Required information
The Foundational 15 [LO2-1, LO2-2, LO2-3, LO2-4]
[The following information applies to the questions displayed below.]
Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. The company has two manufacturing departments--Molding and Fabrication. It started, completed, and sold only two jobs during March—Job P and Job Q. The following additional information is available for the company as a whole and for Jobs P and Q (all data and questions relate to the month of March):
| Molding | Fabrication | Total | |||||||
| Estimated total machine-hours used | 2,500 | 1,500 | 4,000 | ||||||
| Estimated total fixed manufacturing overhead | $ | 10,750 | $ | 15,450 | $ | 26,200 | |||
| Estimated variable manufacturing overhead per machine-hour | $ | 1.70 | $ | 2.50 | |||||
| Job P | Job Q | |||||
| Direct materials | $ | 16,000 | $ | 9,500 | ||
| Direct labor cost | $ | 23,400 | $ | 8,700 | ||
| Actual machine-hours used: | ||||||
| Molding | 2,000 | 1,100 | ||||
| Fabrication | 900 | 1,200 | ||||
| Total | 2,900 | 2,300 | ||||
Sweeten Company had no underapplied or overapplied manufacturing overhead costs during the month.
Required:
For questions 1-8, assume that Sweeten Company uses a plantwide predetermined overhead rate with machine-hours as the allocation base. For questions 9-15, assume that the company uses departmental predetermined overhead rates with machine-hours as the allocation base in both departments.
Foundational 2-1
1. What was the company’s plantwide predetermined overhead rate? (Round your answer to 2 decimal places.)
2. How much manufacturing overhead was applied to Job P and how much was applied to Job Q? (Do not round intermediate calculations.)
3. What was the total manufacturing cost assigned to Job P? (Do not round intermediate calculations.)
4. If Job P included 20 units, what was its unit product cost? (Do not round intermediate calculations. Round your final answer to nearest whole dollar.)
5. What was the total manufacturing cost assigned to Job Q? (Do not round intermediate calculations.)
6. If Job Q included 30 units, what was its unit product cost? (Do not round intermediate calculations. Round your final answer to nearest whole dollar.)
7. Assume that Sweeten Company used cost-plus pricing (and a markup percentage of 80% of total manufacturing cost) to establish selling prices for all of its jobs. What selling price would the company have established for Jobs P and Q? What are the selling prices for both jobs when stated on a per unit basis assuming 20 units were produced for Job P and 30 units were produced for Job Q? (Do not round intermediate calculations. Round your final answers to nearest whole dollar.)
8. What was Sweeten Company’s cost of goods sold for March? (Do not round intermediate calculations.)
9. What were the company’s predetermined overhead rates in the Molding Department and the Fabrication Department? (Round your answers to 2 decimal places.)
10. How much manufacturing overhead was applied from the Molding Department to Job P and how much was applied to Job Q? (Do not round intermediate calculations.)
11. How much manufacturing overhead was applied from the Fabrication Department to Job P and how much was applied to Job Q? (Do not round intermediate calculations.)
12. If Job P included 20 units, what was its unit product cost? (Do not round intermediate calculations.)
13. If Job Q included 30 units, what was its unit product cost? (Do not round intermediate calculations. Round your final answer to nearest whole dollar.)
14. Assume that Sweeten Company used cost-plus pricing (and a markup percentage of 80% of total manufacturing cost) to establish selling prices for all of its jobs. What selling price would the company have established for Jobs P and Q? What are the selling prices for both jobs when stated on a per unit basis assuming 20 units were produced for Job P and 30 units were produced for Job Q? (Do not round intermediate calculations. Round your final answer to nearest whole dollar.)
