Baird Manufacturing Company was started on January 1, 2018, when it acquired $83,000 cash by issuing common stock. Baird immediately purchased office furniture and manufacturing equipment costing $9,100 and $35,900, respectively. The office furniture had an eight-year useful life and a zero salvage value. The manufacturing equipment had a $3,900 salvage value and an expected useful life of four years. The company paid $11,500 for salaries of administrative personnel and $15,700 for wages to production personnel. Finally, the company paid $12,640 for raw materials that were used to make inventory. All inventory was started and completed during the year. Baird completed production on 4,600 units of product and sold 3,680 units at a price of $15 each in 2018. (Assume that all transactions are cash transactions and that product costs are computed in accordance with GAAP.)

Required

1. Determine the total product cost and the average cost per unit of the inventory produced in 2018. (Round "Average cost per unit" to 2 decimal places.)

2. Determine the amount of cost of goods sold that would appear on the 2018 income statement. (Do not round intermediate calculations.)

3. Determine the amount of the ending inventory balance that would appear on the December 31, 2018, balance sheet. (Do not round intermediate calculations.)

4. Determine the amount of net income that would appear on the 2018 income statement. (Round your answer to the nearest dollar amount.)

5. Determine the amount of retained earnings that would appear on the December 31, 2018, balance sheet. (Round your answer to the nearest dollar amount.)

6. Determine the amount of total assets that would appear on the December 31, 2018, balance sheet. (Round your answer to the nearest dollar amount.)

Shadee Corp. expects to sell 620 sun visors in May and 340 in June. Each visor sells for $24. Shadee’s beginning and ending finished goods inventories for May are 70 and 55 units, respectively. Ending finished goods inventory for June will be 60 units.

Required: 1. Determine Shadee's budgeted total sales for May and June.

Budgeted Total Sales May:

Budgeted Total Sales June:

2. Determine Shadee's budgeted production in units for May and June.

Budgeted Production (Units) May:

Budgeted Production (Units) June:

3. value: Each visor requires a total of $4.00 in direct materials that includes an adjustable closure that the company purchases from a supplier at a cost of $2.00 each. Shadee wants to have 35 closures on hand on May 1, 18 closures on May 31, and 27 closures on June 30. Additionally, Shadee’s fixed manufacturing overhead is $1,200 per month, and variable manufacturing overhead is $1.75 per unit produced.

Required: 1. Determine Shadee's budgeted cost of closures purchased for May and June. (Round your answers to 2 decimal places.)

Budgeted Cost of Closures Purchased May:

Budgeted Cost of Closures Purchased June:

2. Determine Shadee's budget manufacturing overhead for May and June. (Do not round your intermediate values. Round your answers to 2 decimal places.)

Budgeted Manufacturing Overhead May:

Budgeted Manufacturing Overhead June:

4. value: Suppose that each visor takes 0.80 direct labor hours to produce and Shadee pays its workers $11 per hour.

Required: Determine Shadee's budgeted direct labor cost for May and June (Do not round your intermediate values. Round your answers to 2 decimal places.)

Budgeted Direct Labor Cost May:

Budgeted Direct Labor Cost June:

please provide detail & how you got the answers please! thank you!

ABC Company manufactures abc implements. During June, the company ACTUALLY produced only 300 units of output, but they had planned for 400 units. ABC Company tracks four factory inputs: (1) direct materials, (2) direct labor, (3) variable factory overhead and (4) fixed factory overhead. Both variable and fixed factory overhead are applied using predetermined rates based on direct labor hours. For each of the following cost components, an examination of the records revealed the repective amounts:

Direct Materials:

Standard Cost per unit of materials: $3.20 per pound

Total standard cost allowed for the actual output achieved: $5,760

Direct materials quantity variance: $96 Unfavorable

Total actual cost of materials purchased and used: $5,673

Direct Labor:

Standard cost per unit of output: 2 direct labor hours at $7.00 per hour

Actual direct labor rate per hour: $7.25

Direct labor efficiency variance: $140.00 Unfavorable

Variable Factory Overhead:

Standard variable overhead cost per standard direct labor hour: $4.00 per direct labor hour

Total actual variable overhead cost: $2,250

Fixed Factory Overhead:

Budgeted fixed factory overhead: $4,800

Fixed factory overhead spending variance: $500 Favorable

Fixed factory overhead rate per standard direct labor hour: $6.00 per direct labor hour

Please, compute the following amounts and show computation/work (indicate the direction of any variance computed)

A. Total standard quantity of direct labor allowed for the actual output achieved:

B. Variable factory overhead spending variance:  and (Unfavorable or Favorable)

C. Variable factory overhead efficiency variance;  and (Unfavorable or Favorable)

D. Denominator level in standard direct labor hours:

E . Fixed factory overhead volume variance:

Thank you

XYZ Company manufactures xyz implements. During May, the company ACTUALLY produced only 300 units of output, but they had planned for 400 units. XYZ Company tracks four factory inputs: (1) direct materials, (2) direct labor, (3) variable factory overhead and (4) fixed factory overhead. Both variable and fixed factory overhead are applied using predetermined rates based on direct labor hours. For each of the following cost components, an examination of the records revealed the repective amounts:

Direct Materials:

Standard Cost per unit of materials: $3.20 per pound

Total standard cost allowed for the actual output achieved: $5,760

Direct materials quantity variance: $96 Unfavorable

Total actual cost of materials purchased and used: $5,673

Direct Labor:

Standard cost per unit of output: 2 direct labor hours at $7.00 per hour

Actual direct labor rate per hour: $7.25

Direct labor efficiency variance: $140.00 Unfavorable

Variable Factory Overhead:

Standard variable overhead cost per standard direct labor hour: $4.00 per direct labor hour

Total actual variable overhead cost: $2,250

Fixed Factory Overhead:

Budgeted fixed factory overhead: $4,800

Fixed factory overhead spending variance: $500 Favorable

Fixed factory overhead rate per standard direct labor hour: $6.00 per direct labor hour

Please, compute the following amounts and show computation/work (indicate the direction of any variance computed)

A. Total standard quantity of direct labor allowed for the actual output achieved:

B. Variable factory overhead spending variance:  and (Unfavorable or Favorable)

C. Variable factory overhead efficiency variance;  and (Unfavorable or Favorable)

D. Denominator level in standard direct labor hours:

E . Fixed factory overhead volume variance:

Thank you

Schultz Electronics manufactures two ultra high-definition television models: the Royale which sells for $1,480, and a new model, the Majestic, which sells for $1,270. The production cost computed per unit under traditional costing for each model in 2017 was as follows.

In 2017, Schultz manufactured 25,000 units of the Royale and 10,000 units of the Majestic. The overhead rate of $42 per direct labor hour was determined by dividing total expected manufacturing overhead of $8,449,220 by the total direct labor hours (200,000) for the two models.

Under traditional costing, the gross profit on the models was Royale $458 ($1,480 – $1,022) and Majestic $540 ($1,270 – $730). Because of this difference, management is considering phasing out the Royale model and increasing the production of the Majestic model.

Before finalizing its decision, management asks Schultz’s controller to prepare an analysis using activity-based costing (ABC). The controller accumulates the following information about overhead for the year ended December 31, 2017.

The cost drivers used for each product were:

Please answer all parts in detail. Thank you.

Q1. Betty bakes and sells bagels all year round. Betty plans and manages inventories of paper take-out bags with her logo printed on them. Daily demand for take-out bags is normally distributed with a mean of 90 bags and a standard deviation of 30 bags. Betty’s printer charges her $10 per order for print setup independent of order size. Bags are printed at 5 cents ($0.05) each bag. It takes 4 days for an order to be printed and delivered. Betty has a storage room big enough to hold all reasonable quantities of bags. The holding cost is estimated to be 25% per year. Assume 360 days per year. (Use the H= i × C formula to compute the annual holding cost).

(a) What is the optimal order quantity per order for Betty?

(b) How many times per year does Betty need to order?

(c) How many days will elapse between two consecutive orders?

(d) What is Betty’s total annual inventory-related cost (cost of placing orders and carrying inventory)?  

(e) What is the total cost per bag?

(f) What is Betty’s monthly inventory turns?

(g) If Betty wants to make sure the bags do not run out with 99% probability during the order lead time, what is her optimal reorder point? (Use z=2.33 for 99% service level)

(h) If Betty’s printer charges her $12 per order irrespective of order size, what is the total annual inventory-related costs per bag?

(i) (Bonus) Assume that the print cost can be reduced to 3 cents per bag if Betty prints 9000 bags or more at a time. If Betty is interested in minimizing her total cost (i.e., purchase and inventory-related costs), should she begin printing 9000 or more bags at a time?

Match the definition with the correct term.

Cosmos Company accumulated the following account information for the year:

Using the above information, total factory overhead costs would be:

The following information relates to the manufacturing operations of the K Dabbra Publishing Company for the year:

The raw materials used in manufacturing during the year totaled $1,250,000. Raw materials purchased during the year amounted to:

Elsie Corporation uses an activity-based costing system with three activity cost pools. The company has provided the following data concerning its costs and its activity based costing system.

Distrubution of resource consumption:

How much cost, in total, would be allocated in the first-stage allocation to the Setting Up activity cost pool?

1. Consider a Perfectly Competitive market where the demand is given by P = 6000 – 4Q and the supply is given by P = Q.

a. Calculate the equilibrium price, quantity, total Consumer Surplus, and total Producer Surplus. Show all calculations.

b. Suppose this market now is controlled by a single-price monopolist whose marginal cost function is MC = Q. Determine this firm’s marginal revenue function, then calculate its profit-maximizing quantity, price, the total Consumer Surplus, and the total Producer Surplus. Show all calculations.

Harootunian Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The company based its predetermined overhead rate for the current year on the following data: Total machine-hours 80,000 Total fixed manufacturing overhead cost $ 312,000 Variable manufacturing overhead per machine-hour $ 2.10 Recently, Job T629 was completed with the following characteristics: Number of units in the job 50 Total machine-hours 200 The estimated total manufacturing overhead is closest to what?