Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near Montreal. The following table provides data concerning the company's costs: Fixed Cost Cost per Car Cleaning supplies Electricity Maintenance Wages and salaries. Depreciation Rent Administrative expenses per Month Washed $ 0.60 $ 1,300 $ 0.07 $ 0.15 $ 4,300 $ 0.30 $ 8,200 $ 2,000 $ 1,800 $ 0.05 For example, electricity costs are $1,300 per month plus $0.07 per car washed. The company actually washed 8,500 cars in August and collected an average of $6.40 per car washed. Required: Prepare the company's flexible budget for August. Lavage Rapide Flexible Budget For the Month Ended August 31 Revenue Expenses: Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent

Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near Montreal. The following table provides data concerning the company's costs: Fixed Cost Cost per Car Cleaning supplies Electricity Maintenance Wages and salaries. Depreciation Rent Administrative expenses per Month Washed $ 0.60 $ 1,300 $ 0.07 $ 0.15 $ 4,300 $ 0.30 $ 8,200 $ 2,000 $ 1,800 $ 0.05 For example, electricity costs are $1,300 per month plus $0.07 per car washed. The company actually washed 8,500 cars in August and collected an average of $6.40 per car washed. Required: Prepare the company's flexible budget for August. Lavage Rapide Flexible Budget For the Month Ended August 31 Revenue Expenses: Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Pls provide solution The International Company makes and sells only one product, Product SW. The company is in the process of preparing its Selling and Administrative Expense Budget for the last half of the year. The following budget data are available:VC/unit soldSales commissions P0.70Shipping 1.10Advertising 0.20 Other 2.5 Fc per month Executive salaries, 34,000Depreciation on office equipment-, 11,000Other, 19,000 Advertising, 14,000 If the company has budgeted to sell 20,000 units of Product SW in October then the total budgeted variable selling and administrative expenses for October will be:a.P45,000b.P56,250c.P40,000d.P78,000
Exercise 9-8 (Algo) Flexible Budget [LO9-1] Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near Montreal. The following table provides data concerning the company's costs: Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Fixed Cost Cost per Car per Month Washed $ 0.50 $ 1,200 $ 0.06 $ 0.25 $ 4,800 $ 0.40 $ 8,400 $ 2,000 $1,600 $ 0.02 For example, electricity costs are $1,200 per month plus $0.06 per car washed. The company actually washed 8,200 cars in August and collected an average of $6.20 per car washed. Required: Prepare the company's flexible budget for August. Lavage Rapide Flexible Budget For the Month Ended August 31 Revenue Expenses Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Total expense 0 Net operating income $ 0
sions Question 10 --/1 ences View Policies prations Current Attempt in Progress LUS Support Vaughn Manufacturing's budgeted manufacturing costs for 40000 squares of shingles are: S. entral 365 Fixed manufacturing costs $12000 Variable manufacturing costs $16 per square Vaughnproduced 30000 squares of shingles during March. How much are budgeted total manufacturing costs in March? O $652000 O $492000 O $640000 O $480000 search
6 Required information SB Exercise E8-5 to E8-10 [The following information applies to the questions displayed below.] Shadee Corporation expects to sell 600 sun shades in May and 350 in June. Each shade sells for $142. Shadee's beginning and ending finished goods inventories for May are 65 and 45 shades, respectively. Ending finished goods inventory for June will be 65 shades. E8-7 (Algo) Preparing Direct Labor and Manufacturing Overhead Budgets [LO 8-3d] Suppose that each shade takes three direct labor hour to produce and Shadee pays its workers $13 per hour. Additionally, Shadee's fixed manufacturing overhead is $11,000 per month, and variable manufacturing overhead is $14 per unit produced. Required: 1. Prepare Shadee's direct labor budget for May and June. ces 2. Prepare Shadee's manufacturing overhead budget for May and June. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare Shadee's direct labor budget for May and June. Note: Do not…
Exercise 9-10 (Static) Flexible Budget [LO9-1] Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near Montreal. The following table provides estimates concerning the company's costs: Cleaning supplien Electricity Maintenance Wages and salaries Depreciation Administrative expenses Rent Fixed cost per Month $ 1,200 $5,000 $6,000 $8,000 $4,000 Cost per Car Washed $0.80 $ 0.15 $0.20 $0.30 $ 0.10 For example, electricity costs should be $1,200 per month plus $0.15 per car washed. The company actually washed 8,800 cars in August and collected an average of $4.90 per car washed. Required: Prepare the company's flexible budget for August
EXERCISE 9-9 Planning Budget LO9-1 Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near Montreal. The following table provides estimates concerning the company's costs: Fixed Cost Cost per per Month Car Washed $0.80 $0.15 $0.20 $0.30 Cleaning supplies ... Electricity $1,200 Maintenance Wages and salaries Depreciation Rent Administrative expenses. $5,000 $6,000 $8,000 $4,000 $0.10 For example, electricity costs should be $1,200 per month plus $0.15 per car washed. The company expects to wash 9,000 cars in August and to collect an average of $4.90 per car washed. Required: Using Exhibit 9-2 as your guide, prepare the company's planning budget for August.
