Question
In: Accounting
23. Chastain company assigned $115,000 of direct labor and $25,000 of indirect labor to production. the...
23. Chastain company assigned $115,000 of direct labor and $25,000 of indirect labor to production. the journal entry to record this transaction is??
42.
Robot Toy Company manufactures two products, Techman and Mechman. Robot's estimated overhead costs for next year are
Machine set up cost pool: $200,000
Machining cost pool: $450,000
Inspecting cost pool: $150,000
Estimated use of cost drivers for next year are
inspections
Total: 1500 inspections
Techman: 800 inspections
Mechman: 700 inspections
what is the activity based overhead rate for inspections?
A. $214 per inspection
B. $188 per inspection
C. $100 per inspection
D. $50 per inspection
43. which element of throughput time adds value to the product?
A. waiting time
B. moving time
C. Processing time
D. inspection time
44. Which of the following is not a product level activity?/
A. product design
B. product engineering changes
C. property taxes
Solutions
Expert Solution
Question 23
Journal entry is provided below
| Accounts title and explanation | Debit | Credit |
| Work in process inventory | $ 115,000.00 | |
| Manufacturing overhead | $ 25,000.00 | |
| Factory payroll/Wages payable | $ 140,000.00 | |
| (To record direct and indirect wages) |
Question 42
Correct answer---------C. $100 per inspection
Working
| Calculation of Activity rates | |||||
| Activity Cost Pool | Activity driver | Overhead Cost (A) | Expected Activity (B) | Activity rate (A/B) | |
| Inspection | Number of Inspection | $ 150,000.00 | 1500 | $ 100.00 | Per Inspection |
Question 43
Correct answer---------C. Processing time.
Moving time,Inspection and waiting time are all non value added activities only processing time of product is value added.
Question 44
Correct answer---------C. property taxes
.
Property taxes is a factory level or facility level cost if taxes are for factory building.
ekkarill92 answered 1 year agoRelated Solutions
1. Define the following: (a) direct materials, (b) indirect materials, (c) direct labor, (d) indirect labor,...
1. Define the following: (a) direct materials, (b)
indirect materials, (c) direct labor, (d) indirect labor, and (e)
manufacturing overhead.
2. Explain the difference between a product cost and a
period cost.
3. Distinguish between (a) a variable cost, (b) a
fixed cost, and (c) a mixed cost.
4.what effect does an increase in volume have on (a)
unit fixed costs, (b) unit variable costs, (c) total fixed costs,
and (d) total variable costs?
5. Define the following terms: (a) cost...
Journalize the following transaction: Factory wages allocated: direct labor, $82,160; indirect labor $15,620 Debit for $...
Journalize the following transaction:
Factory wages allocated: direct labor, $82,160; indirect labor
$15,620
Debit for $
Debit for $
Credit for $
Production, Direct Labor, Direct Materials, Sales Budgets, Budgeted Contribution Margin Greiner Company makes and sells high-quality...
Production, Direct Labor, Direct Materials, Sales Budgets,
Budgeted Contribution Margin
Greiner Company makes and sells high-quality glare filters for
microcomputer monitors. John Craven, controller, is responsible for
preparing Greiner’s master budget and has assembled the following
data for the coming year. The direct labor rate includes wages, all
employee-related benefits, and the employer’s share of FICA. Labor
saving machinery will be fully operational by March. Also, as of
March 1, the company’s union contract calls for an increase in
direct...
Timbuk 3 Company has the following information for March: Cost of direct materials used in production $21,000 Direct labor 54,250
Timbuk 3 Company has the following information for March:Cost of direct materials used in production $21,000Direct labor 54,250Factory overhead 35,000Work in process inventory, March 1 87,500Work in process inventory, March 31 92,750Finished goods inventory, March 1 36,750Finished goods inventory, March 31 42,000For March,Determine (a) the cost of goods manufactured and (b) the cost of goods sold
Production, Direct Labor, Direct Materials, Sales Budgets, Budgeted Contribution Margin Greiner Company makes and sells high-quality...
