Chapter 08 - Questions

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Evaluating Selected Cost Driver Assume that a manufacturer of specialized machine parts developed the following total cost estimating equation for manufacturing costs. Y = $14,400 + $1,250 (actual units) a. What is total estimated manufacturing costs if 180 units are produced? $Answer 0

QUESTION 2 Wonder Woman Sdn Bhd manufactures two products, the X and the Y, which have the following standard selling price and standard costs per unit. X Y RM RM Standard Selling Price Direct Materials 120 128 32 26 Direct Labour 40 50 Variables Production Overhead 20 16 Variable Selling Overhead 16 27 A production line can be set up to produce either produce either product X or product Y. The following table gives the breakdown for each product. Labour (minutes) Material (kg) Testing (minutes) Product X 30 2 3 Y 15 4 4 In any one week the availability of resources are expected to be subjects to the following limitations: Direct Labour (minutes) Direct Materials 1800 minutes | 280 kg The production department stated that the testing equipment must be used for at least 240 minutes. Also, because of existing orders, at least 20 units of product X must be produced. Required: Determine by graphical means the optimal mix of X and Y at Wonder Woman Sdn Bhd. (Calculate the exact values of X…

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Stage 2 ABC for Manufacturing: Reassigning Costs to Cost Objects Woodland Corporation has developed the following activity cost information for its manufacturing activities: Activity Activity cost Machine setup $ 70.00 per batch Movement 12.00 per batch move 0.12 per pound Drilling 5.00 per hole Welding 3.00 per inch Shaping 20.00 per hour Assembly 16.00 per hour Inspection 1.50 per unit Filling an order for a batch of 100 fireplace inserts (each insert weighing 50 pounds) required the following: • Three batch moves • Two sets of inspections • Drilling six holes in each unit Completing 90 inches of welds on each unit • Thirty minutes of shaping for each unit • One hour of assembly per unit Determine the activity cost of converting the raw materials into 100 fireplace inserts. $ 34,946

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Question No. 1-2 The estimated costs of producing 6,000 units of a component are: Per Unit Direct Material $10 Direct Labor 8 Applied Variable Factory Overhead 9 Applied Fixed Factory Overhead $1.5 per direct labor dollar The same component can be purchased from market at a price of $29 per unit. If the component is purchased from market, 25% of the fixed factory overhead will be saved. 12 Required: a. Should the component be purchased from the market? b. Being a production manager, provide your iogicai opinion on choosing between purchasing the component from market or producing in-house

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Question IV – Backflush Costing    Canadian Standard Ltd. produces porcelain toilets. Data for the month of August for production of their top model, the "Canadian Standard D-Lux" is given below. The company uses JIT production and backflush costing with three trigger points for entries in the accounting system: incurrence of actual materials purchase costs completion of good output units sale of finished units Production data for August: Standard cost of 1 good unit of output:   direct materials $20   (@ standard) $1,010,000 Conversion costs incurred $1,230,000 Good units of output 50,000 Units sold 47,000 REQUIRED:       conversion costs $25 Raw materials purchased                 Prepare summary entries under backflush costing for the month of August assuming that the raw materials had additional costs as follows:   Unfavourable price variance $5,000 Unfavourable efficiency variance $7,000   Assume that all variances and…

Question 1.2   Alejandro Kirk Manufacturing produces two types of entry doors: Deluxe and Standard. The assignment basis for support costs has been direct labour dollars. For 2021, Alejandro Kirk the following data for the two products:       Deluxe  Standard  Sales units  50,000  400,000  Sales price per unit  $650.00  $475.00  Direct material and labour costs per unit  $180.00  $130.00  Manufacturing support costs per unit  $80.00  $120.00    Last year, Alejandro Kirk Manufacturing purchased an expensive robotics system to allow for more decorative door products in the deluxe product line. The CFO suggested that an ABC analysis could be valuable to help evaluate a product mix and promotion strategy for the next sales campaign. She obtained the following ABC information:    Activity  Cost Driver  Cost  Total  Deluxe  Standard  Setups  # of setups  $500,000  500  400  100  Machine related  # of machine hours…

Journal Entries in a Standard Cost System Boron Chemical Company produces a syntheticresin that is used in the automotive industry. The company uses a standard cost system. For eachgallon of output, the following direct manufacturing costs are anticipated:Direct labor: 2 hours at $25.00 per hour $50.00Direct materials: 2 gallons at $10.00 per gallon $20.00During December of the current year, Boron produced a total of 2,500 gallons of output and incurredthe following direct manufacturing costs:Direct labor: 4,900 hours worked at an average wage rate of $19.50 per hourDirect materials:Purchased: 6,000 gallons @ $10.45 per gallonUsed in production: 5,100 gallonsBoron records price variances for materials at the time of purchase.Required Prepare journal entries for the following events and transactions. (Round all amounts to nearestwhole dollar.)1. Purchase, on credit, of direct materials.2. Direct materials issued to production.3. Direct labor cost of units completed this period.4. Direct…

