Redlands used machine hours to apply factory overhead costs. The company incurred $90 actuatotal factory overhead costs to make the 12 products.4. Direct Labor VariancesActual Price ActualQuantityDirect labor quantity variance:Direct labor price variance:Total direct labor variance:5. Factory Overhead VariancesActual Price Actual QuantityFactory overhead quantity variance:Factory overhead price variance:Total factory overhead variance:6. Cost of Goods ManufacturedStandard Price Actual QuantityDirect materialsDirect laborFactory overheadCost of goods manufacturedStandard Price Standard QuantityStandard Price Actual QuantityStandard Price Standard This section has a nine-part comprehensive problem with multiple questions to address. Downloadthe Chapter 9 Comprehensive Problem Template below to complete all parts. You will need yourBergevin and MacQueen book for reference.Redlands Inc. reported standard and actual costs for the product that it manufactures:ItemDirect material priceDirect materials quantityDirect labor priceDirect labor quantityFactory overhead costMachine hours per unitNumber of finished products madeNumber of finished products soldSales price per unitStandard$3 per lb.2 lbs.$53 hours$2 per machinehour2 machinehours1010$40Actual$2 per lb.4 lbs.$72 hours3 machinehours1211$40

Name: Redlands used machine hours to apply factory overhead costs. The comp
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Description: Redlands used machine hours to apply factory overhead costs. The company incurred $90 actuatotal factory overhead costs to make the 12 products.4. Direct Labor VariancesActual Price ActualQuantityDirect labor quantity variance:Direct labor price var

The formula for Direct Labor Variances: Direct labor quantity variance=Standard Price × Standard…

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Redlands Inc. reported standard and actual costs for the product that it manufactures: Item Direct material price Direct materials quantity Direct labor price Direct labor quantity Factory overhead cost Machine hours per unit Number of finished products made Number of finished products sold Sales price per unit Standard $3 per lb. 2 lbs. $5 3 hours $2 per machine hour 2 machine hours 10 10 $40 Actual $2 per lb. 4 lbs. $7 2 hours 3 machine hours 12 11 $40

Redlands Inc. reported standard and actual costs for the product that it manufactures: Item Direct material price Direct materials quantity Direct labor price Direct labor quantity Factory overhead cost Machine hours per unit Number of finished products made Number of finished products sold Sales price per unit Standard $3 per lb. 2 lbs. $5 3 hours $2 per machine hour 2 machine hours 10 10 $40 Actual $2 per lb. 4 lbs. $7 2 hours 3 machine hours 12 11 $40

