I'm just trying this out, so hang with me. I'm just curious how many questions this would count as and the answers would be nice. It says to ask one academic question, but this kinda is. I'll see what happens. Thank you much. The book I'm working out of Cornerstones of Cost Management 4th Ed. - Chapter 4 Scenario I: Goodmark Company produces two products: scented and regular birthday cards. Goodmark uses a plantwide rate based on direct labor hours. The estimated and actual data for the coming year are provided below: Estimated overhead $720,000 Expected activity (direct labor hours) 180,000 Actual activity (direct labor hours) Scented cards 20,000 Regular cards 160,000 Units produced Scented 20,000 Regular 200,000 Required: 1. Calculate the following: a. The predetermined overhead plantwide rate (round to the nearest cent): _______ per direct labor hour b. Applied overhead for each product (round to the nearest dollar): Scented: Regular: c. Overhead per unit for each product (round to the nearest cent): Scented: Regular:

I'm just trying this out, so hang with me. I'm just curious how many questions this would count as and the answers would be nice. It says to ask one academic question, but this kinda is. I'll see what happens. Thank you much. The book I'm working out of Cornerstones of Cost Management 4th Ed. - Chapter 4 Scenario I: Goodmark Company produces two products: scented and regular birthday cards. Goodmark uses a plantwide rate based on direct labor hours. The estimated and actual data for the coming year are provided below: Estimated overhead $720,000 Expected activity (direct labor hours) 180,000 Actual activity (direct labor hours) Scented cards 20,000 Regular cards 160,000 Units produced Scented 20,000 Regular 200,000 Required: 1. Calculate the following: a. The predetermined overhead plantwide rate (round to the nearest cent): _______ per direct labor hour b. Applied overhead for each product (round to the nearest dollar): Scented: Regular: c. Overhead per unit for each product (round to the nearest cent): Scented: Regular:

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter8: Standard Costs And Variances

Section: Chapter Questions

Problem 1EA: Moisha is developing material standards for her company. The operations manager wants grade A...

