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- In its first month of business, Soles for Souls, Inc., started and completed 5,000 shoes and sold 4,000 shoes during the month. Its cost for the month included: Advertising Costs $100 Direct materials per shoe $3.00 Direct labor per shoe $1.00 Allocated Manufacturing Overhead $1,000 Sales Manager's Salary $4,000 Calculate Soles for Soul's cost of goods manufactured for the monthLambie Custodial Services (LCS) offers residential and commercial janitorial services. Clients are billed monthly but can cancel the service at the end of any month. In addition to the employees who do the actual cleaning, the firm employs two managers who handle the administrative tasks (human resources, accounting, and so on) and one dispatcher, who assigns the cleaning employees to jobs on a daily basis. On average, residential clients pay $600 per month for weekly cleaning services and the commercial clients pay $2,600 per month for daily service (weekdays only). A typical residential client requires 15 hours a month for cleaning and a typical commercial client requires 69 hours a month. In September, LCS had 75 commercial clients and 80 residential clients. Cleaners are paid $20 per hour and are only paid for the hours actually worked. Supplies and other variable costs are estimated to cost $10 per hour of cleaning. Other monthly costs (all fixed) are $29,000 selling, general, and…Shadder is a small company that manufactures knitwear products. It employs approximately 120 staff, all of whom are paid by bank transfer. Permanent factory staff are paid on a weekly basis based on the number of hours worked as evidenced by clock cards. Administration and sales staff are paid a monthly salary. The two directors of the company are also paid a monthly salary. Sales staff are paid a quarterly bonus calculated on the basis of sales. Directors are paid an annual bonus based on profits. During peak production seasons, temporary factory staff are hired through an agency and are paid on a weekly basis, based on their output. Supervisors at Shadder authorise documentation indicating the number of items produced by temporary staff. The agency is then paid by bank transfer and it is responsible for paying the temporary staff and for the deduction of tax and national insurance. You will be performing the audit of the financial statements for the year ending 31 March 2021 and you…
- Mia works in both the jewelry department and the cosmetics department of a retail store. She assists customers in both departments and organizes merchandise in both departments. The store allocates her wages between the two departments based on the time worked in the two departments in each two-week pay period. Mia reports the following hours and activities spent in the two departments in the most recent two weeks. Allocate Mia's $2,100 of wages for two weeks to the two departments. Activities Hours 47 10 Selling in jewelry department Organizing in Jewelry department Selling in cosmetics department Organizing in Cosmetics department 15 4 Total 76 Department Hours worked Percent of Hours worked Wages Cost Allocated Numerator Denominator Percent of hours Jewelry Cosmetics TotalsSara is considering whether to open a gadgets shop. She provided you, as a consultant, the following information: Sales of $60,000 and $72,000 are expected for July and August, respectively. All goods are sold on account. The collection pattern for Accounts Receivable is 80 percent in the month of sale and 20 percent in the month following the sale. Purchases of $40,000 and $54,000 are expected for July and August. The payment pattern for purchases is 70 percent in the month of purchase, 30 percent in the month following the purchase. Other monthly expenses are $8,000, which includes $2000 of depreciation. All operating expenses are paid in the month of their incurrence. $2,000 of cash is available on August 1, 2021. Required: Prepare the cash collection budget for the two months ending August 31, 2021 Prepare the cash budget for the two months ending August 31, 2021Zachary Corporation paid one of its sales representatives $8,500 during the month of March. The rep is paid a base salary plus $11 per unit of product sold. During March, the rep sold 170 units. Required Calculate the total monthly cost of the sales representative's salary for each of the following months. Month Number of units sold i Total variable cost Total fixed cost Total salary cost $ April 210 0 $ May 120 0 $ June 220 0 $ July 130 0
- Production workers for Zachary Manufacturing Company provided 4,300 hours of labor in January and 3,400 hours in February. The company, whose operation is labor intensive, expects to use 48,300 hours of labor during the year. Zachary paid a $111,090 annual premium on July 1 of the prior year for an insurance policy that covers the manufacturing facility for the following 12 months. Required Based on this information, how much of the insurance cost should be allocated to the products made in January and to those made in February? (Do not round intermediate calculations.)You are reviewing all customer complaints received in any one of your stores in a 12 month period. You want to know if there is a certain time of the working week in which you receive more complaints. please RANK the weekdays from the HIGHEST complaints reported to the LOWEST complaints reported for the last 8 months of the year.The accountant for Barry Ltd compares each month's actual results with a monthly plan. The standard direct labour rates and the standard hours allowed, given the actual output in April, are shown in the following schedule: Standard direct labour rate per hour Standard direct labour hours allowed, given April output $26.00 $22.00 Labour class IIl 1,000 Labour class II 1,000 Labour class I $12.00 1,000 A new union contract negotiated in March resulted in actual wage rates that differed from the standard rates. The actual direct labour hours worked and the actual direct labour rates per hour for April were as follows. Actual direct labour rate per hour Actual direct labour hours Labour class II $28.00 1,100 Labour class II $23.00 1,300 Labour class I $14.00 750 Required: a) Calculate the following variances for April, indicating whether each is favourable or unfavourable: i direct labour rate variance for each labour class. ii direct labour efficiency variance for each labour class. b)…
- Consider the following information: Suppliers’ payment period 40 days Receivables’ collection period 40 days Finished goods holding period 15 days Work – in progress holding period 10 days Raw materials inventory holding period 20 days a) what is the operating cycle? Select one: A. 75 days B. 85 days C. 70 days D. None of the aboveA company employees two consultants who each have a different specialization. Caitlin specializes in industrial commercial construction and Zachary specializes in residential construction. The company expects to incur total overhead costs of $573,540 during the year and applies overhead based on annual salary costs. Caitlin's annual salary is $168,300, and she is expected to bill 2,400 hours during the year. Zachary's annual salary is $92,400, and he is expected to bill 2,200 hours during the year. Required: a. Calculate the predetermined overhead rate. b. Assuming that the hourly billing rate should be set to cover the total cost of services plus a 25% markup, compute the hourly billing rates for Caitlin and Zachary Complete this question by entering your answers in the tabs below. Required A Required B Calculate the predetermined overhead rate. Predetermined overhead rate %Munoz Air is a large airline company that pays a customer relations representative $15,975 per month. The representative, who processed 1,120 customer complaints in January and 1,460 complaints in February, is expected to process 21,300 customer complaints during the year. Required a. Determine the total cost of processing customer complaints in January and in February. Month Allocated Cost January February