Screenshot 2024-05-05 at 9

QuestionQ# 1: Accounting for Manufacturing Concern The following data from the just completed year are taken from the accounting records of KentonCompany:Sales $ 975,000Direct labor cost $ 165,000Raw material purchases $ 229,000Selling expense $ 48,750Administrative expenses $ 146,250Manufacturing overhead applied to work in process $ 180,000Actual manufacturing overhead costs $ 175,050Inventories: Beginning EndingRaw materials $ 18,000 $ 17,500Work in process $ 20,000 $ 14,750Finished goods $ 9,000 $ 11,000Required:1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in productionwere direct materials.2. Prepare a schedule of cost of goods sold. Assume that the company’s underapplied or overappliedoverhead is closed to Cost of Goods Sold.3. Prepare an income statement

Allocating Service Department Costs: Allocation Basis Alternatives Weld-Rite Fabricators has two producing departments, P1 and P2, and one service department, S1. Estimated directed overhead costs per month are as follows: P1 $450,000 P2 750,000 $1 273,000 Other data follow: Numbers of employees Production capacity (units) Space occupied (square feet) Five-year average of $1's service output used P1 P2 150 50 100,000 60,000 5,000 15,000 65% 35% For each of the following allocation bases, determine the total estimated overhead cost for P1 and P2 after allocating 51 cost to the producing departments. 1. Based on number of employees $ P1 P2 $ 2. Production capacity in units 3. Space occupied 4. Five-year average of $1 service used 627,450✔ 845,550✔ 5. Estimated direct overhead costs

services SQU Libraries SQU Portal Attendance English (en) ial Accounting || fall20 urses / ACCT2121_yasserg_fal|20 / Midterm Exam One_FALL2020 / Ex Company XYZ uses direct labor hours to allocate its manufacturing overhead. The company estimates that total direct labor hours to be operated next year are 250,000 hours. The estimated variable overhead is OMR13 per hour and the estimated fixed overhead costs are OMR750,000. Calculate the predetermined overhead rate. Select one: Oa. None of the answers given b. OMR3.00 Oc. OMRO.06 O d. OMR16.00 Oe. OMR15.00 Company XYZ produces computer laptops. During luly 2019 the 7019198page=2= ny produced 2.000 leptops The company ncurred

Current Attempt in Progress Splish College provides its own housekeeping services. The College director would like to outsource this service and has found a company that will provide the service for $49 per hour. The following information has been collected about the cost per hour to the college for performing its own housekeeping services Cost per hour of service: Cleaning supplies $3 Direct labour costs $27 Variable overhead $1 Total hours of housekeeping services per year 3,040 Total fixed overhead $55,080 (a) Your answer is partially correct Determine whether Splish College should outsource housekeeping, assuming that 50% of fixed costs can be eliminated if the service is outsourced. (If an amount reduces the net income then enter with a negative sign preceding the number, eg-15,000 or parenthesis, eg (15,000). While alternate approaches are possible, irrelevant fixed costs should be included in both options when solving this problem.) amber of hours: 040 In-house eaning supplies…

es D ♪ Mc Graw Classes N Netflix Activity Assembly Product design Electricity Setup Total Craftmore Machining reports the following budgeted overhead cost and related data for this year. Budgeted Cost $ 477,750 73,500 24,500 61,250 $ 637,000 Activity Cost Driver Direct labor hours (DLH) Engineering hours (EH) Machine hours (MH) Setups Required 1 25 Required 2 Dashboard Activity Cost Driver Direct labor hours (DLH) Engineering hours (EH) Machine hours (MH) Setups Required: 1. Compute a single plantwide overhead rate assuming the company allocates overhead cost based on 13,000 direct labor hours. 2. Job 31 used 320 direct labor hours and Job 42 used 560 direct labor hours. Allocate overhead cost to each job using the single plantwide overhead rate from part 1. 3. Compute an activity rate for each activity using activity-based costing. 4. Allocate overhead costs to Job 31 and Job 42 using activity-based costing. 80 Job 31 Activity Usage Required 3 320 35 60 5 Complete this question by…

x Midterm Exam https://elearn.squ.edu.om/mod/quiz/attempt.php?attempt=17 MIC) SQU LIBRARIES - SQU PORTAL ATTEN E-LEARNING SERVICES - Time left 1:49:14 Manufacturing overhead was estimated to be OMR 400,000 for the year along with estimated 20,000 direct labor hours. Actual manufacturing overhead was OMR 415,000, and actual labor hours were 21,000. The amount credited to the Manufacturing Overhead account would be: O a. OMR 415,000. b. OMR 435,750. O c. None of the given answer is correct Od. OMR 420,000. e. OMR 400,000. In a job-order costing system, manufacturing overhead applied is recorded

