Strait Co. manufactures office furniture. During the most productive month of the year, 3,700 desks were manufactured at a total cost of $82,700. In the month of lowest production, the company made 1,100 desks at a cost of $56,700. Using the high-low method of cost estimation, total fixed costs are
In: Accounting
X Company wants to estimate overhead costs in March, when
production is expected to be 1,500 units. To determine the
parameters of its overhead cost function, it used account analysis
with the January cost information below and when production was was
1,000 units.
| Total | Total Variable | |
| Utilities | $44,000 | $44,000 |
| Maintenance | 57,000 | 27,360 |
| Supervision | 22,000 | 0 |
Using the resulting cost function, what is X Company's estimate of total overhead costs in March?
In: Accounting
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In: Accounting
Complete this programming problem in this assignment by using Microsoft Visual Studio Suite. Compile your solutions for each problem solved in a Word or Google document which includes (a) the pseudocode, (b) the C# codes and (c) the execution result (screen capture just the answer part using Snipping Tool, avoiding non-related or blank spaces). Notice for readability, that the (a) & (b) are in text mode and the (c) is in image mode. Use proper titles and wording in the results, such as Console.WriteLine("The total change to be made is {0:C}.", change); so that the results could be easily understood by a third party reader.
Question: Write a C# program to compute the profit made for
selling goldfish flakes online. The wholesale cost for a case of
24-boxes is $118. The price for sale with shipping charge is $9.59
per box. Shipping cost is $1.35 per box. The onlinelisting charge
is 12% of the customer payment. The payment processing cost is 4%
of the payment. Compute and display the following figures for
selling 25 cases of the products: the total wholesale cost for 25
cases; the total revenue for 25 cases of 24 boxes per case, the
total listing cost, the total payment processing cost, and the
total profit made.
In: Computer Science
Suppose Ernie is opening a new restaurant that will produce pizzas using a combination of workers (LL) and ovens (KK). Ernie knows from experience that the total number of pizzas he can produce in an hour is given by the function q=3K0.5L0.5q=3K0.5L0.5. Ernie can rent ovens for an hourly cost of $4 and must pay his employees $9 per hour.
Therefore, his total hourly cost function is given by TC = .
Complete the following table by calculating the total cost of producing 9 pizzas per hour using 2 and 4 workers.
Pizzas per Hour | Workers | Ovens | Total Cost (TC) |
|---|---|---|---|
(q) | (L) | (K) | (Dollars) |
| 9 | 1 | 9 | |
| 9 | 2 | 4.50 | 36.00 |
| 9 | 3 | 3.00 | |
| 9 | 4 | 2.25 | 45.00 |
The cost-minimizing bundle of labor and capital used to produce 9 pizzas is .
Based on this, the optimal combination for the given wage and rental rate of capital, the rate of technical substitution of labor for capital, when producing optimally, is .
Suppose Ernie wants to double the number of pizzas he makes in an hour.
Complete the following table by computing the total cost associated with each of the following input combinations.
Pizzas per Hour | Workers | Ovens | Total Cost |
|---|---|---|---|
(q) | (L) | (K) | (Dollars) |
| 18 | 2 | 18.00 | |
| 18 | 3 | 12.00 | 75.00 |
| 18 | 4 | 9.00 | |
| 18 | 5 | 7.20 | 73.80 |
At the new level of output, the optimal combination of labor and capital is . The cost-minimizing ratio of labor to capital to produce 18 is the cost-minimizing ratio needed to produce 9 pizzas. This is always true of production functions that exhibit returns to scale.
On the following graph, use the blue line (circle symbols) to show the long-run total cost function by plotting the minimum total costs associated with producing 9 and 18 pizzas, based on your answers to the previous questions.
In: Economics
Information about Vinzant Company’s inventory of one item
follows.
| Explanation | Number of Units | Unit Cost | |||||
| Beginning inventory, January 1 | 115 | $ | 365 | ||||
| Purchases: | |||||||
| April | 135 | 370 | |||||
| August | 145 | 375 | |||||
| October | 120 | 377 | |||||
| Ending inventory, December 31 | 115 | ||||||
Questions:
Answer each of the 3 questions by entering your answers in the tabs below.
