Cotton White, Incorporated, makes specialty clothing for chefs. The company reported the following costs for the current year: Factory rent Company advertising Wages paid to sewing personnel Depreciation on salespersons' vehicles Thread Utilities for factory Cutting room supervisor's salary President's salary Premium quality cotton material $36,100 24,500 76,400 30,900 1,150 24,000 31,700 75,800 40,100
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- Ventana Window and Wall Treatments Company provides draperies, shades, and various window treatments. Ventana works with the customer to design the appropriate window treatment, places the order, and installs the finished product. Direct materials and direct labor costs are easy to trace to the jobs. Ventanas income statement for last year is as follows: Ventana wants to find a markup on cost of goods sold that will allow them to earn about the same amount of profit on each job as was earned last year. Required: 1. What is the markup on cost of goods sold (COGS) that will maintain the same profit as last year? (Round the percentage to two significant digits.) 2. A customer orders draperies and shades for a remodeling job. The job will have the following costs: What is the price that Ventana will quote given the markup percentage calculated in Requirement 1? (Round the price to the nearest dollar.) 3. What if Ventana wants to calculate a markup on direct materials cost, since it is the largest cost of doing business? What is the markup on direct materials cost that will maintain the same profit as last year? (Round the percentage to two significant digits.) What is the bid price Ventana will use for the job given in Requirement 2 if the markup percentage is calculated on the basis of direct materials cost? (Round to the nearest dollar.)A manufacturing company has two service and two production departments. Building Maintenance and Factory Office are the service departments. The production departments are Assembly and Machining. The following data have been estimated for next years operations: The direct charges identified with each of the departments are as follows: The building maintenance department services all departments of the company, and its costs are allocated using floor space occupied, while factory office costs are allocable to Assembly and Machining on the basis of direct labor hours. 1. Distribute the service department costs, using the direct method. 2. Distribute the service department costs, using the sequential distribution method, with the department servicing the greatest number of other departments distributed first.Knight Company reports the following costs and expenses in May. Factory utilities Depreciation on factory equipment Depreciation on delivery trucks Indirect factory labor Indirect materials Direct materials used Factory manager's salary From the information: (b) (a) Your answer is correct. Manufacturing overhead eTextbook and Media Determine the total amount of manufacturing overhead. $15,500 12,650 3,800 48,900 80,800 137,600 Product costs Determine the total amount of product costs. Save for Later Direct labor Sales salaries Property taxes on factory building Repairs to office equipment Factory repairs Advertising 8,000 Office supplies used 170350 $69,100 46,400 2,500 1,300 2,000 15,000 2,640 Attempts: 1 of 5 used Attempts: 0 of 5 used Submit Answer
- Wheeler's Bike Company manufactures custom racing bicycles. The company uses a job order cost system to determine the cost of each bike. Estimated costs and expenses for the coming year follow: Bike parts Factory machinery depreciation Factory supervisor salaries Factory direct labor Factory supplies Factory property tax Advertising cost Administrative salaries Administrative-related depreciation Total expected costs $ 338,800 58,500 142,500 235,790 Required: 1. Calculate the predetermined overhead rate per direct labor hour if the average direct labor rate is $12.41 per hour. 2. Determine the amount of applied overhead if 17,900 actual hours are worked in the upcoming year. Required 1 40,400 33,750 22,500 54,500 25,700 $ 952,440 Complete this question by entering your answers in the tabs below.Robin Company reported the following costs for the current month: Direct materials used Direct labor Sales salaries Indirect labor Production manager's salary Marketing costs Factory lease What is Robin's total manufacturing overhead? Multiple Choice O $14,400 $28,800 $20,800 $ 24,000 36,800 19,200 4,800 9,600 14,400 6,400 $33,600Use the following data to compute total factory overhead costs for the month: Sales commissions. Direct labor Indirect materials. Factory utilities Indirect labor Direct materials Corporate office salaries Depreciation-factory equipment Multiple Choice $ 11,400 40,200 15,800 9,600 14,100 41,100 43,100 8,100