Test yourself ABC Company is producing three products, A, B and C in Direct labor hours their unit. A C 10,000 15,000 25,000 Number of orders 15 25 10 placed During the year 2019,the total overhead expenses Machine set up hours 150 300 50 are; Requirement 1. Calculated pre-determined overhead rate if overhead is applied based on the direct labor hours Procurement cost RO200,000 Machine set up cost RO100,000 2. Compute overhead rates using activity based costing. 3. Determine the difference in the amount of overhead allocated to each product between the two methods.

Torio.cam/secured#lockdown Manufacturing overhead was estimated to be $489,600 for the year along with 20,400 direct lebor hours. Actual manufacturing overhead was $470,220, and actual labor hours were 21,800. The predetermined manufacturing overhead rate per direct labor hour would be nabled: Exam 1(Ch 1-4)0 Multiple Choice $0.07. $23.05 $24.00. $22.75

Unity University Final Exam for Management And Financial Accounting Consider zagol manufacturing which is engaged in the manufacturing of product ABC. To produce one unit of the product the company incurs the following costs: Direct material ______$5/kg Direct labor_________$10/hour Total Manufacturing overhead __________________$30000 The company produces a total of 10000 units per month. And the actual price the product is sold is around $24. Company XYZ offers to buy a total of 5000 units this month at the price of $ 17/unit. Would you accept the order if you are the manager? (assume 20% of the manufacturing overhead is variable cost). Describe the basic financial statements , their purpose and their importance to various internal and external users. Clearly discuss which users are most interested in which financial statement and why. Form question one above considering all the manufacturing costs are fixed calculate the Breakeven point both in unit and quantity using the…

Unity University Final Exam for Management And Financial Accounting Consider zagol manufacturing which is engaged in the manufacturing of product ABC. To produce one unit of the product the company incurs the following costs: Direct material ______$5/kg Direct labor_________$10/hour Total Manufacturing overhead __________________$30000 The company produces a total of 10000 units per month. And the actual price the product is sold is around $24. Company XYZ offers to buy a total of 5000 units this month at the price of $ 17/unit. Would you accept the order if you are the manager? (assume 20% of the manufacturing overhead is variable cost). Describe the basic financial statements , their purpose and their importance to various internal and external users. Clearly discuss which users are most interested in which financial statement and why. Form question one above considering all the manufacturing costs are fixed calculate the Breakeven point both in unit and quantity using the…

Required Information Use the following Informatlon to answer questlons. (Static) [The following information apples to the questions displayed below) Information on Kwon Manufacturing's activitles for Its first month of operatlons follows: 6. Purchased $100,000 of raw matertals on credit. b. Materials requisitions show the following materials used for the month. Job 201 Job 202 Total direct materials Indirect materials $ 48,200 23,600 71,800 8,620 S se,420 Total materials used c. Time tickets show the following labor used for the month. ces Job 201 Job 202 Total direct labor Indirect labor $39, 200 12,600 51,800 24,200 $ 76,000 Total labor used d. Applied overhead to Job 201 and to Job 202 using a predetermined overhead rate of 80% of direct materials cost e. Transferred Job 201 to Finished Goods Inventory 1. Sold Job 201 for $163,760 on credit. g. Incurred the following actual other overhead costs for the month Depreciation of factory equipnent Rent on factory building (payable)…

View Policies Current Attempt in Progress A company expected its annual overhead costs to be $692920 and machine hours to equal 101900 hours. Actual overhead was $744100, and actual machine hours totalled 97400 hours. How much is the company's predetermined overhead rate to the nearest cent, assuming overhead is applied based on machine hours? O $7.30 O $6.80 O $7.64 O $7.11 e Textbook and Media Save for Later Attempts: 0 of 3 used Submit Answer

