Victorious Company manufactures two types of Electronic Toy, the Regular and SuperPro. The following data have been obtained: Regular Super Pro Direct material cost per unit Direct labor cost per unit P33 P38 P32 P44 Direct labor hours 3,000 4,000 12,000 Machine hours 2,000 Engineering hours Number of set ups 450 450 20 Number of units 8,000 2,200 Currently, overhead costs are assigned to products on the basis of direct labor hours, but the company decided to adopt the ABC method of cost allocation. The overhead consists of the following items: Overhead Cost Item Cost Driver Amount No. of setups No. of engineering hours Setup costs P250,000 Engineering costs 180,000 Machine costs No. of machine hours 900,000
Q: On March 1, 2022, Purrchezza bought 500 pieces of hirts from Sellenaur at a cost of P100 each with t...
A: The FOB shipping point means that buyer becomes the owner of the goods as soon as goods are reached ...
Q: Webb Company uses a job-order costing system and the following information is available from its rec...
A: prime cost = Direct materials + Direct labor Where Direct materials = Raw materials used * 30% Di...
Q: Goodman Company acquired a truck from Harmes Company in exchange for a machine. The exchange is dete...
A: These are the accounting transactions that are having a monetary impact on the financial statement o...
Q: If Jim is a real estate professional: 2014 ___________ 2015 ...
A: Jim- Purchase Purchase of real estate property in 2014 Net in Loss in 2014 -...
Q: Maris Bank has analyzed the accounts receivable of Anthony Software, Inc. The bank has chosen eight ...
A: Calculation of maximum amount lend and effective annual rate of anthony softwere are as follows.
Q: QUESTION 2 (CHAPTER 3) A. Umar and Osman manufacture and sell energy drinks. The drinks are sold for...
A: Utilities, Salesman salary and delivery cost includes both variable and fixed cost cause the per uni...
Q: On May 1, 2021, BB received a 3-year, P1,200,000 note receivable due on April 30, 2024. The note was...
A: INITIAL RECOGNITION OF NOTE AS ON 1 MAY, 2021 = 1200000 * Present value annuity factor 7% for 3 ye...
Q: The Moto Hotel opened for business on May 1, 2017. Here is its trial balance before adjustment on Ma...
A: MOTO HOTEL Trail Balance May 31, 2017 Debit Credit Cash $ 2,263 Supplies ( $...
Q: On March 3, 2022, Tagaventah sold to Tagavilly 5 units of mobile phones at P12,000 each with terms o...
A: 1. Journal Entries - Journal Entries are the way of recording the transactions. It is four column jo...
Q: direct professional labor hours were estimated to be 15.000 and dire Media incurred actual overhead ...
A: Lets understand the basics. For solving this question first we need to calculate predetermine overhe...
Q: The Board of Directors of CYZ Corporation votes to issue two shares of stock for each share held as ...
A: Stock Dividend It is the policy by the company to issue stock dividend to their existing shareholder...
Q: 8. Significant accounting policies may not be a. Selected on the basis of judgment. b. Selected from...
A: As per Accounting standard Accounting policies may not be
Q: ABC Construction Company began work on a contract in 2022 and completed the contract in 2023. The to...
A: The account receivables are the current assets of the business which can be converted into cash with...
Q: orp.’s accounts receivable subsidiary ledger shows the following information: Customer Account Bal...
A: Customer Account Balance (31 Dec, 22) Sales- Date Amount Sale-Date Amount Pray Inc. P ...
Q: Buffalo Limited has the following information available regarding its share capital at December 31, ...
A: Shareholders also invest money in the company and in return they become the owners in proportion to ...
Q: oyees every 2 weeks rather than weekly and will therefore “skip” 1 week’s pay. The firm has 25 emplo...
A: Introduction In order to save outflow of cash, payroll system of employees are changed in respect o...
Q: When converting from cash basis to accrual basis accounting, which of the following adjustments shou...
A: Cash receipts from customers under cash basis of accounting includes receipts collected from beginni...
Q: he balance sheet items of The Original Malt Sh yws at the close of business on September 30, 2 Accou...
A: (A) BALANCE SHEET AS ON SEPTEMBER 30,2001 Assets Amount Liabilities Amount Cash $7,400 Acc...
Q: Give me an analyzation or interpretation for Raw Material Turnover ratio of 353.18
A: Solution Concept Mathematically Raw material turnover =cost of material used / average Raw materia...
Q: Your audit senior instructed you to prepare a four column proof of cash receipts anddisbursements fo...
A: Bank Reconciliation Statement It is an account that is made to match the balance between the amount...
Q: In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Cla...
