Ramsey Company produces speakers (Model A and Model B). Both products pass through two producing departments. Model A's production is much more labor-intensive than that of Model B. Model B is also the more popular of the two speakers. The following data has been gathered for the two products:
| Product Data | ||
| Model A | Model B | |
| Units produced per year | 10,000 | 100,000 |
| Prime costs | $150,000 | $1,500,000 |
| Direct labor hours | 140,000 | 300,000 |
| Machine hours | 20,000 | 200,000 |
| Production runs | 40 | 60 |
| Inspection hours | 800 | 1,200 |
| Maintenance hours | 10,000 | 90,000 |
| Overhead costs: | ||
| Setup costs | $270,000 | |
| Inspection costs | 210,000 | |
| Machining | 240,000 | |
| Maintenance | 270,000 | |
| Total | $990,000 | |
| Required: | |
| 1. | Compute the overhead cost per unit for each product by using a plantwide rate based on direct labor hours. (Round to two decimal places.) |
| 2. | Compute the overhead cost per unit for each product by using ABC. (Round rates and unit overhead cost to two decimal places.) |
| 3. | Suppose that Ramsey decides to use departmental overhead rates. There are two departments: Department 1 (machine intensive) with a rate of $3.50 per machine hour and Department 2 (labor intensive) with a rate of $0.90 per direct labor hour. The consumption of these two drivers is as follows: |
|
Department 1 |
Department 2 |
|
|
Machine Hours |
Direct Labor Hours |
|
| Model A | 10,000 | 130,000 |
| Model B | 170,000 | 270,000 |
| Compute the overhead cost per unit for each product by using departmental rates. (Round to two decimal places.) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4. |
CONCEPTUAL CONNECTION Using the activity-based product costs as the standard, comment on the ability of departmental rates to improve the accuracy of product costing. Did the departmental rates do better than the plantwide rate? Compute the overhead cost per unit for each product by using a plantwide rate based on direct labor hours. (Round to two decimal places.) Plantwide rate: per DLH.
2. Compute the overhead cost per unit for each product by using ABC. (Round rates and unit overhead costs to two decimal places.)
Note: Be sure to complete both tables below.
3. Suppose that Ramsey decides to use departmental overhead rates. There are two departments: Department 1: (machine intensive) with a rate of $3.50 per machine hour and Department 2: (labor intensive) with a rate of $0.90 per direct labor hour. The consumption of these two drivers is as follows:
Compute the overhead cost per unit for each product by using departmental rates. (Round to two decimal places.)
4. CONCEPTUAL CONNECTION Using the activity-based product costs as the standard, comment on the ability of departmental rates to improve the accuracy of product costing. Did the departmental rates do better than the plantwide rate? A common justification is to use hours for machine-intensive departments and hours for labor-intensive departments. Using activity-based costs as the standard, we can say that departmental rates the accuracy of the overhead cost assignment for both products. The departmental rates cost A well the ABC method while the plantwide rate costs A well the ABC method. However, the rates of difference are very close. Looking at it this way, departments costs are not clearly more wrong than the plantwide rate; they are wrong in a direction. |
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In: Accounting
PROGRAMMING IN C:
Part 1:
Create a character array and save your first and last name in it
Note: You can assign the name directly or you can use the scanf function.
Display your name on the screen.
Display the address (memory location) in hexadecimal notation of the array. (hint: use %p)
Use a for loop to display each letter of your name on a separate line.
Part 2:
Create a one dimensional array and initialize it with 10 integers of your choice.
Create a function and pass the array elements to that function. The function will calculate the average value of the 10 integers and display the result on the screen.
Part 3:
Create a one dimensional array that contains five integers (10, 20, 30, 40 and 50).
Display the elements of the array on screen
Swap the first element (10) with the last element (50) and then display the elements of the array on the screen (after swapping).
In: Computer Science
You are a project manager for a consulting firm. You are going to hire four new employees. The candidates that you are choosing from are named Amy, Bob, Charlie, Debbie, and Elizabeth. You are managing two projects that you will use your new employees to complete. Project 1 will require at least 700 labor hours and Project 2 will require at least 870 labor hours. Elizabeth is the owner’s daughter so you will have to hire her. Amy and Charlie used to work together, but they can’t stand each other. If you hire one, you can’t hire the other.
You have contracts that guarantee a set fee for each of the projects. Your profit will be determined by your ability to minimize your labor costs. Each of the employees you hire will require a signing bonus. The respective signing bonuses required for each employee if hired follow: Amy $24,000; Bob $11,000; Charlie $16,000; Debbie $17,000; Elizabeth $15,000.
