A company makes customized components to specifications. Its old cost accounting system allocated all overhead costs to customer jobs based on machine hours. Its new activity-based costing system uses the following information:

Activity Cost Pool and Budgeted Costs: Machine setup $ 90,000, Supervision 140,000, Machine maintenance 170,000

Activity Cost Driver and Estimated Cost Driver Level: Number of setups 180, Direct labor hours 4,000m Machine-hours 5,000

A new Kamlet Company’s order requires 4 setups, 30 direct labor hours and 50 machine-hours.

1. What was the overhead rate in the old cost accounting system? $___ per machine hours

2. What was the total overhead cost charged to the Kamlet Company’s order under the old cost accounting system?

3. What is the overhead rate for the supervision activity in the new activity-based costing system?

4. What is the amount of overhead charged to the Kamlet Company order for the supervision activity under the new activity-based costing system?

5. What is the total overhead cost charged to the Kamlet Company order under the new activity-based costing system?

What is the percentage markup on a proposal as a percent if the fixed bid price offered is 552,000 and the sum of direct cost is 480,000?

The calendar day duration of a project is planned for 19 days based on a Monday through Friday work week. How many work days were available in this period if the start of the project was on the last Monday in July 2020?

What is the forecasted total project cost if the reported cost experience continues to the end that started with a total budgeted cost of 420,000 and a progress report gives the actual cost to date of 280,000 and earned value of 300,000?

A fixed price contract totaling 320,000 had actual cost 5% higher than estimated. The proposal had a profit of 15.0%. What is the new profit margin percent?

A fixed price contract including a profit of 340,000 totals 4.6 million with no reserve. In a progress report the CEV was given as 2.75 million and actual cost was 2.8 million. What is the forecasted (estimated) profit in units of currency using forecasting based on the assumption that cost performance on the contract to date will continue for the remainder of the project?

A negative 4 days slack for an activity in a project where the activity has an ES of 18 and duration of 10 means the activity has an LF of  ____ .

Cost of Goods Manufactured and Sold

Anglin Company, a manufacturing firm, has supplied the following information from its accounting records for the last calendar year:

Required:

1. Prepare a cost of goods manufactured statement.

2. Prepare a cost of goods sold statement.

PLEASE USING THIS INFORMATION FILL OUT ALL COLUMNS COMPLETELY IN THE TABLE MARKED AS (*******)

MyPhone, Inc. uses the product cost method of applying the cost-plus approach to product pricing. The costs of producing and selling 5,380 cell phones are as follows:

MyPhone desires a profit equal to a 16% rate of return on invested assets of $600,700.

a. Determine the amount of desired profit from the production and sale of 5,380 cell phones.
$

b. Determine the product cost per unit for the production of 5,380 of cell phones. Round your answer to the nearest whole dollar.
$ per unit

c. Determine the product cost markup percentage for cell phones. Round your answer to two decimal places.
%

d. Determine the selling price of cell phones. Round your answers to the nearest whole dollar.

MyPhone, Inc. uses the product cost method of applying the cost-plus approach to product pricing. The costs of producing and selling 5,380 cell phones are as follows:

MyPhone desires a profit equal to a 16% rate of return on invested assets of $600,700.

a. Determine the amount of desired profit from the production and sale of 5,380 cell phones.
$

b. Determine the product cost per unit for the production of 5,380 of cell phones. Round your answer to the nearest whole dollar.
$ per unit

c. Determine the product cost markup percentage for cell phones. Round your answer to two decimal places.
%

d. Determine the selling price of cell phones. Round your answers to the nearest whole dollar.

Structuring a Make-or-Buy Problem Fresh Foods, a large restaurant chain, needs to determine if it would be cheaper to produce 5,000 units of its main food ingredient for use in its restaurants or to purchase them from an outside supplier for $12 each. Cost information on internal production includes the following: Total Cost Unit Cost Direct materials $25,000 $ 5.00 Direct labor 15,000 3.00 Variable manufacturing overhead 7,500 1.50 Variable marketing overhead 10,000 2.00 Fixed plant overhead 30,000 6.00 Total $87,500 $17.50 Fixed overhead will continue whether the ingredient is produced internally or externally. No additional costs of purchasing will be incurred beyond the purchase price. Required: 1. What are the alternatives for Fresh Foods? 2. List the relevant cost(s) of internal production and of external purchase. 3. Which alternative is more cost effective? By how much? $ 4. Now assume that 20% of the fixed overhead can be avoided if the ingredient is purchased externally. Which alternative is more cost effective? By how much? $

The following data are given for product DRIM69

Budgeted output for the year:        9800 units

Standard details for one unit:

Direct materials:                               40 square metres at K5.30 per square metre

Direct wages:

Bonding department                                   48 hours at K12.50 per hour

Finishing department                                  30 hours at K7.60 per hour

Budgeted costs and hours per annum:

Variable overhead:                                      (K)                                           (hours)

Bonding department                                   375000                                   500000

Finishing department                                  150000                                   300000

Fixed overhead:                                           (K)                                          

Production                                                    392000

Selling and distribution                              196000

Required:

A. Prepare a standard cost sheet for one unit and enter on the standard cost sheet the costs to show sub-totals for:

(a) prime cost                                                                                                [4 Marks]

(b) variable production cost                                                                        [4 Marks]

(c) total production cost                                                                               [4 Marks]

(d) total cost                                                                                                   [4 Marks]

B. Calculate the selling price per unit allowing for a profit of 15 per cent of the selling price.                                                                                                                  [5 Marks]

C. Calculate the amount of the profit per unit.                                       [4 Marks]

Pale Blue Eyes, Inc., manufactures contact lenses, and accounts for production using a FIFO process costing system. The main material involved is glass, and the production process is mainly done in the grinding process center, hence all materials are added at the beginning of the production process and one work in process center is used, Grinding. Selected data regarding the grinding department during the month of September are as follows:

Production data:

Total % complete as to DM CC

Units in process, September 1^st,      12,000                                                       100              65

Units started into production          24,500                                           

Units in process September 30^th,    11,500                                                       100               25

Cost data:

                                                                                DM Cost                        Conv. Cost

Work in process, September 1^st                             $ 26,500.                        $ 57,200.

Added during September                                           55,615.                          147,752.

Compute the number of units transferred out of the grinding department, the equivalent units of production for September for both DM and CC, the cost per equivalent unit for both DM and CC, and the total unit product cost. What is the cost of goods transferred out, and ending inventory?   Show appropriate calculations to justify your response.          

Mackinaw Inc. processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 4,800 units of product were as follows:

Each unit requires 0.25 hour of direct labor.

c. Determine variable factory overhead controllable variance, the fixed factory overhead volume variance, and total factory overhead cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.