ACC 212 Chapter 5 Practice Problem

Question #4 Stephens Marine Repair is trying to establish the standard labor cost of a typical water-cooling pump repair. The following data have been collected from time and motion studies conducted over the past month. Actual time spent on pump repair $24.00 Hourly wage rate Payroll taxes Onsite setup and downtime Final adjustments and testing Fringe benefits 20% of wage rate Required (a) repair (b) (c) 10% of wage rate repair. (d) 1.75 hours 5% of actual labor time 10% of actual labor time Determine the standard direct labor hours per pump Determine the standard direct labor hourly rate. Determine the standard direct labor cost per pump If a pump repair took 1.75 hours at the standard hourly rate, what was the direct labor quantity variance?

10. Question Content Area Special-Order Decision, Services, Qualitative Aspects Jason Rogers works full-time for UPS and runs a lawn-mowing service part-time after work during the warm months of April through October. Jason has two men working with him, each of whom is paid $6.00 per lawn mowing. Jason has 25 residential customers who contract with him for once-weekly lawn mowing during the months of May through September, and twice-per-month mowings during April and October. On average, Jason charges $42 per lawn mowed. Recently, LStar Property Management Services asked Jason to mow the lawn at each of its 29 rental houses every two weeks during the months of May through September. LStar has offered to pay $29 per lawn mowing, and would forego the lawn edging that normally takes Jason’s team about half of its regular mowing time. If Jason accepts the job, he can assign a one-man team to mow the rental house yards, and will have to buy an additional power lawn mower for about $370…

10. Special-Order Decision, Services, Qualitative Aspects Jason Rogers works full-time for UPS and runs a lawn-mowing service part-time after work during the warm months of April through October. Jason has two men working with him, each of whom is paid $6.00 per lawn mowing. Jason has 25 residential customers who contract with him for once-weekly lawn mowing during the months of May through September, and twice-per-month mowings during April and October. On average, Jason charges $42 per lawn mowed. Recently, LStar Property Management Services asked Jason to mow the lawn at each of its 29 rental houses every two weeks during the months of May through September. LStar has offered to pay $29 per lawn mowing, and would forego the lawn edging that normally takes Jason’s team about half of its regular mowing time. If Jason accepts the job, he can assign a one-man team to mow the rental house yards, and will have to buy an additional power lawn mower for about $370 used. Fuel to run the…

Scatter Diagrams and High-Low Cost Estimation From April 1 through October 31, Will County Highway Department hires temporary employees to mow and clean the right-of-way along county roads. The County Road Commissioner has asked you to help her in determining the variable labor cost of mowing and cleaning a mile of road. The following information is available regarding current-year operations: Month April May June July August September October Miles Mowed Labor and Cleaned Costs 350 $4,000 300 3,750 400 4,500 250 2,750 375 4,250 200 2,500 100 2,400 Use the information from the high- and low-volume months to develop a cost-estimating equation for monthly labor costs. Monthly labor costs = $ 1,700 + $ 7 X Plot the data on a scatter diagram. Using the information from representative high- and low volume months, use the high-low method to develop a cost- estimating equation for monthly labor costs. Monthly labor costs $ 0 + $ ox Adjust the equation developed in requirement (b) to…

Allocating Transaction Price to Performance Obligations and Recording Sales Software Supplier Inc. sells to a customer a perpetual software license and post-contract customer support for a 12-month period, commencing at the time that the software is activated. Software Supplier Inc. charges $360 upfront when the software is purchased and $24 a month for 12 months, due at the end of the month. Software Supplier Inc. sells the software separately for $480 while the standalone selling price of the post-contract customer support is $240. Note: Carry all decimals in calculations; round the final answer to the nearest dollar. Note: If a journal entry (or a line of the journal entry) isn't required for the transaction, select "N/A" as the account names and leave the Dr. and Cr. answers blank (zero). a. How should the transaction price be allocated among the performance obligation(s)? Performance Obligations Software Customer support Transaction Price as Stated Standalone Selling Price…

