Question
In: Economics
Region Sales Labor Costs Materials Costs 1 $2,055,279.00 $38,313.00 $17,989.00 2 $2,238,758.00 $63,294.00 $21,659.00 3 $1,143,833.00...
| Region | Sales | Labor Costs | Materials Costs |
| 1 | $2,055,279.00 | $38,313.00 | $17,989.00 |
| 2 | $2,238,758.00 | $63,294.00 | $21,659.00 |
| 3 | $1,143,833.00 | $40,570.00 | $25,403.00 |
| 4 | $1,901,107.00 | $54,704.00 | $24,436.00 |
| 5 | $2,194,766.00 | $52,411.00 | $17,782.00 |
| 6 | $1,329,758.00 | $37,071.00 | $24,827.00 |
| 7 | $1,510,285.00 | $42,391.00 | $18,448.00 |
| 8 | $2,086,502.00 | $50,228.00 | $20,053.00 |
| 9 | $2,328,835.00 | $42,438.00 | $23,983.00 |
| 10 | $1,950,095.00 | $40,898.00 | $15,993.00 |
Please include excel formulas if possible.
For the dataset above answer the following:
a. What are average sales when labor costs exceed $50,000?
b. What are minimum sales when materials costs are less than $20,000?
c. What region had the highest labor costs?
d. What region has the lowest sales?
e. What was the greatest differences in sales across any two regions?
Solutions
Rahul Sunny answered 6 months agoRelated Solutions
1 Sales $10,800,000.00 2 Manufacturing costs: 3 Direct materials $6,400,000.00 4 Direct labor 1,600,000.00 5 Variable...
1
Sales
$10,800,000.00
2
Manufacturing costs:
3
Direct materials
$6,400,000.00
4
Direct labor
1,600,000.00
5
Variable manufacturing cost
1,280,000.00
6
Fixed manufacturing cost
320,000.00
9,600,000.00
7
Selling and administrative expenses:
8
Variable
$1,080,000.00
9
Fixed
180,000.00
1,260,000.00
Required:
1.
Prepare an income statement based on the absorption costing
concept.*
2.
Prepare an income statement based on the variable costing
concept.*
3.
Explain the reason for the difference in the amount of income
from operations reported in (1) and (2).
*...
1. Purchased $90 million in direct materials. 2. Incurred direct labor costs of $55 million. 3....
1. Purchased $90 million in direct materials.
2. Incurred direct labor costs of $55 million.
3. Determined that manufacturing overhead was $88 million.
4. Transferred 80 percent of the materials purchased to
work-in-process.
5. Completed work on 80 percent of the work-in-process. Costs
are assigned equally across all work-in-process.
6. The inventory accounts have no beginning balances. All costs
incurred were debited to the appropriate account and credited to
Accounts Payable.
Required:
Give the amounts for the following items in...
Utilizing the data set, calculate: (1) the mean of sales, (2) the mean of labor costs,...
Utilizing the data set, calculate: (1) the mean of sales, (2)
the mean of labor costs, (3) variance of materials cost, (4)
covariance of labor costs and material costs and (5) total
sales.
Region
Sales
Labor Costs
Materials Costs
1
$2,055,279.00
$38,313.00
$17,989.00
2
$2,238,758.00
$63,294.00
$21,659.00
3
$1,143,833.00
$40,570.00
$25,403.00
4
$1,901,107.00
$54,704.00
$24,436.00
5
$2,194,766.00
$52,411.00
$17,782.00
6
$1,329,758.00
$37,071.00
$24,827.00
7
$1,510,285.00
$42,391.00
$18,448.00
8
$2,086,502.00
$50,228.00
$20,053.00
9
$2,328,835.00
$42,438.00
$23,983.00
10
$1,950,095.00
$40,898.00
$15,993.00
11...
As manufacturing organizations incur costs for Raw Materials and Direct Labor: 1) How will these costs...
As manufacturing organizations incur costs for Raw Materials and
Direct Labor:
1) How will these costs be associated to the product being made
for both Job Order Costing and Process Costing?
2) What impact does the way Raw Materials and Direct Labor are
associated to the product being made have on the information
provided and the decisions being made by the organization?
3) Provide supportive statements for under what circumstances
each of these methods (Job Order Costing, Process Costing) would...
As manufacturing organizations incur costs for Raw Materials and Direct Labor: 1) How will these costs...
As manufacturing organizations incur costs for Raw Materials and
Direct Labor: 1) How will these costs be associated to the product
being made for both Job Order Costing and Process Costing? 2) What
impact does the way Raw Materials and Direct Labor are associated
to the product being made have on the information provided and the
decisions being made by the organization? 3) Provide supportive
statements for under what circumstances each of these methods (Job
Order Costing, Process Costing) would...
Match the following. 1.Direct labor, direct materials, and manufacturing overhead. a. Gross margin 2.Costs that are...
Match the following.
1.Direct labor, direct materials, and manufacturing
overhead.
a. Gross margin
2.Costs that are expensed in the period they are incurred.
b.Controllable costs
3.Sales less variable expenses.
c. Manufacturing margin
4.Cost a manager can determine or greatly affect the
amount.
d. Absorption costing
5.A costing method that includes only variable manufacturing
costs.
e. Period costs
6.An income statement format that focuses on cost
behavior.
f. Contribution margin
7.Sales less cost of goods sold.
g. Variable costing
8.A costing...
Organizations determine standard costs for labor, materials, and overhead. Discuss variances for labor, materials, and overhead....
Organizations determine standard costs for labor, materials, and
overhead. Discuss variances for labor, materials, and overhead. How
do these variances differ from the standard costs? How is each
computed? Why is calculating variances useful to an
organization?
Please help answer: How do these variances differ from
the standard costs?
Organizations determine standard costs for labor, materials, and overhead. Discuss variances for labor, materials, and overhead....
Organizations determine standard costs for labor, materials, and
overhead. Discuss variances for labor, materials, and overhead. How
do these variances differ from the standard costs? How is each
computed? Why is calculating variances useful to an
organization?
Sales, Production, Direct Materials Purchases, and Budget that estimates direct labor hours and related costs needed...
Sales, Production, Direct Materials Purchases, and Budget that
estimates direct labor hours and related costs needed to support
budgeted production.Direct Labor Cost Budgets
The An accounting device used to plan and control resources of
operational departments and divisions.budget director of Royal
Furniture Company requests estimates of sales, production, and
other operating data from the various administrative units every
month. Selected information concerning sales and production for
February is summarized as follows:
a. Estimated sales of King and Prince chairs for...
Sales, Production, Direct Materials Purchases, and Budget thatestimates direct labor hours and related costs needed...
Sales, Production, Direct Materials Purchases, and Budget that
estimates direct labor hours and related costs needed to support
budgeted production.Direct Labor Cost BudgetsThe An accounting device used to plan and control resources of
operational departments and divisions.budget director of Gourmet
Grill Company requests estimates of sales, production, and other
operating data from the various administrative units every month.
Selected information concerning sales and production for July is
summarized as follows:a. Estimated sales for July by sales territory:Maine:Backyard Chef310 units at...
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