Data Line 1 Line 2 Line 3 Line 4 Annual production |4000 3500 9800 675 Cost of direct materials $800 $650 |$1200$2500 Cost of direct labor $3500 $3750 $600 $320
Q: The manufacturing costs of Rosenthal Industries for the first three months of the year follow:…
A: A high low method is used to separate the mixed cost into fixed cost and variable cost. In this…
Q: Trio Company reports the following information for the current year, which is its first year of…
A: Absorption costing - under this method direct materials , direct labor , variable manufacturing…
Q: During Heaton Company's first two years of operations, it reported absorption costing net operating…
A: Req-1 Calculation of unit product cost under variable costing: Direct Materials $7.00…
Q: Company A manufactures and sells one product. During the first year the company produced and sold…
A: Absorption costing means a method of costing where all fixed overhead has been absorbed on the basis…
Q: During the current period, 14,000 units were produced and 12,000 units were sold. Fixed…
A: Under absorption costing, the fixed costs are also treated only for the goods that are sold during…
Q: Compute the Variable manufacturing Cost The Fixed manufacturing Cost The Total manufacturing Cost
A: Hi student Since there are multiple sub parts, we will answer only first three sub parts.
Q: Assume the following information for a company that produced and sold 10,000 units during its first…
A: Absorption costing is one of the costing methods under which total costs related to the product,…
Q: Year 1 financial data for the ABC Company is as follows:Sales $5,000,000 ,Direct materials 850,000…
A: Cost of goods sold: Cost of goods sold is the accumulate total of all direct cost incurred in…
Q: Total Product cost per unit? produced 44,000 units and sold 36,000 units at a price of $140 per…
A: Fixed overhead absorption rate = Total fixed overhead Number of units produced = $528,00044,000…
Q: Summarized data for Walrus Co. for its first year of operations are: Sales (90,000 units)…
A: Income statement under Absorption costing Income statement under Variable costing
Q: Cost Flow Relationships The following information is available for the first year of operations of…
A: a. Calculate cost of goods sold to E Incorporation.
Q: Summarized data for Walrus Co. for its first year of operations are: Sales (100,000 units)…
A: In absorption costing , fixed manufacturing overhead will be included in stock valuation where as in…
Q: The manufacturing cost of Calico Industries for three months of the year are provided below.…
A: Variable cost: It is the cost that changes with the change with the change in level of output .e.g.,…
Q: A manufacturer reports the information below for three recent years. Year 3 $123,950 Year 1 Year 2…
A: Year 1 Year-2 Year-3 Absorption Costing Income 1,22,160 1,18,600 1,24,390…
Q: The Dorset Corporation produces and sells a single product. The following data refer to the year…
A: Introduction: Income statement: All revenues and expenses are recorded in Income statement. It tells…
Q: (The following information applies to the questions displayed below.) Diego Company manufactures one…
A: Lets understand the basics. There are two type of costing systems are followed which are, (1)…
Q: The manufacturing cost of Calico Industries for three months of the year are provided below.…
A: High low method: Variable cost per unit = (Highest activity cost - Lowest activity cost) / (Highest…
Q: Total and Unit Product Cost Martinez Manufacturing Inc. showed the following costs for last month:…
A: As posted multiple independent questions we are answering only first question kindly repost the…
Q: The following cost relate to XYZ Corp for the year: Sales commission expenses P 185,000 Direct…
A: In this question we are require to calculate the total manufacturing(Product) cost. Manufacturing…
Q: Summarized data for Walrus Co. for its first year of operations are: Sales (100,000 units)…
A: The income statement is prepared to find the net profits or losses earned by the business.
Q: The manufacturing costs of Rosenthal Industries for the first three months of the year follow:…
A: a.Variable cost $72 per unit
Q: The manufacturing costs of Callico Industries for three months of the year are provided below: Total…
A: The High-low method is a cost computation technique that separates variable and fixed cost from…
Q: The Love Manufacturing Company has the following financial information: · Manufacturing…
A: The Cost of Goods Sold (COGS) is the cumulative total of direct costs incurred for the goods or…
Q: Company A manufactures and sells one product. During the first year the company produced and sold…
A: The income statement involves the revenues and expenses of the company and it shows the net income.
