| The following is information pertaining to a local fitness club, Fitness for Life. | |||||||||
| Month | Club Membership (number of members) | Total Operating Costs | |||||||
| July | 450 | $ 8,900 | |||||||
| August | 480 | $ 9,800 | |||||||
| September | 500 | $ 10,100 | |||||||
| October | 550 | $ 10,150 | |||||||
| November | 560 | $ 10,500 | |||||||
| December | 525 | $ 10,200 | |||||||
| 1. By looking at the Total Operating Costs and the Average Operating Costs Per Member, can you tell whether the club's operating costs are variable, fixed, or mixed? | |||||||||
| 2. Perform Regression analysis using Microsoft Excel. What is the monthly operating cost equation? What is the R-square? | |||||||||
| 3. Use the high-low method to determine the club's monthly operating cost equation. | |||||||||
| 4. Can we predict total montly operating costs if the club has 3,000 members? | |||||||||
In: Accounting
Lupo 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 | 30,400 | |
| Total fixed manufacturing overhead cost | $ | 425,600 |
| Variable manufacturing overhead per machine-hour | $ | 5.00 |
Recently, Job T687 was completed with the following characteristics:
| Number of units in the job | 10 | |
| Total machine-hours | 20 | |
| Direct materials | $ | 590 |
| Direct labor cost | $ | 1,180 |
If the company marks up its unit product costs by 40% then the selling price for a unit in Job T687 is closest to: (Round your intermediate calculations to 2 decimal places.)
Multiple Choice
$86.00
$247.80
$361.00
$301.00
In: Accounting
16
|
Rehmer Corporation is working on its direct labor budget for the next two months. Each unit of output requires 0.09 direct labor-hours. The direct labor rate is $8.50 per direct labor-hour. The production budget calls for producing 5,600 units in June and 6,100 units in July. |
| Required: | ||||||||||||||||||
|
Construct the direct labor budget for the next two months, assuming that the direct labor work force is fully adjusted to the total direct labor-hours needed each month. (Round your answers to 2 decimal places.)
|
In: Accounting
The following information comes from the accounting records for Chelsea, Inc., for May:
| Direct materials inventory, May 1 | $ | 17,000 |
| Direct materials inventory, May 31 | 15,200 | |
| Work-in-process inventory, May 1 | 9,500 | |
| Work-in-process inventory, May 31 | 5,300 | |
| Finished goods inventory, May 1 | 54,500 | |
| Finished goods inventory, May 31 | 72,100 | |
| Direct materials purchased during May | 83,800 | |
| Direct labor costs, May | 59,300 | |
| Manufacturing overhead, May | 79,700 | |
Required:
a. Compute the total prime costs for the month of May.
b. Compute the total conversion costs for the month of May.
c. Compute the total manufacturing costs for the month of May.
d. Compute the cost of goods manufactured for the month of May.
e. Compute the cost of goods sold for the month of May.
In: Accounting
The following data regarding purchases and sales of a commodity
were taken from the related perpetual inventory account:
| June 1 | Balance | 25 units at $60 | |
| 6 | Sale | 20 units | |
| 8 | Purchase | 20 units at $61 | |
| 16 | Sale | 10 units | |
| 20 | Purchase | 20 units at $62 | |
| 23 | Sale | 25 units | |
| 30 | Purchase | 15 units at $63 |
Calculate the cost of the ending inventory at June 30, using (a) the first-in, first-out (FIFO) method and (b) the last-in, first-out (LIFO) method. Identify the quantity, unit price, and total cost of each lot in the inventory.
(a) First-In, First-Out (FIFO):
| units at | $ | $ | |
| units at | $ | ||
| Total | $ | ||
(b) Last-In, First-Out (LIFO):
| units at | $ | $ | |
| units at | $ | ||
| units at | $ | ||
| Total | $ | ||
In: Accounting
|
Complete the balance sheet and sales information using the
following financial data:
|
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*****please LABEL all answers very clearly*********
In: Finance
The costs per equivalent unit of direct materials and conversion in the Rolling Department of Oak Ridge Steel Company are $0.60 and $1.20, respectively. The equivalent units to be assigned costs are as follows:
| Equivalent Units | ||||
| Direct Materials | Conversion | |||
| Inventory in process, July 1 | 0 | 5,100 | ||
| Started and completed during July | 64,000 | 64,000 | ||
| Transferred out of Rolling (completed) | 64,000 | 69,100 | ||
| Inventory in process, July 31 | 4,000 | 1,200 | ||
| Total units to be assigned costs | 68,000 | 70,300 | ||
The beginning work in process inventory on July 1 had a cost of $3,210. Determine the cost of completed and transferred-out production, the ending work in process inventory, and the total costs assigned by the Rolling Department.
| Completed and transferred-out production | $ |
| Inventory in process, ending | $ |
| Total costs assigned by the Rolling Department | $ |
In: Accounting
The costs per equivalent unit of direct materials and conversion in the Rolling Department of Oak Ridge Steel Company are $2.75 and $2.80, respectively. The equivalent units to be assigned costs are as follows:
| Equivalent Units | ||||
| Direct Materials | Conversion | |||
| Inventory in process, July 1 | 0 | 1,800 | ||
| Started and completed during July | 46,000 | 46,000 | ||
| Transferred out of Rolling (completed) | 46,000 | 47,800 | ||
| Inventory in process, July 31 | 3,000 | 1,200 | ||
| Total units to be assigned costs | 49,000 | 49,000 | ||
The beginning work in process inventory on July 1 had a cost of $1,210. Determine the cost of completed and transferred-out production, the ending work in process inventory, and the total costs assigned by the Rolling Department.
Completed and transferred-out production: $______
Inventory in process, ending: $_____
Total costs assigned by the Rolling Department: $____
In: Accounting
The following data regarding purchases and sales of a commodity were taken from the related perpetual inventory account: June 1 Balance 25 units at $60 6 Sale 20 units 8 Purchase 20 units at $61 16 Sale 10 units 20 Purchase 20 units at $62 23 Sale 25 units 30 Purchase 15 units at $63 Calculate the cost of the ending inventory at June 30, using (a) the first-in, first-out (FIFO) method and (b) the last-in, first-out (LIFO) method. Identify the quantity, unit price, and total cost of each lot in the inventory. (a) First-In, First-Out (FIFO): June 1 units at $ $ June 8 units at $ Total $ (b) Last-In, First-Out (LIFO): units at $ $ units at $ units at $ Total $
In: Accounting
The following data regarding purchases and sales of a commodity
were taken from the related perpetual inventory account:
| June 1 | Balance | 25 units at $60 | |
| 6 | Sale | 20 units | |
| 8 | Purchase | 20 units at $61 | |
| 16 | Sale | 10 units | |
| 20 | Purchase | 20 units at $62 | |
| 23 | Sale | 25 units | |
| 30 | Purchase | 15 units at $63 |
Calculate the cost of the ending inventory at June 30, using (a) the first-in, first-out (FIFO) method and (b) the last-in, first-out (LIFO) method. Identify the quantity, unit price, and total cost of each lot in the inventory.
(a) First-In, First-Out (FIFO):
| units at | $ | $ | |
| units at | $ | ||
| Total | $ | ||
(b) Last-In, First-Out (LIFO):
| units at | $ | $ | |
| units at | $ | ||
| units at | $ | ||
| Total | $ | ||
In: Accounting