Scatter Diagrams and High-Low Cost Estimation From April 1 through October 31, Coles County Highway Department hires temporary employees to mow and clean the right-of-way along county roads. The County Road Commissioner has asked you to help her in determining the variable labor cost of mowing and cleaning a mile of road. The following information is available regarding current-year operations: Month April May June July August September October Miles Mowed Labor and Cleaned Costs 240 $6,800 305 7,680 325 8,310 275 7,200 220 6,550 200 5,760 75 4,960 Use the information from the high- and low-volume months to develop a cost-estimating equation for monthly labor costs. Monthly labor costs $ 0+ $ 0X Plot the data on a scatter diagram. Using the information from representative high- and low volume months, use the high-low method to develop a cost-estimating equation for monthly labor costs. Monthly labor costs $ 0 + $ ox Adjust the equation developed in requirement (b) to incorporate the…

Scatter Diagrams and High-Low Cost Estimation From April 1 through October 31, Coles County Highway Department hires temporary employees to mow and clean the right-of-way along county roads. The County Road Commissioner has asked you to help her in determining the variable labor cost of mowing and cleaning a mile of road. The following information is available regarding current-year operations: Month April May June July August September October Miles Mowed Labor and Cleaned Costs 240 $6,800 305 7,680 325 8.310 275 7,200 220 6,550 200 5,760 75 4,960 Use the information from the high- and low-volume months to develop a cost-estimating equation for monthly labor costs. Monthly labor costs = $ 3,955 ✓ + $ 13.4 ✔ X Plot the data on a scatter diagram. Using the information from representative high- and low volume months, use the high-low method to develop a cost-estimating equation for monthly labor costs. Monthly labor costs - $ 8,310 x S 13.4 x x Adjust the equation developed in…

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Special-Order Decision, Services, Qualitative Aspects Jason Rogers works full-time for UPS and runs a lawn-mowing service part-time after work during the warm months of April through October. Jason has two men working with him, each of whom is paid $6.00 per lawn mowing. Jason has 25 residential customers who contract with him for once-weekly lawn mowing during the months of May through September, and twice-per-month mowings during April and October. On average, Jason charges $42 per lawn mowed. Recently, LStar Property Management Services asked Jason to mow the lawn at each of its 29 rental houses every two weeks during the months of May through September. LStar has offered to pay $29 per lawn mowing, and would forego the lawn edging that normally takes Jason’s team about half of its regular mowing time. If Jason accepts the job, he can assign a one-man team to mow the rental house yards, and will have to buy an additional power lawn mower for about $370 used. Fuel to run the…

Manufacturing Value-Added Cycle Efficiency (МСE) Processing Time Total Cycle Time %3D Manufacturing Cycle Efficiency Problem 16 Description Hours VA NVA Receiving and transferring ingredients to storage Storing ingredients 270 270 Transferring the ingredients from storage 4.5 4.5 Mixing and cooking the ingredients 4.5 4.5 Bottling the water Transferring the bottles to await custome shipment Total 300 7.5 292.5 Cycle Time 300 MCE 0.025 Problem 29 60 x 360 days = 21,600 B 3,620,400/ 21,600 = 168 Week4_Seatwork Problem1 I Using Chapter 4-Problem 29 (Regis Place) I Requirement B I Requirement C I Due Oct 5, 11:59 PM

Scatter Diagrams and High-Low Cost EstimationFrom April 1 through October 31, Will County Highway Department hires temporary employees to mow and clean the right-of-way along county roads. The County Road Commissioner has asked you to help her in determining the variable labor cost of mowing and cleaning a mile of road. The following information is available regarding current-year operations: Month Miles Mowedand Cleaned LaborCosts April 350 $16,000 May 300 15,000 June 400 18,000 July 250 11,000 August 375 17,000 September 200 10,000 October 100 9,600 a. Use the information from the high- and low-volume months to develop a cost-estimating equation for monthly labor costs. Monthly labor costs = Answer + Answer X b. Plot the data on a scatter diagram. Using the information from representative high- and low volume months, use the high-low method to develop a cost-estimating equation for monthly labor costs. Monthly labor costs = Answer + Answer X d.…