Q: Cost Flow Relationships The following information is available for the first year of operations of…
A: Cost of goods sold = Sales - Gross Profit Direct materials cost = Materials Purchased - Indirect…
Q: The manufacturing costs of Kellam Industries for the first three months of the year follow: Total…
A: When mixed costs are given, then we use high-low method to calculate the variable and fixed cost of…
Q: A company uses activity-based costing to calculate the unit cost of its products. The figures for…
A: Total set-up costs need to be apportioned among the product A and B.
Q: The TOYO Manufacturing Company has the following financial information: · Manufacturing…
A: Total cost of manufacturing = costs of direct materials used + direct labor costs + manufacturing…
Q: The Dorset Corporation produces and sells a single product. The following data refer to the year…
A: Absorption Costing is a method of costing which is used by management to absorb the cost incurred on…
Q: Babuca Corporation has provided the following production and total cost data for two levels of…
A: Cost of manufacture is the amount of the product produced in the manufacturing unit that includes…
Q: The following information is available for Preston Company for its first year of operations: Sales…
A: Absorption costing is a accounting method for recording all costs associated with manufacturing…
Q: Summarized data for Walrus Co. for its first year of operations are: Sales (110,000 units)…
A: Under variable costing, fixed manufacturing overhead is considered as a period cost and deducted a…
Q: The manufacturing costs of Calico Industries for three months of the year are provided below:…
A: The high low method is used to separate the fixed and variable costs from the mixed costs of…
Q: The manufacturing costs of Mocha Industries for three months of the year are as follows: Total Cost…
A: Formula: Variable cost per unit = ( High cost - low cost ) / ( Higher production units - lower…
Q: Trio Company reports the following information for the current year, which is its first year of…
A: Absorption costing means a method where goods are value at total cost including fixed and variable…
Q: The manufacturing costs of Calico Industries for 3 months of the year are as follows: Total Cost…
A: The question is based on the concept of Cost Accounting.
Q: Jacquie Inc. reports the following annual cost data for its single product. Normal production and…
A: Sales Price 57.30 per units Direct Material 10.30 per units Direct Labor 7.80 per units…
Q: Bernard Company shows the following manufacturing costs for the first six months of the year:…
A: Solution... Highest point Production in units = 2,600 Costs = $47,900 Lowest point…
Q: Assume the following information for a company that produced 10,000 units and sold 8,000 units…
A: 1st Year of Operation CALCULATION PARTICULAR AMOUNT A Direct Material 69 B Direct…
Q: Given the following information, compute the total number of units for the period: Direct Labor…
A: SOLUTION- FORMULA- TOTAL MANUFACTURING COST= DIRECT MATERIAL COST + DIRECT LABOR COST + VARIABLE…
Q: Marquis Company estimates that annual manufacturing overhead costs will be $894,600. Estimated…
A: Manufacturing Overhead: Manufacturing overhead is also known as the Indirect Costs. Those are the…
Q: A company estimates the following manufacturing costs for the next period: direct labor, $540,000;…
A: Predetermined overhead rate: Predetermined overhead rate is calculated befor the period begins. This…
Q: Assume the following information for a company that produced and sold 10,000 units during its first…
A: Under Absorption costing, both fixed and variable manufacturing costs are included in the cost of…
Q: The manufacturing costs of Calico Industries for three months of the year are provided below: Total…
A: Variable cost per unit = (Highest activity cost - Lowest activity cost) / (Highest activity units -…
Q: Questions 5 to 8 are based on the Statement of Income of Davao, Inc. which represents the operating…
A: The following calculations are done in the records of Davao Incorporation.
