Please show work! Records at Hal’s Accounting Services show the following costs for year 1: Direct...
Please show work!
Records at Hal’s Accounting Services show the following costs
for year 1:
| Direct materials and supplies | $ | 47,000 | |
| Employee costs | 2,900,000 | ||
| Total overhead | 1,290,000 | ||
Production was 35,000 billable hours. Fixed overhead was $780,000.
Assuming no change in billable hours in year 2, direct materials and supplies costs are expected to increase by 10 percent. Direct labor costs are expected to increase by 15 percent. Variable overhead per billable hour is expected to remain the same, but fixed overhead is expected to increase by 5 percent.
Required:
a. Year 2 production is expected to be 28,000 billable hours. What are the estimated direct materials, direct labor, variable overhead, and fixed overhead costs for year 2? (Do not round intermediate computations.)
b. Determine the total costs per billable hour for year 1 and year 2. (Round your answers to 2 decimal places.)
Homework Answers
a) Year 2 Production Cost
| Direct material (47000/35000*28000)*1.1 | 41360 |
| Direct labor (2900000/35000*28000)*1.15 | 2668000 |
| Variable overhead (1290000/35000*28000) | 1032000 |
| Fixed overhead (780000*1.05) | 819000 |
| Total production Cost | 4560360 |
b) Total Cost per billable hours :
Year 2 = 4560360/28000 = 162.87 per billable hour
Year 1 = 5017000/35000 = 143.34 per billable hour
Add Answer to:
Please show work!
Records at Hal’s Accounting Services show the following costs
for year 1:
Direct...
Records at Hal’s Accounting Services show the following costs for year 1: Direct materials and supplies...
Records at Hal’s Accounting Services show the following costs for year 1: Direct materials and supplies $ 49,000 Employee costs 2,900,000 Total overhead 1,280,000 Production was 20,000 billable hours. Fixed overhead was $710,000. Assuming no change in billable hours in year 2, direct materials and supplies costs are expected to increase by 10 percent. Direct labor costs are expected to increase by 15 percent. Variable overhead per billable hour is expected to remain the same, but fixed overhead is expected...
Records at Hal’s Accounting Services show the following costs for year 1. Direct materials and supplies...
Records at Hal’s Accounting Services show the following costs for year 1. Direct materials and supplies $ 50,000 Employee costs 2,900,000 Total overhead 1,340,000 Production was 35,000 billable hours. Fixed overhead was $790,000. Assuming no change in billable hours in year 2, direct materials and supplies costs are expected to increase by 10 percent. Direct labor costs are expected to increase by 15 percent. Variable overhead per billable hour is expected to remain the same, but fixed overhead is expected...
Records at Hal’s Accounting Services show the following costs for year 1. Direct materials and supplies...
Records at Hal’s Accounting Services show the following costs for year 1. Direct materials and supplies $ 43,000 Employee costs 2,900,000 Total overhead 1,260,000 Production was 35,000 billable hours. Fixed overhead was $710,000. Assuming no change in billable hours in year 2, direct materials and supplies costs are expected to increase by 10 percent. Direct labor costs are expected to increase by 15 percent. Variable overhead per billable hour is expected to remain the same, but fixed overhead is expected...
Records at Hal’s Accounting Services show the following costs for year 1. Direct materials and supplies...
Records at Hal’s Accounting Services show the following costs
for year 1.
Direct materials and supplies
$
42,000
Employee costs
2,500,000
Total overhead
1,280,000
Production was 35,000 billable hours. Fixed overhead was
$780,000.
Assuming no change in billable hours in year 2, direct materials
and supplies costs are expected to increase by 10 percent. Direct
labor costs are expected to increase by 15 percent. Variable
overhead per billable hour is expected to remain the same, but
fixed overhead is expected...
Exercise 5-31 Methods of Estimating Costs: Account Analysis (LO 5-3) Records at Hal's Accounting Services show...
Exercise 5-31 Methods of Estimating Costs: Account Analysis (LO 5-3) Records at Hal's Accounting Services show the following costs for year 1: S Direct materials and supplies Employee costs Total Overhead 47,000 2,600,000 1,320,000 Production was 50,000 billable hours. Fixed overhead was $730,000. Assuming no change in billable hours in year 2, direct materials and supplies costs are expected to increase by 10 percent. Direct labor costs are expected to increase by 15 percent. Variable overhead per billable hour is...
The accounting records for Portland Products report the following manufacturing costs for the past year: Direct...
The accounting records for Portland Products report the following manufacturing costs for the past year: Direct materials $ 400,000 Direct labor 265,000 Variable overhead 238,000 Production was 170,000 units. Fixed manufacturing overhead was $782,000. For the coming year, costs are expected to increase as follows: direct materials costs by 20 percent, excluding any effect of volume changes; direct labor by 4 percent; and fixed manufacturing overhead by 10 percent. Variable manufacturing overhead per unit is expected to remain the same....
The accounting records for Miller Fixtures report the following production costs for the past year: Direct...
