Speed, Inc’s Standard Cost Card for jogging suits.
The standard cost for one jogging suit would be:
|
Standard Cost Card for Jogging Suits |
||||
|
(1 ) Standard Quantity or Hours |
(2) Standard Price or Rate |
(1) × (2) Cost |
||
|
Direct materials..................................... |
3.5 yards |
$6 |
per yard |
$21 |
|
Direct labor........................................... |
2.0 hours |
$18 |
per hour |
36 |
|
Variable manufacturing overhead........... |
2.0 hours |
$4 |
per hour |
8 |
|
Total standard cost per suit.................... |
$65 |
|||
Direct Labor Information
The following data are for last month’s production:
|
Number of suits completed (as before)........................................... |
5,000 units |
|
Cost of direct labor (10,500 hours @ $20 per hour)......................... |
$210,000 |
Variable Manufacturing Overhead Information
The following data are for last month’s production:
|
Number of suits completed (as before)............................... |
5,000 units |
|
Actual direct labor-hours (as before)................................... |
10,500 hours |
|
Variable overhead costs incurred........................................ |
$40,950 |
Direct Material Information
The following data are for last month’s production:
|
Number of suits completed.................................. |
5,000 units |
|
Cost of material purchased (20,000 yards × $5.40 per yard) |
$108,000 |
|
Yards of material used........................................ |
20,000 yards |
In: Accounting
In: Economics
When the Price (marginal revenue) is less that Average Total Cost, but more than Average Variable Cost, the firm is making ___________ (positive profit/negative profit) and should __________ (shut down/stay in business).
In: Economics
Contribution margin may be defined as
a. Sales minus ending inventory cost.
b. Sales minus cost of goods sold.
C. Gross margin minus selling and administrative expenses.
d. Sales minus variable cost.
In: Finance
Output, q | Total Cost, $ |
0 | 15 |
1 | 25 |
2 | 33 |
3 | 40 |
4 | 48 |
5 | 58 |
6 | 70 |
A. Please refer to the cost table above. What is the total fixed cost of producing two units of output?
B. Please refer to the cost table above. What is the average total cost of producing four units of output?
C. Please refer to the cost table above. What is the marginal
cost of producing the fourth unit of output?
D. Please refer to the cost table above. Assume that the enterprise
uses only labor and capital to produce output
and that capital is the fixed input that
generates total fixed costs. Labor is accountable for all variable
costs.
If the enterprise employed three units of labor
to produce four units of output, what would be the wage rate
per unit of labor? (Hint: at first this may seem
like there is not enough information, but remember how to
break total cost down into fixed and variable
components.)
In: Economics
A monopolist faces the following demand and cost schedules
Price Quantity Total cost $20 7 $36 19 8 45 18 9 54 17 10 63 16 11 72 15 12 81
a. How much output should the monopolist produce? b. What price should the firm charge? c. What is the maximum amount of profit that this firm can earn?
In: Economics
A monopolist faces the following demand curve, marginal revenue curve, total cost curve and marginal cost curve for its product: Q = 200 - 2P MR = 100 - Q TC = 5Q MC = 5 a. What is the profit maximizing level of output? (10 pts.) b. What is the profit maximizing price? (8 pts.) c. How much profit does the monopolist earn? (10 pts.)Immersive Reader (28 Points)
In: Economics
Suppose that class OrderList has a private attribute double cost[100] which hold the cost of all ordered items, and a private attributes int num_of_items which hold the number of items ordered. For example, if num_of_items is 5, then cost[0], cost[1], ..., cost[4] hold the cost of these 5 items. Implement the member function named total_cost which returns the total cost of this OrderList.
In: Computer Science
Teal Mountain Inc. accumulates the following cost and market data at December 31. Inventory Categories Cost Data Market Data Cameras $10,252 $11,362 Camcorders 8,074 8,774 DVDs 10,987 9,547 Compute the lower-of-cost-or-market valuation for company’s inventory. The lower-of-cost-or-market value $
In: Accounting
A unit product cost includes:
Multiple Choice
Actual direct labor cost used by the job.
Estimated nonmanufacturing cost allocated to the job.
Actual nonmanufacturing cost allocated to the job.
Actual manufacturing overhead cost used by the job.
In: Accounting