is relatively flexible. 4) There are structured standards of acceptability for managerial accounting. b. Which of the following statements is incorrect with regard to a manufacturing firm? 1) Inventoriable costs include only prime costs. 2) Inventoriable costs include prime costs and manufacturing overhead costs. 3)...
Question 3: Variance Analysis (20 marks in total) You have introduced a standard cost accounting system...
Question 3: Variance Analysis (20 marks in total) You have introduced a standard cost accounting system for FOL. The following standard costs have been developed for the Cattle drench. Direct materials (1 kilogram) $ 20 Direct Labour (.25 hours) $ 15 Overhead (DLH basis) $ 3 $ 38 Production and cost information for May was: Actual direct material purchased 1200 kilograms Actual direct materials issued 900 kilograms Actual output 800 kilograms Actual cost of materials purchased $ 25,500 Actual direct...
Sky Inc. provides in-flight meals for a number of major airlines. Qne of the.company's productsin stutedcanneloni...
Sky Inc. provides in-flight meals for a number of major airlines. Qne of the.company's productsin stutedcanneloni withroasted pepper sauce. tresh baby.com andspring salad. During the most recent week, the company prepared 6,000 of these meals, using 1,150 direct labour-hours. The company paid these direct labour workers a total of $11,500 for this work, or $10 per hour According to the standard cost card for this meal, it should require 0.20 direct labour- hours at a cost of $9.50 per hour....
Question 3 Wasabi Pte Ltd makes separate journal entries for all cost accounting-related activities. It uses...
Question 3 Wasabi Pte Ltd makes separate journal entries for all cost accounting-related activities. It uses a standard costing system for all manufacturing items. For the month of April 2016, the following activities have taken place: Actual Direct Manufacturing Materials Purchased $300,000 Direct Manufacturing Materials Used At Standard Price 250,000 Direct Materials Price Variance 10,000 Unfavourable Direct Materials Efficiency Variance 15,000 Favourable Direct Manufacturing Labour Rate Variance 6,000 Favourable Direct Manufacturing Labour Efficiency Variance 4,000 Unfavourable Direct Manufacturing Labour Payable...
Consider the following budgeted data for the client case of Skysong's accounting firm. The client wants...
Consider the following budgeted data for the client case of Skysong's accounting firm. The client wants a fixed-price quotation. Direct professional labour $ 21,000 Direct support labour 10,600 Fringe benefits for direct labour 12,200 Photocopying 2,100 Telephone calls 2,000 Computer lines 5,500 Overhead is allocated at the rate of 100% of direct labour cost. Prepare a schedule of the budgeted total costs for the client. Show subtotals for total direct labour costs and total costs as a basis for mark-up....
Exercise 5.23 Consider the following budgeted data for the client case of Stellar's accounting firm. The...
Exercise 5.23 Consider the following budgeted data for the client case of Stellar's accounting firm. The client wants a fixed-price quotation. Direct professional labour $ 18,600 Direct support labour 10,300 Fringe benefits for direct labour 12,900 Photocopying 2,100 Telephone calls 2,200 Computer lines 5,600 Overhead is allocated at the rate of 100% of direct labour cost. Your answer is partially correct. Try again. Prepare a schedule of the budgeted total costs for the client. Show subtotals for total direct labour...
. Q1: The following profit reconciliation statement summari zes t ance of one of SEWs products for March. Budgeted profit Sales volume variance Standard profit on actual sales Selling price variance 4 250 85DA 3 400 4000А (600) Adverse Favourable Cost variances: 1 000 Direct material price Direct material usage Direct labour rate Direct labour efficiency Variable overhead expenditure Variable overhead efficiency Fixed overhead expenditure Fixed overhead volume Actual profit 150 200 150 600 75 2 500 150 1175 36502475F...
Sky Inc. provides in-flight meals for a number of major airlines. Qne of the.company's productsin stutedcanneloni withroasted pepper sauce. tresh baby.com andspring salad. During the most recent week, the company prepared 6,000 of these meals, using 1,150 direct labour-hours. The company paid these direct labour workers a total of $11,500 for this work, or $10 per hour According to the standard cost card for this meal, it should require 0.20 direct labour- hours at a cost of $9.50 per hour....
Consider the following budgeted data for the client case of Skysong's accounting firm. The client wants a fixed-price quotation. Direct professional labour $ 21,000 Direct support labour 10,600 Fringe benefits for direct labour 12,200 Photocopying 2,100 Telephone calls 2,000 Computer lines 5,500 Overhead is allocated at the rate of 100% of direct labour cost. Prepare a schedule of the budgeted total costs for the client. Show subtotals for total direct labour costs and total costs as a basis for mark-up....
Exercise 5.23 Consider the following budgeted data for the client case of Stellar's accounting firm. The client wants a fixed-price quotation. Direct professional labour $ 18,600 Direct support labour 10,300 Fringe benefits for direct labour 12,900 Photocopying 2,100 Telephone calls 2,200 Computer lines 5,600 Overhead is allocated at the rate of 100% of direct labour cost. Your answer is partially correct. Try again. Prepare a schedule of the budgeted total costs for the client. Show subtotals for total direct labour...
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