Question
In: Accounting
During the past month, the following costs were incurred in the three production departments and two...
During the past month, the following costs were incurred in the three production departments and two service departments of Kim & Co.:
| Using Department | ||||||||||||||||
| Supplying Department | Administration | Factory Support | Fabrication | Assembly | Finishing | |||||||||||
| Administration | − | 0.40 | 0.30 | 0.20 | 0.10 | |||||||||||
| Factory support | 0.15 | − | 0.15 | 0.15 | 0.55 | |||||||||||
| Direct cost | $ | 680,000 | $ | 1,350,000 | $ | 1,760,000 | $ | 288,000 | $ | 258,000 | ||||||
Required:
Allocate service department costs to Fabrication, Assembly, and Finishing using the reciprocal method, and determine the total costs of Fabrication, Assembly, and Finishing after this allocation. (Negative amounts should be indicated by a minus sign. Do not round intermediate calculations.)
Solutions
ekkarill92 answered 2 years agoRelated Solutions
During the past month, the following costs were incurred in the three production departments and two...
During the past month, the following costs were incurred in the
three production departments and two service departments of Kim
& Co.:
Using Department
Supplying Department
Administration
Factory Support
Fabrication
Assembly
Finishing
Administration
?
0.40
0.20
0.10
0.30
Factory support
0.10
?
0.10
0.20
0.60
Direct cost
$
570,000
$
1,295,000
$
1,650,000
$
277,000
$
247,000
Required:
Allocate service department costs to Fabrication, Assembly, and
Finishing using the reciprocal method, and determine the total
costs of Fabrication, Assembly, and...
During the past month, the following costs were incurred in the three production departments and two...
During the past month, the following costs were incurred in the
three production departments and two service departments of Kim
& Co.:
Using Department
Supplying Department Administration Factory Support Fabrication
Assembly Finishing
Administration − 0.40 0.30 0.20 0.10
Factory support 0.10 − 0.30
0.10 0.50
Direct cost $ 520,000 $ 1,270,000 $ 1,600,000 $ 272,000 $
242,000
Required: Allocate service department costs to Fabrication,
Assembly, and Finishing using the reciprocal method, and determine
the total costs of Fabrication, Assembly, and...
During the month of January, the following costs were incurred:
During the month of January, the following costs were incurred:
2010
Jan 8 Purchased Materials for cash, $150,000
Jan 10 Requisition for Direct Materials that were put into production, $100,000
Jan 20 Requisitioned for Indirect Materials that were put into production, $4,000.
Jan 23 Direct Labor cost incurred during the period, $60,000 when the labor rate per hour was $5.
Jan 25 Indirect labor cost incurred during the month of January is $6,000.
Jan 28 Paid factory supervisor’s salaries...
Classifying Costs The following is a list of costs that were incurred in the production and...
Classifying Costs
The following is a list of costs that were incurred in the
production and sale of large commercial airplanes:
Classify each cost as either a product cost or a period cost.
Indicate whether each product cost is a direct materials cost, a
direct labor cost, or a factory overhead cost. Indicate whether
each period cost is a selling expense or an administrative
expense.
Costs
Classification
a. Cost of electronic guidance system
installed in the airplane cockpit
b. Special...
Classifying Costs The following is a list of costs that were incurred in the production and...
Classifying Costs
The following is a list of costs that were incurred in the
production and sale of large commercial airplanes:
Classify each cost as either a product cost or a period cost.
Indicate whether each product cost is a direct materials cost, a
direct labor cost, or a factory overhead cost. Indicate whether
each period cost is a selling expense or an administrative
expense.
Costs
Classification
a. Salary of chief compliance officer of
company
b. Power used by painting...
The following is a list of costs that were incurred in the production and sale of...
The following is a list of costs that were incurred in the
production and sale of large commercial airplanes:
Classify each cost as either a product cost or a period cost.
Indicate whether each product cost is a direct materials cost, a
direct labor cost, or a factory overhead cost. Indicate whether
each period cost is a selling expense or an administrative
expense.
p. Metal used for producing the airplane
body
q. Annual fee to a celebrity to promote the...
Kuwait Dental Clinic has incurred the following overhead costs during the past year.
Kuwait Dental Clinic has incurred the following
overhead costs during the past year.MonthNumber ofDental testsOverhead costs
(Y)MonthNumber ofDental testsOverhead costs
(Y)January
9,800173,500July13,000190,200February6,000155,200August9,500171,900March6,800169,100September9,500173,400April7,500170,400October8,700170,800May9,200172,300November14,000195,200June10,200175,900December13,500198,800Required:
Use the high-low method,What is the variable overhead costs per one test?What is the total fixed overhead costs of the Clinic?Predict the level of Clinic’s overhead costs that would be
incurred during a month when 17,000 tests are taken.A-AnswerB-AnswerC-Answer
A business operated at 100% of capacity during its first month and incurred the following costs:...
A business operated at 100% of capacity during its first month
and incurred the following costs:
Production costs (18,600 units):
Direct materials
$172,100
Direct labor
234,800
Variable factory overhead
267,600
Fixed factory overhead
100,300
$774,800
Operating expenses:
Variable operating expenses
$131,500
Fixed operating expenses
46,900
178,400
If 1,800 units remain unsold at the end of the month, what is
the amount of inventory that would be reported on the variable
costing balance sheet?
The actual price for a product was...
A business operated at 100% of capacity during its first month and incurred the following costs:...
A business operated at 100% of capacity during its first month
and incurred the following costs:
Production costs (18,100 units):
Direct materials
$171,800
Direct labor
220,400
Variable factory overhead
256,100
Fixed factory overhead
102,000
$750,300
Operating expenses:
Variable operating expenses
$128,600
Fixed operating expenses
43,000
171,600
If 1,600 units remain unsold at the end of the month and sales
total $1,143,000 for the month, what would be the amount of income
from operations reported on the variable costing income
statement?...
A business operated at 100% of capacity during its first month and incurred the following costs:...
A business operated at 100% of capacity during its first month
and incurred the following costs:
Production costs (10,000 units):
Direct materials
$170,000
Direct labor
360,000
Variable factory overhead
190,000
Fixed factory overhead
50,000
$770,000
Operating expenses:
Variable operating
expenses
$
60,000
Fixed operating expenses
18,000
78,000
If 500 units remain unsold at the end of the month, what is the
amount of inventory that would be reported on the variable costing
balance sheet?
a.$41,500
b.$42,800
c.$38,500
d.$36,000
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