15. What was Sweeten Company’s cost of goods sold for March? (Do not round intermediate calculations.)
In: Accounting
These items are taken from the financial statements of Kingbird, Inc. for 2017.
| Retained earnings (beginning of year) | $ 33,380 | |
| Utilities expense | 2,150 | |
| Equipment | 68,380 | |
| Accounts payable | 22,250 | |
| Cash | 14,300 | |
| Salaries and wages payable | 5,510 | |
| Common stock | 12,000 | |
| Dividends | 12,000 | |
| Service revenue | 72,730 | |
| Prepaid insurance | 6,010 | |
| Maintenance and repairs expense | 1,650 | |
| Depreciation expense | 3,140 | |
| Accounts receivable | 15,650 | |
| Insurance expense | 2,660 | |
| Salaries and wages expense | 41,730 | |
| Accumulated depreciation—equipment | 21,800 |
Prepare an income statement for the year ended December 31, 2017.
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Kingbird, Inc. |
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select an opening name for section one DividendsExpensesNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues |
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select an opening name for section two DividendsExpensesNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues |
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select a closing name for section two DividendsExpensesNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues |
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select a closing name for this statement DividendsExpensesNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues |
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eTextbook and Media
List of Accounts
Prepare a retained earnings statement for the year ended December 31, 2017. (List items that increase retained earnings first.)
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Kingbird, Inc. |
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select an opening name DividendsExpensesNet Income / (Loss)Retained Earnings, January 1, 2017Retained Earnings, December 31, 2017RevenuesTotal ExpensesTotal Revenues |
$ enter a dollar amount |
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select between addition and deduction AddLess: select an item DividendsExpensesNet Income / (Loss)Retained Earnings, January 1, 2017Retained Earnings, December 31, 2017RevenuesTotal ExpensesTotal Revenues |
enter a dollar amount |
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select between addition and deduction AddLess: select an item DividendsExpensesNet Income / (Loss)Retained Earnings, January 1, 2017Retained Earnings, December 31, 2017RevenuesTotal ExpensesTotal Revenues |
enter a dollar amount |
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select a closing name DividendsExpensesNet Income / (Loss)Retained Earnings, January 1, 2017Retained Earnings, December 31, 2017RevenuesTotal ExpensesTotal Revenues |
$ enter a total amount |
eTextbook and Media
List of Accounts
Prepare a classified balance sheet as of December 31, 2017. (List current assets in order of liquidity.)
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Kingbird, Inc. |
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Assets |
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select an opening name for subsection one Current AssetsCurrent LiabilitiesIntangible AssetsLong-Term InvestmentsLong-Term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' Equity |
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select a closing name for subsection one Current AssetsCurrent LiabilitiesIntangible AssetsLong-Term InvestmentsLong-Term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' Equity |
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select an opening name for subsection two Current AssetsCurrent LiabilitiesIntangible AssetsLong-Term InvestmentsLong-Term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' Equity |
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select a closing section name for this part of balance sheet Current AssetsCurrent LiabilitiesIntangible AssetsLong-Term InvestmentsLong-Term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' Equity |
$ enter a total amount of this part of the balance sheet |
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Liabilities and Stockholders' Equity |
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select an opening name for subsection one Current AssetsCurrent LiabilitiesIntangible AssetsLong-Term InvestmentsLong-Term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' Equity |
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select a closing name for subsection one Current AssetsCurrent LiabilitiesIntangible AssetsLong-Term InvestmentsLong-Term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' Equity |
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select an opening name for section two Current AssetsCurrent LiabilitiesIntangible AssetsLong-Term InvestmentsLong-Term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' Equity |
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select a closing name for section two Current AssetsCurrent LiabilitiesIntangible AssetsLong-Term InvestmentsLong-Term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' Equity |
enter a total of the two previous amounts |
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select a closing name for this part of the balance sheet Current AssetsCurrent LiabilitiesIntangible AssetsLong-Term InvestmentsLong-Term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' Equity |
$ enter a total amount for this part of the balance sheet |
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In: Accounting
A fixed capital investment of P10,000,000 is required for a proposed manufacturing plant and an estimated working capital of P2,000,000. Annual depreciation is estimated to be 10% of the fixed capital investment. Determine the rate of return on the total investment if the annual profit is P2,500,000. Determine the payout period if the annual profit is P2,500,000
In: Accounting
Identify and describe each step in the Accounting Cycle.
