Question
In: Accounting
The following selected data were taken from the accounting records of Manitoba Manufacturing Company. The company...
The following selected data were taken from the accounting records of Manitoba Manufacturing Company. The company uses direct-labor hours as its cost driver for overhead costs.
Month Direct-Labor
Hours Manufacturing
Overhead
January 37,000 $
753,500
February 36,000
737,000
March 39,000
798,000
April 34,000
698,000
May 41,000 801,000
June 46,000 896,000
June’s costs consisted of machine supplies ($248,400), depreciation ($31,000), and plant maintenance ($616,600). These costs Exhibit the following respective behavior: variable, fixed, and semivariable.
The manufacturing overhead figures
presented in the preceding table do not include supervisory
labor cost, which is step-fixed in nature. For volume levels of
less than 15,000 hours, supervisory labor amounts to $76,000. The
cost is $152,000 from 15,000–29,999 hours and $228,000 when
activity
reaches 30,000 hours or more.
Required:
1.
Determine the machine supplies cost and depreciation for April.
2.
Using the high-low method, calculate the variable cost per direct-labor hour and fixed cost per month for the Company’s plant maintenance cost. (Round your variable cost per direct-labor hour to 2 decimal places.)
3.
Assume that present cost behavior patterns continue into the latter half of the year. Estimate the total amount of manufacturing overhead the company can expect in October if 29,600 direct-labor hours are worked.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
The following selected data were taken from the accounting records of Metcalf Manufacturing. The company uses...
The following selected data were taken from the accounting
records of Metcalf Manufacturing. The company uses direct-labor
hours as its cost driver for overhead costs.
Month
Direct-Labor
Hours
Manufacturing
Overhead
January
31,000
$
695,000
February
33,000
734,000
March
43,000
893,000
April
34,000
752,750
May
38,000
796,500
June
36,000
793,500
March’s costs consisted of machine supplies ($219,300),
depreciation ($29,500), and plant maintenance ($644,200). These
costs exhibit the following respective behavior: variable, fixed,
and semivariable.
The manufacturing overhead figures presented in the...
The following selected data were taken from the accounting records of Metcalf Manufacturing. The company uses...
The following selected data were taken from the accounting
records of Metcalf Manufacturing. The company uses direct-labor
hours as its cost driver for overhead costs.
Month
Direct-Labor
Hours
Manufacturing
Overhead
January
37,000
$
701,000
February
39,000
740,000
March
52,000
899,000
April
40,000
754,250
May
44,000
805,500
June
42,000
802,500
March’s costs consisted of machine supplies ($296,400),
depreciation ($32,500), and plant maintenance ($570,100). These
costs exhibit the following respective behavior: variable, fixed,
and semivariable.
The manufacturing overhead figures presented in the...
The following selected data were taken from the accounting records of Colorado Enterprises: Month Machine Hours...
The following selected data were taken from the accounting
records of Colorado Enterprises:
Month
Machine Hours
Manufacturing Overhead
May
47,000
$
899,000
June
60,400
1,134,000
July
70,000
1,295,700
August
53,000
982,000
Manufacturing overhead consists of three different costs; (1)
machine supplies (variable), (2) property taxes (fixed), and (3)
plant maintenance (semivariable). July's overhead costs were
$171,500 for machine supplies, $24,200 for property taxes, and
$1,100,000 for plant maintenance.
Required:
Determine the machine supplies and property taxes for May.
By using...
The following data were taken from the records of Flexsteel Manufacturing Company for the year ended...
The following data were taken from the records of Flexsteel
Manufacturing Company for the year ended May 31, 2016.
Raw Materials
Factory Insurance
$7,000
Inventory 6/1/15
$47,000
Factory Mach-Depreciation
4,000
Raw Materials
Plant Manager’s Salary
30,000
Inventory 5/31/16
44,000
Factory Utilities
12,900
Finished Goods
Operating Expenses
100,000
Inventory 6/1/15
85,000
Sales Revenue
475,000
Finished Goods
Sales Discounts
2,500
Inventory 5/31/16
77,000
Short-term investments
5,000
Work in Process
Factory Property Taxes
6,000
Inventory 6/1/15
9,500
Factory Repairs
1,000
Work in...