See similar textbooks

Similar questions

Plant Design is a major requirement for you to be able to graduate BS ChE in Batangas State University. Suppose you are a panelist, and you must evaluate if the design is feasible or not. You look at the breakdown of expenses, possible revenues, etc. Here are some important chapters and discussions taken from a certain plant design. Chapter 3: Market Study This plant design, entitled “IIVSDROP: The First Ear Dropper Solution Manufacturing Plant in the Philippines” considers a 30-year period of study, starting 2021, after finishing its construction by 2020. All projections, and interest rates set by the company shall be evaluated within this 30-year period. The inflation rate shall not be included in the computation and a minimum attractive rate of return is set at 20%. Chapter 4: Products Our company produces ear dropper solution which can be sold for PHP. 125.00 per bottle. Annually, the company can produce 1000 pallets of the product. Each pallet is stacked with 14 layers and each…
At Jeekes PolyChem Products LLC, customers needs are translated into product specifications by the design or engineering department. Which of the following objectives of production management is addressed by Jeekes Polychem Products LLC? a. Right time b. Right quality c. Right quantity d. Right cost Mr. Saud bought a new mobile phone for himself. He explained to his friend that the mobile phone has a camera, Facebook facility, and music facility in addition to the basic functions like phone calls and messaging. Which dimension of "product quality" is Mr. Saud referring to? a. Features b. Aesthetics c. Reputation d. Conformance
Plant Design is a major requirement for you to be able to graduate BS ChE in Batangas State University. Suppose you are a panelist, and you must evaluate if the design is feasible or not. You look at the breakdown of expenses, possible revenues, etc. Here are some important chapters and discussions taken from a certain plant design. Chapter 3: Market Study This plant design, entitled "IIVSDROP: The First Ear Dropper Solution Manufacturing Plant in the Philippines" considers a 30-year period of study, starting 2021, after finishing its construction by 2020. All projections, and interest rates set by the company shall be evaluated within this 30-year period. The inflation rate shall not be included in the computation and a minimum attractive rate of return is set at 20%. Chapter 4: Products Our company produces ear dropper solution which can be sold for PHP. 125.00 per bottle. Annually, the company can produce 1000 pallets of the product. Each pallet is stacked with 14 layers and each…
Mozaic Inc. has decided to introduce a new product, which can be manufactured by either a computer-assisted manufacturing system (CAM) or a labor-intensive production system (LIP). The manufacturing method will not affect the quality of the product. The estimated manufacturing costs by the two methods are as follows: www CAM System LIP System Direct Material $5.00 $5.60 Direct Labor (DLH) 0.5 DLH x $12 $6.00 0.8 DLH x $9 $7.20 Variable Overhead 0.5 DLH x $6 $3.00 0.8 DLH x $6 $4.80 Fixed Overhead* $2,440,000 $1,320,000 * These costs are directly traceable to the new product line. They would not be incurred if the new product were not produced. The company's marketing research department has recommended an introductory unit sales price of $30. Selling expenses are estimated to be $500,000 annually plus $2 for each unit sold. (Ignore income taxes.) Required: 1. Describe the circumstances under which the firm should employ each of the two manufacturing methods. 2. Identify some business…
I need help solving this problem. The picture attached is the information which was given. I copy and pasted the part of the problem I need help completing which is asking for the statement of cost of goods manufactured. I found the values which were missing in the original information and have copy and pasted those values. Thanks! a. $59960 $84830 b. $528820 $271120 c. $549650 $216030 d. $544090 $92710 e. $479010 $457230 f. $345740 $263070 3. Prepare On Company's income statement for December. On Company Income Statement For the Month Ended December 31 $ Cost of goods sold: $ $ $ $
Pocket Umbrella, Inc. is considering producing a new type of umbrella. This new pocket-sized umbrella would fit into a coat pocket or purse. Classify the following costs of this new product as direct materials, direct labor, manufacturing overhead, or selling and administrative. Cost of advertising the product Fabric used to make the umbrellas Maintenance of cutting machines used to cut the umbrella fabric so it will fit the umbrella frame Wages of workers who assemble the product Presidents salary The salary of the supervisor of the people who assemble the product Wages of the product tester who stands in a shower to make sure the umbrellas do not leak Cost of market research survey Salary of the companys sales managers Depreciation of administrative office building
Danielle Hastings was recently hired as a cost analyst by CareNet Medical Supplies Inc. One of Danielle’s first assignments was to perform a net present value analysis for a new warehouse. Danielle performed the analysis and calculated a present value index of 0.75. The plant manager, Jerrod Moore, is very intent on purchasing the warehouse because he believes that more storage space is needed. Jerrod asks Danielle into his office and the following conversation takes place: Jerrod: Danielle, you’re new here, aren’t you? Danielle: Yes, I am. Jerrod: Well, Danielle, I’m not at all pleased with the capital investment analysis that you performed on this new warehouse. I need that warehouse for my production. If I don’t get it, where am I going to place our output? Danielle: Well, we need to get product into our customers’ hands. Jerrod: I agree, and we need a warehouse to do that. Danielle: My analysis does not support constructing a new warehouse. The numbers don’t lie; the warehouse does…