In: Accounting
Forest Components makes aircraft parts. The following transactions occurred in July.
Purchased $16,960 of materials on account.
Issued $16,790 in direct materials to the production department.
Issued $1,290 of supplies from the materials inventory.
Paid for the materials purchased in transaction (1) using cash.
Returned $2,020 of the materials issued to production in (2) to the materials inventory.
Direct labor employees earned $32,300, which was paid in cash.
Purchased miscellaneous items for the manufacturing plant for $17,330 on account.
Recognized depreciation on manufacturing plant of $36,200.
Applied manufacturing overhead for the month.
Forest uses normal costing. It applies overhead on the basis of direct labor costs using an annual, predetermined rate. At the beginning of the year, management estimated that direct labor costs for the year would be $435,000. Estimated overhead for the year was $430,650.
The following balances appeared in the inventory accounts of
Forest Components for July.
| Beginning | Ending | ||||
| Materials Inventory | ? | $ | 12,510 | ||
| Work-in-Process Inventory | ? | 10,550 | |||
| Finished Goods Inventory | $ | 2,670 | 6,910 | ||
| Cost of Goods Sold | ? | 73,700 | |||
Required:
a. Prepare journal entries to record these transactions.
b. Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold.
In: Accounting
The following represents the financial information for Domingo Corporation for two months.
| March | April | |||||
| Sales revenue | $ | 540,000 | $ | 430,000 | ||
| Costs | ||||||
| Process inspection | $ | 1,500 | $ | 1,840 | ||
| Scrap | 1,940 | 1,870 | ||||
| Quality training | 19,500 | 13,500 | ||||
| Warranty repairs | 4,200 | 5,100 | ||||
| Product testing equipment | 6,600 | 7,100 | ||||
| Customer complaints | 2,900 | 3,100 | ||||
| Rework | 16,000 | 19,500 | ||||
| Preventive maintenance | 12,700 | 10,200 | ||||
| Materials inspection | 7,400 | 5,000 | ||||
| Field testing | 8,600 | 11,600 | ||||
Required:
a. Classify these items into Prevention, Appraisal, Internal failure, or External failure costs.
The following represents the financial information for Domingo Corporation for two months.
| March | April | |||||
| Sales revenue | $ | 540,000 | $ | 430,000 | ||
| Costs | ||||||
| Process inspection | $ | 1,500 | $ | 1,840 | ||
| Scrap | 1,940 | 1,870 | ||||
| Quality training | 19,500 | 13,500 | ||||
| Warranty repairs | 4,200 | 5,100 | ||||
| Product testing equipment | 6,600 | 7,100 | ||||
| Customer complaints | 2,900 | 3,100 | ||||
| Rework | 16,000 | 19,500 | ||||
| Preventive maintenance | 12,700 | 10,200 | ||||
| Materials inspection | 7,400 | 5,000 | ||||
| Field testing | 8,600 | 11,600 | ||||
Required:
a. Classify these items into Prevention, Appraisal, Internal failure, or External failure costs.
b. Calculate the ratio of the prevention, appraisal, internal failure, and external failure costs to sales for March and April.
In: Accounting
Identify the purposes and types of adjusting entries that an entity might make.
In: Accounting
The Welding Department of Healthy Company has the following production and manufacturing cost data for February 2020. All materials are added at the beginning of the process.
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Manufacturing Costs |
Production Data |
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| Beginning work in process | Beginning work in process | 15,500 | units, 1/10 complete | ||||||
| Materials | $ 18,200 | Units transferred out | 54,800 | ||||||
| Conversion costs | 14,460 | $ 32,660 | Units started | 51,500 | |||||
| Materials | 206,250 | Ending work in process | 12,200 | units, 1/5 complete | |||||
| Labor | 67,700 | ||||||||
| Overhead | 69,526 | ||||||||
Prepare a production cost report for the Welding Department for the
month of February. (Round unit costs to 2 decimal
places, e.g. 2.25 and all other answers to 0 decimal places, e.g.
