Rubi, Inc. has the following production data for a new deluxe product in their quarterly budget:Planned Production in Units:.• May: 850⚫ June: 830.July: 1,300Rubi also produces each month 6,600 units of its standard product. It takes 2 direct labor hours to produce each standardunit and 6 direct labor hours to produce each deluxe unit. Rubi's cost per direct labor hour is $20. Direct labor cost for Julywould be budgeted at:Select one:O A. $420,000O B. $948,000O C. $891,600OD. $363,600O E. $316,000

To calculate the direct labor cost for July, we need to consider both the standard and deluxe…

Answered: Rubi, Inc. has the following production…

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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Yuri Co. operates a chain of gift shops. The company maintains a defined contribution pension plan for its employees. The plan requires quarterly installments to be paid to the funding agent, Whims Funds, by the fifteenth of the month following the end of each quarter. Assume that the pension cost is $203,700 for the quarter ended December 31. a. Journalize the entry to record the accrued pension liability on December 31. Dec. 31 Journalize the entry to record the accrued pension liability payment to the funding agent on January 15. Jan. 15 b. The pension plan where a company pays the employee a fixed annual amount based on a formula is a
The production manager of Rordan Corporation prepared the following quarterly production forecast for next year: Units to be produced 1st Quarter 10,200 2nd Quarter 3rd Quarter 4th Quarter 7,500 8,100 10,400 Each unit requires 0.45 direct labor-hour, and direct laborers are paid $14.00 per hour. Required: 1. Prepare a direct labor budget for next year. Note: Round "Direct labor time per unit (hours)" answers to 2 decimal places. Direct labor time per unit (hours) Total direct labor-hours needed Direct labor cost per hour Total direct labor cost Rordan Corporation Direct Labor Budget 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year
Vaughn Company’s sales budget showed expected sales of 13480 widgets. Beginning finished goods contained 1110widgets. The company determined that 14120 units should be produced. How many widgets will the company have on hand at the end of the year? 1110 1750 640 470
Shalom Company manufactures Product Peace. Each unit requires 3 kilos of raw material at a cost of P1.80 per kilo. The company's budget for second quarter and July production is shown below: April May June July Units 12,000 13,500 12,400 11,200 Starting April, Shalom wants to maintain several kilos of raw material as ending inventory equal to 15% of the following month's production needs. The company wanted to implement this since last quarter, there were instances of stockouts of raw materials. At the end of first quarter, only 3,000 kilos were available. Compute the cost of total purchases in quarter 2.
Explain in detail.
Jerry Jay is the CEO of Jerry's Jackets (JJ). In June, Jerry expects to produce and sell 3100 jackets, and he expects his June utilities cost to be $8,000 plus $0.60 per jacket. After the month ended, it was reported that 2960 jackets were sold in June and $10,190 was spent on utilities. What is the planning budget for utilities in June? Round your answer to the nearest whole number.
Zia & Company sells a single product. Each unit takes 2 pounds of material and costs $3 per pound. Company has prepared a production budget by quarter as follows: First Second Third Fourth Budgeted Production 30,000 60,000 90,000 100,000 The ending inventory at the end of quarter must be equal to 25% of the following quarter’s production needs. 26,000 pounds of material are on hand to start the quarter. Prepare direct materials budget for the ending year. Please dont provide solution in image format thank yu
Angelo Limited is preparing its budget for the next year. It produces and sells a single product. The expected sales for the first 4 months of next year are: Month January February March April Production units 10,500 12,700 14,200 16,100 The product requires 2.5 kg of Material A1 per unit. It is the company’s policy to hold in inventory at the end of a month 20% of the material requirement for the following month. Calculate the material purchases for the month of February based on the information provided. Production cost is: The total overhead cost incurred in producing products. The total of the direct costs and the production overhead cost incurred. The total of the direct costs incurred in production. The cost of direct material, direct labour and indirect labour incurred in production.
Lydia Company manufactures a single product. It keeps its inventory of finished goodsat twice the coming month’s budgeted sales and inventory of raw materials at 150%of the coming month’s budgeted production. Each unit of product requires five poundsof materials, which cost P3 per pound. The sales budget is, in units: May, 10,000;June, 12,400; July, 12,600; August, 13,200. 2. Compute the budgeted production for July
Sohar Company. estimates its sales at 180,000 units in the first quarter and that sales will increase by 18,000 units each quarter over the year. They have, and desire, a 25% ending inventory of finished goods. Each unit sells for OMR 25. 40% of the sales are for cash. 70% of the credit customers pay within the quarter. The remainder is received in the quarter following sale. Production in units for the third quarter should be budgeted at Select one: Oa. None of the answers are correct b. 216,000. O c. 207,000. O d. 274,500. O e. 220,500.
Fairfield Company management has budgeted the following amounts for its next fiscal year: Selling price per unit Variable expenses per unit Total fixed expenses $40.00 per unit $25.00 per unit $832,500 19. Fairfield Company's goal for the month is to earn a target operating income of $285,000. How many units must be sold to achieve this goal? (A)54,000 units (B) 55,500 units (C) 74,500 units (D) 33,300 units (2 marks) If Fairfield can reduce fixed expenses by $41,625, by how much can variable expenses per unit increase and still allow the company to maintain the original breakeven sales in units? 20. (A) (B) $0.75 $2.78 (C) $0.53 (D) $0.25 (3 marks)

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