You have been appointed as financial manager for MBA. The company manufactures one product and uses standard costing system.

Standard cost per unit

Material 5kg at R12 50 per unit

Labour 2 hours at R35 per hour

Factory overheads R45 per labour hour.

Actual data for the month:

Number of units manufactured 12500

Material used R811 250                                                        

Issue price of material R13 75 per kg

Calculate and explain the difference between the total actual and the total standard cost.

Suggest a course of action

Superior Micro Products uses the weighted-average method in its process costing system. Data for the Assembly Department for May appear below:

Required:

Compute the cost per equivalent unit for materials, labor, overhead, and in total. (Round your answers to 2 decimal places.)

QUESTION1) Materials:

QUESTION2) Labor:

QUESTION3) Overhead:

QUESTION4) Total:

Kerekes Manufacturing Corporation has prepared the following overhead budget for next month. Activity level 3,100 machine-hours Variable overhead costs: Supplies $ 15,810 Indirect labor 27,900 Fixed overhead costs: Supervision 17,000 Utilities 6,500 Depreciation 7,500 Total overhead cost $ 74,710 The company's variable overhead costs are driven by machine-hours. What would be the total budgeted overhead cost for next month if the activity level is 3,000 machine-hours rather than 3,100 machine-hours? Multiple Choice $72,650 $72,300 $73,300 $74,710

Two advertising media are being considered for promotion of a product. Radio ads cost $400 each, while Newspaper ads cost $600 each. The total budget is $7,200 per week. The total number of ads should be at least 15, with at least 2 of each type. Each newspaper ad reaches 6,000 people, while each radio ad reaches 2,000 people. The company wishes to maximize the number of people that are reached while meeting all the constraints stated. Write the LP formulation to determine the optimal number of ads of each type to be used.

GDP increased from $16.55 trillion to $17.28 trillion. What was the growth rate of GDP?

The farmer produces 105 pounds of oranges at a total cost of $1.13 per pound. He sells all of the oranges to firm F for $1.66 per pound. Firm F produces 60 gallons of orange juice at a total cost of $3.60 per gallon (including the amount paid to the farmer for the oranges). Firm F sells 55 gallons of juice to consumers for $5.11 per gallon. There are no other firms in this simple economy. What is the value added by firm F?

Question 1: There are many sellers in a perfectly competitive market. So many that

A. there is tremendous rivalry between firms.

B. if any one of them produced more or less, there would be a change in market price.

C. one producer may have a large market share.

D. each one is a price taker.

Question 2: In a perfectly competitive market,

A. there are many buyers and many sellers.

B. the goods for sale from one producer are perfect substitutes for those produced by another.

C. there is free entry into and exit from the industry.

D. all of the above

Question 3: Perfectly competitive firms produce where

A. profit is maximized

B. MR=MC

C. P= MC

D. all of the above

Question 4: The marginal revenue curve of a perfectly competitive firm is

A. equal to the marginal cost curve.

B. below the marginal cost curve.

C. above the marginal cost curve.

D. perfectly elastic at the market price.

Question 5: Which of the following goods are standardized products or commodities?

A. Automobiles

B. Corn

C.. Computers

D. DVD players

Question 6: In the perfectly competitive market for tomatoes in the long run, the typical tomato farm will

A. break even

B. earn an economic loss

C. earn an economic profit

D. earn an economic loss but continue to produce

Question 7: If Bob, who is operating a perfectly competitive firm, knows that his minimum average total cost is $2, minimum average variable cost is $1.50, and marginal revenue is $3

A. Bob will earn an economic profit.

B. Bob will break even.

C. Bob will earn an economic loss but continue to produce in the short run.

D. Bob will earn an economic loss and shut down in the short run.

Question 8: Tom, who is operating a firm in the perfectly competitive gizmo industry, is hoping to break even. But given the market price of $10 he is incurring a loss. Tom should

A. continue to produce in the short run as long as his average total cost is more than $10.

B. continue to produce in the short run as long as his average variable cost is more than $10.

C. continue to produce in the short run as long as his average variable cost is less than $10.

D. Shut down

Question 9: Julie also is operating a firm in the perfectly competitive gizmo industry. The market price is P = $10 and she produces Q = 12 gizmos a day. Given that Julie's average total cost is ATC = $12 and her total fixed cost is TFC = $24, we know that Julie's