1,225.)
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HEALTHY MANUFACTURING COMPANY |
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Quantities |
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Work in process, February 1 |
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Started into production |
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Work in process, February 28 |
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Total units |
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Costs |
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Unit costs |
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Total Costs |
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Unit costs |
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Work in process, February 1 |
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Total costs |
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Cost Reconciliation Schedule |
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Transferred out |
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In: Accounting
26)
In December 2016, Shire Computer’s management establishes the 2017 predetermined overhead rate based on direct labor cost. The information used in setting this rate includes estimates that the company will incur $780,000 of overhead costs and $520,000 of direct labor cost in year 2017. During March 2017, Shire began and completed Job 13-56.
1. What is the predetermined overhead rate for
2017?
2. Using the information on the following job cost
sheet, determine the total cost of the job.
Complete this question by entering your answers in the tabs below.
Required 1 Required 2
What is the predetermined overhead rate for 2017?
Overhead Rate
Choose Numerator / Choose Denominator = Overhead Rate
Required 2
Using the information on the following job cost sheet, determine the total cost of the job. (Round your answers to the nearest dollar amount.)
Job Cost Sheet: Job No. 13-56
Direct Materials Direct Labor Overhead Total Cost
Date Requisition No. Amount Time- Ticket No. Amount Costs Applied
Mar.8 4-129 $7,000 T-306 $600
Mar.11 4-142 $6,950 T-432 $1,310
Mar.18 4-167 $3,450 T-456 $1,300
In: Accounting
1) Modern Décor Furniture began June with merchandise inventory of 40 sofas that cost a total of $28,000. During the month, Modern Décor purchased and sold merchandise on account as follows:
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June 7 |
Purchase |
30 sofas @ $700 each |
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14 |
Sale |
30 sofas @ 1,100each |
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18 |
Purchase |
50 sofas @ $750 each |
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27 |
Sale |
40 sofas @ $1,150each |
Prepare a perpetual inventory record, using the LIFO inventory costing method, and determine the company's cost of goods sold (COGS), ending merchandise inventory, and gross profit. (20pts)
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Date |
Purchase |
Cost of Goods Sold |
Inventory On Hand |
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Cost |
Number |
Total |
Cost |
Number |
Total |
Cost |
Number |
Total |
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2) Taco Hell Inc. had the following balances and transactions during 2017:
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Beginning Merchandise Inventory |
30 units at $80 |
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March 10 |
Sold 25 units |
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June 10 |
Purchased 40 units at $87 |
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October 30 |
Sold 30 units |
What is the amount of the company's Merchandise Inventory and COGS, as disclosed in the December 31, 2017 balance sheet, using the periodic FIFO inventory costing method? (10pts)
3) Magras Gas uses a perpetual inventory system. Journalize the following sales transactions. (20pts)
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June 10 |
Sold $15,000 of merchandise on account, credit terms are 3/10, n/30. Cost of goods is $8,000. |
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June 14 |
Received a $600 sales return from the customer. Cost of the goods is $550. |
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June 23 |
Magras Gas receives payment for the customer for the amount due from the June 10 sale. |
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Date |
Transaction |
Debit |
Credit |
In: Accounting
Direct Method, Reciprocal Method, Overhead Rates
Macalister Corporation is developing departmental overhead rates based on direct labor hours for its two production departments—Molding and Assembly. The Molding Department employs 19 people, and the Assembly Department employs 75 people. Each person in these two departments works 1,910 hours per year. The production-related overhead costs for the Molding Department are budgeted at $239,000, and the Assembly Department costs are budgeted at $99,000. Two support departments—Engineering and General Factory—directly support the two production departments and have budgeted costs of $221,000 and $379,000, respectively. The production departments’ overhead rates cannot be determined until the support departments’ costs are properly allocated. The following schedule reflects the use of the Engineering Department’s and General Factory Department’s output by the various departments.
| Engineering | General Factory | Molding | Assembly | |
| Engineering hours | — | 2,500 | 2,200 | 7,800 |
| Square feet | 88,200 | — | 388,080 | 111,720 |
For all requirements, round allocation ratios to four significant digits and round allocated costs to the nearest dollar.
