Question

In: Accounting

Use the following information to answer questions 1-3. Christine Corporation manufactures baseball uniforms and uses budgeted...

Use the following information to answer questions 1-3.

Christine Corporation manufactures baseball uniforms and uses budgeted machine-hours to allocate variable manufacturing overhead. The following information pertains to the company’s manufacturing overhead data:

Budgeted Output Units ---------------------- 10,000 units

Budgeted Machine-Hours ------------------- 15,000 hours

Budgeted Variable Manufacturing

Overhead Costs for 15,000 hours --------- 180,000

Actual Output Unites Produced ----------- 9,000 units

Actual Machine-Hours Used --------------- 14,000 hours

171,000

1.  What is the budgeted variable overhead cost rate per output unit?

A. $12.00

B. $12.21

C. $18.00

D. $19.00

2. What is the variable overhead spending variance? (using data from question 1)

A. $3,000 U

B. $6,000 U

C. $12,000 F

D. $81,000 U

3. If the company uses standard costing, what amounts of variable manufacturing overhead was allocated to the work-in-process for the period?

A. $180,000

B. $171,000

C. $168,000

D. $162,00

Solutions

Expert Solution


Related Solutions

use the following information to answer questions 1,2 and 3 geneva steel corporation produces large sheets...
use the following information to answer questions 1,2 and 3 geneva steel corporation produces large sheets of heavy gauge steel. the company showed the following amounts relating to its production for the year just completed direct materials used in production $110,000 direct labour costs of the year $55,000 work in process, beginning $22,000 finished goods, beginning $45,000 costs of goods available for sale $288,000 costs of goods sold $238,000 work in process, ending $16,000 1. what was the balance of...
Use the following information to answer questions 1-3. A population of 1,000 students spends an average...
Use the following information to answer questions 1-3. A population of 1,000 students spends an average of $10.50 a day on dinner. The standard deviation of the expenditure is $3. A simple random sample of 64 students is taken. Determine the expected value of the sample mean. a. $3.00 b. $10.50 c. $5.25 Determine the standard deviation of the sample mean. a. 0.363 b. 3.000 c. 0.375 Determine the probability that these 64 students will spend a combined total of...
Use the following information to answer Questions 6 and 7. The 1-, 2-, 3-, and 4-year...
Use the following information to answer Questions 6 and 7. The 1-, 2-, 3-, and 4-year oil forward prices are $60, $58.35, $57.40, and $55 per barrel, respectively. Your firm is thinking about starting up an offshore drilling station and needs to forecast revenue over the next 4 years. Assume the risk-free rate is 5.25% each year and initial costs are $150,000,000. 6. (1 point) If your firm expects to extract 1,100,000 barrels of oil per year and each barrel...
            Use the following information to answer questions 1 and 2.             This is the shareholders’...
            Use the following information to answer questions 1 and 2.             This is the shareholders’ equity of Pinnacle on Dec 31, 2016. Common share (200,000 issued and outstanding)                                    $   800,000 7 percent, preferred shares (20,000 authorized, 18,000 issued)                    200,000 Retained earnings                                                                                          650,000 Total                                                                                                          $ 1,650,000 Notes: Preferred shares were issued on Jan 1, 2013. No dividends declared or paid since 2013 until Pinnacle declared and paid $400,000 dividends on Dec 31, 2016. Assuming preferred shares...
Required information Use the following information to answer questions [The following information applies to the questions...
Required information Use the following information to answer questions [The following information applies to the questions displayed below.] The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. April 30 May 31 Inventories Raw materials $ 31,000 $ 30,000 Work in process 9,500 18,200 Finished goods 54,000 34,000 Activities and information for May Raw materials purchases (paid with cash) 197,000 Factory payroll (paid with cash) 200,000 Factory overhead Indirect materials...
QUESTION: Use the information below to answer the following questions. YEAR 0 (now) 1 2 3...
QUESTION: Use the information below to answer the following questions. YEAR 0 (now) 1 2 3 4 5 6 PROJECT A - 25,950 5,009 -1,123 6,500 7,089 7,544 8,908 PROJECT B - 31,950 8,000 7,500 7,000 6,500 -2,123 5,500 (a) Compute the payback period for both projects. Using the payback method, which project will be accepted? (b) If the interest (discount) rate is 12.5 %, what is the net present value (NPV) for both projects? Which project will be accepted...
Use the following information to answer questions 1 - 3 Inhale, Inc. 2018 Income Statement   Net...
Use the following information to answer questions 1 - 3 Inhale, Inc. 2018 Income Statement   Net sales $ 18,400   Cost of goods sold 15,200     Depreciation 700     Earnings before I and T $ 2,500     Interest paid 70     Taxable Income $ 2,430     Taxes 960     Net income $ 1,470        Dividends $ 390 Inhale, Inc. 2018 Balance Sheet 2018 2018   Cash $ 7,600      Accounts payable $ 6,840      Accounts rec. 2,200   Long-term debt 700      Inventory 8,200      Common stock $ 8,400...
Use the following information to answer the questions below:
Use the following information to answer the questions below: note: all sales are credit sales Income Stmt info: 2016 2017 Sales $ 975,000 $        1,072,500 less Cost of Goods Sold: 325,000 346,125 Gross Profit 650,000 726,375 Operating Expenses 575,000 609,500 Earnings before Interest & Taxes 75,000 116,875 Interest exp 25,000 31,000 earnings before Taxes 50,000 85,875 Taxes 20,000 34,350 Net Income $ 30,000 $              51,525 Balance Sheet info: 12/31/2016 12/31/2017 Cash 60,000 $ 63,600 Accounts Receivable 80,000 $ 84,000 Inventory...
Use the following information to answer the next 5 questions. Your corporation is considering investing in...
Use the following information to answer the next 5 questions. Your corporation is considering investing in a new product line. The annual revenues for the new product line are expected to be $306000 with variable costs equal to 50% of these sales. In addition annual fixed costs associated with this new product line are expected to be $59900. The old equipment currently has no market value. The new equipment cost $55400. The new equipment will be depreciated to zero using...
Use the following information to answer questions [The following information applies to the questions displayed below.]...
Use the following information to answer questions [The following information applies to the questions displayed below.] The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. April 30 May 31 Inventories Raw materials $ 48,000 $ 48,000 Work in process 9,900 19,700 Finished goods 67,000 33,700 Activities and information for May Raw materials purchases (paid with cash) 194,000 Factory payroll (paid with cash) 150,000 Factory overhead Indirect materials 14,000 Indirect...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT