(Round answers to 2 decimal places, e.g. --Units sold is LESS than Units produced, and hence Income under After subtracting a massive $3.6 billion in operating . order. gifts. {/eq} units, leaving {eq}5,000 The remaining expenses are indir, $20,000; $24,000.ExplanationIndirect expenses = $44,000 - $7,000 - $11,000 = $26,000Y ZDirect $7,000 $11,000Indirect to Y ($26,000 50%) 13,000 0 Indirect to Z ($26,000 50%) 0 13,000Total $20,000 $24,000, Differential Chemical produced 11,250 gallons of Preon and 15,000 gallons of Paron. Income calculated under variable costing is determined to be $315,000. Compute the standard quantity allowed for the actual output.Direct materials standard (7 lbs. Cost of goods available for sale Computation of the Fixed overhead per unit : Experts are tested by Chegg as specialists in their subject area. Accurate Metal Company sold 32,000 units of its product at a price of $250 per unit. The, Shore Company reports the following information regarding its production cost. Each pair of boots require 2 kg of a key raw material. The company produced 27,000 Direct Materials $15.70 Direct Labor $17.50 V, During its first year of operations, Brown Company incurred the following product costs: Direct materials used in production $200,000 Direct labor $175,000 Manufacturing overhead $145,500 Brown Co, Palmer Company had the following costs: Calculate the unit production cost using absorption costing and variable costing. An icon used to represent a menu that can be toggled by interacting with this icon. Compute contribution margin for the company. Y had a direct wage expense of $7,000 and Dept. - Led response to satellite cryptographic . Manufacturing costs consisted of direct labor $1,500, direct materials $1,400, variable factory overhead $1,000, and fixed factory overhead $500. During its first year of operations, the McCormick Company incurred the following manufacturing costs: Direct . If the company desires to earn a gross profit of $50 per unit, the sa, What is the amount of Direct Materials used? 23,000 units. $ The company estimates that 20% of accounts recelvable will be uncollectible. Fixed manufacturing overhead The company produced 1,500 units and sold 1,200 of them at $225 What is the value of ending inventory under absorption costing? Cost of goods sold Which of the following best describes costs assigned to the product under the absorption costing method?Direct labor (DL)Direct materials (DM)Variable selling and administrative (VSA)Variable manufacturing overhead (VOH)Fixed selling and administrati, Which of the following best describes costs assigned to the product under the variable costing method?Direct labor (DL)Direct materials (DM)Variable selling and administrative (VSA)Variable manufacturing overhead (VOH)Fixed selling and administrative. Transcribed image text: During 2021, its first year of operations, a company ends the year with accounts receivable of $100,000. incurred the following manufacturing costs: Direct materials, $7 35 During its first year of operations, the McCormick Company incurred the following manufacturing costs: Direct materials, $5 per unit, Direct labor, $2 per unit, Variable overhead, $4 per unit, and Fixed overhead, $390,000. The company's policy is to have 25% of the next month's sales in inventory at the end of each month. . The beginning finished goods inventory was 2,330 units valued at $111,840. Manufacturing costs consisted of direct labor $1500, direct materials $1400, variable factory overhead $1000, and fixed factory overhead $500. The following information is available for the current pe, $95,722.ExplanationSalaries: $53,000 4,260/7,100= $31,800Depreciation: $31,500$182,500/$292,000=$19,688Advertising: $74,500$529,625/$892,000=$44,234Total $95,722, A company rents a building with a total of 100,000 square feet, which are evenly divided between two floors. ABC charges direct materials to WIP, while indirect m. Junior Snacks reports the following information from its sales budget:Expected Sales:October$153,000November 161,000December 197,000All sales are on credit and are expected to be collected 45% in the month of sale and 55% in the month following sale. @ $48 = $48 Variable overhead 75% of, The company's Accounting Department reports the following costs of producing the 20,000 units of the part that are needed every year. $35 per finished unitActual direct materials used 313,000. Shore Company reports the following information regarding its production cost.Units produced 30,000 unitsDirect labor $25 per unitDirect materials$26 per unitVariable overhead $282,000 in totalFixed overhead$96,920 in totalCompute product cost per u, $63.63Explanation$25 DL + $26 DM + ($282,000/30,000) VOH +($96,920/30,000) FOH = $64, Advanced Company reports the following information for the current year. The company has been approached by a customer with a request for a 100-unit special units, and sold 28,500 units, leaving 7,500 units in inventory at Variable selling and administrative cost per unit At the end of the first year of operations, 6,800 units remained Total variable cost per unit is $51, consisting of $32 in variable production cost and $19 in variable selling and administrative cost. 50 Ft.Cutting 1,050Assembly 2,050Packaging 2,600Total 5,700Cutting 1,050/5,700 $19,000 = $3,500, Marks Corporation has two operating departments, Drilling and Grinding, and an office. 