The hourly rate you pay each employee is determined by the type of project to which they are assigned. For Project 1, the required hourly rates for each employee if hired follow: Amy $100; Bob $95; Charlie $85; Debbie $50; Elizabeth $45. For Project 2, the required hourly rates for each employee if hired follow: Amy $60; Bob $40; Charlie $75; Debbie $120; Elizabeth $130. If you hire an employee, they can be used for both projects. Labor should be allocated in one hour increments.
During the lifespan of these two projects, the candidates are available to work the following number of hours: Amy 440; Bob 730; Charlie 520; Debbie 680; Elizabeth 590. Which candidates will you hire?
In: Operations Management
AP9-11A (Various current liabilities)
Joan’s Golf Shop Ltd. had the following transactions involving current liabilities in its fi first year of operations:
1. The company ordered golf equipment from suppliers for $546,000, on credit. It paid $505,000 to suppliers during the year.
2. The shop has seven employees, who earn gross wages of $230,000 for the year. From this, the company deducted 22% for income taxes, $11,400 in CPP premiums, and $3,750 in EI premiums before distributing the cheques to the staff. As an employer, Joan was also required to match the employees’ CPP premiums and pay $5,250 in EI premiums. Eleven-twelfths of the amounts due to the government (all except the last month) were paid before the end of the year.
3. The company gives customers a one-year warranty against defects on golf clubs. Management estimated that warranty costs would total 2% of sales. Sales of golf clubs for the year were $1.1 million. During the year, the company spent $13,000 on refunds under the warranty.
4. Some customers order very expensive, custom-made golf clubs. In these cases, the company requires them to pay a deposit of 50% of the selling price when the order is placed. During the year, deposits totaling $20,000 were received for custom orders. None of these orders have been delivered yet.
Required
a. Prepare journal entries to record the transactions.
b. Prepare the current liabilities section of the statement of fi financial position as it would appear at the end of the year.
In: Accounting
Please create a salary budget for St Catherine Hospital for the year. You are opening a new patient care unit of 30 medical-surgical patient beds which will be opened for the entire year. You will be staffing the unit as follows:
Day shift (7:00 am – 7:00 pm) - RN to patient ratio of 6 patients to 1 nurse. Each nurse will be assigned one Patient Care Associate (PCA) daily. The nurses and PCAs work three twelve hour days (12 hour days) per pay period. Each pay period is 2 weeks. There is one unit secretary, one Nurse Manager and one Assistant Nurse Manager. The unit secretary, Nurse Manager and Assistant Nurse Manager work five days a week – 8 hour days.
Night shift (7:00 pm – 7:00 am) - RN to patient ratio of 10 patients to 1 nurse. Each nurse will be assigned one Patient Care Associate (PCA) per night. The nurses and PCAs work three twelve hour nights (12 hour nights) per pay period. Each pay period is 2 weeks. There are two Assistant Nurse Managers who cover 7 nights per week- 10 hour shifts (9pm- 7am). There is no unit secretary on at night.
1- Average salary for RN = $ 40 per hour
2- Average salary for PCA = $ 15 per hours.
3- Salary for Nurse Manager = $120,000 annually
4- Salary for Unit Secretary = $ 12 annually
5- Salary for Assistant Nurse Manager = $ 90,000 annually
6- Night differential is paid to non-management staff at a 10% differential for all hours worked after 7pm and up until 7 am.
7- Benefits (health and disability) should be calculated at 30% of salary expense.
8- Replacement time for vacation, sick, and holiday should be calculated at 20%.
9- Assume the Average Daily Census for the unit is 25 patient beds. Patient days should be calculated using 25 beds X 365 days/ year.
10- Assume hours worked for 5 days a week are 40 per week or 2,080 hours annually (40 X 52 weeks).
11- Assume hours worked for 3 days a week are 36 per week or 1,872 hours annually (36 X 52 weeks).
12- Assume hours worked for 10 hour shifts are 7 shifts every 2 weeks or 70 hours per two weeks or 1,820 annually.
Assignment:
Please create an excel spreadsheet and calculate the following:
1- How many FTEs will be included in your budget?
2- How many full-time and part-time employees will you need to cover all shifts for the year?
3- What is the total salary expense for the year?
4- What is the total benefit expense for the year?
5- What is the total personnel budget for the year?
6- Please calculate the Patient Care hours ratio. Patient Care hours are calculated by Direct Care giver hours worked per year (RN and PCA)/ Total patient days.
7- On which financial statement would you find salary expense and benefit expense?
8- Please prepare the journal entry for the annual salary expense
. 9- Please prepare the journal entry for the annual benefit expense.
