1. You are purchasing a special equipment for military use. The supplier reveals its cost structure as follows:

Material cost = $40 per unit

Labor hours = 10 per unit for the first unit, Labor cost = $10/hour

List the material and labor cost and labor + material cost for the first 8 units when the supplier utilizes a learning curve of 85%.

PLEASE PROVIDE THE FORMULA SO I ACTUALLY KNOW HOW TO DO THIS STUFF.

1. 4. Prepare a Budget that estimates direct labor hours and related costs needed to support budgeted production.direct labor cost budget for January.

   Birds of a Feather Inc. Direct Labor Cost Budget For the Month Ending January 31
   			Fabrication Department		Assembly Department	Total
   Hours required for production:
   	Birdhouse
   	Bird feeder
   	Total
   Hourly rate			$		$
   Total direct labor cost			$		$	$

   5. Prepare a Budget that estimates the cost for each item of factory overhead needed to support budgeted production.factory overhead cost budget for January.

   Birds of a Feather Inc. Factory Overhead Cost Budget For the Month Ending January 31
   	Indirect factory wages
   	Depreciation of plant and equipment
   	Power and light
   	Insurance and property tax
   	Total	$

   6. Prepare a cost of goods sold budget for January. Work in process at the beginning of January is estimated to be $29,000, and work in process at the end of January is estimated to be $35,400.

   Birds of a Feather Inc. Cost of Goods Sold Budget For the Month Ending January 31
   Direct materials inventory, January 1 Direct materials inventory, January 31 Direct materials purchases Factory Overhead Finished goods inventory, January 1 Finished goods inventory, January 31
   Direct materials inventory, January 1 Direct materials inventory, January 31 Direct materials purchases Factory Overhead Work in process inventory, January 1 Work in process inventory, January 31
   Direct materials:
   Direct materials inventory, January 1 Direct materials inventory, January 31 Finished goods inventory, January 1 Finished goods inventory, January 31 Work in process inventory, January 1 Work in process inventory, January 31
   Direct labor Direct materials purchases Factory overhead Finished goods inventory, January 31 Work in process inventory, January 1 Work in process inventory, January 31
   Cost of direct materials available for use
   Less: Direct materials inventory, January 1 Less: Direct materials inventory, January 31 Less: Finished goods inventory, January 1 Less: Finished goods inventory, January 31 Less: Work in process inventory, January 1 Less: Work in process inventory, January 31
   Cost of direct materials placed in production
   Direct labor Direct materials purchases Finished goods inventory, January 1 Finished goods inventory, January 31 Work in process inventory, January 1 Work in process inventory, January 31
   Direct materials purchases Factory overhead Finished goods inventory, January 1 Finished goods inventory, January 31 Work in process inventory, January 1 Work in process inventory, January 31
   Total manufacturing costs
   Total work in process during the period
   Less: Direct materials inventory, January 1 Less: Direct materials inventory, January 31 Less: Finished goods inventory, January 1 Less: Finished goods inventory, January 31 Less: Work in process inventory, January 1 Less: Work in process inventory, January 31
   Cost of goods manufactured
   Cost of finished goods available for sale
   Less: Direct materials inventory, January 1 Less: Direct materials inventory, January 31 Less: Finished goods inventory, January 1 Less: Finished goods inventory, January 31 Less: Work in process inventory, January 1 Less: Work in process inventory, January 31
   Cost of goods sold			$

   7. Prepare a selling and administrative expenses budget for January.

   Birds of a Feather Inc. Selling and Administrative Expenses Budget For the Month Ending January 31
   Selling expenses:
   	Sales salaries expense
   	Advertising expense
   	Telephone expense—selling
   	Travel expense—selling
   	Total selling expenses
   Administrative expenses:
   	Office salaries expense
   	Depreciation expense—office equipment
   	Telephone expense—administrative
   	Office supplies expense
   	Miscellaneous administrative expense
   	Total administrative expenses
   Total operating expenses			$

   8. Prepare a budgeted income statement for January.

   Birds of a Feather Inc. Budgeted Income Statement For the Month Ending January 31
   Gross profit Income before income tax Interest expense Interest revenue Revenue from sales
   Administrative expenses Cost of goods sold Income tax expense Interest expense Selling expenses
   Gross profit Interest revenue Net income Net loss Revenue from sales
   Selling and administrative expenses:
   	Cost of goods sold Income tax expense Interest expense Net loss Selling expenses
   	Administrative expenses Gross profit Income tax expense Interest expense Interest revenue
   	Total selling and administrative expenses
   Income from operations Loss from operations
   Other revenue:
   	Gross profit Interest revenue Interest expense Net income Revenue from sales
   Other expenses:
   	Cost of goods sold Income tax expense Interest expense Net loss Selling expenses
   Income before income tax Loss before income tax
   Cost of goods sold Income tax (30% rate) Interest expense
   Gross profit Net loss Net income			$

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We have been using the same set of data (Data Set One) in the notes to illustrate production and costs. I have provided Data Set One in both tables below. When costs were calculated in the notes, fixed costs were $200. By using the term fixed costs economists are only referring to the fact that a firm must pay this expense no matter how much output it produces or sells. An example of a fixed cost could be the rent a small store pays on the space it rents. The rent will be the same for the duration of the lease, no matter if the store sells I item or 500 items. It is helpful to know what will happen to costs if the price of the variable or fixed resource changes.

Problem Two - Using the information in data set one, which I have included in the table below, recalculate total cost, fixed cost, variable cost, marginal cost, average total cost, average variable cost and average fixed costs if the price of the variable input (which is labor in this example) is not $50 but $55. I have created Table 2 for you to put your answers in. Assume that fixed costs remain at $230. When the price of a variable input changes which other costs will increase? Compare the costs you calculate for table two to the costs calculated in table one to find your answers.

TABLE TWO FOR ANSWERS TO PROBLEM TWO

We have been using the same set of data (Data Set One) in the notes to illustrate production and costs. I have provided Data Set One in both tables below. When costs were calculated in the notes, fixed costs were $200. By using the term fixed costs economists are only referring to the fact that a firm must pay this expense no matter how much output it produces or sells. An example of a fixed cost could be the rent a small store pays on the space it rents. The rent will be the same for the duration of the lease, no matter if the store sells I item or 500 items. It is helpful to know what will happen to costs if the price of the variable or fixed resource changes.

PROBLEM ONE - Using the information in data set one, which I have included in the table below, recalculate total cost, fixed cost, variable cost, marginal cost, average total cost, average variable cost and average fixed costs if the price of the fixed input (the small stores rent) is not $200 but $230. A new lease may have caused the rent to increase. I have created Table 1 for you to put your answers in. Assume the price of the variable input, labor, is still $50 per unit. When fixed costs change which other costs will increase? Compare the costs you calculate for table one to the costs calculated in the notes in chapter 7 to find the answer.

TABLE ONE FOR ANSWERS TO PROBLEM ONE

1. Kathy produces handbags and in a month she produced and sold 50 of them. On an average her cost of producing each handbag is $50. The market price of the handbag is $65. This will lead Kathy to earn a total revenue of

2. A firm Average Variable Cost of producing a box of pencil is $1 and it's Average Total Cost is $3 if 500 pencil boxes are produced. Based on this we can say that the firm's Total Fixed Cost is

3. Marginal Cost rises when the output increases. This is due to

4. MPL (Marginal Product of Labor) is

5. Maya produces custom printed shirts. Her material costs for each custom shirt is $5 and takes one hour to produce it. Alternatively she can also do a part-time job at a local grocery store which can give her $10 an hour. If she is able to sell each custom shirt for $30 then what would be her accounting profit?

FIFO Perpetual Inventory

The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows:

Required:

1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out method. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column.

2. Determine the total sales and the total cost of goods sold for the period. Journalize the entries in the sales and cost of goods sold accounts. Assume that all sales were on account.

3. Determine the gross profit from sales for the period.

5. Based upon the preceding data, would you expect the ending inventory using the A method of inventory costing based on the assumption that the most recent inventory costs should be charged against revenue.last-in, first-out method to be higher or lower?

