Principles of Cost Accounting
Principles of Cost Accounting
17th Edition
ISBN: 9781305087408
Author: Edward J. Vanderbeck, Maria R. Mitchell
Publisher: Cengage Learning
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Chapter 7, Problem 1P

The Sales Department of Minimus Inc. has forecast sales for May 2016 to be 40,000 units. Additional information follows:

Chapter 7, Problem 1P, The Sales Department of Minimus Inc. has forecast sales for May 2016 to be 40,000 units. Additional , example  1

Materials used in production:

Chapter 7, Problem 1P, The Sales Department of Minimus Inc. has forecast sales for May 2016 to be 40,000 units. Additional , example  2

Direct labor hours required in production:

Chapter 7, Problem 1P, The Sales Department of Minimus Inc. has forecast sales for May 2016 to be 40,000 units. Additional , example  3

Prepare the following:

  1. a. A production budget for May.
  2. b. A direct materials budget for May.
  3. c. A direct labor budget for May.
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Estimated sales in units Selling price Direct manufacturing labour-hours per unit Wage per direct manufacturing labour- hour January February 11,000 19,000 56.00 $ $ 2.0 51.00 $ 2.0 2022 March 6,000 51.00 $ 1.0 April May 10,000 51.00 $ 1.0 10,000 51.00 1.0 $ 10.00 $ 10.00 $ 10.00 $ 11.00 $ Direct manufacturing labour-related costs include pension contributions of $0.50 per hour, workers' compensation insurance of $0.15 per hour, employee medical insurance of $0.30 per hour, and employment insurance, in addition to wages. Assume that as of January 1, 2022, the employment insurance rates are 7.5% of wages for employers and 7.5% of wages for employees. The cost of employee benefits paid by McGrath for its employees is treated as a direct manufacturing labour cost. 11.00 The McGrath Company makes and sells artistic frames for pictures of weddings, graduations, and other special events. Martin Flack, the company controller, is responsible for preparing the master budget and has accumulated…
Mint Company is preparing a flexible budget for next year and requires a breakdown of the factory maintenance cost into fixed and variable elements. The maintenance costs and machine hours (the selected cost driver) for the past 6 months are as follows: January - maintenance cost (P15,500); machine hours (1,800) February - maintenance cost (P10,720); machine hours (1,230) March - maintenance cost (P15,100); machine hours (1,740) April - maintenance cost (P15,840); machine hours (2,190) May - maintenance cost (P14,800); machine hours (1,602) June - maintenance cost (P10,600); machine hours (1,590) The average annual fixed maintenance cost amounts to: Hide answer choices A) P49,920 B) P4,160 P5,120 D) P8,320
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Chapter 7 Solutions

Principles of Cost Accounting

Ch. 7 - What are the advantages and disadvantages of each...Ch. 7 - What three operating budgets can be prepared...Ch. 7 - Prob. 13QCh. 7 - What are the three budgets that are needed in...Ch. 7 - Why might Web-based budgeting be more useful than...Ch. 7 - What is a flexible budget?Ch. 7 - Why is a flexible budget better than a master...Ch. 7 - Why is it important to distinguish between...Ch. 7 - Why is the concept of relevant range important...Ch. 7 - In comparing actual sales revenue to flexible...Ch. 7 - How would you define the following? a. Theoretical...Ch. 7 - Is it possible for a factory to operate at more...Ch. 7 - If a factory operates at 100% of capacity one...Ch. 7 - How is the standard cost per unit for factory...Ch. 7 - When allocating service department costs to...Ch. 7 - The sales department of Macro Manufacturing Co....Ch. 7 - The sales department of F. Pollard Manufacturing...Ch. 7 - Barnes Manufacturing Co. forecast October sales to...Ch. 7 - Prepare a cost of goods sold budget for the Crest...Ch. 7 - Prepare a cost of goods sold budget for MacLaren...Ch. 7 - Roman Inc. has the following totals from its...Ch. 7 - Starburst Inc. has the following items and amounts...Ch. 7 - Using the following per-unit and total amounts,...Ch. 7 - Cortez Manufacturing, Inc. has the following...Ch. 7 - Prob. 10ECh. 7 - Prob. 11ECh. 7 - Prob. 12ECh. 7 - Prob. 13ECh. 7 - Calculating factory overhead The normal capacity...Ch. 7 - The Sales Department of Minimus Inc. has forecast...Ch. 7 - Sales, production, direct materials, direct labor,...Ch. 7 - Budgeted selling and administrative expenses for...Ch. 7 - Prob. 4PCh. 7 - Selling and administrative expense budget and...Ch. 7 - Preparing a flexible budget Use the information in...Ch. 7 - Preparing a performance report Use the flexible...Ch. 7 - Preparing a performance report Use the flexible...Ch. 7 - Flexible budget for factory overhead Presented...Ch. 7 - Prob. 10PCh. 7 - Overhead application rate Creole Manufacturing...Ch. 7 - Overhead application rate Roll Tide Manufacturing...Ch. 7 - Flexible budgeting, performance measurement, and...
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