Using this information from Planters, Inc., what is the cost per unit under absorption costing? Round to the nearest penny, two decimal places. Planters, Inc data Cost Production Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Amount 10,348 units $248 293 103 1,008,619
Q: Blake Company purchased two identical inventory items. The item purchased first cost $19.00, and the…
A: There are various methods of Inventory Valuation for example: FIFO, LIFO, Weighted Average etc.…
Q: Brothers Herm and Steve Hargenrater began operations of their tool and die shop (H & H Tool) on…
A: Journal Entry The date, the amount to be credited and debited, a brief description of the…
Q: anvas student center C Chegg me MyEducator - BU... v Problem i H & H Tool Income Statement For the…
A: Income Statement :— It is one of Feb financial statement that shows profitability of company during…
Q: The following information was taken from the records of Bramble Inc. for the year 2023: Gain from…
A: Gross profit = Sales - Cost of goods sold Cost of goods sold = Opening stock + Purchases - Closing…
Q: Kasey's Cake Shop made $30,000 in sales of wedding cakes in July. All of these sales were on bank…
A: Credit Card Sales - Credit Card Sales is the sales earned and collected through Credit card. A…
Q: Pedregon Corporation has provided the following information: Direct materials Direct labor Variable…
A: According to the given question, we are required to compute the total variable cost at the activity…
Q: James Company experienced the following events during its accounting period: (1) Purchased $10,000…
A: Ans. $ 2000
Q: Elimination of intra-entity profit or loss may be allocated between the parent and noncontrolling…
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: Which of the following statements is true? 1. Unit-level activities are performed each time a new…
A: In accounting in general and in case of costing in particular we can say that unit level activities…
Q: Ken won $1,260 in an illegal game of poker (the game was played in Utah, where gambling is illegal).…
A: now we are assuming that Ken files taxes as a single taxpayer. First, we have to determine Ken's…
Q: Account Cost of goods sold Inventory Multiple Choice What is the average number of days to sell…
A: The ratio analysis helps to analyse the financial statements of the business on the basis of various…
Q: Maury Wills started an environmental consulting business & during the first month of operations…
A: Golden Rules of Accounting: Account Debit Credit Personal Accounts The Receiver The…
Q: Currently, Sweet Treats Bakery sells 1,200 cupcakes per month. The owners would like to increase net…
A: 1. Contribution Margin = Selling Price- Variable Cost 2. It's the question of Marginal…
Q: , $10 billion in preferred stock, and $20 billion in common stock... A. How much capital is it…
A: If a corporation holds $40 billion in bonds, $10 billion in preferred stock, and $20 billion in…
Q: Rida Incorporated is preparing its direct materials budget for the second quarter. It budgets…
A: The direct materials purchase budget is prepared to estimate the units and cost of direct materials…
Q: Accountants employed by a business or a not-for-profit entity are said to be engaged in Private…
A: An accountant is a professional who possesses expertise in accounts, tax, auditing, corporate lows,…
Q: Which of the following is not a factory overhead allocation method? Oa. factory costing b. multiple…
A: The manufacturing overhead includes the indirect costs of production such as indirect materials,…
Q: Darlington Company entered into the following business events during its first month of operations.…
A: The question is based on the concept of Financial Accounting.
Q: Entries for issuing bonds and amortizing discount by straight-line method On the first day of its…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: Provide Statement of Changes in Equity
A: It has been given in the question that the net income earned during the period of March is P262,000…
Q: Required information Use the following information for the Quick Study below. (Algo) (11-14) [The…
A: Specific Identification Method :— It is one of the method of inventory valuation in which specific…
Q: SecuriCorp operates a fleet of armored cars that make scheduled pickups and deliveries in the Los…
A: Using the activity-based costing (ABC) method, overhead and indirect expenses are allocated to…
Q: A constructive dividend is the manner in which the IRS or the courts recharacterizes an excessive…
A: Dividend is the part or share of profits which is being distributed or paid to the shareholders as…
Q: James Company experienced the following events during its first accounting period: (1) Purchased…
A: Inventory is very important in the business and maintain the desired level of the inventory is…
Q: A report prepared periodically by a processing department, summarizing (1) the units for which the…
A: The cost of production report (CPR), a document utilized in process costing systems, compiles data…
Q: The Samsons are trying to determine whether they can claim their 22-year-old adopted son, Jason, as…
A: Introduction In general, the phrase "income" refers to the amount of money, commodities, as well as…
Q: Data table The Velocities Corporation (June 2017) Number of centrifuges assembled and sold Hours of…
A: Formula for Variable Overhead Spending Variance = Actual Cost - (Actual Quantity * Budgeted Rate)…
Q: Kathy is 48 years of age and self-employed. During 2018 she reported $112,000 of revenues and…
A: Answer: Employees can participate in a retirement plan offered by business owners called a Simple…
Q: Steven Appraisals is appraising a commercial office building for refinancing. The company is using…
A: Time value of money :— According to this concept, value of money in present day is greater than the…
Q: Middleton Company uses the perpetual inventory system. The company purchased an item of inventory…
A: The inventory is valued differently under different systems as Periodic inventory system and…
Q: Echo manufactures and sells printers. They recently introduced a new laser printer that sells for…
A: Echo Sells a new Printer for $ 1,000 Offers a l-year Service warranty for $120 Cost of Laser…
Q: Is it important for a company to follow a strict budget even though they may be experiencing…
A: SOLUTION:- It is important for a company to follow a strict budget despite experiencing phenomenal…
Q: Which 2 statements are correct regarding budgets in QuickBooks Online?
