Determine the cost of direct material and salesman salary if the company produces *XX,XXX (80,000-90,000) bottles of drink. (CLO3, C3) iv) If production unit is *XXXXX (90,000 – 110,000): (CLO3, C3) a) Calculate total product cost b) Calculate total period cost v) Form cost function for: (CLO3, C3) a) Product cost b) Period cost
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- Question 1: The Jansen Company manufactures and sells two products: plastic boxes and plastic trays. Estimated needs for a unit of each are- Boxes Trays Cost per unit Material A 2 pounds 1 pound $2.5 per pound Material B 4 pounds 3 pounds $1.5 per pound Direct labor 2 hours 2.5 hours $2 per hour The estimated sales by product for the year 2021 are, 42,000 Boxes and 24,000 Trays. Price per Box is $20 and per Tray is $18. The beginning inventories are expected to be as follows: 4,000 pounds 6,000 pounds 1,000 units 500 units Material A Material B Воxes Trays The desired inventories 5,000 pounds 10,000 pounds 4,000 units 2000 units Material A Material B Boxes Trays Requirements 1. Prepare a revenue budget 2. Production schedule (in units) 3. Purchases of raw materials budget (in units) 4. Purchases of raw materials budget (in $) 5. Direct labor budget in hours 6. Direct labor budget in amount ($) 7. Overhead to be charged to productionQUESTION 1 Nice2022 Limited is a company producing and selling plastic products. Sales price per unit is RM20.00. Below is the information on the production and sales of the product for 2021: Cost per unit: RM Direct material 0.90 Direct labour 2.50 Variable overhead 0.50 Fixed overhead 0.50 Other costs: RM Variable selling expenses 5% from total sales Fixed selling expenses 25,000 Fixed administration expenses 15,000 Unit Unit produced, sold and stock: Sales 130,000 Opening stock Production 10,000 150,000 Additional information: ● Budgeted fixed overhead amounted to RM105,000 . Budgeted production are 175,000 units You are required to: a) Calculate the over/under absorbed of overhead. b) Prepare the statement of profit and loss using the absorption costing format. c) Show the marginal profit/loss by preparing the profit reconciliation statementCheck my work 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 81,000 units during the year at a selling price of $8.23 per unit. Prepare a contribution format income statement for the year. 15 Complete this question by entering your answers in the tabs below. polnts Skipped Required 1 Required 2 eBook Complete the schedule of the company's total costs and costs per unit as given in the relevant tab below. (Round the per unit variable cost and fixed cost to 2 decimal places.) Hint Print Units Produced and Sold References 51,000 71,000 91,000 Total costs: Variable costs $ 117,300 Fixed costs 350,000 Total costs $ 467,300 $ $ Cost per unit: Variable cost Fixed cost Total cost per unit $ 0.00 $ 0.00 $ 0.00
- Question 1.2 Alejandro Kirk Manufacturing produces two types of entry doors: Deluxe and Standard. The assignment basis for support costs has been direct labour dollars. For 2021, Alejandro Kirk the following data for the two products: Deluxe Standard Sales units 50,000 400,000 Sales price per unit $650.00 $475.00 Direct material and labour costs per unit $180.00 $130.00 Manufacturing support costs per unit $80.00 $120.00 Last year, Alejandro Kirk Manufacturing purchased an expensive robotics system to allow for more decorative door products in the deluxe product line. The CFO suggested that an ABC analysis could be valuable to help evaluate a product mix and promotion strategy for the next sales campaign. She obtained the following ABC information: Activity Cost Driver Cost Total Deluxe Standard Setups # of setups $500,000 500 400 100 Machine related # of machine hours…X Co. Ltd. produces three types of products A, B and C and keeps accounts for Process I, Process II and Process III. Following statements show the relative importance of each type of product in each process : Process I Points Process II Points Process III Points Product A Product B 2 4 2 4 2 1 Product C 8 3 2 Costs for each process for March, 2019 are as follows : Process I Process II $ 9,000 3,000 5,100 Process III $ 9,000 1,800 2,400 Total Materials Labour Overheads 12,000 4,200 3,000 $ 30,000 9,000 10,500 19,200 17,100 13,200 49,500 Production during the period : Product A 600 units ; Product B 300 units ; Product C 900 units. You are required to- (a) prepare a statement showing weighted average production for each process and (b) compute the cost for each type of product.(d) DRS Manufacturing has the following standards for one of its products: [DRS Manufacturing mempunyai standad berikut untuk salah satu produknya:] Table 9: Production Costs [Jadual 9: Kos-kos Pengeluaran] Direct materials (2 meter @ RM5) Direct labor (0.5 hour @ RM10) RM10 RM5 During the most recent year, the following actual results were recorded: [Pada tahun terakhir, hasil sebenar berikut direkodkan:] Table 10: Production Costs [Jadual 10: Kos-kos Pengeluaran] 6,000 units Production Direct materials (11,750 meter purchased and used) RM61,100 Direct labor (2,900 hours) RM29,580 Required: (Dikehendaki:] Interpret the materials price and usage variances. [Tafsirkan varian harga dan penggunaan bahan-bahan.] (ii) Interpret the labor rate and efficiency variances. [Tafsirkan varian kadar buruh dan kecekapan.]
