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Gemma Co uses activity based costing to divide overheads between its two products and has the following budgeted information
|
|
S |
T |
|
Production level |
80,000 |
120,000 |
|
Set-ups per batch |
4 |
2 |
|
Batch size |
5,000 |
4,000 |
Budgeted set-up costs are £74,400
Calculate the cost per set-up and the set-up cost per unit for product T.
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- Spree Party Lights overhead expenses are: Indirect material, pounds per unit Indirect material, cost per pound Indirect labor hours Indirect labor rate per hour Variable maintenance per unit Variable utilities per unit Supervisor salaries Maintenance salaries Insurance Depreciation Units to Produce Variable Costs Indirect Material Indirect Labor Maintenance Prepare a manufacturing overhead budget if the number of units to produce for January, February, and March are 2,400, 3,100, and 2,800, respectively. Spree Party Lights Manufacturing Overhead Budget For the Quarter Ending January - March January February 2,400 3,100 Utilities Total Variable Manufacturing Costs Fixed Costs 0.30 Supervisory Salaries Maintenance Salaries Insurance Depreciation Total Fixed Manufacturing Coats Total Manufacturing Overhead $2 $16.50 $0.75 $0.20 $11,000 $9,000 $3,000 $1,600 1,440 30,500 1.1900 11,000 5,000 3,000 1,500 24,600 67,020 1,860 51,150 620 53,955 11,000 9,000 3,000 1,000 24,400 10,355 March 2,1800…Mona moobl3 Ltd operates a standard costing system and absorbs overheads on the basis of standard labour hours. There were 500,000 labour hours budgeted and the budgeted production overheads were GH¢300,000 for the forthcoming year. The company budgeted to produce 125,000 units. The actual results for the period were as follows: Overheads-GH¢350,000, Output-130,000 units and Labour hours 450,000 hours. Which ONE of the following statements is correct? A. Overheads were GH¢38,000 over-absorbed. B. Overheads were GH¢38,000 under-absorbed. C. Overheads were GH¢80,000 over-absorbed. D. Overheads were GH¢80,000 under-absorbed. Reset Selection ▲ Question Progress ▲Spree Party Lights overhead expenses are: Indirect material, pounds per unit Indirect material, cost per pound Indirect labor hours Indirect labor rate per hour Variable maintenance per unit Variable utilities per unit Supervisor salaries Maintenance salaries Insurance Depreciation Units to Produce Variable Costs Indirect Material Indirect Labor Maintenance Prepare a manufacturing overhead budget if the number of units to produce for January, February, and March are 2,400, 2,900, and 2,600, respectively. Spree Party Lights Manufacturing Overhead Budget For the Quarter Ending January - March January February Utilities Total Variable Manufacturing Costs Fixed Costs Supervisory Salaries Maintenance Salaries Insurance Depreciation 0.30 $2 1 Total Fixed Manufacturing Costs Total Manufacturing Overhead $16.00 $0.75 $0.20 $9,000 $8,000 $4,000 $1,400 March
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- Shilongo Ltd uses costing to attribute costs to individual products and services provided to its customers. It has begun the preparation of its fixed production cost budget for the forthcoming period. The company three production departments Machining, Assembly and Finishing; and two service departments Stores and Maintenance. The following costs have been produced: Machining Assembly Finishing Stores Maintenance 2,500 1,500 1,000 Overhead cost $ 6,000 800 The number of machine and labor hours budgeted for the forthcoming period is budgeted as follows:- Machining Assembly Finishing Machine hours 500 40 50 Labor hours 100 300 200 Overheads are absorbed in Assembly and Finishing departments on a Labor hour basis; and in Machining departments they are absorbed on a machine hour basis. It has been estimated that service departments usage is as follows: Machining Assembly Finishing Stores Maintenance Maintenance 55% 20% 20% 5% - Stores 40% 30% 20% 10% Required: b) Calculate the overhead…Julum Limited manufactures a single product and operates a standard costing system. Budgeted Data (per unit) : Labour 5 hours @ £15.00 Per Hour Budgeted production for August was expected to reach 10000 Units Actual production 11000 Units The actual costs incurred were as follows : Actual Data : Labour 60000 hours @ £14.50 Per Hour a. What is Labour Rate Variance? Choose one from the following: A. £30,000.00 Favourable B. £75,000.00 Unfavourable C. £45,000.00 Favourable D. £45,000.00 UnfavourableCosting information for Emily Elephant Limited is as follows:Direct material cost per unitDirect labour cost per unitVariable manufacturing overhead cost per unitVariable selling and administrative overhead cost per unitFixed manufacturing overhead for the year£41 £43£6£4£44,000Budgeted production for the year was 4,000 units. What is the budgeted unit product cost according to an absorption costing system? a. £90 b. £101 c. £105d. £94
- Perez Manufacturing Company established the following standard price and cost data. Sales price Variable manufacturing cost $ 8.98 per unit $ 3.40 per unit Fixed manufacturing cost Fixed selling and administrative cost $ 2,000 total $ 600 total Perez planned to produce and sell 2,300 units. Actual production and sales amounted to 2,600 units. Required a. Prepare the pro forma income statement in contribution format that would appear in a master budget. b. Prepare the proforma Income statement in contribution format that would appear in a flexible budget. Complete this question by entering your answers in the tabs below. Required A Required B Prepare the pro forma income statement in contribution format that would appear in a master budget. PEREZ MANUFACTURING COMPANY Pro Forma Income Statement Master Budget 2,300 UnitsThe following data are given for Stringer Company: Budgeted production Actual production Materials: Standard price per ounce Standard ounces per completed unit Actual ounces purchased and used in production Actual price paid for materials Labor: Standard hourly labor rate Standard hours allowed per completed unit Actual labor hours worked Actual total labor costs 907 units 1,033 units $1.91 11 11,704 $23,993 $14.84 per hour 4.6 5,319.95 $81,129 Overhead: Actual and budgeted fixed overhead Standard variable overhead rate Actual variable overhead costs Overhead is applied on standard labor hours. Do not round interim calculations. Round your final answer to the nearest dollar. The direct materials price variance is $1,071,000 $28.00 per standard labor hour $148,959Zizi plc uses a standard absorption costing system and produces and sells product 8W. The standard cost card is below: Product 8W (€ per unit) Direct material (5 per kg) 15 Direct labour (6 per hour) 12 Fixed manufacturing overhead 10 Total production cost 37 Standard profit 13 Standard selling price 50 * Absorption rate based on standard labour hours Budgeted and actual production and sales units for december 2020 were as follows: Budget Actual Production 1,100 900 Sales 1,000 800 Actual data for December 2020 were as follows € Direct material purchases 1,200 kgs costing 12,000 Direct materials used 1,100 kgs Direct labour hours 500 hours costing 6,000 Fixed manufacturing overhead 5,000 Sales revenue 30,000 An analysis of the Direct labour hours shows that the 500 hours that were paid for 50 were idle time due to a machinery breakdown. There were no inventories of Direct materials or finished products (planned or actual) at the…