Compute the cost of the ending inventory under the average cost method. (Round your "average cost per unit" answer to 2 decimal places.)
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In: Accounting
Factory Overhead Cost Variance Report
Feeling Better Medical Inc., a manufacturer of disposable medical supplies, prepared the following factory overhead cost budget for the Assembly Department for October of the current year. The company expected to operate the department at 100% of normal capacity of 6,200 hours.
| Variable costs: | ||
| Indirect factory wages | $21,080 | |
| Power and light | 11,780 | |
| Indirect materials | 9,920 | |
| Total variable cost | $42,780 | |
| Fixed costs: | ||
| Supervisory salaries | $12,690 | |
| Depreciation of plant and equipment | 32,560 | |
| Insurance and property taxes | 9,930 | |
| Total fixed cost | 55,180 | |
| Total factory overhead cost | $97,960 |
During October, the department operated at 6,600 standard hours, and the factory overhead costs incurred were indirect factory wages, $22,660; power and light, $12,310; indirect materials, $10,800; supervisory salaries, $12,690; depreciation of plant and equipment, $32,560; and insurance and property taxes, $9,930.
Required:
Prepare a factory overhead cost variance report for October. To be useful for cost control, the budgeted amounts should be based on 6,600 hours. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Round your per unit computations to the nearest cent, if required. If an amount box does not require an entry, leave it blank.
| Feeling Better Medical Inc. | ||||
| Factory Overhead Cost Variance Report—Assembly Department | ||||
| For the Month Ended October 31 | ||||
| Normal capacity for the month 6,200 hrs. | ||||
| Actual production for the month 6,600 hrs. | ||||
Actual Cost |
Budget (at Actual Production) |
Unfavorable Variances |
Favorable Variances |
|
| Variable factory overhead costs: | ||||
| Indirect factory wages | $ | $ | $ | $ |
| Power and light | ||||
| Indirect materials | ||||
| Total variable cost | $ | $ | ||
| Fixed factory overhead costs: | ||||
| Supervisory salaries | $ | $ | ||
| Depreciation of plant and equipment | ||||
| Insurance and property taxes | ||||
| Total fixed cost | $ | $ | ||
| Total factory overhead cost | $ | $ | ||
| Total controllable variances | $ | $ | ||
| $ | ||||
| Volume variance-favorable: | ||||
| Excess hours used over normal at the standard rate for fixed factory overhead | ||||
| $ | ||||
In: Accounting
Hiram’s Lakeside is a popular restaurant located on Lake Washington in Seattle. The owner of the restaurant has been trying to better understand costs at the restaurant and has hired a student intern to conduct an activity-based costing study. The intern, in consultation with the owner, identified three major activities and then completed the first-stage allocations of costs to the activity cost pools. The results appear below.
| Activity Cost Pool | Activity Measure | Total Cost | Total Activity | ||
| Serving a party of diners | Number of parties served | $ | 20,160 | 5,600 | parties |
| Serving a diner | Number of diners served | $ | 98,820 | 12,200 | diners |
| Serving drinks | Number of drinks ordered | $ | 38,000 | 10,000 | drinks |
The above costs include all of the costs of the restaurant except for organization-sustaining costs such as rent, property taxes, and top-management salaries.
Some costs, such as the cost of cleaning the linens that cover the restaurant's tables, vary with the number of parties served. Other costs, such as washing plates and glasses, depend on the number of diners served or the number of drinks served.
Prior to the activity-based costing study, the owner knew very little about the costs of the restaurant. She knew that the total cost for the month (including organization-sustaining costs) was $180,000 and that 12,000 diners had been served. Therefore, the average cost per diner was $15.
Required:
1&2. According to the activity-based costing system, what is the total cost and average cost per diner for serving each of the following parties of diners? (Round your intermediate calculations to 2 decimal places. Round your Total Cost final answers to 2 decimal places and your Average Cost final answers to 3 decimal places.)