Required:
1. Calculate the overhead rates per direct labor hour for the Molding Department and the Assembly Department using the direct allocation method to charge the production departments for support department costs. Round final answers to the nearest cent.
| Overhead rate per DLH | |
| Molding | |
| Assembly |
2. Calculate the overhead rates per direct labor hour for the Molding Department and the Assembly Department using the reciprocal method to charge support department costs to each other and to the production departments. Round final answers to the nearest cent. Round your intermediate calculations to four decimal places.
| Overhead rate per DLH | |
| Molding | |
| Assembly |
In: Accounting
In: Accounting
Pull the annual report from Mergent Online for one of the following Fortune 500 Companies:
Using the Excel Template in the Course Materials folder, calculate the following ratios from 2014-2016.
What do the ratios tell you about your selected company?
In: Accounting
Problem 23-5A (Part Level Submission) Hart Labs, Inc. provides mad cow disease testing for both state and federal governmental agricultural agencies. Because the company’s customers are governmental agencies, prices are strictly regulated. Therefore, Hart Labs must constantly monitor and control its testing costs. Shown below are the standard costs for a typical test. Direct materials (2 test tubes @ $1.80 per tube) $3.60 Direct labor (1 hour @ $30 per hour) 30.00 Variable overhead (1 hour @ $7.00 per hour) 7.00 Fixed overhead (1 hour @ $13.00 per hour) 13.00 Total standard cost per test $53.60 The lab does not maintain an inventory of test tubes. As a result, the tubes purchased each month are used that month. Actual activity for the month of November 2017, when 800 tests were conducted, resulted in the following: Direct materials (1,664 test tubes) $2,746 Direct labor (840 hours) 24,360 Variable overhead 5,280 Fixed overhead 10,080 Monthly budgeted fixed overhead is $17,160. Revenues for the month were $52,000, and selling and administrative expenses were $4,100. (a) Your answer is correct. Compute the price and quantity variances for direct materials and direct labor. (Round answers to 0 decimal places, e.g. 5,275.) Materials price variance $ Materials quantity variance $ Labor price variance $ Labor quantity variance $ Click if you would like to Show Work for this question: Open Show Work Show Solution Show Answer Link to Text Link to Text Link to Text Attempts: 1 of 3 used (b) Compute the total overhead variance. Total Overhead variance $
In: Accounting
Thomas Denton, Jr. was appointed the manager of Westbrook Properties, a recently formed company that manages residential rental properties. Maria Garcia is the accountant. She prepared a chart of accounts based on an analysis of the expenditures of the company. One of the largest expense categories is Travel and Entertainment. Mr. Denton believes that it is important to maintain a presence in the social life of the city. In this, he sharply differs from his father, Thomas Denton, Sr. The elder Mr. Denton has set up Westbrook Properties in order to test his son's management skills before allowing him to manage a more lucrative commercial property business. Mr. Denton, Sr. provided the capital for Westbrook, and maintains close contact with the company. He allowed his son, however, to hire his own employees.
Mr. Denton has asked Ms. Garcia to name the Travel and Entertainment account Property Development. He hopes to deflect his father's attention away from the amount he has spent on travel and entertainment until he has proven that his methods work. When Ms. Garcia resisted, he reminded her that he, not his father, hired her. He also reminded her that she had been enthusiastic about his business plans when she was hired.
Required:
Should Ms. Garcia agree to the change in the Travel and Entertainment account to Property Development? Explain
In: Accounting