SITHCCC043 - Appendix C - 10 (1) (1)
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SITHCCC043
Appendix C – Workflow Template
Ingredient list
Use the following templates to calculate the ingredients and quantities that you
will require to prepare your dishes. Recipe 1
Classic Pancakes with Maple Syrup
Serves
10
Number of serves required
20
Ingredient
Qty
Qty/serves
Qty x serves required
Pancake mix
10
20
20 cups
Maple syrup
2
20 4 tablespoon
Recipe 2
French Toast with Bacon and Maple Syrup
Serves
10
Number of serves required
20
Ingredient
Qty
Qty/serves
Qty x serves required
Bread slices
20
20
40 slices
Eggs
10
20
20 eggs
Milk
¼
20
1/2 cup
Version: 1.0 – Sep 2022 Acumen Education Pty Ltd ©
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SITHCCC043
Vanilla
½
20
1 teaspoon
Bacon
2
20
4 strips
Cooking oil
For frying
Recipe 3
Breakfast Bowl with Quinoa, Avocado, and Smoked Salmon Serves
10
Number of serves required
20
Ingredient
Qty
Qty/serves
Qty x serves required
Cooked Quinoa
½
20
1 cup
Avacado
¼
20
1/2 sliced
Smoked Salmon
2
20
4 ounces
Diced tomatoes
For topping
Recipe 4
Avocado Toast with Poached Eggs ingreidents
Serves
10
Number of serves required
20
Version: 1.0 – Sep 2022 Acumen Education Pty Ltd ©
Page 2
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SITHCCC043
Ingredient
Qty
Qty/serves
Qty x serves required
Bread
10
20
20 slices
Ripe Avacado
1
20
2 Eggs
10
20
20 eggs
Salt
To taste
Recipe 5
Granola Parfait with Greek Yogurt and Mixed Berries
Serves
10
Number of serves required
20
Ingredient
Qty
Qty/serves
Qty x serves required
Greek yogurt
3
20
6 cup
Granola
¼
20
1/2 cup
Mixed berries
¼
20
1/2 cup
Honey or maple syrup
Optional
Quality and style requirements
(Summarise the required quality and style requirements for your dishes. How will you
know that you have achieved the required standards?)
Responses of the student should reflect organisational style and quality requirements
as well as menu style. Their response should reflect the information provided to them
in the planning meeting.
Classic Pancakes with Maple Syrup:
Quality: Fluffy, golden, evenly cooked
Style: Traditional comfort breakfast
Achievement: Fluffy pancakes, evenly drizzled syrup
French Toast with Bacon and Maple Syrup:
Quality: Crispy, custardy, well-cooked bacon
Style: Savory comfort breakfast
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Yo-Down Inc. produces yogurt. Information related to the company's yogurt production follows:
Production
Production Production
Department 1 Department 2 Department 3
Support Department 1 cost driver
6,000
1,000
3,000
Support Department 1's costs total $170,000. Using the direct method of support department cost allocation, determine the costs from Support Department 1 that should be allocated to each production
department.
Production
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Milano Pizza is a small neighborhood pizzeria that has a small area for in-store dining as well as offering take-out and free home
delivery services. The pizzeria's owner has determined that the shop has two major cost drivers-the number of pizzas sold and the
number of deliveries made.
The pizzeria's cost formulas appear below:
Fixed Cost
Cost per
Cost per
per Month
Pizza
Delivery
Pizza ingredients
$ 3.80
$ 5,220
$ 630
Kitchen staff
Utilities
$ 0.05
$ 3.50
$ 1.50
Delivery person
Delivery vehicle
Equipment depreciation
$ 540
$ 275
$ 1,830
$ 820
Rent
Miscellaneous
$ 0.15
In November, the pizzeria budgeted for 1,200 pizzas at an average selling price of $13.50 per pizza and for 180 deliveries.