Special-Order Decision, Services, Qualitative Aspects Jason Rogers works full-time for UPS and runs a lawn-mowing service part-time after work during the warm months of April through October. Jason has four men working with him, each of whom is paid $6.00 per lawn mowing. Jason has 29 residential customers who contract with him for once-weekly lawn mowing during the months of May through September, and twice-per-month mowings during April and October. On average, Jason charges $36 per lawn mowed. Recently, LStar Property Management Services asked Jason to mow the lawn at each of its 28 rental houses every two weeks during the months of May through September. LStar has offered to pay $28 per lawn mowing, and would forego the lawn edging that normally takes Jason’s team about half of its regular mowing time. If Jason accepts the job, he can assign a three-man team to mow the rental house yards, and will have to buy an additional power lawn mower for about $365 used. Fuel to run the…

Special-Order Decision, Services, Qualitative Aspects Jason Rogers works full-time for UPS and runs a lawn-mowing service part-time after work during the warm months of April through October. Jason has four men working with him, each of whom is paid $5.00 per lawn mowing. Jason has 29 residential customers who contract with him for once-weekly lawn mowing during the months of May through September, and twice-per-month mowings during April and October. On average, Jason charges $46 per lawn mowed. Recently, LStar Property Management Services asked Jason to mow the lawn at each of its 30 rental houses every two weeks during the months of May through September. LStar has offered to pay $30 per lawn mowing, and would forego the lawn edging that normally takes Jason's team about half of its regular mowing time. If Jason accepts the job, he can assign a three-man team to mow the rental house yards, and will have to buy an additional power lawn mower for about $345 used. Fuel to run the…

Exercise 18-11 Indigo Windows manufactures and sells custom storm windows for three-season porches. Indigo also provides installation service for the windows. The installation process does not involve changes in the windows, so this service can be performed by other vendors. Indigo enters into the following contract on July 1, 2020, with a local homeowner. The customer purchases windows for a price of $2,520 and chooses Indigo to do the installation. Indigo charges the same price for the windows irrespective of whether it does the installation or not. The customer pays Indigo $2,040 (which equals the standalone selling price of the windows, which have a cost of $1,110) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on September 1, 2020, Indigo completes installation on October 15, 2020, and the customer pays the balance due. Indigo estimates the standalone selling price of the installation based on an estimated cost of $430 plus a…

Exercise 18-11 Indigo Windows manufactures and sells custom storm windows for three-season porches. Indigo also provides installation service for the windows. The installation process does not involve changes in the windows, so this service can be performed by other vendors. Indigo enters into the following contract on July 1, 2020, with a local homeowner. The customer purchases windows for a price of $2,520 and chooses Indigo to do the installation. Indigo charges the same price for the windows irrespective of whether it does the installation or not. The customer pays Indigo $2,040 (which equals the standalone selling price of the windows, which have a cost of $1,110) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on September 1, 2020, Indigo completes installation on October 15, 2020, and the customer pays the balance due. Indigo estimates the standalone selling price of the installation based on an estimated cost of $430 plus a…

Scatter Diagrams and High-Low Cost Estimation From April 1 through October 31, Will County Highway Department hires temporary employees to mow and clean the right-of-way along county roads. The County Road Commissioner has asked you to help her in determining the variable labor cost of mowing and cleaning a mile of road. The following information is available regarding current-year operations: Miles Mowed Labor Costs 350 $4,000 300 3,750 400 4,500 250 2,750 375 4,250 200 2,500 100 2,400 Month and Cleaned April May June July August September October Use the information from the high- and low-volume months to develop a cost-estimating equation for monthly labor costs. Monthly labor costs = $ 1700 + $ 7 X Plot the data on scatter diagram. Using the information from representative high- and low volume months, use the high-low method to develop a cost- estimating equation for monthly labor costs. Monthly labor costs = $ $ X Adjust the equation developed in requirement (b) to incorporate the…

Subject: AFAR #43

Subject:AFAR #42

Scatter Diagrams and High-Low Cost Estimation From April 1 through October 31, Coles County Highway Department hires temporary employees to mow and clean the right-of-way along county roads. The County Road Commissioner has asked you t help her in determining the variable labor cost of mowing and cleaning a mile of road. The following information is available regarding current year operations: Month April May ME July August September October Miles Mowed Labor and Cleaned Costs 350 $9,000 300 8,800 400 10,400 250 8.000 375 10,000 200 7,200 100 6,200 Use the information from the high- and low-volume months to develop a cost-estimating equation for monthly labor costs Monthly labor costs 4,8001 Check Plot the data on a scatter diagram. Using the information from representative high and low volume months, use the high-low method to develop a cost-estimating equation for monthly labor costs Monthly labor costs 4.800*•$ 300 X BXX Adjust the equation developed in requirement (b) to…