Q: The following information is available for Yamaha Company for its first year of operations: Sales in…
A: Formula: Unit product cost under variable costing = Direct materials + Direct labor + variable…
Q: Learned Corporation has provided the following information: Cost per Unit Cost per Period Direct…
A: The direct costs are the cost that are directly related to production of a specific product and…
Variance Analysis
In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.
Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
Annual
(a) 1-2-3-4
(b) 3-1-2-4
(c) 3-2-1-4
(d) 3-4-1-2
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- What is the cost of direct labor f the conversion costs are $330.000 and manufacturing overhead is $275,000? $55,000 $275,000 $330,000 $605,000Problem 7-16 (Algo) Comparing Traditional and Activity-Based Product Margins [LO7-1, L07-3, LO7-4, LO7-5] Hi-Tek Manufacturing, Inc., makes two types of industrial component parts-the B300 and the T500. An absorption costing income statement for the most recent period is shown: Hi-Tek Manufacturing Inc. Income Statement $ 1,657,500 1,224,620 432,880 620,000 Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating loss $4 (187,120) Hi-Tek produced and sold 60,500 units of B3o0 at a price of $19 per unit and 12,700 units of T500 at a price of $40 per unit. The company's traditional cost system allocates manufacturing overhead to products using a plantwide overhead rate and direct labor dollars as the allocation base. Additional information relating to the company's two product lines is shown below: в300 T500 Total Direct materials $ 400,600 $ 120,400 $ 162,700 $ 42,000 563,300 162,400 498,920 Direct labor Manufacturing overhead Cost of goods sold $…Problem 2 (Life-Cycle Costing) The following revenue and the cost data are for Round Manufacturing's to radial saws. The RM 200 is for the commercial market and the RM 800 is for industrial customers. Both products are expected to have three-year life cycles. RM200 Year 1 Year 2 Year 3 Revenue Costs P 500,000 1,000,000 300,000 60,000 80,000 20,000 P2,500,000 -0- P2,000,000 Research and development Prototypes Marketing -0- 50,000 320,000 475,000 120,000 808,000 60,000 P 650,000 P 810,000 -0- Distribution 130,000 1,000,000 85,000 Manufacturing Customer service -0- Income P(960,000)
- Details Product J Product G Product P Total Direct $25 $20 $11 $12,38,000 Material Cost Direct Labor 4/3 1 88,000 Hours Machine 4/3 1 76,000 Hours Direct Labor $8 $12 $6 Cost No. of 3 7 20 30 production run No. of 3 20 32 Deliveries No. of 15 35 220 270 Receipts (2*7) No. of 15 10 25 50 production orders Production 30,000 20,000 8,000 and sales units Raw material 11 usage units The total overhead costs is $18,48,000. Set-up 1.623377%, Machines 41.125541%, Receiving 23.538961%, Packing 13.528139% and Engineering 20.183983% of total overhead costs. The company operates a just-in-time inventory policy, and receives each component once per production per run. In the past the company has allocated overheads to products on the basis of direct labor hours. However, the majority of overheads are more closely related to machine hours than direct labor hours. The company has recently redesigned its cost system by recovering overheads using two volume-related bases: machine hours and materials…Absorption- and Variable-Costing Income Statements San Mateo Optics, Inc., specializes in manufacturing lenses for large telescopes and cameras used in space exploration. As the specifications for the lenses are determined by the customer and vary considerably, the company uses a job-order costing system. Manufacturing overhead is applied to jobs on the basis of direct labor hours, utilizing the absorption- or full-costing method. San Mateo's predetermined overhead rates for 20x1 and 20x2 were based on the following estimates. 