Data concerning the pizzeria's actual results in November were as follows:
Actual
Results
1,240
174
Pizzas
Deliveries
$ 17,420
$ 4,985
$5,281
$984
$609
$ 655
$ 275
$ 1,830
$ 954
Revenue
Pizza ingredients…
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Module 6 - Excel Lab Data Sheet
Exercise 15.1
Barnaby's Hideaway uses Jim Beam Bourbon to prepare its Manhattans. A 1-litre bottle of Jim Beam costs $12.50. It
also uses Martini & Rossi sweet vermouth at $6.60 per litre in the drink. Compute the cost per ounce for the liquor and
the vermouth.
Exercise 15.2
Complete the Standard Recipe detail and cost card for a Manhattan using the values from 15.1. The sales price of the
drink is $4.50
Exercise 15.3
Barnaby's Hideaway uses Smirnoff vodka to prepare its Vodka Martinis. A 1-litre bottle of Smirnoff costs $15.00. The
recipe calls for dry vermouth, which costs $8.00 per litre. Compute the cost per ounce for the liquor and the vermouth.
Exercise 15.4
Complete the Standard Recipe detail and cost card for a vodka martini using the values from 15.3. The sales price of the
drink is $4.50
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d. $2.68
The ingredients for your skillet brownie cost $1.89. You want your food cost percentage for this item to be 30% or lower. What's the lowest
price you can charge? Round to the nearest cent.
Select one:
a. $5.98
b. $6.00
c. $6.30
O d. $5.67
The price the product costs after processing is the
Select one:
a. Contribution Margin
b. Food Cost
c. Edible Portion Price
d. As Purchased Price
The price you pay for the product is the
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Select one:
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Denton Company manufactures and sells a single product. Cost data for the product are given:
Variable costs per unit:
Direct materials
Direct labor
Variable manufacturing overhead
Variable selling and administrative
Total variable cost per unit
Skipped
2$
3
12
2
3
$ 20
Fixed costs per month:
Fixed manufacturing overhead
Fixed selling and administrative
$ 96, 000
166, 000
$ 262, 000
Total fixed cost per month
The product sells for $45 per unit. Production and sales data for July and August, the first two months of operations, follow:
Units
Produced
24, 000
24, 000
Units
Sold
July
August
20, 000
28, 000
The company's Accounting Department has prepared the following absorption costing income statements for July and August:
Sales
Cost of goods sold
Gross margin
Selling and administrative expenses…
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Requirement 8: Complete the Income Statement.
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Income Statement
Month Ended June 30, 2018
20
21
22
(23
Sales Revenue
450,000
Cost of Goods Sold
25
24
249,300
Gross Profit
200, 700
5,400
206, 100
26
Selling and Administrative Expense
27
Net Income
28
29
30
31 HINTS
All values should be entered as positive values where appropriate. Use minus sign to enter valuea
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Assignment 7.1: Session 7 Comprehensive Problem (Chapter 9)
Instructions
This section has a nine-part comprehensive problem with multiple questions to address. Download the Chapter 9 Comprehensive Problem Template below to complete all parts. You will need your Bergevin and MacQueen book for reference.
Redlands Inc. reported standard and actual costs for the product that it manufactures:
Item
Standard
Actual
Direct material price
$3 per lb.
$2 per lb.
Direct materials quantity
2 lbs.
4 lbs.
Direct labor price
$5
$7
Direct labor quantity
3 hours
2 hours
Factory overhead cost
$2 per machine hour
----
Machine hours per unit
2 machine hours
3 machine hours
Number of finished products made
10
12
Number of finished products sold
10
11
Sales per unit
$40
$40
* Redlands used machine hours to apply factory overhead costs. The company incurred $90 actual total factory overhead costs to make the 12 products.
Based on the information above, complete the following:
1.…
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Assignment 7.1: Session 7 Comprehensive Problem (Chapter 9)
This section has a nine-part comprehensive problem with multiple questions to address. Download the Chapter 9 Comprehensive Problem Template below to complete all parts. You will need your Bergevin and MacQueen book for reference.
Redlands Inc. reported standard and actual costs for the product that it manufactures:
Item
Standard
Actual
Direct material price
$3 per lb.