- Hartley Uniforms produces uniforms. The company allocates manufacturing overhead based on the machine hours each job uses. Hartley Uniforms reports the following cost data for the past year: E (Click the icon to view the cost data.) Read the requirements. Data table Requirement 1. Compute the predetermined manufacturing overhead rate. Enter the formula for predetermined manufacturing overhead rate, then compute the rate. Budget Actual Estimated yearly overhead costs Estimated yearly machine hours Predetermined overhead rate Direct labor hours. 7,600 hours 6,100 hours 194,400 7,200 $ 27 per machine hour Machine hours. 7,200 hours 6,300 hours Requirement 2. Calculate the allocated manufacturing overhead for the past year. Depreciation on salespeople's autos 23,000 $ 23,000 Indirect materials.. $ 48,500 $ 50,500 Manufacturing Depreciation on trucks used to deliver uniforms to customers $ 13,000 $ 11,000 Actual machine hours Predetermined overhead rate overhead allocated Depreciation on…Factory overhead includes a.direct materials and direct labor b.indirect materials and direct materials c.factory rent and direct labor d.indirect labor and indirect materials Which of the following is an example of a factory overhead cost? a.insurance premiums on salespersons' automobiles b.factory heating and lighting cost c.president's salary d.repair and maintenance cost on the administrative building If the market rate of interest is 7%, the price of 6% bonds paying interest semiannually with a face value of $500,000 will be A. greater than $500,000 B. equal to $500,000 C. less than $500,000 D. greater than or less than $500,000, depending on the maturity date of the bondsUsing the step method, what is the factory overhead rate of the cutting department? Galinganmo Corp has two service departments and two producing departments. The following are data available for the year 2021: FOH cost Estimated Area Labor Hrs Maintenance Security Cutting Assembly P129,000 105,000 416,000 380,000 2,900 1,100 2,000 1,600 Occupied 1,200 1,500 1,900 3,200 The maintenance costs are allocated based on estimated labor hours and security is allocated based on space occupied. The producing department uses machine hours with 50,000 for cutting and 25,000 for assembly to determine the factory overhead rate. P10.54 P8.32 O P20.35 P10.43
- Al Noor Manufacturing LLC is involved in manufacturing of consumer goods. The company has received an order (job) from Al Sham Production LLC. The management of the company has provided you with the following cost data based on the past information related to similar job. Find the profit and sales value that should be quoted for the job the company has received. Direct Material RO 3,000, Selling Overheads RO 1,200, Direct Expenses RO 800, General Overheads is 10% of works cost, Direct Labor is 40% of direct material, Profit is 20% on sales, Factory overhead is 60% of the prime cost. a. Profit RO 12,500, Sales value RO 2,500 b. Profit RO 2,500, Sales value RO 12,500 c. Profit RO 5,200, Sales value RO 15,200 d. Profit RO 15,200, Sales value RO 5,200Required:a) Calculate the raw material used by Personal Protective Gears & More. b) Calculate the factory supplies used by Personal Protective Gears & More. c) What is the total factory overhead costs incurred by Personal Protective Gears & More during theperiod? d) Determine the prime cost & conversion cost of the masks manufactured. e) Prepare a schedule of cost of goods manufactured for the year ended June 30, 2021, clearly showingtotal manufacturing cost & total manufacturing costs to account for. f) Prepare an income statement for personal Protective Gears & More for the year ended June 30, 2021.List the non-manufacturing overheads in order of size starting with the largest. g) What is the selling price per mask if Personal Protective Gears manufactured 1,850 masks for theperiod under review and uses a mark-up of 25% on cost? h) How does the format of the income statement for a manufacturing concern differ from the incomestatement of a merchandising entity?Aikman Corporation has the following cost records for June 2022: Indirect factory labour Direct materials used Work in process (6/1/22) Work in process (6/30/22) Finished goods (6/1/22) Finished goods (6/30/22) S 4,850 25,200 3,200 3,400 5,350 9,300 Factory utilities Depreciation, factory equipment Direct labour Maintenance, factory equipment Indirect materials Factory manager's salary-11: $500 1,600 30,900 2,200 2,300 3,100 (a) Prepare a cost of goods manufactured schedule for June 2022.