FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Concept explainers
Topic Video
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution
Trending nowThis is a popular solution!
Step by stepSolved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Aleutian Company produces two products: Rings and Dings. They are manufactured in two departments: Fabrication and Assembly. Data for the products and departments are listed below. Product Number ofUnits Direct Labor Hoursper Unit Machine Hoursper Unit Rings 1,080 7 7 Dings 2,050 5 9 All of the machine hours take place in the Fabrication Department, which has estimated total factory overhead of $84,700. All of the labor hours take place in the Assembly Department, which has estimated total factory overhead of $72,600. Aleutian Company uses the multiple production department factory overhead rate method. The Fabrication Department uses machine hours as an allocation base, and the Assembly Department uses direct labor hours. The Assembly Department's factory overhead rate isarrow_forwardRamapo Company produces two products, Blinks and Dinks. They are manufactured in two departments, Fabrication and Assembly. Data for the products and departments are listed below. Product Number ofUnits Direct Labor HoursPer Unit Machine HoursPer Unit Blinks 1,107 5 8 Dinks 1,916 6 5 All of the machine hours take place in the Fabrication department, which has an estimated overhead of $104,200. All of the labor hours take place in the Assembly department, which has an estimated total overhead of $76,800. Ramapo Company uses a single plantwide overhead rate to apply all factory overhead costs based on direct labor hours. The factory overhead allocated per unit of Blinks is a.$384.03 b.$63.77 c.$14.45 d.$53.15arrow_forwardRamapo Company produces two products, Blinks and Dinks. They are manufactured in two departments, Fabrication and Assembly. Data for the products and departments are listed below. Number of Direct Labor Hours Per Unit Product Units Blinks Dinks 1,101 2,269 3 4 Machine Hours Per Unit 8 5 All of the machine hours take place in the Fabrication department, which has an estimated overhead of $80,200. All of the labor hours take place in the Assembly department, which has an estimated total overhead of $102,700. Ramapo Company uses a single plantwide overhead rate to apply all factory overhead costs based on direct labor hours. The factory overhead allocated per unit of Blinks is Oa. $308.12 Ob. $23.17 Oc. $44.34 Od. $59.10arrow_forward
- Data concerning three of Kilmon Corporation’s activity cost pools appear below: Activity Cost Pools Estimated Overhead Cost Expected Activity Assembling products $ 65,540 4,520 assembly hours Designing products $ 578,112 3,011 product design hours Setting up batches $ 41,820 820 batch set-ups Required: Compute the activity rates for each of the three cost pools. (Round your answers to 2 decimal places.) Activities Activity rate Assembly products Designing products Setting up batchesarrow_forwardBody-Solid Inc. manufactures elliptical exercise machines and treadmills. The products are prouced in its Fabrication and Assembly production departments. In addition to production activities, several other activities are required to produce the two products. These activities and their associated activity rates are as follows: Activity Activity Rate Fabrication $25 per machine hour Assembly $12 per direct labor hour Setup $52 per setup Inspecting $25 per inspection Production scheduling $13 per production order Purchasing $10 per purchase order The activity - base usage quantities and units produced for each product were as follows: Activity Base Elliptical Machines Treadmill Machine hours 1,845 1,089 Direct labor hours 472 184 Setups 58 18 Inspections 630 378 Production orders 63 13 Purchase orders 181 110 Units produced 272 182 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the…arrow_forwardAleutian Company produces two products: Rings and Dings. They are manufactured in two departments: Fabrication and Assembly. Data for the products and departments are listed below. Product Number of Units Rings 910 3 Dings 2,270 9 All of the machine hours take place in the Fabrication Department, which has estimated total factory overhead of $85,800. All of the labor hours take place in the Assembly Department, which has estimated total factory overhead of $70,800. Direct Labor Hours per Unit 6 5 Oc. $3.70 per direct labor hour Od. $4.21 per direct labor hour Machine Hours per Unit Aleutian Company uses the multiple production department factory overhead rate method. The Fabrication Department uses machine hours as an allocation base, and the Assembly Department uses direct labor hours. The Assembly Department's factory overhead rate is Oa. $4.48 per machine hour Ob. $4.10 per machine hourarrow_forward