$2 per lb.
Direct materials quantity
2 lbs.
4 lbs.
Direct labor price
$5
$7
Direct labor quantity
3 hours
2 hours
Factory overhead cost
$2 per machine hour
----
Machine hours per unit
2 machine hours
3 machine hours
Number of finished products made
10
12
Number of finished products sold
10
11
Sales per unit
$40
$40
* Redlands used machine hours to apply factory overhead costs. The company incurred $90 actual total factory overhead costs to make the 12 products.
1. Standard product cost
Item
Price
Quantity
Total
Direct materials…
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Homework 3:
E5-1
Assume a firm makes a $2,500 deposir into its money market account. If this
account is currently paying 0.7%, (yes, that's right, less than 1%!), what will the
account balance be after 1 year?
After 5 years?
After 5 years, if the interest rate is compounded Semi-annually? o
C c
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Question 1
Use the following standard cost card for 1
gallon of ice cream to answer the questions.
STANDARD COST CARD
Product: Gallon of Ice Cream
Manufacturing
Cost Information
Standard
Standard Cost
Cost
Quantity
per Unit
Summary
Direct Materials
Cream
5 quarts
$1.15 per quart
$0.08 per ounce
$36.00 per hour
$5.75
$1.28
Sugar
Direct Labor
16 ounces
3 minutes
$1.80
Total Direct Costs
$8.83
Actual direct costs incurred to make 50
gallons of ice cream:
275 quarts of cream at $1.05 per quart
832 ounces of sugar at $0.075 per
ounce
165 minutes of labor at $37 per hour
All material used was bought during the
current period.
А.
Compute the material and labor
variances.
В.
possible causes of the variances.
Comment on the results and
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Which of the following would be included in the raw materials inventory of a company making ice cream?
Multiple Choice
O
O
Milk and cream used to make the ice cream.
Ice cream that has been made but is freezing to the level required for shipping.
Frozen ice cream that is waiting to be shipped to retailers.
Ice cream in process awaiting the addition of nuts.
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1. PE.07-01B
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Cost Flow Methods
The following three identical units of Item Beta are purchased during June:
Item Beta
Units
Cost
June 2
Purchase
$50
12
Purchase
60
23
Purchase
70
Total
$180
Average cost per unit
$60 ($180 + 3 units)
Assume that one unit is sold on June 27 for $110.
Determine the gross profit for June and ending inventory on June 30 using the (a) first-in,
first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost methods.
Gross Profit
Ending Inventory
a. First-in, first-out (FIFO)
24
b. Last-in, first-out (LIFO)
%24
c. Weighted average cost
2. PE.07-02B
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Perpetual Inventory Using FIFO
Beginning inventory, purchases, and sales for Item Delta are as follows:
July 1
Inventory
50 units at $15
Sale
44 units
15
Purchase
90 units at $18
24
Sale
40 units
Assuming a perpetual…
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Required information
[The following information applies to the questions displayed below]
Papa's Pizza is the market leader and Pizza Prince is an up-and-coming player in the highly competitive delivery pizza
business. The companies reported the following selected financial data ($ in thousands):
Papa's Pizza
$26,128
4,223
16,998
Pizza Prince
Net sales
$3,835
Net income
329
Total assets, beginning
Total assets, ending
1,119
17,465
3,157
2. Calculate the return on assets, profit margin, and asset turnover ratio for Pizza Prince. (Enter your answers in thousands of dollars.
(i.e. 123,000 should be entered as 123).)
Return on Assets
Return on Assets
Choose Denominator
Choose Numerator
Return on assets
Profit Margin
Profit Margin
Choose Denominator
Choose Numerator
Deofit Marnin
of 15
Next >
3
< Prev…
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Activity-Based Costing for a Service Business
Sterling Hotel uses activity-based costing to determine the cost of servicing customers. There are three activity pools: guest check-in, room cleaning, and meal service.