Question 1.2                                                                                                                    Alejandro Kirk Manufacturing produces two types of entry doors: Deluxe and Standard. The assignment basis for support costs has been direct labour dollars. For 2021, Alejandro Kirk the following data for the two products:     Deluxe Standard Sales units 50,000 400,000 Sales price per unit $650.00 $475.00 Direct material and labour costs per unit $180.00 $130.00 Manufacturing support costs per unit $80.00 $120.00   Last year, Alejandro Kirk Manufacturing purchased an expensive robotics system to allow for more decorative door products in the deluxe product line. The CFO suggested that an ABC analysis could be valuable to help evaluate a product mix and promotion strategy for the next sales campaign. She obtained the following ABC information:   Activity Cost Driver Cost Total Deluxe Standard Setups…

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Chapter 6 question 8 Please help with part A-D Sheffield Construction Consultants performs cement core tests in its Greenville laboratory. The following standard costs for the tests have been developed by the company’s controller, Landon Sheffield, based on performing 2,100 core tests per month.     Standard Price   Standard Quantity   Standard Cost     Direct materials   $0.50 per pound   5 pounds     $2.50       Direct labor   $10 per DLH   0.50 DLH     5.00       Variable overhead   $9 per DLH   0.50 DLH     4.50       Fixed overhead   $16 per DLH   0.50 DLH     8.00       Total standard cost per test             $20.00       At the end of March, London reported the following operational results:   ●   The company actually performed 2,280 core tests during the month.   ●   8,500 pounds of direct materials were purchased during the month at a total cost of $5,700.   ●   6,200 pounds of direct materials were used to conduct the core tests.   ●…

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Chapter 6 Question 8 Sheffield Construction Consultants performs cement core tests in its Greenville laboratory. The following standard costs for the tests have been developed by the company’s controller, Landon Sheffield, based on performing 2,100 core tests per month.     Standard Price   Standard Quantity   Standard Cost     Direct materials   $0.50 per pound   5 pounds     $2.50       Direct labor   $10 per DLH   0.50 DLH     5.00       Variable overhead   $9 per DLH   0.50 DLH     4.50       Fixed overhead   $16 per DLH   0.50 DLH     8.00       Total standard cost per test             $20.00       At the end of March, London reported the following operational results:   ●   The company actually performed 2,280 core tests during the month.   ●   8,500 pounds of direct materials were purchased during the month at a total cost of $5,700.   ●   6,200 pounds of direct materials were used to conduct the core tests.   ●   840 direct labor hours…

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Question 2 Gr8bean manufactures various coffee flavours which are sold in jars. The company has set the following standard costs to manufacture one jar of its premium flavour: Quantity/Hours Price/Rate Standard Cost ? R50 per hour R4 Details Direct materials Direct Labour Variable overheads TOTAL STANDARD COST OF ONE BOX The following cost information relates to August for the production of the 4 500 boxes: Details Direct materials Direct Labour Standard cost for August Actual cost for August 750 grams ? ? REQUIRED: During the month of August, 4 500 boxes were manufactured, and 5 000 kg of direct materials were purchased whilst 3 800 kg were issued to production. R67 500 R80 000 ? R135 000 ? ? Q.2.2 Calculate the standard quantity (hours) used to make one box. ? R40 Variable overheads R22 500 R40 000

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-/1 Question 12 View Policies Current Attempt in Progress Thomsen Computer Company produces three products: Earth, Wind, and Fire. Earth requires 80 machine setups, Wind requires 60 setups, and Fire requires 180 setups. Thomsen has identified an activity cost pool with allocated overhead of $1500000 for which the cost driver is machine setups. How much overhead is assigned to each product? Fire Wind Earth $843750 $281250 $375000 $234375 $703125 $312500 $500000 $500000 $500000 $281250 $500000 $718750

QUESTION 1   MacDowell Company manufactures 100 kg bags of fertilizer that have the following unit standard costs for direct materials and direct labour: Direct materials (100 kg @ $1.00 per kilogram) $100.00 Direct labour (0.5 hours at $24 per hour)     12.00 Total standard direct cost per 100 kg bag $112.00 The following activities were recorded for October: • 1,000 bags were manufactured. • 102,500 kg of materials costing $101,000 were purchased and used • $12,000 was paid for 475 hours of direct labour. Required: A. Compute the direct materials variances.  B. Compute the direct labour variances.  C. Give possible reasons for the occurrence of each of the preceding variances.

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Question 2 TikTok Electronics manufactures an aluminium fibre tripod model "TRI-X" which sells for $1,600. The production cost computed per unit under traditional costing for each model in 2019 was as follows: Traditional Costing TRIX Direct Materials $700 Direct Labour ($20/hour) $120 Manufacturing overhead ($38 per DLH) $228 Total per unit cost $1. 048 In 2019, TikTok Electronics manufactured 26,000 units of TRI-X. Under traditional costing, the gross profit on TRI-X was $552 ($1,600-$1,048). Management is considering phasing out TRIX as it has continuously failed to reach the gross profit target of $600. Before finalizing its decision, management asks TikTok Electronics management accountant to prepare an analysis using activity-based costing (ABC). The management accountant accumulates the following information about overhead for the year ended December 31, 2019. 三 Activity Cost Cost Drivers Estimated Expected Use of Pools Overhead Cost Drivers Purchasing Number of $1,200,000…

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