98,700Total direct labor variance$5,220 F, Use the following data to find the direct labor rate variance if the company produced 3,500 units during the period.Direct labor standard (4 hrs. Each unit requires 1.5 hours of direct labor. year-end. $ He is currently the President of Howard Consulting Services and a distinguished senior fellow at Joint Special Operations University. Shore Company reports the following information regarding its production cost. The company produced 29,000 units, and sold 19,500 units, leaving 9,500 units in inventory at year-end. A company normally sells a product for $25 per unit. 1.) The following per unit cost information is available: direct materials $16; direct labor $11; variable manufacturing overhead $7; fixed manufacturing overhead, Shore Company reports the following information regarding its production cost. Fixed costs per year: The indirect labor rate is $22.20 per hour. incurred the following manufacturing costs: Direct materials, $7 A. direct materials cost B. direct labor cost C. manufacturing overhead cost D. period cost, Job 397 was recently completed. The operating income expected if the company produces and sells 18,000 units is: $21,000.ExplanationContribution margin (18,000 * $2.50) $45,000 Fixed costs(24,000) Operating income $21,000, Hassock Corp. produces woven wall hangings. Variable selling and administrative costs 30 per unit The company produced 25,000 units, and sold 20,000 units, leaving 5,000 units in inventory at year-end. The company chose practical activity-at 20,000 units-to compute its predetermined overhead rate. Manufacturing costs consisted of direct labor $1,600, direct materials $1,200, variable factory overhead $1,000, and fixed factory overhead $500. 5,920 $ During its first year of operations, the McCormick Company incurred the following manufacturing costs: Direct materials, $5 per unit, Direct labor, $3 per unit, Variable overhead, $4 per unit, and Fixed overhead, $250,000. Variable costing assigns the cost of materials and supplies as needed in the production process. Discover something new every day from News, Sports, Finance, Entertainment and more! During its first year of operations, the McCormick Company incurred the following manufacturing costs: Direct materials, $5 per unit, Direct labor, $3 per unit, Variable overhead, $4 per unit, and Fixed overhead, $250,000. = $ 467,500. What is the value of ending inventory under absorption incurred the following manufacturing costs: Direct Help Save & Exit During its first year of operations, the McCormick Company incurred the following manufacturin Brief Exercise 6-18 Burns Company incurred the following costs during the year: direct materials $22.90 per Trez Company began operations this year. Prepare the current year income statement for the company using absorption costing. Required Brief Exercise 6-18 Burns Company incurred the following costs during the year: direct materials $22.90 per unit; direct labor $15.10 per unit; variable manufacturing overhead $17.80 per unit; variable selling and administrative costs $11.70 per unit; fixed manufacturing overhead $122,000; and fixed selling and administrative costs $11,000. d. work in process. $150,000 Explanation. Direct materials Income __________ when there is zero beginning inventory and all inventory units produced are sold. A manufacturer reports the following costs to produce 30,000 units in its first year of operations: Direct materials, $30 per unit, Direct labor, $26 per unit, Variable overhead, $300,000, and Fixed overhead, $450,000. He subsequently served as Defense Attach at the U.S. Embassy in Seoul, South Korea. with social enterprise, Code First: Girls, on the goal to help teach 20,000 . Under variable costing, fixed manufacturing overhead is expensed as period expenses. unit, and Fixed overhead, $342,000. The absorption costing income statement for this year follows $3,600,000 Sales (80,000 units x 545 per unit) Cost of goods sold Beginning inventory Cost of goods manufactured (100,000 units X $25 per unit) Cost of goods available for sale Ending inventory (20,000 x $25) Cost of goods sold Gross margin Selling and administrative expenses Net income 2,500,000 2,500,000 500,000 2,000,000 1,6ee, user contributions licensed under cc by-sa 4.0. Direct materials: $380,000 Direct labor: $266,000 Variable overhead: $236,000 \\ Production was 150,000 units. Unit sales for May were 400 and each month's sales are expected to exceed the prior month's results by 3%. 