A: Take your gross sales revenue for the accounting period and subtract discounts, allowances and retur...
Q: Statement I: In cases wherein the net free assets are greater than the unsecured claims, the differe...
A: Liquidation means where the company decide to close out the operations , sell all the assets and pai...
Q: Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory ...
A:
Q: Molly Grey (single) acquired a 30 percent limited partnership interest in Beau Geste LLP several yea...
A: Solution Working note 1- At risk allowed Loss calculation - Year Total Loss At risk allowed At ...
Q: Which of the tollowing methods can be used to estimate the amount of variable consideration? 1Expec...
A: As per Accounting standard on Revenue recognition ASC 606 for determining the amount of variable con...
Q: On May 17,
A: GIVEN: loan= $33,000 Rate=6% maturity=January 16 the time period From May 17 to Jan = 244 days. H...
Q: ABC Company filed for liquidation with the Philippine Securities and Exchange Commission. Its latest...
A: Estate equity or Estate deficit Total adjusted value of assets-Accounts Payable and Mortage Payable ...
Q: ABC Construction Company began work on a contract in 2022 and completed the contract in 2023. The to...
A: Construction Contract: The term "construction contract" refers to agreements to do architectural, de...
Q: Stylish Sitting is a retailer of office chairs located in San Francisco, California. Due to increase...
A: Surplus or deficit in the income statement is the excess or shortfall of operating income of the org...
Q: Additional information: 75% of the current assets are non-cash assets with a net realizable value of...
A: ABC.Company Balance Sheet Liabilities Amount Assets Amount Accounts Paya...
Q: Your goal is to prepare a Statement of Cash Flows within the problem noted below. In the Excel Templ...
A: A cash flow statement is a financial statement that summarises all cash inflows a company gets from ...
Q: (b) Brash Co had 100,000 shares in issue, but then makes a 1 for 5 rights issue on October 1, 2002 a...
A: 1)Value of Brash Co. shares just prior to right issue = 100000 x $1.60= $160000 Cash raised from r...
Q: The following data pertain to Dakota Division's most recent year of operations. Income $ 16,000,000 ...
A: Income = $16,000,000 Average invested capital = $185,000,000 Return on invested capital = 14%
Q: MACRS COMPUTATIONS. Compute the allowable MACRS deduction under each of the following independent si...
A: Special Depreciation Allowance (Bonus depreciation / additional first-year depreciation) - "Bonus"...
Q: Using the fiscal year end 2020 annual report for General Mills, Inc. and the figures from the 2020 a...
A: Ratio analysis is a quantitative method of gaining insight into a company's liquidity, operational e...
Q: Exercise 9-21 Missing Amounts; Various Types of Budgets (LO 9-3, 9-5, 9-6) Fill in the missing amoun...
A: The statement of retained earnings is prepared to record changes in retained earnings such as net in...
Q: On April 2, Granger Sales decides to establish a $280 petty cash fund to relieve the burden on Accou...
A: Lets understand the basics. Petty cash is created from the cashbook to pay a small expense over a pe...
Q: The processing of Salvation Company's manufacturing passes through two departments, Department 1 and...
A: Direct labor cost for Department 1 = Applied Factory overhead / 150% Applied Factory overhead for De...
Q: The processing of Salvation Company's manufacturing passes through two departments, Department 1 and...
A: Direct labor cost for Department 1 = Applied Factory overhead / 150% Applied Factory overhead for De...
Q: The best public policy solutions typically do not involve protectionism, but instead involve finding...
A: Correct answer:True
Q: What is the course of action (s) can be used to prevent fraudulent financial reporting in stock mark...
A: Fraudulent financial reporting Reckless conduct, acts, or omissions, or Intentional misrepresentati...
Q: essica Harrison Corporation accepted a $16,000 note on Aug. 12. Terms of the note were 13% for 100 d...
A: Proceeds from discounting a bill are the amount the payee (holder of bill or note) will receive from...
Q: MERGER ANALY SIS Smitty’s Home Repair Company, a regional hardware chain that specializes in doit-yo...
A: Merger: A merger is the mix of two organizations into one by either shutting the old entities into...
Q: Adequate disclosure in financial statements to meet the needs and purposes of their users is a means...
A: Neutrality - the financial statement should be free from errors. All the information contained in fi...
Q: Restricted foreign bank account (equivalent to pesos_ 1,000,000 IOU from eldest brother of Jonathan ...
A: The companies keep cash and cash equivalents to fulfill their payme...
Q: Show a journal entry writing off an account using both the allowance method and the direct write-off...
A: Accounts Receivables - Accounts Receivables are the amount due from the customer but remain unpaid a...