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

ChapterMB: Model-building Problems

Section: Chapter Questions

Problem 16M

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Using the data in P4-2 and Microsoft Excel: 1. Separate the variable and fixed elements. 2. Determine the cost to be charged to the product for the year. 3. Determine the cost to be charged to factory overhead for the year. 4. Determine the plotted data points using Chart Wizard. 5. Determine R2. 6. How do these solutions compare to the solutions in P4-2 and P4-3? 7. What does R2 tell you about this cost model?
Potterii sells its products to large box stores and recently added a retail line of products to sell directly to consumers. These estimates are to be used in determining the overhead allocation rate for ABC: What would be the predetermined rate for each cost pool?
Wrappers Tape makes two products: Simple and Removable. It estimates it will produce 369,991 units of Simple and 146,100 of Removable, and the overhead for each of its cost pools is as follows: It has also estimated the activities for each cost driver as follows: Â How much is the overhead allocated to each unit of Simple and Removable?
Following is a list of cost terms described in the chapter as well as a list of brief descriptive settings for each item.Cost terms:a. Opportunity costb. Period costc. Product costd. Direct labor coste. Selling costf. Conversion costg. Prime costh. Direct materials costi. Manufacturing overhead costj. Administrative costSettings:1. Marcus Armstrong, manager of Timmins Optical, estimated that the cost of plastic, wagesof the technician producing the lenses, and overhead totaled $30 per pair of single-visionlenses.2. Linda was having a hard time deciding whether to return to school. She was concernedabout the salary she would have to give up for the next 4 years.3. Randy Harris is the finished goods warehouse manager for a medium-sized manufacturingfirm. He is paid a salary of $90,000 per year. As he studied the financial statementsprepared by the local certified public accounting firm, he wondered how his salary wastreated.4. Jamie Young is in charge of the legal department at company…
! Required information Gable Company uses three activity pools. Each pool has a cost driver. Information for Gable Company follows: Activity Pools Machining Designing costs Setup costs Number of machine hours Number of design hours Number of batches Total Cost of Pool $ 171,100 45, 100 66,123 Suppose that Gable Company manufactures three products, A, B, and C. Information about these products follows: Product A Product B Product C Cost Driver Number of machine hours Number of design hours Number of batches Total Overhead Assigned Product A Product B 20,000 2,200 30,000 1,300 40 170 Estimated Cost Driver 59,000 5,500 465 Product C 9,000 2,000 255 Required: Using activity rates, determine the amount of overhead assigned to each product. Note: Do not round intermediate calculations. Round the final answer to nearest whole number.
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image) Churchill Products is considering updating its cost system to an activity-based costing system and is interested in understanding the effects. The company’s cost accountant has identified three overhead cost pools along with appropriate cost drivers for each pool. Cost Pools Costs Activity Drivers Utilities $ 315,000 63,000 machine-hours Scheduling and setup 300,000 600 setups Material handling 795,000 1,590,000 pounds of material The company manufactures three models of water basins (Oval, Round, and Square). The plans for production for the next year and the budgeted direct costs and activity by product line are as follows. Products Oval Round Square Total direct costs (material and labor) $ 80,000 $ 70,000 $ 80,000 Total…
Mirabile Corporation uses activity-based costing to compute product margins. Overhead costs have already been allocated to the company's three activity cost pools-- Processing, Supervising, and Other. The costs in those activity cost pools appear below: Processing $ 3,800 $ 23,800 $ 10,400 Supervising other Processing costs are assigned to products using machine-hours (MHs) and Supervising costs are assigned to products using the number of batches. The costs in the Other activity cost pool are not assigned to products. Activity data appear below: Batches MHs (Processing) (Supervising) Product MO 9,700 500 Product M5 300 500 Total 10,000 1,000 Finally, sales and direct cost data are combined with Processing and Supervising costs to determine product margins. Product MO Product M5 $ 74,100 $ 28,500 $ 27,800 $ 89,900 $ 31,400 $ 41,700 Sales (total) Direct materials (total) Direct labor (total) What is the product margin for Product M5 under activity-based costing? Multiple Choice C4786
The following information has been extracted from the cost accounting information system database for Victoria Furnitures Ltd. The company manufactures different types of furniture’s, including tables; The company manufactured 1,000 tables during the year 2020. Required: Using the information provided in the above table identify and explain how you classify each of the above costs according to the functional approach; Use the tables as the cost object in the classification of the costs.
Custom's has three cost pools and an associated cost driver to allocate the costs to the product. The cost pools, cost driver, estimated overhead, and estimated activity for the cost pool are: Cost Pool Material Machining Inspection • Material cost pool . Material requisitions Machine hours Number of inspections • Machining cost pool Custom's data Cost Driver Inspection cost pool Estimated Activity per Driver 14,000 186,400 10,000 Estimated Overhead What is the predetermined overhead rate for each activity? Round to the nearest penny, two decimal places. $52,500 363,500 75,000
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An allocation base: a. can be units of output if the company has a single product O b. is determined before the period begins. O c. All the given answers are correct. O d. can be direct labor cost e. is a measure used to assign manufacturing overhead costs to products and services PAGE NEXT PAGE IZ TWO Jump CQURSE OUTLINE_SPRING2021 ► tv MacBook Air
Required information Use the following information for the Problems below. (Algo) [The following information applies to the questions displayed below.] Tamar Company manufactures a single product in two departments: Forming and Assembly. Information for the Forming process for May follows. Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Direct MaterialsConversion Percent Percent Complete Complete 40% Units 5,700 100% 41,040 42,180 4,560 100% $ 37,620 421,686 $ 459,306 943,920 4,115,286 5,059,206 5,518,512 olem 3-4A (Algo) FIFO: Production cost report LO C2, P4 $ 80% me that Tamar uses the FIFO method of process costing. The units started and completed for may total 19,200. ired: Prepare the Forming department's production cost report for May using FIFO. Prepare…