In the same example as the previous question, how much cost over budget can we anticipate for the concrete material line item? (i.e. what is the total "hit" we are going to take on this cost code?)
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Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
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- LO.1 & LO. 3-LO.5 (Activity analysis, ABC; pricing; cost drivers; decision making) Hurley Corporation has identified the following overhead costs and cost drivers for the coming year: Budgeted Budgeted Activity Level Overhead Item Cost Driver Cost Machine setup Number of setups $ 20,000 200 Inspection Number of inspections 130,000 6,500 Material handling Number of material moves 80,000 8,000 Engineering Engineering hours 50,000 1,000 $280,000 The following information was collected on three jobs that were completed dur- ing the year: Job 101 Job 102 Job 103 Direct material $5,000 $12,000 $8,000 Direct labor $2,000 $ 2,000 $4,000 Units completed 100 50 200 Number of setups 4 Number of inspections 20 10 30 Number of material moves 30 10 50 Engineering hours 10 50 10 Budgeted direct labor cost was $100,000, and budgeted direct material cost was $280,000. a. If the company uses activity-based costing, how much overhead cost should be assigned to Job 101? b. If the company uses…Concrete mixing plant having a capacity of 40m3 every hour costs P1,000,000. It is estimated to process P700,000m3 during its life. During a certain year it processed 50,000m3. If its scrap value is P90,000, determined the total depreciation during the year and the depreciation cost chargeable to each batch of 40m3 using production unit method.The direct cost for an activity in a project i $50000. The total direct cost for this project is $55,000,000 and the total direct cost for all projects for this contractor is $100,000,000. Assume that the overhead for this project is $1,000,000 and the company's general overhead is $4,000,000. Calculate the general overhead for this project assuming a balance bid?
- 1) Management at Kirkland Machine Tool Co. is considering the development of a new automated drill press called the Auto Drill. After conferring with the design engineers., the controller's staff assembled the following data about this project. Target selling price $ 7,500.00 per unit Desired profit percentage 25% of total unit cost Projected unit demand 4500 units Activity-based cost rates Materials handling activity 5% of raw materials and purchased parts cost Engineering activity $300 per unit for Auto Drill Production and assembly activity $50 per machine hour Delivery activity $570 per unit for Auto Drill Marketing activity $400 per unit for Auto Drill Per unit data Raw Materials cost $ 1,620.00 Purchased parts cost $ 840.00 Manufacturing labor hours 6 hours…10. A production department within a company received materials of $10,000 and conversion costs of $10,000 from the prior department. It added material of $27,200 and conversion costs of $53,000. The equivalent units are 20,000 for material and 18,000 for conversion. Complete the following table to determine what is the unit cost for materials and conversion? PLEASE NOTE: For units, use commas as needed (i.e. 1,234). Costs per unit are rounded to two decimal places and shown with "$" and commas as needed (i.e. $1,234.56). All other dollar amounts are rounded to whole dollars and shown with "$" and commas as needed (i.e. $12,345). Total Cost Equivalent Units Per Unit Material ? ? ? Conversion ? ? ?The cost of direct materials transferred into the Rolling Department of Kraus Company is $3,087,000. The conversion cost for the period in the Rolling Department is $124,600. The total equivalent units for direct materials and conversion are 4,200 tons and 890 tons, respectively. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet Determine the direct materials and conversion costs per equivalent unit. Round your answers to the nearest dollar. Direct materials cost per equivalent unit: $fill in the blank 2 per ton Conversion cost per equivalent unit: $fill in the blank 3 per ton
- Activity-Based Costing Steampunk Corporation has the following predicted indirect costs and cost drivers for 2019 for the given activity cost pools: FabricationDepartment FinishingDepartment Cost Driver Maintenance $ 84,000 42,000 Machine hours Materials handling 126,000 63,000 Material moves Machine 294,000 21,000 Machine setups Inspections - 105,000 Inspection hours Total $ 504,000 $ 231,000 The following activity predictions were also made for the year: FabricationDepartment FinishingDepartment Machine hours 5,000 2,500 Material moves 1,500 750 Machine setups 350 25 Inspection hours - 500 It is assumed that the cost per unit of activity for a given activity does not vary between departments. Steampunk's president, Abner Punk, is trying to evaluate the company's product mix strategy regarding two of its product models, SW100 and SG150. The company has been using a company wide overhead rate based on machine hours but is considering…Maurice Corporation has established the following cost pools for 2023. COMMITTED COST POOLS COSTS COST DRIVERS LEVEL Maintenance $ 40,000 Machine hours 10,000 Materials handling 50,000 Number of moves 250 Machine setup 60,000 Setup hours 1,000 Inspection 50,000 Number of inspections 500 Total $200,000 The following information pertains to two representative jobs completed during January 2023 ITEM J101 J102 Direct materials cost…In 2020 the budget for a machine shop showed overheads of $60,000 and volume of activity of12,000 machine hours.In January of 2020, the machine shop incurred $5,400 of overhead and 1,050 machine hourswere worked. Required:a. Determine:i. The predetermined absorption rate. ii. The under/over absorption rate. b. With the use of calculation, explain the factors that contributed to the under/over absorptionof overheads.
- Steampunk Corporation has the following predicted indirect costs and cost drivers for 2019 for the given activity cost pools: FabricationDepartment FinishingDepartment Cost Driver Maintenance $ 30,000 15,000 Machine hours Materials handling 45,000 22,500 Material moves Machine 105,000 7,500 Machine setups Inspections - 37,500 Inspection hours Total $180,000 $82,500 The following activity predictions were also made for the year: FabricationDepartment FinishingDepartment Machine hours 5,000 2,500 Material moves 1,500 750 Machine setups 350 25 Inspection hours - 500 It is assumed that the cost per unit of activity for a given activity does not vary between departments. Steampunk's president, Abner Punk, is trying to evaluate the company's product mix strategy regarding two of its product models, SW100 and SG150. The company has been using a company wide overhead rate based on machine hours but is considering switching to either…PARAMOUR Co. was contracted by LOVER, Inc. for the construction of a flyover in 20x1. The contract price is P10M. Information on costs is as follows: 20x1 20x2 Total costs incurred to date 1,600,000 6,000,000 Estimated costs to complete 6,400,000 1,500,000 How much revenue is recognized in 20x2? 8M 6M 4M What is the percentage of the progress completed in 20x2? 80% 60% 40% 16%Dixon Construction Materials has collected this information: Based on this Information, what is the EVA for the project? A. $100,000 B. $10,000 C. $450,000 D. ($110,000)