The activity rates associated with each activity pool are $8.90 per quest check-in, $19.00 per room cleaning, and $2.00 per served meal (not including food). Janelle
Washington visited the hotel for a 5-night stay. Janelle had 6 meals in the hotel during the visit.
Determine the total activity-based cost for Washington's visit during the month. Round your answer to the nearest cent.
Feedback
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Calculate:
Number of activities x Activity rate = Cost of activity
Sum all activity costs to determine the total.
Check My Work
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Materials:
Oats
Wheat
Barley
Malt
Honey
Water
Time:
Miller
Loader
Standard Qty.
525 pounds
450 pounds
85 pounds
65 pounds
25 quarts
25 gallons
4.5 hours
Nov. 14
1.5 hours
Q Search
Overhead is applied at $5.75 per pound completed. The recipe produced 1,025 pounds of cereal mix. If an amount box does
not require an entry, leave it blank. If required, round your answers to the nearest cent.
a. Journalize the entry for the issuance of raw materials to Job 111407A.
Nov. 14
Materials
Wages Payable
Standard Cost
$1.25 per pound
$1.15 per pound
$1.45 per pound
$2.15 per pound
$1.20 per quart
$0.45 per gallon
1,478
b. Journalize the entry for direct labor incurred for Job 111407A.
L
$22.75 per hour
$11.50 per hour
119.63
1,478
119.63
D
6/
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Question 2
Use the following standard cost card for 1
gallon of ice cream to answer the questions.
STANDARD COST CARD
Product: Gallon of Ice Cream
Standard Cost
Manufacturing
Cost Information
Standard
Cost
Quantity
per Unit
Summary
Direct Materials
Cream
5 quarts
$1.15 per quart
$0.08 per ounce
$36.00 per hour
$5.75
Sugar
16 ounces
$1.28
Direct Labor
3 minutes
$1.80
Total Direct Costs
$8.83
Actual direct costs incurred to make 50
gallons of ice cream:
275 quarts of cream at $1.05 per quart
832 ounces of sugar at $0.075 per
ounce
165 minutes of labor at $37 per hour
All material used was bought during the
current period.
C.
Compute the material and labor
variances.
D.
Comment on the results and
possible causes of the variances.
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XYZ Company manufactures and sells a single product. A partially completed schedule of the company's
total costs and costs per unit over the relevant range of 54,000 to 94,000 units is given below:
76°F
Sunny
Complete this question by entering your answers in the tabs below.
Required 1 Required 2
Required:
1. Complete the schedule of the company's total costs and costs per unit as given in the relevant tab
below.
2. Assume that the company produces and sells 84,000 units during the year at a selling price of $8.60
per unit. Prepare a contribution format income statement for the year.
Total cost:
Variable cost
Fixed cost
Total cost
Cost per unit:
Complete the schedule of the company's total costs and costs per unit as given in the relevant tab below. (Rou
variable cost and fixed cost to 2 decimal places.)
Variable cost
Fixed cost
Total cost per unit
$
Saved
$
$
54,000
Units Produced and Sold
74,000
140,400
370,000…
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Part 1: Based on the data presented in the Unit VIII Spreadsheet Template in Excel (CM Breakeven tab):• Calculate the contribution margin (CM) for each of the three products sold at the cookie business.• Calculate the weighted average CM.• Calculate the breakeven point.Complete your calculations by filling in the highlighted cells, and embed a copy of the completed spreadsheet into this report. Discuss the results based on your calculations as far as which type of cookie you think is the most profitable, which has the highest CM, etc.
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Activity-Based Costing: Factory Overhead Costs
The total factory overhead for Bardot Marine Company is budgeted for the year at $1,167,450, divided into four activities: fabrication, $507,000; assembly, $210,000;
setup, $245,700; and inspection, $204,750. Bardot Marine manufactures two types of boats: speedboats and bass boats. The activity-base usage quantities for each
product by each activity are as follows:
Fabrication
Assembly
Setup
Inspection
Speedboat
9,750 dlh
31,500 dlh
70 setups
122 inspections
Bass boat
29,250
10,500
515
853
39,000 dlh
42,000 dlh
585 setups
975 inspections
Each product is budgeted for 5,500 units of production for the year.
a. Determine the activity rates for each activity.