Q: The Moto Hotel opened for business on May 1, 2017. Here is its trial balance before adjustment on Ma...
A: Solution Working note Adjusted trial balance Debit Credit Cash 2263 Supplies...
Q: ABC. Inc. works on a P5,250,000 contract in 2022 to construct an office building. During 2022, ABC I...
A: In Construction project revenue shall be recognized on the basis of precentage of work completion.
Q: literature review on how do auditor gather audit evidence during the period of covid 19
A: Answer: Audit evidences are the backup documents that are collected by auditors to support their aud...
Q: The retained earnings statement will not reflect net losses. will show an addition to the beginning ...
A: Retained earning means the amount of profit that has not been distributed to shareholder as divided....
Using ABC, the total
Step by step
Solved in 2 steps
- Medical Tape makes two products: Generic and Label. It estimates it will produce 423,694 units of Generic and 652,200 of Label, and the overhead for each of its cost pools is as follows: It has also estimated the activities for each cost driver as follows: How much is the overhead allocated to each unit of Generic and Label?Forner, Inc., manufactures and sells two products: Product Z1 and Product Z8. The company has an activity-based costing system with the following activity cost pools, activity measures, and expected activity: Expected Activity Estimated Activity Overhead Activity Cost Pools Measures Cost Product Z1 Product Z8 Total Labor-related $ 124,400 6,000 DLHS 3,000 9,000 Machine setups setups 58,660 700 600 1,300 Order size MHs 917,480 3,800 3,000 6,800 $1,100,540 The activity rate for the Order Sıze activity cost pool under activity-based costing is closest to: Multiple Cholce $59.53 per MH $193.87 per MH $143.55 per MH $134.92 per MHThe Mamon company manufactures several different products. Unit costs associated with product ABC are as follows.Direct materials P60Direct manufacturing labor… P10VARIABLE MANUFACTURING OVERHEAD… 18FIXED MANUFACTURING OVERHEAD… 32SALES COMMISSIONS… 4ADMINISTRATIVE SALARIES… 16TOTAL… 140 1.HOW MUCH IS THE PERIOD COST PER UNIT
- Forner, Inc., manufactures and sells two products: Product Z1 and Product Z8. The company has an activity-based costing system with the following activity cost pools, activity measures, and expected activity Estimated Expected Activity Activity Overhead Activity Cost Pools Labor-related Measures Cost Product Z1 Product Z8 Total DLHS $112,190 40,440 609,770 600 2,000 Machine setups Оrder size 2,600 1,200 6, 200 setups 500 700 MHs 3,000 3,200 $762,400 The activity rate for the Machine Setups activity cost pool under activity-based costing is closest to: Multiple Cholce $203.26 per setup $190.55 per setup $122.97 per setup 92 F AQI 61 nere to search DELLForner, Inc., manufactures and sells two products: Product Z1 and Product Z8. The company has an activity-based costing system with the following activity cost pools, activity measures, and expected activity: Estimated Expected Activity Activity Cost Pools Activity Measures Overhead Cost Product Z1 Product Z8 Total Labor-related DLHs $ 112,190 600 2,000 2,600 Machine setups setups 40,440 500 700 1,200 Order size MHs 609,770 3,000 3,200 6,200 $ 762,400 The activity rate for the Order Size activity cost pool under activity-based costing is closest to: Multiple Choice $56.10 per MH $293.23 per MH $76.24 per MH $98.35 per MHVitex, Inc. manufactures a popular consumer product and it has provided the following data excerpts from its standard cost system: Inputs (1)StandardQuantityor Hours (2)StandardPriceor Rate StandardCost(1) × (2) Direct materials 6 pounds $3 per pound $ 18.00 Direct labor 0.8 hours $15 per hour 12.00 Variable manufacturing overhead 0.8 hours $3 per hour 2.40 Total standard cost per unit $32.40 TotalStandardCost* Variances Reported Priceor Rate Quantity orEfficiency Direct materials $405,000 $6,900 F $9,000 U Direct labor $ 270,000 $14,550 U $21,000 U Variable manufacturing overhead $54,000 $1,300 F $? U *Applied to Work in Process during the period. The company’s manufacturing overhead cost is applied to production on the basis of direct labor-hours. All of the materials purchased during the period were used in production. Work in process inventories are insignificant and can be ignored. Required: How many units were produced last…
