1 For Year Ended December 31Direct materialsDirect laborDepartment manager salariesSupplies usedUtilitiesTotalsRentTotalsDirect materialsControllable CostsResponsibility Accounting Performance ReportManager, ATV DepartmentFor Year Ended December 31BudgetedGABudgetSnowmobile$ 21,52012,4006,3005,5005607,700$ 53,9800Exercise 22-2 (Algo) Responsibility accounting performance report LO P1Prepare a responsibility accounting performance report for the ATV department.Note: Under budget amounts should be indicated by a minus sign.ActualATV$ 29,50022,5007,2001,1007408,300$ 69,3400Over (Under)BudgetActual0Snowmobile$ 21,42012,8606,4005,1705307,300$ 53,680ATV$ 31,02023,4406,4001,1607008,300$ 71,020

Responsibility accounting is one of the branches of modern costing systems that majorly applies to…

For Year Ended December 31 Direct materials Direct labor Department manager salaries Supplies used Utilities Totals Rent Totals Direct materials Controllable Costs Snowmobile $ 21,520 12,400 6,300 5,500 560 7,700 $ 53,980 Budget Responsibility Accounting Performance Report Manager, ATV Department For Year Ended December 31 Budgeted Exercise 22-2 (Algo) Responsibility accounting performance report LO P1 Prepare a responsibility accounting performance report for the ATV department. Note: Under budget amounts should be indicated by a minus sign. 0 $ Actual 0 ATV $ 29,500 22,500 7,200 1,100 740 8,300 $ 69,340 Over (Under) Budget GA Actual 0 Snowmobile $ 21,420 12,860 6,400 5,170 530 7,300 $ 53,680 ATV $ 31,020 23,440 6,400 1,160 700 8,300 $ 71,020

For Year Ended December 31 Direct materials Direct labor Department manager salaries Supplies used Utilities Totals Rent Totals Direct materials Controllable Costs Snowmobile $ 21,520 12,400 6,300 5,500 560 7,700 $ 53,980 Budget Responsibility Accounting Performance Report Manager, ATV Department For Year Ended December 31 Budgeted Exercise 22-2 (Algo) Responsibility accounting performance report LO P1 Prepare a responsibility accounting performance report for the ATV department. Note: Under budget amounts should be indicated by a minus sign. 0 $ Actual 0 ATV $ 29,500 22,500 7,200 1,100 740 8,300 $ 69,340 Over (Under) Budget GA Actual 0 Snowmobile $ 21,420 12,860 6,400 5,170 530 7,300 $ 53,680 ATV $ 31,020 23,440 6,400 1,160 700 8,300 $ 71,020

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter7: Allocating Costs Of Support Departments And Joint Products

Section: Chapter Questions

Problem 24E: Refer to the data in Exercise 7.22. The support departments are ranked in order of highest cost to...