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When a company has post-acquisition expenditures related to Property, Plant, and Equipment it must determine whether the amount should be expensed as an ordinary repair or capitalized as a major repair, addition, or betterment. This requires considering the nature of the expenditure and the use of judgment. Many companies use a threshold amount. Any expenditure below the threshold is expensed. Items over the threshold are examined and a decision is made about whether to expense or capitalize the item. This approach is justified by both materiality and considering costs and benefits. For example, a company with $94 million in net property, plant, and equipment and $250 million of operating expenses would not consider a $100 repair as material. Plus, if the company had to spend thousands of dollars examining every repair expenditure, the costs of doing the analysis could easily outweigh the benefits. SouthEast Equipment has a large number of machines and equipment that are available for…

Dec. Dec. Additional job order activities during this period included: 2 Dec. 12 Dec. Waterways has two major public-parkprojects to provide with comprehensive irrigation in one of its service locations this month. Job J57 and Job K52 involve 15 acres of landscaped terrain which will require special-order sprinkler heads to meet the specifications of the project. Using a job cost system to produce these parts, the following events occurred during December. Dec. 13 1 Purchased raw materials from Durbin Supply Company on account for $46,816. Issued $35,200 of direct materials from the company's inventory to jobs other than K52 and J57 and $2,640 of indirect materials. Raw materials were requisitioned from the company's inventory on December 2 for $4,458; on December 8 for $930; and on December 14 for $3,042. In each instance, two-thirds (2/3) of these materials were for J57 and the rest for K52. 18 Dec. 21 Six time tickets were turned in for these two projects for a total amount of 18…

Question Content Area Prior to installing a JIT system, Grindstone Company used machine hours to assign maintenance costs to its three products of 4-inch, 6-inch, and 9-inch insulation. The maintenance costs totaled $432,000 per year. The machine hours used by each product and the quantity produced of each product are as follows:   Machine Hours Quantity Produced 4-inch 5,000 15,000 rolls 6-inch 12,000 12,500 rolls 9-inch 7,000 11,200 rolls After installing JIT, three manufacturing cells were created, and the cell workers were trained to perform maintenance. Maintenance costs for the three cells still totaled $432,000; however, these costs are now traceable to each cell. Cell, 4-inch $125,000 Cell, 6-inch 175,000 Cell, 9-inch 165,000 The maintenance cost per roll of 9-inch insulation before JIT is installed would be a. $14.00. b. $11.25. c. $7.75. d. $30.00.

Management of Ellen Software Services (ESS) has recently implemented a TQM program to eliminate a serous level of "program bugs" that plagued its recent product releases. The following activities and their costs were taken from ESS's records. The data are for 2019 (the year prior to the TQM program) and 2021 (the year after the start of the TQM program). 2019 2021 Design documentation standards development 100,000 Documentation of customer training process 20,000 Documentation of changes to software 5,000 20,000 Customer training 100,000 130,000 Software testing - Customer site 130,000 80,000 Software – testing – pre-release 50,000 140,000 Telephone "on-line" customer problem support 90,000 60,000 Software corrections and redesign 50,000 20,000 Field "trouble shooting" for customer support 140,000 80,000 Costs of Contract cancellations 180,000 30,000 Revenues lost due to delivery date delays 120,000 Training for systems designers/programmers 100,000 250,000 Training for sales staff…

Current Attempt in Progress Splish College provides its own housekeeping services. The College director would like to outsource this service and has found a company that will provide the service for $49 per hour. The following information has been collected about the cost per hour to the college for performing its own housekeeping services Cost per hour of service: Cleaning supplies $3 Direct labour costs $27 Variable overhead $1 Total hours of housekeeping services per year 3,040 Total fixed overhead $55,080 (a) Your answer is partially correct Determine whether Splish College should outsource housekeeping, assuming that 50% of fixed costs can be eliminated if the service is outsourced. (If an amount reduces the net income then enter with a negative sign preceding the number, eg-15,000 or parenthesis, eg (15,000). While alternate approaches are possible, irrelevant fixed costs should be included in both options when solving this problem.) amber of hours: 040 In-house eaning supplies…