Σ 10:03 ... 23 三 Q AA 辰 < 1/1 > S2-10 Cancel S2-10 Determine total manufacturing overhead (Learning Objective 4) Olson Frame manufactures picture frames. Suppose the company's July records include the items described be- low. What is Olson Frame's total manufac- turing overhead cost in July? Oil for manufacturing equip- $ 250 ment Wood for frames Company president's salary Interest expense Plant supervisor's salary Depreciation expense on company cars used by sales. force $46,000 $26,500 $ 1,500 $3,100 $ 2,100 Plant janitor's salary $ 1,800 Plant depreciation expense $ 6,000 Glue for picture frames $ 400 S2-11 Prepare a retailer's income state- ment (Learning Objective 5 ) 5 101/1107
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- s6-9 plsTask 2: CLO4 OBJECTIVE: To enable learners to identify the relevant costs and benefits from costs and revenue information available in the financial database to aid decision making on time. REQUIREMENT: Short term decision making Question Selma Corporation uses Part PB7 in one of its products. The company's Accounting Department reports the following costs to produce 7,000 units of the PB7 that are needed every year. $ per unit Direct materials 7.00 Direct labour 6.00 Variable overhead 5.60 Supervisor's salary Depreciation of special equipment Allocated general overhead 4.70 1.50 5.40 An outside supplier has offered to make the part and sell it to the company for $28.30 each. If this offer is accepted, the supervisor's salary and all of the variable costs, including direct labor, can be avoided. The special equipment used to make the part was purchased many years ago and has no salvage value or other use. The allocated general overhead represents fixed costs of the entire company. If…P10-53B Determine transfer price at a manufacturer under various scenarios (Learning Objective 4) Assume the Small Components Division of Lang Manufacturing produces a video card used in the assembly of a variety of electronic products. The division's manufacturing costs, and variable selling expenses related to the video card are as follows: Cost per unit Direct materials $ 14.00 Direct labor $ 4.00 Variable manufacturing overhead $ 8.00 Fixed manufacturing overhead (at current production level) $ 9.00 Variable selling expenses $ 10.00 The Computer Division of Lang Manufacturing can use the video card produced by the Small Components Division and is interested in purchasing the video card in-house rather than buying it from an outside supplier. The Small Components Division has sufficient excess capacity with which to make the extra video cards. Because of competition, the market price for this video card is $30 regardless of whether the…
- S20-5 Preparing a contribution margin income statement Learning Objective 2 Gabelman Company sells a product for $95 per unit. Variable costs are $40 per unit, and fixed costs are $2,200 per month. The company expects to sell 570 units in September. Prepare an income statement for September using the contribution margin format.w sion o 1om bles 56-3 Compute fixed costs per unit (Learning Objective 2) Scott Equipment produces high-quality soccer balls. If the fixed cost per ball is $3 when the company produces 15,000 balls, what is the fixed cost per ball when it produces 22,500 balls? Assume that both volumes are in the same relevant range.E19-15 Computing and using single plantwide overhead allocation rate Learning Objective 1 Basic $322,000 Koehler makes handheld calculators in two models: basic and professional. Koehler estimated $721,000 of manufacturing overhead and 515,000 machine hours for the year. The basic model actually consumed 230,000 machine hours, and the professional model consumed 285,000 machine hours. Compute the predetermined overhead allocation rate using machine hours (MHr) as the allocation base. How much overhead is allocated to the basic model? To the professional model?