The accounting records for Miller Fixtures report the following production costs for the past year: Direct Materials $ 650,000 Direct Labor 576,000 Variable Overhead 466,000 Production was 287,000 units. Fixed manufacturing overhead was $768,000. For the coming year, costs are expected to increase as follows: direct materials costs by 20 percent, excluding any effect of volume changes; direct labor by 4 percent; and fixed manufacturing overhead by 10 percent. Variable manufacturing overhead per unit is expected to remain the same....
The accounting records for Portland Products report the following manufacturing costs for the past year. Direct...
The accounting records for Portland Products report the following manufacturing costs for the past year. Direct materials $ 300,000 Direct labor 261,000 Variable overhead 236,000 Production was 150,000 units. Fixed manufacturing overhead was $864,000. For the coming year, costs are expected to increase as follows: direct materials costs by 20 percent, excluding any effect of volume changes; direct labor by 4 percent; and fixed manufacturing overhead by 10 percent. Variable manufacturing overhead per unit is expected to remain the same....
The accounting records for Portland Products report the following manufacturing costs for the pest year. Direct...
The accounting records for Portland Products report the following manufacturing costs for the pest year. Direct materials $390,000 Direct labor 265,000 Variable overhead 236,000 Production was 190.000 units. Fixed manufacturing overhead was $724,000. For the coming year, costs are expected to increase as follows: direct materials costs by 20 percent, excluding any effect of volume changes; direct labor by 4 percent, and fixed manufacturing overhead by 10 percent. Veriable manufacturing overhead per unit is expected to remain the same. Required:...
The accounting records for Portland Products report the following manufacturing costs for the past year. Direct...
The accounting records for Portland Products report the following manufacturing costs for the past year. Direct materials Direct labor Variable overhead $ 380,000 262,000 230,000 Production was 170,000 units. Fixed manufacturing overhead was $810,000. For the coming year, costs are expected to increase as follows: direct materials costs by 20 percent, excluding any effect of volume changes, direct labor by 4 percent; and fixed manufacturing overhead by 10 percent. Variable manufacturing overhead per unit is expected to remain the same....
Records at Hal’s Accounting Services show the following costs
for year 1.
Direct materials and supplies
$
42,000
Employee costs
2,500,000
Total overhead
1,280,000
Production was 35,000 billable hours. Fixed overhead was
$780,000.
Assuming no change in billable hours in year 2, direct materials
and supplies costs are expected to increase by 10 percent. Direct
labor costs are expected to increase by 15 percent. Variable
overhead per billable hour is expected to remain the same, but
fixed overhead is expected...
Exercise 5-31 Methods of Estimating Costs: Account Analysis (LO 5-3) Records at Hal's Accounting Services show the following costs for year 1: S Direct materials and supplies Employee costs Total Overhead 47,000 2,600,000 1,320,000 Production was 50,000 billable hours. Fixed overhead was $730,000. Assuming no change in billable hours in year 2, direct materials and supplies costs are expected to increase by 10 percent. Direct labor costs are expected to increase by 15 percent. Variable overhead per billable hour is...
The accounting records for Portland Products report the following manufacturing costs for the pest year. Direct materials $390,000 Direct labor 265,000 Variable overhead 236,000 Production was 190.000 units. Fixed manufacturing overhead was $724,000. For the coming year, costs are expected to increase as follows: direct materials costs by 20 percent, excluding any effect of volume changes; direct labor by 4 percent, and fixed manufacturing overhead by 10 percent. Veriable manufacturing overhead per unit is expected to remain the same. Required:...
The accounting records for Portland Products report the following manufacturing costs for the past year. Direct materials Direct labor Variable overhead $ 380,000 262,000 230,000 Production was 170,000 units. Fixed manufacturing overhead was $810,000. For the coming year, costs are expected to increase as follows: direct materials costs by 20 percent, excluding any effect of volume changes, direct labor by 4 percent; and fixed manufacturing overhead by 10 percent. Variable manufacturing overhead per unit is expected to remain the same....
Most questions answered within 3 hours.
-
Jesse’s Machining is looking to buy a new machine to handle a
new four-year contract for...
asked 4 minutes ago -
5. A slide mount of a fungal specimen is prepared. A slide and
coverslip are flame-sterilized....
asked 6 minutes ago -
A parallel plate capacitor has a charge Q, plates of area A and
separation d, where...
asked 8 minutes ago -
This question goes along with my test results for a psychology
seminar. The results were the...
asked 9 minutes ago -
A calorimeter contains 35.0 mL of water at 13.0 ∘C . When 1.40 g
of X...
asked 14 minutes ago -
[The following information applies to the questions
displayed below.]
Arndt, Inc. reported the following for 2021...
asked 15 minutes ago -
Equivalent Units of Conversion Costs
The Rolling Department of Kraus Steel Company had 2,370 tons in...
asked 21 minutes ago -
Genetic differences between closely related species are due to
changes at both synonymous and nonsynonymous sites...
asked 27 minutes ago -
Assignment:
Implement an 8 bit register in VHDL/Verilog using Model Sim
software. Show two test cases...
asked 31 minutes ago -
Think about the published number of fatalities in the
September 11th disaster in New York. Why...
asked 29 minutes ago -
Suppose you are very allergic to peanuts or even grass, and you
go into anaphylactic shock....
asked 30 minutes ago -
The governor has proposed to clean up all the trash on the side
of the highway....
asked 46 minutes ago