- Howden, Incorporated, manufactures and sells two products: Product P5 and Product S9. Data concerning the expected production of each product and the expected total direct labor-hours (DLHS) required to produce that output appear below: Product P5 Product S9 Activity Cost Pools Labor-related Saved Machine setups Order size Direct Labor- Expected Hours Per Production Unit 300 7.0 900 4.0 Product P5 Product S9 Total direct labor-hours The direct labor rate is $25.70 per DLH. The direct materials cost per unit for each product is given below: Direct Materials Cost per Unit $ 248.50 $ 294.80 Activity Measures DLHS setups MHS Total Direct Labor- The company is considering adopting an activity-based costing system with the following activity cost pools, activity measures, and expected activity: Expected Activity Estimated Overhead Cost $ 247,152 28,990 519,241 $ 795,383 Which of the following statements concerning the unit product cost of Product S9 is true? (Round your intermediate…Vattes, Incorporated, manufactures and sells two products: Product 15 and Product U1. Data concerning the expected production of each product and the expected total direct labor-hours (DLHs) required to produce that output appear below: Product 15 Product U1 Direct Labor- Expected Hours Per Production Unit 700 7.0 200 4.0 Activity Cost Pools Labor-related Machine setups Order size Product 15 Product U1 Total direct labor-hours The direct labor rate is $22.00 per DLH. The direct materials cost per unit for each product is given below: Direct Materials Cost per Unit $ 261.60 $ 121.60 Activity Measures DLHS setups MHS The company is considering adopting an activity-based costing system with the following activity cost pools, activity measures, and expected activity, Expected Activity Total Direct Labor- Estimated Overhead Cost $ 268,698 Hours 4,900 800 5,700 37,324 633,895 $939,917 Product 15 Product U1 4,900 300 4,900 800 400 4,800 Total 5,700 700 9,700Fellar Corporation has identified the following information: Activity pools Materials handling Machine maintenance Cost drivers Number of material moves Number of machine hours $ 40,320 $ 32,400 Number of material moves Number of machine hours 720 81,000 Required: 1. Calculate the activity rate for each activity pool. 2. Determine the amount of overhead assigned to Fellar's products if they have the following activity demands: Product A 550 41,500 Product B 170 39,500 3. Using activity proportions, determine the amount of overhead assigned to Fellar's products.
- Vitex, Inc. manufactures a popular consumer product and it has provided the following data excerpts from its standard cost system: Inputs (1) Standard Quantity or Hours (2)StandardPriceor Rate StandardCost(1) × (2) Direct materials 2.10 pounds $ 16.60 per pound $ 34.86 Direct labor 1.00 hours $ 15.90 per hour $ 15.90 Variable manufacturing overhead 1.00 hours $ 9.10 per hour $ 9.10 Total standard cost per unit $ 59.86 Total Variances Reported StandardCost* Priceor Rate Quantity orEfficiency Direct materials $ 627,480 $ 11,542 F $ 33,200 U Direct labor $ 286,200 $ 3,800 U $ 15,900 U Variable manufacturing overhead $ 163,800 $ 4,800 F $ ?† U *Applied to Work in Process during the period. The company's manufacturing overhead cost is applied to production on the basis of direct labor-hours. All of the materials purchased during the period were used in production. Work in process inventories are insignificant and can be ignored. 4. How…Vitex, Inc. manufactures a popular consumer product and it has provided the following data excerpts from its standard cost system: Inputs (1) Standard Quantity or Hours (2)StandardPriceor Rate StandardCost(1) × (2) Direct materials 2.10 pounds $ 16.60 per pound $ 34.86 Direct labor 1.00 hours $ 15.90 per hour $ 15.90 Variable manufacturing overhead 1.00 hours $ 9.10 per hour $ 9.10 Total standard cost per unit $ 59.86 Total Variances Reported StandardCost* Priceor Rate Quantity orEfficiency Direct materials $ 627,480 $ 11,542 F $ 33,200 U Direct labor $ 286,200 $ 3,800 U $ 15,900 U Variable manufacturing overhead $ 163,800 $ 4,800 F $ ?† U *Applied to Work in Process during the period. The company's manufacturing overhead cost is applied to production on the basis of direct labor-hours. All of the materials purchased during the period were used in production. Work in process inventories are insignificant and can be ignored.…The Friday company manufactures several different products. Unit costs associated with product ABC are as follows.Direct materials P60Direct manufacturing labor… P10VARIABLE MANUFACTURING OVERHEAD… 18FIXED MANUFACTURING OVERHEAD… 32SALES COMMISSIONS… 4ADMINISTRATIVE SALARIES… 16TOTAL… 140 1.HOW MUCH IS THE VARIABLE COST PER UNIT2.HOW MUCH IS THE FIXED COST PER UNIT3.HOW MUCH IS THE INVENTORIES COST PER UNIT4.HOW MUCH IS THE PERIOD COST PER UNIT