- E-LEARNING SYSTEM (ACADEMIC) E-LEARNING SERVICES SQU LIBRARIES - The correct answer is: Objectivity and verifiability Company XYZ is currently producing AND selling 10,000 units of product A. At this level, the total product cost was $60,000. This included $10,000 direct materials, $20,000 direct labor and $30,000 manufacturing overhead cost, which included 20% fixed manufacturing overhead cost. The selling and administrative expenses were $100,000, which included $60,000 variable selling and administrative costs. Assume that the selling price per unit $20, how much was the total contribution margin? O a. $134,000 O b. $194,000 O c. None of the given answers O d. $104,000 O e. $86,000 The correct answer is: $86,000 A period cost includes all EXCEPT: e here to search Lr Ps Quiz One: Att. DELL F2 F3 F4 F5 F6 F7 F8 BIO F9 F10 F11 #3 $ & 3 r 5 0 67 7 V 8 A 99Learning Objectives 2, 3, 4 1. Total cost per EUP $2.26 3. WIP Balance $1,836 Open with P18-38B Preparing a production cost report, two materials added at different points, no beginning WIP or costs transferred in; journal entries Bryan's Exteriors produces exterior siding for homes. The Preparation Department begins with wood, which is chopped into small bits. At the end of the process, an adhesive is added. Then the wood/adhesive mixture goes on to the Compression Department, where the wood is compressed into sheets. Conversion costs are added evenly throughout the preparation process. January data for the Preparation Department are as follows: UNITS Beginning Work-in-Process Inventory Started in production Completed and transferred out to Compression in January Ending Work-in-Process inventory (35% of the way through the preparation process) COSTS Beginning Work-in-Process Inventory Costs added during January: Wood Adhesives Direct labor Manufacturing overhead allocated Total costs…Relevant Costs for Short-Ten ating income data for the year just ended: Members of the board of directors of Security Alliance have received the following oper- P8-50A Prepare and use contribution margin statements for discontinuing a ine decision (Learning Objective 4) a Security Alliance Product Line Contribution Margin Income Statement For the Year Product lines Industrial Household Systems 5. 6 Sales revenue 7 Less cost of goods sold: Variable Systems 380,000 $ Company Total 690,000 2$ 310,000 8 46,000 32,000 280,000 (2,000) $ 78,000 346,000 266,000 Fixed 9. 10 Gross profit 11 Less marketing and administrative expenses: Variable 66,000 268,000 13 14 Operating income (loss) 15 12 Fixed 63,000 37,000 (102,000) $ 69,000 23,000 176,000 $ 132,000 60,000 74,000 Members of the board are surprised that the industrial systems product line is losing money. They commission a study to determine whether the company should discontinue the line. Company accountants estimate that discontinuing the…
- 20A Forecast costs at different volumes (Learning Objectives 1 & 2) Famsworth Drycleaners has capacity to clean up to 7,500 garments per month. Requirements 1. Complete the following schedule for the three volumes shown. 4,500 Garments 6,000 Garments 7,500 Garments Total variable costs $4,200 Total fixed costs Total operating costs Variable cost per garment Fxed cost per garment $2.40 Average cost per garment 2. Why does the average cost per garment change? 3. Suppose the owner, Dustin Farnsworth, erroneously uses the average cost per unit at full capacity to predict total costs at a volume of 4,500 garments. Would he overesti- mate or underestimate his total costs? By how much?Learning Objectives 2, 3, 4 1. Total EUP for CC 2,850 3. WIP Balance $1,145 P18-31A Preparing a production cost report, two materials added at different points, no beginning WIP or costs transferred in; journal entries Smith's Exteriors produces exterior siding for homes. The Preparation Department begins with wood, which is chopped into small bits. At the end of the process, an adhesive is added. Then the wood/adhesive mixture goes on to the Compression Department, where the wood is compressed into sheets. Conversion costs are added evenly throughout the preparation process. January data for the Preparation Department are as follows: UNITS Beginning Work-in-Process Inventory Started in production Completed and transferred out to Compression in January Ending Work-in-Process inventory (30% of the way through the preparation process) COSTS Beginning Work-in-Process Inventory Costs added during January Wood Adhesives Direct labor Manufacturing overhead allocated Total costs Requirements…E4-23A Use ABC to allocate manufacturing overhead (Learning Objective 2) Several years after reengineering its production process, Biltmore Corporation hired a new controller, Rachael Johnson. She developed an ABC system very similar to the one used by Biltmore’s chief rival, Westriver. Part of the reason Johnson developed the ABC system was because Biltmore’s profits had been declining even though the company had shifted its product mix toward the product that had appeared most profitable under the old system. Before adopting the new ABC system, Biltmore had used a plantwide overhead rate based on direct labor hours that was developed years ago. For the upcoming year, Biltmore’s budgeted ABC manufacturing overhead allocation rates are as follows: Activity Allocation Base Activity Cost Allocation Rate Materials handling # of parts $3.84 per part Machine setup # of setups $330.00 per setup Insertion of parts # of parts $30.00 per part Finishing Finishing DL hrs $54.00 per hour The…