- Question 5 (Marks: 30)Consider the info provided below as well as the financial statements and answer the questionsthat follow. Pearson & Litt is a manufacturing company in the Eastern Cape. Their factory manufactures glasswine bottles for the Blue Valley Beer Co. 2019 2020Sales price per unit R15 R19Variable cost per unit R6 R7Fixed cost (FC) per annum R650 000 R 855 500Fixed cost per unit R3 R4 Current assets R450 600 R560 700Current liabilities R510 000 R780 000Retained profit R21 809 R17 600Net Sales R2 900 320 R 3 100 100Cost of sales R390 000 R475 00018; 19; 20 2020© The Independent Institute of Education (Pty) Ltd 2020Page 11 of 12Q.5.1Q.5.1.1 Calculate the break‐even point for Pearson & Litt for 2019 and 2020. (7)Q.5.1.2 Compare the results of the 2019 and 2020 break‐even point and explainwhy there might be a difference.(3)Q.5.2 The current ratio reflects the relationship between the value of the current assetsand the extent of the current liabilities of a business.…subject:accounting ACCT 203 produces and sells lighting fixtures. An entry light has a total cost of $180 per unit, of which $100 is product cost and $80 is selling and administrative expenses. In addition, the total cost of $180 is made up of $110 variable cost and $70 fixed cost. The desired profit is $45 per unit. Determine the markup percentage on product cost.Question 3Study the scenario and complete the questions that follow:Nonna Greco LimitedNonna Greco Limited manufactures and sells Italian HIP sunglasses. The following information relatesto January 2020:Units manufactured and sold: 500Income statement:RSales 261 500Less: Manufacturing costs 223 000Material 75 000Labour 50 000Manufacturing overheads (@ R20 per machine hour) 98 00038 500Less: Selling and administrative expenses (60% fixed) 17 500Net profit 21 000The following changes will come into effect on 1 February 2020: A sales price increase of 10%, resulting in a 5% decrease in sales volume. Due to negotiations with the labour union, the labour rate per hour will increase by 6%. It is expected that material costs will increase by 10%.The variable budget for manufacturing overheads indicates a total cost ofR94 400 at a capacity utilisation of 4 600 hours.Source: Hunde, T. (2020)Required:3.1 Calculate the total marginal income and marginal income per unit for the year ended 1…
- Figure 3 Cozy Stoves produces wood-burning stoves. In order to produce the frames for the stoves, special equipment must be set up. The setup cost per frame is GHS40. The cost of carrying frames in inventory is GHS5 per frame per year. The company produces 100,000 stoves per year. 19. Refer to Figure 3. Cozy Stoves' total carrying costs associated with the economic order quantity are a. GHS3,612. b. GHS3,162. c. GHS506. d. GHS316.QUESTION 1 Jay Emm Ltd manufactures and sells only one product. The following information refers to the operations during April 2020: 1. Cost per Unit of Product Raw Materials: R40.00 R36.00 Direct Labour: Material J (8kg at R5 per kg) Material M (6kg at R6 per kg) Station 1 (7 hrs at R8 per hour) Station 2 (5 hrs at R6 per hour) 9 hours at R5 per hour R56.00 R30.00 Manufaturing Overheads: R45.00 R207.00 Raw Material inventory 1 April 2020 30 April 2020 Material J 8,000 kg 7,000 kg 2,000 kg Material M 4,000 kg Production Statistics for April 2020 Finished goods on 1 April 500 units Sales in April 3,000 units at R300 per unit 300 units Finished products on 30 April Required Prepare the following budgets for April 2020: a) Production budget (unit and value) Raw Materials Purchases budget (kilogram and value) Direct labour budget (hours and value) b) Manufacturing overheads (hours and value) c) Closing inventories (units, kilograms, and value) Formatting (currency, thousands indicator,…EXERCISE Gabriel Auto produces and sells an auto part for P30.00 per unit. In 2021, 100,000 parts were produced and 75,000 units were sold. Other information for the year are as follows: BUSINESS AD 5 1986 ATION Direct Materials cost/unit Direct Manufacturing Labor cost/unit Variable Manufacturing Costs/unit Sales Commissions/unit Fixed Manufacturing Costs (per year) Fixed Administrative Expenses (per year) Php 12.00 2.25 0.75 3.00 375,000.00 135,000.00 What is the Inventoriable cost/unit using Absorption Costing What is the Inventoriable cost/unit using Variable Costing THE PREMIER BUSINESS SCHOOL OF THE SOUTH