20x1 20x2 Direct labor hours 32,500 44,000 Direct labor cost $325,000 $462,000 Fixed manufacturing overhead $130,000 $176,000 Variable manufacturing overhead $162,500 $198,000 Jim Cimino, San Mateo's controller, would like to use variable (direct) costing for internal reporting purposes as he believes statements prepared using variable costing are more appropriate for making product decisions. In order to explain the benefits of variable costing to the other…Indicator ' A 16 17 18 19 20 (1) $126,000 105,000 84,000 $200,000 D (2) $150,000 128,000 22,000 $138,000 E 1 2 Required: 3 Determine the missing amount for each separate situation involving work in process cost flows. 4 5 6 Total manufacturing costs 7 Work in process inventory, beginning 8 Work in process inventory, ending 9 Cost of goods manufactured 10 11 12 13 Students: The scratchpad area is for you to do any additional work you need to solve this question or can be used to show your work. 14 Nothing in this area will be graded, but it will be submitted with your assignment. 15 (3) $217,000 32,000 185,000 $237,000 F G H 1 J
- Direct Materials Manufacturing Overhead Conversion Cost Case Direct Labor Prime Cost A $ 900 $ 1,300 $ 2,000 B 400 1,325 2,650 700 1,500 2,880 750 1,600 2,000 D.Deluxe Regular Quantity 100,000 800,000 Selling price $900 $750 Unit prime cost $529 $483 In addition, the following information was provided so that overhead costs could be assigned to each product: Activity Name Activity Driver Deluxe Regular Activity Cost Setups Number of setups 300 200 $1,850,000 Machining Machine hours 100,000 300,000 56,000,000 Engineering Engineering hours 50,000 100,000 7,500,000 Packing Packing orders 100,000 400,000 350,000 Required: 1. Calculate the overhead rates for each activity. If required, carry your answers out to the nearest cent. Setups $fill in the blank per setup Machining $fill in the blank per machine hour Engineering $fill in the blank per engineering hour Packing $fill in the blank per packing order 2. Calculate the per-unit product cost for each product. Round your answers to the nearest whole dollar. Deluxe $fill in the blank per unit Regular $fill in the blank per unitOperating Department Service Department A B 1 2 Total Overhead costs £100,000 £93,100 £62,100 £237,200 £257,400 £749,800 855 Number of employees Square feet of space occupied Hours of press time 55 40 160 360 240 7,500 38,000 30,000 172,400 90,000 12,900 19,000 95,000 60,000 The company allocates service department costs by the direct method in the following order: A (number of employees), B (space occupied), and C (hours of press time). The company makes no distinction between variable and fixed service department costs. Required: How much overhead cost would be allocated to each operating department? (Do not round intermediate calculations. Amounts to be deducted should be indicated with a minus sign.) Service Departments Operating Departments 2 Total Overhead costs Allocation: Department A: Department B: Department C: Total overhead costs after allocations
- j coare P 435,000 215,000 190,000 185,000 The following costs relate to Antonio Industries for the last quarter: Conversion cost Direct materials Manufacturing overhead Selling and administrative expense 1. What is Antonio's prime cost for last quarter? a. P460,000 b. P 410,000 c. P 405,000 d. P 375,000 2. Antonio's total manufacturing cost is P 460,000 b. P 645,000 P 650,000 d. P 840,000 a. C. 3. Antonio's total period cost is P 185,000 b. P 275,000 P 400,000 d. a. с. P 620,000Particulars 2 units 4 units 8 units Direct Material @ $88000 per unit $176000 $352000 $704000 Direct Manufacturing labor @ $25 per labor hour $131750 = (5270 × $25) $224000 = (8960 × $25) $380800 = (15232 × $25) Variable Manufacturing Overheads Cost @ $15 per labor hour $79050 = (5270 × $15) $134400 = (8960 × $15) $228,480 = (15232 × $15) Total Variable Cost of Production $315655 $710400 $1313280Cost pool $58,200 $88,500 Total cost in cost pool O $7,200 pool 1 pool 2 pool 3 Compute allocated capacity costs for product Alpha. $18,000 $7,500 $63,000 $45,000 not enough information need to know the total number of cost driver units Number of cost driver units product Alpha 20 20 30 -- product Beta 30 5 12