A. average fixed cost is $1.50.

B. average profit is −$4.00.

C. average variable cost is $10.

D. marginal revenue is $12.

Question 10: Julie is operating at a loss when

A. P=MC

B. P<ATC

C. P>ATC

D. ATC=MC

Question 11: Julie's competitive supply curve is the

A. marginal revenue curve.

B. marginal cost curve.

C. average variable cost curve above the market price.

D. marginal cost curve above the minimum point on the average variable cost curve.

Question 12: If the firms in the perfectly competitive gizmo industry are incurring losses but continue to produce, in the long run

A. firms will enter the industry and prices will fall.

B. firms will exit the industry and prices will rise.

C. firms will enter the industry and prices will rise.

D. firms will exit the industry and prices will fall.

Question 13: As firms enter a perfectly competitive industry in the long run, the short run industry supply curve will shift to the _______ and the market price will ______ until the typical firm __________________________.

A. Left Rise Breaks even

B. Right Fall earns an economic profit

C. Right Fall Breaks even

D. Left Rise incurs an economic profit

Question 14: In the perfectly competitive market for corn, long-run market equilibrium is disturbed by an increase in demand for bio-fuel. In the short run, farmers will ______ output and earn (incur) a _______

A. Reduce Profit

B. Increase   Profit

C. Reduce Loss

D. Increase Loss

Question 15: Jack and Jill run a bed-and-breakfast in Booth Bay Harbor, Maine. During the summer business is great, but the winter is another story. Although they get some tourists who enjoy the winter scene in coastal Maine, business is very slow. Jack and Jill are trying to decide whether to shut down during the winter months. They should shut down if

A. total revenue exceeds fixed cost.

B. total revenue exceeds variable cost.

C. total revenue is less than total cost.

D. price is less than average variable cost.

Factory Overhead Cost Budget

Venus Candy Company budgeted the following costs for anticipated production for July 2016:

Prepare a factory overhead cost budget, separating variable and fixed costs. Assume that factory insurance and depreciation are the only fixed factory costs.

We project unit sales for a new household-use laser-guided cockroach search and destroy the system as follows: Year Unit Sales 1 98,000 2 110,000 3 133,000 4 139,000 5 92,000 The new system will be priced to sell at $445 each. The cockroach eradicator project will require $1,600,000 in net working capital to start, and the total net working capital will rise to 15% of the change in sales. The variable cost per unit is $315, and total fixed costs are $1,900,000 per year. The equipment necessary to begin production will cost a total of $19 million. This equipment is mostly industrial machinery and thus qualifies for CCA at a rate of 20%. In five years, this equipment will actually be worth about 20% of its cost. The relevant tax rate is 35%, and the required return is 17%. Based on these preliminary estimates, what is the NPV of the project? (Enter the answer in dollars. Do not round your intermediate calculations. Round the final answer to 2 decimal places. Omit $ sign in your response.)

Betty's Book and Music Store has two service departments, Warehouse and Data Center. Warehouse Department costs are allocated on the basis of warehouse-hours. Data Center Department costs are allocated based on the number of computer hours. The costs of departments, warehouse-hours and number of computer hours are as follows:

The total cost accumulated in the music department using the direct method is

Group of answer choices

$104,000

$126,000

$100,000

$130,000

2

The total cost accumulated in the music department using the step-down method is (assume the warehouse department goes first)

Group of answer choices

$100,000

$130,000

$126,000

104,000

3

The total cost accumulated in the music department using the reciprocal method is

Group of answer choices

$122,402

$102,222

$142,471

$127,778

Robinson Products Company has two service departments (S1 and S2) and two production departments (P1 and P2). The distribution of each service department’s efforts (in percentages) to the other departments is:

The direct operating costs of the departments (including both variable and fixed costs) are:

Required:

1. Determine the total cost of P1 and P2 using the direct method.

2. Determine the total cost of P1 and P2 using the step method.

3. Determine the total cost of P1 and P2 using the reciprocal method.

***Please show all your work on how you get the answers in a working note. I would really need to understand this problem and how its solved. Please show me how you get all numbers if its not obvious from the information given. Thank you!***