47.

A perfectly competitive industry has 20 high-cost producers, each with a short-run supply curve given by Q_H = 10 P, and 20 low-cost producers, each with a short-run supply curve given by Q_L = 20 P. The industry demand curve is given by Q^d = 100,000 – 400 P.

At the market equilibrium price, each high-cost producer supplies ____ units and each low-cost producer supplies ____ units

46.

A firm's short-run total cost is given by TC = Q ³ - 6 Q ² +10 Q +8. What is the firm's shutdown price?
(Hint: first find the quantity, then find the price)

43. If a firm's Marginal Revenue (MR) exceeds it's Marginal Cost (MC) at the quantity being produced, the firm should _____ output because ______ .

42.

Which of the following characteristics relate(s) to perfect competition?

Need parts 1 and 2 of this, plus work showing how it was done. Thank you!

CASE 2 – COST OF PRODUCTION SUMMARY: WEIGHTED AVERAGE AND FIFO METHODS

The Company uses a single department production process. Materials are added at the start of the production process and labor and overhead are added as indicated. For January 2020, the Company records have the following information:

UNITS:
Beginning WIP:                                                                                                          10,000 units

100% complete for materials, 50% complete for labor; 3% complete for overhead

Units started in process                                                                                              50,000 units

Units completed                                                                                                         49,000 units

Ending WIP:                                                                                                               11,000 units

100% complete for materials, 60% complete for labor; 20% complete for overhead

PRODUCTION COSTS:

Work in Process, Beginning of the Month:
Materials                                         $ 22,000
Labor                                                  18,000
Overhead                                            11,000             51,000

Current Month Costs:
Materials                                         $ 320,000
Labor                                                  180,160
Overhead                                            152,840           653,000

                                    Total Costs:                       $   704,000

REQUIRED:

1. Prepare a Cost of Production Summary using the weighted average method (calculations for equivalent units of production, cost per equivalent unit of production, total cost for units completed and WIP, ending). Prepare your calculations for Materials, Labor, and Overhead separately.

Prepare the appropriate journal entries at month end.

2. Prepare a Cost of Production Summary using the FIFO method (calculations for equivalent units of production, cost per equivalent unit of production, total cost for WIP, beginning, units started and completed and WIP, ending). Prepare your calculations for Materials, Labor, and Overhead separately.

Prepare the appropriate journal entries at month end.

You need to present your work in an excel spreadsheet and you need to create your own formatting (templates).

As a direct result of your committee's work, quality significantly improved during the latest year while costs and rework decreased. Titan Computer Company also reduced manufacturing capacity because of lowered rework support needs. Sales of AllPad have increased in tandem with a decrease in unit price (following the intent to increase market share). Information about the current period (2016) and prior period (2015) follows. Type of Data 2015 2016 Units of AIIPad produced and sold 800 900 Selling price $450 $430 Pounds of direct material used 3,200 3,300 Direct material cost per pound $35 $35 Manufacturing capacity in units 12,000 11,000 Total conversion costs $1,800,000 $1,650,000 Conversion cost per unit of capacity $150 $150 Selling and customer service capacity customers 90 customers Total selling and customer service costs $495,000 $495,000 Selling and customer service capacity cost and customer $500 $550 Assuming Titan had 70 customers in 2015 and 80 customers in 2016, 1. calculate the operating income of Titan for 2015 and 2016; Particulars 2015 2016 Revenue; 800*450;900*430 360,000 387,000 Direct Material Cost 3200*35;3300*35 112,000 115,500 Conversion Cost 1,800,000 1,650,000 Selling and Customer Service cost 495,000 495,000 Total Cost 2,407,000 2,260,500 Profit/Loss (2,047,000) (1,873,500) Hence, the operating loss for 2015 is $2,047,000 and 2016 is 1,873,500 2) calculate the growth, price recovery, and productivity components that explain the change in operating income from 2015 and 2016; and comment on your answer. What do these components indicate?

I need help with #2