Please help me to answer all these questions. Second time posting.
In: Accounting
In: Nursing
Kimon’s dog, Bobos, every day eats on average 3 pounds of kibble with a standard deviation of 0.5 pounds. Kimon buys the kibble from an online retailer that charges $2 per pound of kibble. The retailer guarantees a 2-day delivery and the delivery fee is equal to $20. Living in a small house Kimon doesn’t have too much storage space, so he estimates that keeping a pound of kibble in the cabinet essentially costs him $0.2 per week. The retailer has two different sizes for kibble: 60 pound bags and 90 pound bags. Every time a new delivery arrives, Kimon throws away any leftover kibble so that he doesn’t mix new and old kibble. Also, if he runs out, he needs to replace the missing kibble with an equal amount of wet food which costs more, at $8 per pound. Note that z(0.75)=0.66.
a) Which size should Kimon order every time he places an order?
b) What is Kimon’s annual holding cost?
c) What is Kimon’s annual ordering cost?
d) How many days after the previous delivery on average does Kimon place an order?
In: Accounting
|
Four ice cubes at exactly 0 ∘C with a total mass of 51.5 g are combined with 130 g of water at 85 ∘Cin an insulated container. (ΔH∘fus=6.02 kJ/mol, cwater=4.18J/g⋅∘C) |
If no heat is lost to the surroundings, what is the final temperature of the mixture?
In: Chemistry
FIFO INVENTORY ADJUSTING JOURNAL ENTRY STUDY PROBLEM 1 BEGINNING ACCOUNT BALANCES: 1. Cash 200,000 2. Accounts Receivable 300,000 3. Inventory (10,000 units $20 each) 200,000 4. Prepaid Insurance 24,000 5. Equipment 500,000 6. Accumulated Depreciation 100,000 7. Accounts Payable 150,000 8. Note Payable 250,000 9. Common Stock 300,000 10. Retained Earnings ? Current Transactions: TRANSACTIONS: Quantity Unit Cost or SP 1. Invested additional $100,000 in business 2. Purchase Inv 10,000 $25 3. Purchase Inv 10,000 $30 4. Cash Sale 20,000 $100 5. Purchase Inv 30,000 $32.50 6. Sale on Account 10,000 $100 7. Sale on Account 20,000 $100 8. Purchase Inv 30,000 $40 9. Sale on Account 10,000 $100 10. Cash Sale 20,000 $100 11. Purchased new insurance policy on July 1 for $36,000 as old policy expired 12. Paid salaries expense, $2,000,000 13. Salaries Accrued at year end $200,000 14. Equipment was purchased last year and has a 5-year life with no salvage value, make adjusting entry for depreciation expense 15. Record adjusting entry for insurance expense 16. Paid rent expense $1,000,000 17. Paid $$1,200,000 on accounts payable 18. Collections 19. Paid dividends $200,000 20. Collections in advance for James Hardin special edition shoe 2,000 pairs $200 each 21. Purchased James Hardin special edition shoe for $50 each (since this is a special item, pace on separate inventory table 22. A total of 1500 customers picked up James Hardin special edition ( two entries required) REQUIRED: 1. Post beginning balances to T-accounts 2. Record current transactions 3. Post to ledger 4. Prepare trial balance 5. Prepare income statement 6. Prepare statement of retained earnings 7. Prepare balance sheet 8. Prepare closing entries
In: Accounting
A doctor wanted to determine whether there is a relation between a male's age and his HDL (so-called good) cholesterol. The doctor randomly selected 17 of his patients and determined their HDL cholesterol. The data obtained by the doctor is the in the data table below. Complete parts (a) through (f) below.
| Age, x | HDL Cholesterol, y | Age, x | HDL Cholesterol, y |
| 38 | 56 | 39 | 46 |
| 44 | 56 | 65 | 64 |
| 45 | 32 | 28 | 52 |
| 33 | 57 | 53 | 37 |
| 53 | 37 | 29 | 44 |
| 54 | 40 | 50 | 38 |
| 62 | 40 | 50 | 57 |
| 60 | 40 | 40 | 27 |
| 28 | 45 |
b) determine the least-squares regression equation from the sample data.
y = __ x +__
c) are there any outliers or influential observations?
d) assuming the residuals are normally distributed, test whether a linear relation exists between age and HDL cholesterol levels at the a = .01 level of significance.
e) assuming the residuals are normally distributed, construct a 95% confidence interval about the slope of the true least-squares regression line.
f) for a 42-year-old male patient who visits the doctor's office, would using the least-squares regression line obtained in part (b) to predict the HDL cholesterol of this patient be recommended?
In: Statistics and Probability