Fabrication
$
per direct labor hour
Assembly
5
V per…
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Activity - Cost According to Cost behavior - ACT 204 - Word
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Segregation of Mixed Costs
3. Charity Company wants to analyze the behavior of its selling costs for budgeting purposes. Cost drivers
(activity measures) and costs incurred in the first quarter and the first month of the second quarter are as
follows:
January
February
March
April
Selling costs:
Sales salaries
P 42.500
P 42,500
P 42,500
14,000
32,400
P51,000
16,000
35,600
Commissions
15,000
34,000
17,500
38,000
Shipping costs
Advertising
20,000
Full 20,000 Snip 25,000
20,000
Cost drivers:
280,000
28,000
Peso sales…
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Single Plantwide Factory Overhead Rate
Scrumptious Snacks Inc. manufactures three types of snack foods: tortilla chips, potato chips, and pretzels. The company has budgeted the following costs for the
upcoming period:
Factory depreciation
$29,957
Indirect labor
74,241
Factory electricity
8,466
Indirect materials
17,584
Selling expenses
41,679
Administrative expenses
23,445
Total costs
$195,372
Factory overhead is allocated to the three products on the basis of processing hours. The products had the following production budget and processing hours per case:
Budgeted Volume
Processing Hours
(Cases)
Per Case
Tortilla chips
7,200
0.10
Potato chips
7,200
0.15
Pretzels
5,100
0.12
Total
19,500
If required, round all per-case answers to the nearest cent.
a. Determine the single plantwide factory overhead rate.
X per processing hour
b. Use the overhead rate in (a)…
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PROBLEM 4-13 Comprehensive Problem; Second Production Department-Weighted-Average Method
LO4-2, LO4-3, LO4-4, LO4-5
Old Country Links, Inc., produces sausages in three production departments-Mixing, Casing and
Curing, and Packaging. In the Mixing Department, meats are prepared and ground and then mixed
with spices. The spiced meat mixture is then transferred to the Casing and Curing Department,
where the mixture is force-fed into casings and then hung and cured in climate-controlled smok-
ing chambers. In the Packaging Department, the cured sausages are sorted, packed, and labeled.
The company uses the weighted-average method in its process costing system. Data for September
for the Casing and Curing Department follow:
Work in process inventory, September 1....
Work in process inventory, September 30
Work in process inventory, September 1.
Cost added during September
Percent Completed
Units Mixing Materials Conversion
1
100%
90%
80%
1
100%
80%
70%
Mixing…
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- Type of Donut Chocolate Cream filled Strawberry Kale frosted Blueberry Cream filled surprise Number purchased 4.00 Submit 1.00 10.00 9.00 4.00 Probability Cumulative Probability Based on the above table, you want to create a vlookup table. What value will go in the first column, in the row that contains Kale Frosted? Answer format: Percentage Round to: 0 decimal places (Example: 9%, % sign required. Will accept decimal format rounded to 2 decimal places (ex: 0.09))arrow_forwardeBook X cengagenow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker-&ta... Support Department 1 cost allocation CengageNOWv2 | Online teachin X A Show Me How Print Item Production Department 1 + Production Department 2 Q 10 Support Department Cost Allocation-Direct Method Yo-Down Inc. produces yogurt. Information related to the company's yogurt production follows: Production Production Production Department 1 Department 2 Department 3 Support Department 1 cost driver 6,000 1,000 3,000 Support Department 1's costs total $170,000. Using the direct method of support department cost allocation, determine the costs from Support Department 1 that should be allocated to each production department. Production Department 3 R C G Qarrow_forwardC Access to this pag... 9 studymoose.com ... 