st K Yard Growers Corp manufactures garden tools in a factory in Taneytown, Maryland. Recently, the company designed a collection of tools for professional use rather than consumer use. Management needs to make a good decision about whether to produce this line in their existing space in Maryland, where space is available or to accept an offer from a manufacturer in Taiwan. Data conceming the decision are (Click the icon to view the data.) Read the requirements Requirement 1. Should Yard Growers Corp manufacture the 680,000 garden tools in the Maryland facility or purchase them from the supplier in Taiwan? Explain The cost of manufacturing 680,000 garden tools in the Maryland facility is 680,000 garden tools from the Taiwan supplier is and the cost of purchasing Yard Growers Corp purchase the garden tools from the Talwan supplier because it is than the relevant costs to manufacture the garden tools in Maryland SKIP REQUIREMENT 2 Requirement 3. What are some of the qualitative factors…
Kagle design engineers are in the process of developing a new “green” product, one that will significantly reduce impact on the environment and yet still provide the desired customer functionality. Currently, two designs are being considered. The manager of Kagle has told the engineers that the cost for the new product cannot exceed $550 per unit (target cost). In the past, the Cost Accounting Department has given estimated costs using a unit-based system. At the request of the Engineering Department, Cost Accounting is providing both unit- and activity-based accounting information (made possible by a recent pilot study producing the activity-based data). Unit-based system:Variable conversion activity rate: $100 per direct labor hourMaterial usage rate: $20 per partABC system:Labor usage: $15 per direct labor hourMaterial usage (direct materials): $20 per partMachining: $75 per machine hourPurchasing activity: $150 per purchase orderSetup activity: $3,000 per setup hourWarranty…
Danielle Hastings was recently hired as a cost analyst by CareNet Medical Supplies Inc. One of Danielle's first assignments was to perform a net present value analysis for a new warehouse. Danielle performed the analysis and calculated a present value index of 0.75. The plant manager, Jerrod Moore, is intent on purchasing the warehouse because he believes that more storage space is needed. Jerrod asks Danielle to come to his office, where the following conversation takes place: Jerrod: Danielle, you're new here, aren't you? Danielle: Yes, I am. Jerrod: Well, Danielle, I'm not at all pleased with the capital investment analysis that you performed on this new warehouse. I need that warehouse for my production. If I don't get it, where am I going to place our output? Danielle: Well, we need to get product into our customers' hands. Jerrod: I agree, and we need a warehouse to do that. Danielle: My analysis does not support constructing a new warehouse. The numbers…
I am doing an activity table on ovens. I know the formula is: activity pool cost / activity base = activity rate 63237 / 370 =171 when I do this and get my numbers the system to input out findings says my numbers are wrong. we use the cengage. I don't know what I am doing wrong? I have pasted the numbers below. Please help. Beth McDonald Caldwell Home Appliances Inc. is estimating the activity cost associated with producing ovens and refrigerators. The indirect labor can be traced into four separate activity pools, based on time records provided by the employees. The budgeted activity cost and activity-base information are provided as follows: 1 Activity Activity Pool Cost Activity Base 2 Procurement $63,237.00 Number of purchase orders 3 Scheduling 3,933.00 Number of production orders 4 Materials handling 13,032.00 Number of moves 5 Product development 7,035.00 Number of engineering changes 6 Total cost…
Johnny Lee Incorporated produces a line of small gasoline-powered engines that can be used in a variety of residential machines, ranging from different types of lawnmowers, to snowblowers, to garden tools (such as tillers and weed-whackers). The basic product line consists of three different models, each meant to fill the needs of a different market. Assume you are the cost accountant for this company and that you have been asked by the owner of the company to construct a flexible budget for factory overhead costs, which seem to be growing faster than revenues. Currently, the company uses machine hours (MHs) as the basis for assigning both variable and fixed factory overhead costs to products. Within the relevant range of output, you determine that the following factory fixed overhead costs per month should occur: engineering support, $15,200; insurance on the manufacturing facility, $5,200; property taxes on the manufacturing facility, $12,200; depreciation on manufacturing…

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

SEE MORE TEXTBOOKS

GET THE APP

About FAQ Academic Integrity Sitemap Document Sitemap

Contact Bartleby Contact Research (Essays)High School Textbooks Literature Guides Concept Explainers by Subject Essay Help Mobile App

GET THE APP

Privacy

Your CA Privacy Rights

Your NV Privacy Rights

About Ads

Manage My Data

bartleby, a Learneo, Inc. business

Estimated overhead		$720,000
Expected activity (direct labor hours)		180,000
Actual activity (direct labor hours)
Scented cards		20,000
Regular cards		160,000
Units produced
Scented		20,000
Regular		200,000