Required information SB Exercise E8-5 to E8-10 [The following information applies to the questions displayed below.] Shadee Corporation expects to sell 520 sun shades in May and 340 in June. Each shade sells for $149. Shadee's beginning and ending finished goods inventories for May are 75 and 50 shades, respectively. Ending finished goods inventory for June will be 60 shades. E8-7 (Algo) Preparing Direct Labor and Manufacturing Overhead Budgets [LO 8-3d] Suppose that each shade takes three direct labor hour to produce and Shadee pays its workers $12 per hour. Additionally, Shadee's fixed manufacturing overhead is $11,000 per month, and variable manufacturing overhead is $14 per unit produced. Required: 1. Prepare Shadee's direct labor budget for May and June. 2. Prepare Shadee's manufacturing overhead budget for May and June. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare Shadee's manufacturing overhead budget for May and June. May…
QUESTION 1 New Norm Fashion produces washable face mask shield. The following budgeted/ actual information is provided regardingto the production of face mask: RM/unit Selling price 50.00 Direct materials 8.00 Direct labour 5.00 Variable production overheads 3.00 Details of its operations for the month of May and June 2021 are as follows: May June Production 500 380 Sales 300 500 Fixed production overheads are budgeted at RM4,000 per month and are absorbed on a unit basis. The normal level of production is budgeted at 400 units per month. Other costs: RM/month Fixed selling 4,000 Fixed administration 2,000 Variable sales commission 5% of sales revenue There was no opening inventory of face mask at the beginning of May. Required: (a) Prepare income statement for the month of May and June using (i) variable costing (ii) absorption costing (b) Prepare a reconciliation of profit or loss figures based on your answers in a(i) and (c)Describe a situation where net profit under variable…
Question V – Allocate Costs with Reciprocal Method (8 Marks) Anchor Company manufactures a variety of tool boxes. They have two operating divisions – Corporate Sales and Consumer Sales – and two support divisions –Admin and IT. Each operating division operates independently. Anchor uses the number of employees to allocate Admin costs and computer processing time to allocate IT costs. The following data are available for the month: SUPPORT DEPT OPERATING DEPT Admin IT Corp Sales Cons. Sales Budgeted costs before interdivision allocations $170,000 $400,000 $2,000,000 $1,000,000 Admin budgeted # of employees 40 80 70 IT budgeted # of processing time (in minutes) 600 4,000 3,400 REQUIRED: Using the reciprocal method, allocate the support department costs.
Using high low method compute for the Variable cost Rhea Company manufacture laptops, preparing the next year budget the accountant complied these data. Month Machine Hours Electricity Cost Jan 8,000.00 92,040.00 Feb 7,000.00 80,760.00 Mar 6,500.00 75,120.00 Apr 6,000.00 69,480.00 May 6,000.00 69,480.00 Jun 3,500.00 41,280.00 Jul 7,000.00 80,760.00 Aug 8,600.00 98,808.00 Sep 3,700.00 43,536.00 Oct 5,000.00 58,200.00 Nov 9,600.00 110,088.00 Dec 10,000.00 114,600.00
Premium Candy Inc. is a producer of premium chocolate based in Palo Alto. i (Click the icon to view additional information.) For 2020, the trucking fleet had a practical capacity of 45 round-trips between the Palo Alto plant and the two suppliers. It recorded the following information: (Click the icon to view the budget and actual data.) Variable costs Requirement 1. Using the dual-rate method, what are the costs allocated to the dark chocolate division and the milk chocolate division when (a) variable costs are allocated using the budgeted rate per round-trip and actual round-trips used by each division and when (b) fixed costs are allocated based on the budgeted rate per round-trip and round-trips budgeted for each division? Dark chocolate Milk chocolate Fixed costs Premium Candy Inc. decides to examine the effect of using the dual-rate method for allocating truck costs to each round-trip. (Click the icon to view the cost information for 2020.) Total costs Read the requirements.
Problem 13-55 (Static) Prepare a Production Budget (LO 13-4) EcoSacks manufactures cloth shopping bags. The controller is preparing a budget for the coming year and asks for your assistance. The following costs and other data apply to bag production. Direct materials per bag 1.0 yard cotton at $4 per yard 0.2 yards canvas finish at $12 per yard Direct labor per bag 0.5 hour at $18 per hour Overhead per bag Indirect labor $ 0.60 Indirect materials 0.20 Power 0.40 Equipment costs 1.30 Building occupancy 0.90 Total overhead per unit $ 3.40 You learn that equipment costs and building occupancy are fixed and are based on a normal production of 600,000 units per year. Other overhead costs are variable. Plant capacity is sufficient to produce 750,000 units per year. Labor costs per hour are not expected to change during the year. However, the cotton supplier has informed EcoSacks that it will impose a 20 percent…