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In: Accounting
Factory Overhead Cost Variance Report
metro lift medical Inc., a manufacturer of disposable medical supplies, prepared the following factory overhead cost budget for the Assembly Department for October of the current year. The company expected to operate the department at 100% of normal capacity of 6,200 hours.
| Variable costs: | ||
| Indirect factory wages | $21,080 | |
| Power and light | 11,780 | |
| Indirect materials | 9,920 | |
| Total variable cost | $42,780 | |
| Fixed costs: | ||
| Supervisory salaries | $12,690 | |
| Depreciation of plant and equipment | 32,560 | |
| Insurance and property taxes | 9,930 | |
| Total fixed cost | 55,180 | |
| Total factory overhead cost | $97,960 |
During October, the department operated at 6,600 standard hours, and the factory overhead costs incurred were indirect factory wages, $22,660; power and light, $12,310; indirect materials, $10,800; supervisory salaries, $12,690; depreciation of plant and equipment, $32,560; and insurance and property taxes, $9,930.
Required:
Prepare a factory overhead cost variance report for October. To be useful for cost control, the budgeted amounts should be based on 6,600 hours. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Round your per unit computations to the nearest cent, if required. If an amount box does not require an entry, leave it blank.
| metro lift medical Inc | ||||
| Factory Overhead Cost Variance Report—Assembly Department | ||||
| For the Month Ended October 31 | ||||
| Normal capacity for the month 6,200 hrs. | ||||
| Actual production for the month 6,600 hrs. | ||||
Actual Cost |
Budget (at Actual Production) |
Unfavorable Variances |
Favorable Variances |
|
| Variable factory overhead costs: | ||||
| Indirect factory wages | $ | $ | $ | $ |
| Power and light | ||||
| Indirect materials | ||||
| Total variable cost | $ | $ | ||
| Fixed factory overhead costs: | ||||
| Supervisory salaries | $ | $ | ||
| Depreciation of plant and equipment | ||||
| Insurance and property taxes | ||||
| Total fixed cost | $ | $ | ||
| Total factory overhead cost | $ | $ | ||
| Total controllable variances | $ | $ | ||
| $ | ||||
| Volume variance-favorable: | ||||
| Excess hours used over normal at the standard rate for fixed factory overhead | ||||
| $ | ||||
In: Accounting
Hiram’s Lakeside is a popular restaurant located on Lake Washington in Seattle. The owner of the restaurant has been trying to better understand costs at the restaurant and has hired a student intern to conduct an activity-based costing study. The intern, in consultation with the owner, identified three major activities and then completed the first-stage allocations of costs to the activity cost pools. The results appear below.
| Activity Cost Pool | Activity Measure | Total Cost | Total Activity | ||
| Serving a party of diners | Number of parties served | $ | 10,710 | 5,100 | parties |
| Serving a diner | Number of diners served | $ | 115,620 | 12,300 | diners |
| Serving drinks | Number of drinks ordered | $ | 24,380 | 10,600 | drinks |
The above costs include all of the costs of the restaurant except for organization-sustaining costs such as rent, property taxes, and top-management salaries.
Some costs, such as the cost of cleaning the linens that cover the restaurant's tables, vary with the number of parties served. Other costs, such as washing plates and glasses, depend on the number of diners served or the number of drinks served.
Prior to the activity-based costing study, the owner knew very little about the costs of the restaurant. She knew that the total cost for the month (including organization-sustaining costs) was $180,000 and that 12,000 diners had been served. Therefore, the average cost per diner was $15.
Required:
1&2. According to the activity-based costing system, what is the total cost and average cost per diner for serving each of the following parties of diners? (Round your intermediate calculations to 2 decimal places. Round your Total Cost final answers to 2 decimal places and your Average Cost final answers to 3 decimal places.)
Total Cost and Average Cost.
A party of four diners who order three drinks in total. | per diner.
A party of two diners who do not order any drinks. | per diner.
A party of one diner who orders two drinks. | .per diner
In: Accounting