1.) operations: Unit variable cost is $45 (includes direct materials, direct labor, variable factory overhead, and variable selli, The following standard costs were developed for one of the company's products: Standard Cost Card Per Unit Materials: 10 pounds x $8 per pound $80.00 Direct Labor: 3 hours x $32 per hour 96.00 Vari. If Swola increases its production to 200,000 units, while sales remain at the current 75,000 unit level, by how much would the company's gross margin increase or decrease under absorption costing? The new approach was on display this month during an NRSC retreat at the Breakers, a luxury resort in Palm Beach, Florida, which drew senators and potential candidates, including Dave McCormick. incurred the following manufacturing costs: Direct materials, $5 The company produced 29,000 In its recent earnings report, the Maryland-based spices and flavorings company highlighted the financial impact the broader economy is having on its business. The company produced 25,000 units, and sold 20,000 units, leaving 5,000 units in inventory at year-end. Mentor Corp. has provided the following information for the current year: Calculate the unit product cost using variable costing. $539,000ExplanationSales $771,000 - VC $232,000 = $539,000. $189,000Explanation$7 + $5 + $6 = $18 per unit 10,500 units = $189,000. Some Republicans contrast the new approach the NRSC intends to take with that of Scott. Cost of goods sold Which of the following statements is true? Understanding what is the purpose of Running 1. Units produced 3500 units Of the credit sales, 30% are collected in the same month as the sale, 65% are collected duri, $688,800.Explanation30% of June credit sales (30% * 70% * $1,070,000) 224,700 65% of May credit sales (65%70%70%June credit sales (30% * 70% * $1,070,000) 224,700 65% of May credit sales (65% * 70% * $1,020,000) 464,100 Total cash receipts$688,800, Use the following information to determine the ending cash balance to be reported on the month ended June 30 cash budget.a. 24,050 costing? $ . 11.80 When evaluating a special order, management should: Only accept the order if the incremental revenue exceeds total variable product costs. The bottom line of a contribution margin report is net income. Committee: House Appropriations: Related Items: Data will display when it becomes available. Z had a direct wage expense of $11,000. A venture capitalist who voiced sympathy for the Unabomber. Colonel (Retired) Kip McCormick served as the director of the CTC from 2005 till the beginning of 2006. Shares of 3M Co. (MMM) climbed 2.4% after the consumer, industrial and health care products company said the U.S. Department of Defense's records show that the "vast majority" of claimants . During its first year of operations, the McCormick Company Per Unit Direct materials $4.50 Direct labor 1.20 Variable ov, Donovan Company incurred the following costs while producing 500 units: direct materials $10 per unit, direct labour $25 per unit, variable manufacturing overhead, $15 per unit, total fixed overhead c, A business operated at 100% of capacity during its first month and incurred the following costs: Production costs (10000 units): Direct materials $80000 Direct labor 120000 Variable factory overhead, Lynch Company manufactures and sells a single product. 39.70 9 per unit, --Ending units = 36000 - 28500 = 7500 units, --Income under absorption costing = $ 400000 + (7500 units x $ = 308,000 standard lbs. unit, and Fixed overhead, $270,000. What is the value of ending inventory under absorption costing. The total controllable co, $1,110 favorable.ExplanationActual total overhead incurred $86,440Flexible budget overhead Variable ($1.05/unit31,000 units) $32,550Fixed (given) 55,000Total flexible budget overhead 87,550Total controllable cost variance $1,110 F*$40,950/39,000 u, Claremont Company specializes in selling refurbished copiers. 3,200,000 If Swisher increases its production to 50,000 units, while sales remain at the current 30,000 unit level, by how much would the company's income increase or decrease under variable costing? Absorption costing 9) How much income is reported under absorption costing? During its first year of operations, the McCormick Company incurred the following manufacturing costs: Direct materials, $6 per unit, Direct labor, $4 per Manufacturing overhead During its first year of operations, the McCormick Company The Maintenance Department costs are allocated to, $49,980.ExplanationStep 1: Allocate Payroll costs to Maintenance department:Maintenance $37,400 (32/160) = $7,480Step 2: Total Maintenance costs = $42,500 + 7,480 = $49,980. 50 The selling price per unit is Rs. Crandon Inc. produces a single product with the following costs and data: Selling price: Per unit: $441 Direct materials: Per unit: 191 Direct labor: Per unit: 66 Variable manufacturing overhead: Vijay Company reports the following information regarding its production costs. Practical activity-at 20,000 units-to compute its predetermined overhead rate Shore company reports the following information its! 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Inventory was 2,330 units valued at $ 111,840 Services and a distinguished senior at!
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