A: The management of the business wants to get to know in advance as well as to track the things which…
Q: On January 1, 2021, the Mason Manufacturing Company began construction of a building to be used as…
A: A company identifies borrowings—or portions of borrowings—that were particularly used to fund an…
Q: The extract of statement of financial position for the year ended 30 June 2022 for Pears Ltd and…
A: As per the guidelines we can solve only first three sub parts for you if you need another answers…
Q: Accountants tend to become CEOs of corporations more frequently than do Engineers who design…
A: The business is established to make a profit. The business makes a profit by selling products or…
Q: AMT depreciation of personal property is calculated using which method? Multiple Choice O…
A: Alternative minimal is tax system which operates under regular tax system. It will add some of…
Q: Anton Company uses the perpetual inventory system and FIFO cost flow method. During the year, Anton…
A: Given: - Number of inventory purchased first: - 400 units Cost of per inventory purchased first: -…
Q: On January 1, 2021, the company obtained a $3 million loan with a 10% interest rate. The building…
A: Borrowing cost are cost that are undertaken to construct a qualifying asset and are capitalised in…
Q: the following expenditures: Basic research to develop the technology Engineering design work…
A: Answer : Research and development expenses = $2,350,000 + $750,000 + $370,000 + $270,000 =…
Q: Required: Prepare the consolidation journal entries for the elimination of the above inter-company…
A: 1) Dr. Loan payable ( Strong books) 26000 Cr. loan receivable (Position books) 26000 (Note 1) 2)…
Q: hells for the company's calcul culator requires one shell.) Fo
A: Sale Units 6,00,000 Add Target Ending Inventory 20,000 Less Available…
Q: Shannon Company segments its income statement into its North and South Divisions. The company's…
A: Workings :- 1) Calculation of contribution margin of total company :- Sales * contribution margin…
Q: percentage method
A: Income Tax refers to the amount paid to the government by the businesses and individuals on the…
Q: Star Company recognized $500 of cost of goods sold. Note that Star is only recording the cost of…
A: The journal entry of the cost of goods sold is: Cost of goods sold To inventory Here, the…
Q: Garrett Company uses the perpetual inventory system. The company's records showed a book balance of…
A: The correct option with necessary working are as follows
Q: Ashton Company uses the perpetual inventory system. The company's inventory account had a $6,600…
A: Inventory Balance, December 31 = $6,600 Physical count of inventory = $5,900 Difference in balance =…
Q: MAGGIE Company manufactures and sells a single product. The company's sales and expenses for the…
A: BREAKEVEN POINT Breakeven Point is a point of Sales where no profit no Loss. Breakeven Point sale…
Q: At the end of the Year 2 accounting period, DeYoung Company determined that the market value of its…
A: Introduction:- DeYoung Company determined that the market value of its inventory was $79,800…
Q: If a company is using the lower-of-cost-or-market rule and a write-down is required, how will that…
A: Cost of ending inventory (asset) can be decreased as an adjustment. An adjusting entry needs to be…
Step by step
Solved in 3 steps with 2 images
- Ripley, Inc., costs products using a normal costing system. The following data are available for last year: Overhead is applied on the basis of direct labor hours. Required: 1. What was the predetermined overhead rate? 2. What was the applied overhead for last year? 3. Was overhead over- or underapplied, and by how much? 4. What was the total cost per unit produced (carry your answer to four significant digits)?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?Overhead costs are assigned to each product based on __________________. A. the proportion of that products use of the cost driver B. a predetermined overhead rate for a single cost driver C. price of the product D. machine hours per product
- The following product costs are available for Stellis Company on the production of erasers: direct materials, $22,000; direct labor, $35,000; manufacturing overhead, $17,500; selling expenses, $17,600; and administrative expenses; $13,400. What are the prime costs? What are the conversion costs? What is the total product cost? What is the total period cost? If 13,750 equivalent units are produced, what is the equivalent material cost per unit? If 17,500 equivalent units are produced, what is the equivalent conversion cost per unit?The following product costs are available for Kellee Company on the production of eyeglass frames: direct materials, $32,125; direct labor, $23.50; manufacturing overhead, applied at 225% of direct labor cost; selling expenses, $22,225; and administrative expenses, $31,125. The direct labor hours worked for the month are 3,200 hours. A. What are the prime costs? B. What are the conversion costs? C. What is the total product cost? D. What is the total period cost? E. If 6.425 equivalent units are produced, what is the equivalent material cost per unit? F. What is the equivalent conversion cost per unit?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?