Production, Direct Labor, Direct Materials, Sales Budgets,
Budgeted Contribution Margin
Greiner Company makes and sells high-quality glare filters for
microcomputer monitors. John Craven, controller, is responsible for
preparing Greiner’s master budget and has assembled the following
data for the coming year. The direct labor rate includes wages, all
employee-related benefits, and the employer’s share of FICA. Labor
saving machinery will be fully operational by March. Also, as of
March 1, the company’s union contract calls for an increase in
direct...
Production, Direct Labor, Direct Materials, Sales Budgets, Budgeted Contribution Margin Greiner Company makes and sells high-quality...
Production, Direct Labor, Direct Materials, Sales Budgets,
Budgeted Contribution Margin
Greiner Company makes and sells high-quality glare filters for
microcomputer monitors. John Craven, controller, is responsible for
preparing Greiner’s master budget and has assembled the following
data for the coming year. The direct labor rate includes wages, all
employee-related benefits, and the employer’s share of FICA. Labor
saving machinery will be fully operational by March. Also, as of
March 1, the company’s union contract calls for an increase in
direct...
Ex 23-12 Reed Corp. has set the following standard direct materials and direct labor costs per...
Ex
23-12 Reed Corp. has set the following standard direct materials
and direct labor costs per unit for the product it
manufactures.
Element
Qty per
Qty Measure
Cost per Qty
Total Cost
Direct Materials
10
Pounds
$3.00
$30
Direct Labor
2
Hours
$12.00
$24
During June the company
incurred the following actual costs to produce 9,000 units.
Element
Qty per
Qty Measure
Cost per Qty
Total Cost
Direct Materials
92,000
Pounds
$2.95
$271,400
Direct Labor
18,800
Hours
$12.05
$226,540
Compute...
23-3 1) Direct Materials, Direct Labor, and Factory Overhead Cost Variance Analysis Mackinaw Inc. processes a...
23-3
1) Direct Materials, Direct Labor, and Factory Overhead Cost
Variance Analysis
Mackinaw Inc. processes a base chemical into plastic. Standard
costs and actual costs for direct materials, direct labor, and
factory overhead incurred for the manufacture of 4,800 units of
product were as follows:
Standard Costs
Actual Costs
Direct materials
6,200 lb. at $5.60
6,100 lb. at $5.40
Direct labor
1,200 hrs. at $17.80
1,230 hrs. at $18.20
Factory overhead
Rates per direct labor hr.,
based on 100% of...
In job order costing system, is direct labor assigned to a job using employees time tickets?
In job order costing system, is direct labor assigned to a job
using employees time tickets?
Manufacturing or production costs are classified into three basic elements: Direct Materials, Direct Labor, and Manufacturing...
Manufacturing or production costs are classified into three
basic elements: Direct Materials, Direct Labor, and Manufacturing
Overhead.
Group of answer choices
True
False
Flag this Question
Question 22 pts
The wages of the factory’s janitorial staff are considered
manufacturing overhead costs.
Group of answer choices
True
False
Flag this Question
Question 32 pts
The formula for break-even units is Fixed Expenses/Contribution
Margin Ratio.
Group of answer choices
True
False
Flag this Question
Question 42 pts
Direct labor would be considered...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- DESCRIBE WHAT THE FOLLOWING JAVA CODE DOES: public class Main{ public static void main(String[] args) {...
- Pete's Power Pizzas sells a chocolate/tofu filled pastry. Pete's currently sells this pastry for $13.15, and...
- List five foods from your culture or your family food traditions that are prepared using a...
- How does Mead distinguish between the body and the self? How is the self both a...
- Assume you were asked to interview a researcher about the merits and weaknesses of quasi-experimental designs....
- Consider the group G = {1, −1, i, −i, j, −j, k, −k} under multiplication. Here...
- Determine the magnitude of the gravitational force Mars would exert on man if he was on...
ADVERTISEMENT