The following data were taken from the records of a company &n
The following data were taken
from the records of a company
Period 1 Period
2 Period 2
Production
30,000
38,000
27,000
Sales
30,000
27,000
38,000
Opening
Stock
-
11,000
Closing
Stock
11,000
All the above in
Kgs
The firm makes a single
product the financial details of which are as follows (based on a
normal
activity level of 30,000
kgs).
Cost per Kg (£)
Direct
material
1.50
Direct
labour
1.00
Production...
The following cost and inventory data are taken from the accounting records of a Company for...
The following cost and inventory data are taken from the
accounting records of a Company for the year just completed:
Costs incurred:
Direct labor cost
................................................... $140,000
Purchases of raw materials ..................................
$236,000
Manufacturing overhead ......................................
$160,000
Advertising expense .............................................
$180,000
Sales salaries
.......................................................
$100,000
Depreciation, office equipment ............................
$6,000
Inventories: Beginning the Year End the Year
Raw materials ............................ $14,000 $30,000
Work in process .......................... $20,000 $10,000
Finished goods ............................ $40,000 $70,000
Required:
1. Prepare the cost of goods...
The following cost and inventory data are taken from the accounting records of a Company for...
The following cost and inventory data are taken from the
accounting records of a Company for the year just completed:
Costs incurred:
Direct labor cost
................................................... $140,000
Purchases of raw materials ..................................
$236,000
Manufacturing overhead ......................................
$160,000
Advertising expense .............................................
$180,000
Sales salaries
.......................................................
$100,000
Depreciation, office equipment ............................
$6,000
Inventories: Beginning the Year End the Year
Raw materials ............................ $14,000 $30,000
Work in process .......................... $20,000 $10,000
Finished goods ............................ $40,000 $70,000
Required:
1. Prepare the cost of goods...
The following selected transactions were taken from the records of Shipway Company for the first year...
The following selected transactions were taken from the records
of Shipway Company for the first year of its operations ending
December 31:
Apr. 13.
Wrote off account of Dean Sheppard, $4,040.
May 15.
Received $2,020 as partial payment on the $5,370 account of Dan
Pyle. Wrote off the remaining balance as uncollectible.
July 27.
Received $4,040 from Dean Sheppard,
whose account had been written off on April 13. Reinstated the
account and recorded the cash receipt.
Dec. 31.
Wrote off...
The following selected transactions were taken from the records of Shipway Company for the first year...
The following selected transactions were taken from the records
of Shipway Company for the first year of its operations ending
December 31:
Apr.
13.
Wrote off account of Dean Sheppard, $8,030.
May
15.
Received $500 as partial payment on the $7,430 account of Dan
Pyle. Wrote off the remaining balance as uncollectible.
July
27.
Received $8,030 from Dean Sheppard, whose account had been
written off on April 13. Reinstated the account and recorded the
cash receipt.
Dec.
31.
Wrote off...
The following selected transactions were taken from the records of Shipway Company for the first year...
The following selected transactions were taken from the
records of Shipway Company for the first year of its operations
ending December 31:
Apr. 13. Wrote off account of Dean Sheppard, $8,450.
May 15. Received $500 as partial payment on the $7,100 account
of Dan Pyle. Wrote off the remaining balance as
uncollectible.
July 27. Received $8,450 from Dean Sheppard, whose account had
been written off on April 13. Reinstated the account and recorded
the cash receipt.
Dec. 31. Wrote off...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Write a program that computes the tax and tip on a restaurant bill for a patron...
- clear all close all % %*******Parameter Settings******** %********************************* Fs=8192; %Sampling frequency (MATLAB's default) Ts=1/Fs; %Sampling time...
- Name a business that you believe has experienced declining costs attributable to computerization. Were variable costs...
- With C++, 1. Assume we use two linked lists that represent Set A and Set B...
- A beam of light shines on an equilateral glass prism at an angle of 45∘ to...
- This is an intro to python question. #Write a function called search_for_string() that takes two #parameters,...
- C++ Give an example of overloading by implementing a function square(x), which calculates the square of...
ADVERTISEMENT