8b Erylast Maps Translate Saved Help Sa sp 2022 i Milano Pizza is a small neighborhood pizzeria that has a small area for in-store dining as well as offering take-out and free home delivery services. The pizzeria's owner has determined that the shop has two major cost drivers-the number of pizzas sold and the number of deliveries made. The pizzeria's cost formulas appear below: Fixed Cost Cost per Cost per per Month Pizza Delivery Pizza ingredients $ 3.80 $ 5,220 $ 630 Kitchen staff Utilities $ 0.05 $ 3.50 $ 1.50 Delivery person Delivery vehicle Equipment depreciation $ 540 $ 275 $ 1,830 $ 820 Rent Miscellaneous $ 0.15 In November, the pizzeria budgeted for 1,200 pizzas at an average selling price of $13.50 per pizza and for 180 deliveries. Data concerning the pizzeria's actual results in November were as follows: Actual Results 1,240 174 Pizzas Deliveries $ 17,420 $ 4,985 $5,281 $984 $609 $ 655 $ 275 $ 1,830 $ 954 Revenue Pizza ingredients…arrow_forward
- Module 6 - Excel Lab Data Sheet Exercise 15.1 Barnaby's Hideaway uses Jim Beam Bourbon to prepare its Manhattans. A 1-litre bottle of Jim Beam costs $12.50. It also uses Martini & Rossi sweet vermouth at $6.60 per litre in the drink. Compute the cost per ounce for the liquor and the vermouth. Exercise 15.2 Complete the Standard Recipe detail and cost card for a Manhattan using the values from 15.1. The sales price of the drink is $4.50 Exercise 15.3 Barnaby's Hideaway uses Smirnoff vodka to prepare its Vodka Martinis. A 1-litre bottle of Smirnoff costs $15.00. The recipe calls for dry vermouth, which costs $8.00 per litre. Compute the cost per ounce for the liquor and the vermouth. Exercise 15.4 Complete the Standard Recipe detail and cost card for a vodka martini using the values from 15.3. The sales price of the drink is $4.50arrow_forwardwn): Week 3L x CU122-0 2201 (Brown): Week 4LX Week 6: Culmination Knowledge X + pt.php?attempt=29214128&cmid=866335 fr. Enduring Word Bibl. My Questions bart. inancial Aid Student Accounts Resources Campus Store d. $2.68 The ingredients for your skillet brownie cost $1.89. You want your food cost percentage for this item to be 30% or lower. What's the lowest price you can charge? Round to the nearest cent. Select one: a. $5.98 b. $6.00 c. $6.30 O d. $5.67 The price the product costs after processing is the Select one: a. Contribution Margin b. Food Cost c. Edible Portion Price d. As Purchased Price The price you pay for the product is the ed Select one:arrow_forwardO Topic: Week 6: Discu ssion IIl x + a ezto.mheducation.com/ext/map/index.html?_con=con&external_browser-D0& launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F# z- Chapter 6 A Saved Denton Company manufactures and sells a single product. Cost data for the product are given: Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Total variable cost per unit Skipped 2$ 3 12 2 3 $ 20 Fixed costs per month: Fixed manufacturing overhead Fixed selling and administrative $ 96, 000 166, 000 $ 262, 000 Total fixed cost per month The product sells for $45 per unit. Production and sales data for July and August, the first two months of operations, follow: Units Produced 24, 000 24, 000 Units Sold July August 20, 000 28, 000 The company's Accounting Department has prepared the following absorption costing income statements for July and August: Sales Cost of goods sold Gross margin Selling and administrative expenses…arrow_forward
- File Home Insert Page Layout Formulas Data Review View Help Calibri 11 -A A 22 Wrap Text General Paste BIU- O. A- S- % 9 8 8 Co E Merge & Center Fom Clipboard Font Alignment Number i UPDATES AVAILABLE Updates for Office ate ready to be installed, but first we need to close some apps Update now M3 15 16 Requirement 8: Complete the Income Statement. 17 18 Cedar River Trikes 19 Income Statement Month Ended June 30, 2018 20 21 22 (23 Sales Revenue 450,000 Cost of Goods Sold 25 24 249,300 Gross Profit 200, 700 5,400 206, 100 26 Selling and Administrative Expense 27 Net Income 28 29 30 31 HINTS All values should be entered as positive values where appropriate. Use minus sign to enter valuea 32 being deducted. 