- The following data appeared in the accounting records of Craig Manufacturing Inc., which uses the weighted average cost method: Case 1All materials are added at the beginning of the process, and labor and factory overhead are added evenly throughout the process. Case 2One-half of the materials are added at the start of the manufacturing process, and the balance of the materials is added when the units are one-half completed. Labor and factory overhead are applied evenly during the process. Make the following computations for each case: a. Unit cost of materials, labor, and factory overhead for the month b. Cost of the units finished and transferred during the month c. Cost of the units in process at the end of the monthA company has the following information relating to its production costs: Compute the actual and applied overhead using the companys predetermined overhead rate of $23.92 per machine hour. Was the overhead over applied or under applied, and by how much?Ohno Company specializes in manufacturing a unique model of bicycle helmet. The model is well accepted by consumers, and the company has enough orders to keep the factory production at 10,000 helmets per month (80% of its full capacity). Ohno's monthly manufacturing cost and other expense data are as follows. Rent on factory equipment $1,600 Insurance on factory building 2,500 Raw materials (plastics, polystyrene, etc.) 79,700 Utility costs for factory 900 Supplies for general office 300 Wages for assembly line workers 63,700 Depreciation on office equipment 800 Miscellaneous materials (glue, thread, etc) 1,200 Factory manager's salary 6,400 Property taxes on factory building 500 Advertising for helmets 14,500 Sales commissions 10,600 Depreciation on factory building 1,600 (a)
- Doaktown Products manufactures fishing equipment for recreational uses. The Miramichi plant produces the company's two versions of a special reel used for river fishing. The two models are the M-008, a basic reel, and the M-123, a new and improved version. Cost accountants at company headquarters have prepared costs for the two reels for the most recent period. The plant manager is concerned. The cost report does not coincide with her intuition about the relative costs of the two models. She has asked you to review the cost accounting and help her prepare a response to headquarters. Manufacturing overhead is currently assigned to products based on their direct labor costs. For the most recent month, manufacturing overhead was $334,400. During that time, the company produced 14,900 units of the M-008 and 2,400 units of the M-123. The direct costs of production were as follows. М-008 М-123 Total Direct materials $119,200 $ 96,000 48,000 $215,200 Direct labor 119,200 167,200 Management…Production and cost data Production and sales units Selling price (per unit) Materials (per unit) Labor (per unit) Manufacturing overheads Dept. A Standrad 192000 24000 $15 1.7 4.3 Dept. B Designer wear Number of machine set-ups 4 Marketing overheads $50 8 14.2 24 Engineering and PC Marketing and CS 745200 1296000 Use single-rate; direct method to allocate engineering and marketing overheads Engineering overheads include machine setting ($460,800) and inspection ($284,400) activities. Marketing involves channel ($496,000) and branding ($800,000) activities. The inspection and channel costs are driven by the number of units produced & sold. Computing product costs and profits under conventional and ABC approachesHow can I do this problem? Required: Calculate the cost per equivalent unit for materials, labor and manufacturing overhead and in total Cost per equivalent unit-Weighted-Average Method Material Labor Overhead Working in process, May 1…. $18,000 $5,500 $27,500 Cost Added during May 238,900 $80,300 $401,500 Equivalent units of production 35,000 33,000 33,000