Final Exam (Fall 2020) Question 23 of 50 View Policies Current Attempt in Progress Oriole Co. manufactures baseball bats. The company's total overhead consists of assembly costs and inspection costs. Th data is available: Cost Pool Wood Aluminum Total Cost Assembly 500 machine hrs. 500 machine hrs. $48000 Inspections 450 inspections 150 inspections 73800 2100 labor hrs. 1900 labor hrs. Total overhead assigned to wood bats assuming a single overhead rate and using activity-based costing, respectively, are O $63945 and $79350. O $63945 and $57855. O $57855 and $79350. O $57855 and $42450. Save for Later Attempts: 0 of 1 used Submit Answe MacBook Air esc 888 F1 F2 F3 F4 F5 F6 F7 F8 2$ 2 4 6. 8. # 3

Question Content Area Thomlin Company forecasts that total factory overhead for the current year will be $14,529,000 with 167,000 total machine hours. Year to date, the actual overhead is $8,001,000, and the actual machine hours are 88,900 hours. If Thomlin Company uses a predetermined factory overhead rate based on machine hours for applying overhead, as of this point in time (year to date), the overhead is a. $234,300 underapplied b. $234,300 overapplied c. $266,700 overapplied d. $266,700 underapplied

Task 2: CLO4 OBJECTIVE: To enable learners to identify the relevant costs and benefits from costs and revenue information available in the financial database to aid decision making on time. REQUIREMENT: Short term decision making Question Selma Corporation uses Part PB7 in one of its products. The company's Accounting Department reports the following costs to produce 7,000 units of the PB7 that are needed every year. $ per unit Direct materials 7.00 Direct labour 6.00 Variable overhead 5.60 Supervisor's salary Depreciation of special equipment Allocated general overhead 4.70 1.50 5.40 An outside supplier has offered to make the part and sell it to the company for $28.30 each. If this offer is accepted, the supervisor's salary and all of the variable costs, including direct labor, can be avoided. The special equipment used to make the part was purchased many years ago and has no salvage value or other use. The allocated general overhead represents fixed costs of the entire company. If…

Current Attempt in Progress The controller of Oriole Industries has collected the following monthly cost data for use in analyzing the behavior of maintenance costs. Month January February March April May June Total Maintenance Costs $2,860 3,160 3,760 4,660 3,360 5,260 Total Machine Hours 320 370 520 670 520 720

Exercise #1 The following information is estimated by Blue Sea Ltd’s accountant for the upcoming financial year: Sales revenue     3,480,000 Machine hours           54,000 Direct labour hours           81,000 Direct labour rate                  $22.00 Manufacturing overhead     1,326,000   Required: Calculate the predetermined overhead rates assuming that the cost driver is: Direct labour hours Direct labour costs Machine hours

View Policies Current Attempt in Progress The following T-accounts record the operations of Bonita Co.: Beginning Balance Ending Balance Beginning Balance Direct Material Direct Labor Overhead Ending Balance Beginning Balance COGM Ending Balance Direct Materials 29,000 17,000 ? Work in Process 37,000 165,000 28,000 44,000 ? Finished Goods 15,000 Direct materials purchased ? ? Costs of goods manufactured 244,000 (a) Calculate the amount of direct materials purchased during the period. 644,000 COGS $ ? (b) Calculate the cost of goods manufactured during the period. LA $

Random Inc. Cost data for the last 3 years Overhead Costs Units Produced January-17 February-17 $78,000 Use regression and show the equation used for Random to separate overhead into fixed and variable components. How much of the change in costs will this equation predict? 5,679 $91,000 $100,000 6,751 7,539 March-17 April-17 Мay-17 June-17 $78,000 $89,000 5,335 What is the variable cost per unit for overhead? Round to the nearest cent 6,480 $93,000 $87,000 $94,000 June-17 7,630 What is the fixed overhead cost per month? Round to the nearest dollar July-17 August-17 September-17 October-17 6,331 7 998 7,998 5 043 5,943 Random analyzes their other costs and finds the following (in addition to the overhead costs above): Direct Mat $81,000 $85,000 $104,500 $104,000 Each unit of inventory uses 2 gallons of materials and each gallon costs $3 On average a worker can produce 16 units of product in an 8 hour shift and gets paid $180 for that shift Each month Random spends $26,500 on selling and…