- Ramapo Company produces two products, Blinks and Dinks. They are manufactured in two departments, Fabrication and Assembly. Data for the products and departments are listed below. Product Blinks Dinks Number of Direct Labor Hours Machine Hours Units Per Unit Per Unit is 920 Oa. $52.18 Ob. $89.11 Oc. $14.85 Od. $77.51 1,843 1 6 7 All of the machine hours take place in the Fabrication department, which has an estimated overhead of $100,400. All of the labor hours take place in the Assembly department, which has an estimated total overhead of $77,500. Ramapo Company uses a single plantwide overhead rate to apply all factory overhead costs based on direct labor hours. The factory overhead allocated per unit of Blinks 9arrow_forwardAtlas Enterprises Inc. manufactures elliptical exercise machines and treadmills. The products are produced in its Fabrication and Assembly production departments. In addition to production activities, several other activities are required to produce the two products. These activities and their associated activity rates are as follows: Activity Activity Rate Fabrication $27 per machine hour Assembly $11 per direct labor hour Setup $45 per setup Inspecting $23 per inspection Production scheduling $12 per production order Purchasing $9 per purchase order The activity-base usage quantities and units produced for each product were as follows: Activity Base Elliptical Machines Treadmill Machine hours 1,861 1,098 Direct labor hours 413 161 Setups 62 19 Inspections 615 369 Production orders 65 13 Purchase orders 211 129 Units produced 295 198 Use the activity rate and usage information to calculate the total activity cost and…arrow_forwardMickley Corporation produces two products, Alpha6s and Zeta7s, which pass through two operations, Sintering and Finishing. Each of the products uses two raw materials—X442 and Y661. The company uses a standard cost system, with the following standards for each product (on a per unit basis): Product Raw Material Standard Labor Time X442 Y661 Sintering Finishing Alpha6 1.8 kilos 2.0 liters 0.20 hours 0.80 hours Zeta7 3.0 kilos 4.5 liters 0.35 hours 0.90 hours Information relating to materials purchased and materials used in production during May follows: Material Purchases Purchase Cost Standard Price Used in Production X442 14,500 kilos $ 52,200 $ 3.50 per kilo 8,500 kilos Y661 15,500 liters $ 20,925 $ 1.40 per liter 13,000 liters The following additional information is available: The company recognizes price variances when materials are purchased. The standard labor rate is $19.80 per hour in Sintering and $19.20 per hour in Finishing. During…arrow_forward
- Aleutian Company produces two products: Rings and Dings. They are manufactured in two departments: Fabrication and Assembly. Data for the products and departments are listed below. Product Number ofUnits Direct Labor HoursPer Unit Machine HoursPer Unit Rings 1,120 5 5 Dings 2,320 7 7 All of the machine hours take place in the Fabrication Department, which has estimated total factory overhead of $84,400. All of the labor hours take place in the Assembly Department, which has estimated total factory overhead of $70,600. Aleutian Company uses the multiple production department factory overhead rate method. The Fabrication Department uses machine hours as an allocation base, and the Assembly Department uses direct labor hours. The total factory overhead allocated per unit of Dings is a.$49.63 b.$35.45 c.$45.06 d.$3.75arrow_forwardMickley Corporation produces two products, Alpha6s and Zeta7s, which pass through two operations, Sintering and Finishing. Each of the products uses two raw materials-X442 and Y661. The company uses a standard cost system, with the following standards for each product (on a per unit basis): Standard Labor Time Sintering Finishing 0.40 hours 0.80 hours 0.30 hours 0.90 hours Information relating to materials purchased and materials used in production during May follows: Material Standard Price $ 3.60 per kilo X442 Used in Production 8,600 kilos 13,100 liters Y661 $ 1.50 per liter Product Alpha6 Zeta7 Raw Material Y661 X442 1.5 kilos 3.5 kilos 4.4 liters 2.2 liters Purchases 14,100 kilos 15,100 liters Purchase Cost $ 53,580 $ 21,140 The following additional information is available: a. The company recognizes price variances when materials are purchased. b. The standard labor rate is $18.00 per hour in Sintering and $18.00 per hour in Finishing. c. During May, 1,250 direct labor-hours were…arrow_forwardAleutian Company produces two products: Rings and Dings. They are manufactured in two departments: Fabrication and Assembly. Data for the products and departments are listed below. Product Number ofUnits Direct Labor HoursPer Unit Machine HoursPer Unit Rings 1,000 5 7 Dings 2,740 7 10 All of the machine hours take place in the Fabrication Department, which has estimated total factory overhead of $89,300. All of the labor hours take place in the Assembly Department, which has estimated total factory overhead of $65,100. Aleutian Company uses the multiple production department factory overhead rate method. The Fabrication Department uses machine hours as an allocation base, and the Assembly Department uses direct labor hours. The total factory overhead allocated per unit of Rings is a.$31.65 b.$3.44 c.$44.83 d.$41.28arrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
- AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
- Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education