33 Cell | Hint: (Use the numeric values from other tabs where appropriate. Do not use an equal sign () when instructions ENTERANSWERS1 ENTERANSWERS2 ENTERANSWERS3 ENTERANSWERS4 ENTERANSIVER Ready O Type here to searcharrow_forwardAssignment 7.1: Session 7 Comprehensive Problem (Chapter 9) Instructions This section has a nine-part comprehensive problem with multiple questions to address. Download the Chapter 9 Comprehensive Problem Template below to complete all parts. You will need your Bergevin and MacQueen book for reference. Redlands Inc. reported standard and actual costs for the product that it manufactures: Item Standard Actual Direct material price $3 per lb. $2 per lb. Direct materials quantity 2 lbs. 4 lbs. Direct labor price $5 $7 Direct labor quantity 3 hours 2 hours Factory overhead cost $2 per machine hour ---- Machine hours per unit 2 machine hours 3 machine hours Number of finished products made 10 12 Number of finished products sold 10 11 Sales per unit $40 $40 * Redlands used machine hours to apply factory overhead costs. The company incurred $90 actual total factory overhead costs to make the 12 products. Based on the information above, complete the following: 1.…arrow_forwardAssignment 7.1: Session 7 Comprehensive Problem (Chapter 9) This section has a nine-part comprehensive problem with multiple questions to address. Download the Chapter 9 Comprehensive Problem Template below to complete all parts. You will need your Bergevin and MacQueen book for reference. Redlands Inc. reported standard and actual costs for the product that it manufactures: Item Standard Actual Direct material price $3 per lb. $2 per lb. Direct materials quantity 2 lbs. 4 lbs. Direct labor price $5 $7 Direct labor quantity 3 hours 2 hours Factory overhead cost $2 per machine hour ---- Machine hours per unit 2 machine hours 3 machine hours Number of finished products made 10 12 Number of finished products sold 10 11 Sales per unit $40 $40 * Redlands used machine hours to apply factory overhead costs. The company incurred $90 actual total factory overhead costs to make the 12 products. 1. Standard product cost Item Price Quantity Total Direct materials…arrow_forward
- Drang To Chapter S Dr Laa 6 Apri 2020ppt Compatibility Model - Powefont Product Activation Faled de Show Review View Format O Tell me what you want to do Pied Shape Outine Replace - Syles Shape Efects Select- E-E- - Text Deection Shape Fil Align Tet Amange Quick Comert to Smartkt- Draing Edng Homework 3: E5-1 Assume a firm makes a $2,500 deposir into its money market account. If this account is currently paying 0.7%, (yes, that's right, less than 1%!), what will the account balance be after 1 year? After 5 years? After 5 years, if the interest rate is compounded Semi-annually? o C carrow_forwardQuestion 1 Use the following standard cost card for 1 gallon of ice cream to answer the questions. STANDARD COST CARD Product: Gallon of Ice Cream Manufacturing Cost Information Standard Standard Cost Cost Quantity per Unit Summary Direct Materials Cream 5 quarts $1.15 per quart $0.08 per ounce $36.00 per hour $5.75 $1.28 Sugar Direct Labor 16 ounces 3 minutes $1.80 Total Direct Costs $8.83 Actual direct costs incurred to make 50 gallons of ice cream: 275 quarts of cream at $1.05 per quart 832 ounces of sugar at $0.075 per ounce 165 minutes of labor at $37 per hour All material used was bought during the current period. А. Compute the material and labor variances. В. possible causes of the variances. Comment on the results andarrow_forwardWhich of the following would be included in the raw materials inventory of a company making ice cream? Multiple Choice O O Milk and cream used to make the ice cream. Ice cream that has been made but is freezing to the level required for shipping. Frozen ice cream that is waiting to be shipped to retailers. Ice cream in process awaiting the addition of nuts.arrow_forward
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