PROBLEMS Instructions: Supply the answer supported by computations in good form using your worksleet. 000 0A Problem 1-1. Bayo Dress Shop makes evening dresses. The following information has been gathered from the company records of 2019, the first year of company operations. Work in Process Inventory at the end of the year was P100,000. 008 Raw materials purchased on account, of which only P2,350,000 75% were paid during the year. 00 Raw materials issued to production, of which 25% is indirect materials 1,940,000 Accrued factory payroll (80% is direct labor) Depreciation of sewing and computer equipment Utilities paid Factory insurance expired Factory rent including P50,000 deposit usqmo MM 960,000o 1,350,000 80,000 320,000 17,500 no bro 000,01 to 1ey Bayo Dress Shop applies actual overhead to production. es[o 00 00aw bias i yunst no 000,0809 26w yosval 0e srut no 00, elsisir

Solexx Corporation allocates its service department overhead costs to producing departments. This information is for the month of June:     Service Departments Maintenance Utilities Overhead costs incurred $ 162,000 $ 684,000 Service provided to departments     Maintenance — 5% Utilities 10% — Producing—A 20 40 Producing—B 70 55 Totals 100% 100%   Required: What is the amount of maintenance and utilities department costs distributed to producing departments A and B for June using (1) the direct method, (2) the step method (maintenance department first), and (3) the reciprocal method?

Question No.8 King manufacturing has four categories of overhead. The four categories and expected overhead costs for each category for next year are as follows.   Maintenance                         Rs.70,000 Material Handling                     30,000 Set-ups                                       25,000 Inspection                                  50,000 Currently, overhead is applied using a predetermined overhead rate based upon budgeted direct labor hours, 50,000 direct labor hour are budgeted for next year? The company has been asked to submit a bid for a proposed job. The plant manager feels that obtaining this job would result in new business in future years. Usually, bids are based upon full manufacturing cost plus 30 percent. Estimates for the proposed job are as follows:   Direct material                               Rs.2,500 Direct labor (750 hours)                Rs.3,750 Number of machine hours                     300 Number of material moves                        8…

eBook   Show Me How Question Content Area Income Statements under Absorption Costing and Variable Costing Gallatin County Motors Inc. assembles and sells snowmobile engines. The company began operations on July 1 and operated at 100% of capacity during the first month. The following data summarize the results for July: Sales (8,000 units)   $1,280,000   Production costs (10,000 units):     Direct materials $592,000     Direct labor 284,000     Variable factory overhead 142,000     Fixed factory overhead 95,000   1,113,000   Selling and administrative expenses:     Variable selling and administrative expenses $172,500     Fixed selling and administrative expenses 66,800   239,300

Exercise 6-45 (Algo) Predetermined Overhead Rates and Product Profitability (LO 6-3, 4) Social Media, Inc. (SMI) has two services for users. Toot!, which connects tutors with students who are looking for tutoring services, and TiX, which can be used to buy, sell, or exchange event tickets. For the following year, SMI expects the following results.     Toot! TiX Total Users   14,900   21,600   36,500 Revenues $ 1,950,000 $ 2,000,000 $ 3,950,000 Engineering hours   10,125   8,125   18,250 Engineering cost $ 830,625 $ 948,750 $ 1,779,375 Administrative costs         $ 1,423,500    Required: a. Compute the predetermined overhead rate used to apply administrative costs to the two services assuming SMI uses the engineering hours to allocate administrative costs. b. Based on the rates computed in requirement (a), what is the profit for each service? Required A Compute the predetermined overhead rate used to apply administrative costs to the two services assuming…

Name: Program-Year-Section: Exercise I-Set A To Date: Professor: Score: 3A Corporation makes different types of hubcaps for cars. The company accumulates volumes of metal edges as scrap. At least once a month, the scrap metal is sold to a local manufacturer for further processing. This month's scrap sales on account total P15,000.00. The company is using normal cost system. Required: Prepare the appropriate journal entry to record the sale of the scrap for each of the following alternatives: Tok 1. Scrap sale is viewed as additional revenue 2. Scrap sale is viewed as reduction of cost of goods sold 3. When scrap materials are traceable as indirect materials 4. When scrap materials are traceable as direct materials

Cost per Unit Direct materials. Direct labor Shakti Company budgets overhead cost of $108,000 for the year. The company reports the following for its standard and deluxe models. Standard $ 14 20 Deluxe $ 25 29 Required 1 Required 2 Saved Complete this question by entering your answers in the tabs below. 1. Compute a single plantwide overhead rate assuming the company allocates overhead cost based on 7,200 direct labor hours. 2. The standard model uses 2 direct labor hours per unit and the deluxe model uses 3 direct labor hours per unit. Compute overhead cost per unit for each model. 3. Compute the total product cost per unit for both models. Required 3 >