See similar textbooks

Similar questions

View Policies Current Attempt in Progress The following data has been taken from the accounting records of Curtis Manufacturing Company for the current year: Sales Purchases of direct materials Direct labor cost during period Manufacturing overhead applied during period Direct Materials Inventory, beginning Direct Materials Inventory, ending Work in Process Inventory, beginning Work in Process Inventory, ending Finished Goods Inventory, beginning Finished Goods Inventory, ending (a) Direct materials used in production eTextbook and Media $600,000 Save for Later 350,000 120,000 60,000 20,000 25,000 47,000 32,000 Compute the cost of direct materials moved into production during the period. 75,000 82,000 Attempts: 0 of 4 used Submit Answer (b) The parts of this question must be completed in order. This part will be available when you complete the part above. (c) The parts of this question must be completed in order. This part will be available when you complete the part above.
E COST ACCOUNTING AND CONT x + To * pook i forms.office.com/Pages/ResponsePage.aspx?id=cYWpTercOUIPsQvdXclp-WXyu19p0dpljDbGCXgjKqpUMKISRjcOSUUyWkgwUERKSzczT0tETUhGQi4u&fbclid. ☆ 49 Determine the costs of jobs completed in January. January 1, there were two jobs in process at the Fortune Manufacturing Company. Details of the jobs are: Job No. Direct Materials Direct Labor A-9 A-10 P 34,800 6,400 P12,800 16,800 Materials inventory at January 1 totaled P 184,000 and P 23,200 in materials were purchased during the month. A requisition for P16,00 in supplies was filled. On January 1, finished goods inventory consisted of two Jobs: Job No. A-7 costing P78,400 and Job No. 8 with a cost of P31,600. Both these Jobs were sold during the month. Also during January, Job Nos. A-9 and A-10 were completed. Completing Job No, A-9 required additional P13,600 in direct labor and P6,000 in direct materials. The completion costs for Job No. A-10 included P21,600 in direct materials and P 40,000 in direct…
Below are departmental income statements for a guitar manufacturer. The company classifies advertising, rent, and utilities as indirect expenses. The manufacturer is considering eliminating its Electric Guitar department because it shows a loss. Departmental Income Statements For Year Ended December 31 Sales Cost of goods sold Gross profit Expenses Advertising Depreciation-Equipment Salaries Supplies used Rent Utilities Total expenses Income (loss) Acoustic $ 101,600 44,875 56,725 5,045 10,110 19,500 1,980 7,005 3,025 46,665 $ 10,060 Electric $ 83,800 46,950 36,850 4,320 8,510 17,300 1,780 5,980 2,570 40,460 $ (3,610) 1. Prepare a departmental contribution to overhead report. 2. Based on contribution to overhead, should the electric guitar department be eliminated?
The centrepiece of aiob-costing system is the 0a budgetewoverhead rate job-cost sheet 0 labour time ticket materials reguistion fom
Knowledge Check 01 In the cost formula (Y = a +bX) that is used to estimate the total manufacturing overhead cost for a given period, the letter "a" refers to the estimated O total manufacturing overhead cost O total fixed manufacturing overhead cost O variable manufacturing overhead cost per unit of the allocation base O total amount of the allocation base
Professional labor cost budget for a service company Based on the data in Exercise 7 and assuming that the average compensation per hour for staff is 40 and for partners is 175, prepare a professional labor cost budget for each department forLundquist Fretwell, CPAs, for the year ending May 31, 20Y8. Use the following column headings:
Describe the Source 01 the data for increasing Work in Process for (a) direct materials, (b) direct labor, and (c) factory overhead
Cynthia Rogers, the cost accountant for Sanford Manufacturing, is preparing a management report that must include an allocation of overhead. The budgeted overhead for each department and the data for one job are as follows: Using the departmental overhead application rates, and allocating overhead on the basis of direct labor hours, overhead applied to Job 231 in the Tooling Department would be: a. 44.00. b. 197.50. c. 241.50. d. 501.00.
Refer to the data in Exercise 7.22. The support departments are ranked in order of highest cost to lowest cost. Required: 1. Allocate the costs of the support departments using the sequential method. (Round allocation ratios to four significant digits. Round allocated costs to the nearest dollar.) 2. Using direct labor hours, compute departmental overhead rates. (Round to the nearest cent.)
Midterm Departmental Examir General (ACCO 20073 COST AC ges/responsepage.aspid=cYWp TercOUIPsQvdXclp-CABrgZHamICi 1UrJG91SRUMIZKTZONOZCRERMSAY3RIMko forms.office.com O. Cost relationships are valid O . Production may vary O. Relevant costs are incurred. 25 How much is the amount of direct materials charged to Job No. 100? ie Company has a job order cost system. For the month of April, the following debits (credits) appeared in the Work in Process account: Beginning Balance Direct Materials Direct Labor Factory Overhead Finished Goods 24,000 80,000 60,000 60,000 (200,000) Adorable applies overhead at a predetermined rate based on direct labor cost. Job No. 100, the only job still in process at the end of April, has been charged with manufacturing overhead of P4,500. How much is the amount of direct materials charged to Job No. 100? Enter your answer OA R
Concepts and Terminology From the choices presented in parentheses, choose the appropriate term for completing each of the following sentences: Appr Sentence comp a. An example of factory overhead is (electricity used to run assembly line, CEO salary). b. Direct materials costs combined with direct labor costs are called (prime, conversion) costs. c. Long-term plans are called (strategic, operational) plans. d. Materials for use in production are called (supplies, materials inventory). e. The phase of the management process that uses process information to eliminate the source of problems in a process so that the process delivers the correct product in the correct quantities is called (directing, improving). f. The plant manager's salary would be considered (direct, indirect) to the product. g. The salaries of salespeople are normally considered a (period, product) cost. Previous Next
Accounting for Manufacturing Concern The following data from the just completed year are taken from the accounting records of Kenton Company Required: Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. Prepare a schedule of cost of goods sold. Assume that the company’s underapplied or overapplied overhead is closed to Cost of Goods Sold. Prepare an income statement.