--/1Question 14View PoliciesCurrent Attempt in ProgressportRooney Small Engine Repair charges $48 per hour of labor. It has amaterial loading percentage of 41%. On a recent job replacing theengine of a riding lawnmower, Rooney worked 11.0 hours and usedparts with a cost of $800. Calculate Rooney's total bill.Rooney's total bill$848 PM)11/18/2019Chp9insprt scTho12deletehomeend144pg up+numbackspacelockP7homen 6dCO

Cost accounting is the branch of accounting that inspects the cost structure of a business. This…

Answered: --/1 Question 14 View Policies Current…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following data is available for Swifty Repair Shop for 2019: Repair technicians’ wages $260000 Fringe benefits 75000 Overhead 55000 Total $390000 The desired profit margin is $36 per labor hour. The material loading charge is 40% of invoice cost. It is estimated that 5000 labor hours will be worked in 2019.In January 2019, Swifty repairs a bicycle that uses parts of $120. Its material loading charge on this repair would be $72. $114. $48. $198.
Overtime produces and sells a mantel clock for $200 per unit. In 2020, 41,000 clocks were produced and 37,000 were sold. Other information for the year includes: Direct materials $42.00 per unit Direct manufacturing labor $8.00 per unit Variable manufacturing costs $5.00 per unit Sales commissions $14.50 per unit Fixed manufacturing costs $64.00 per unit Administrative expenses, all fixed $38.50 per unit What is the inventoriable cost per unit using absorption costing and variable costing? a. $119.00, $55.00 b. $117.00, $53.00 c. $49.00, $51.00 d. $53.00, $42.00
Student question Time Left : 00:09:11 XYZ Inc. sells a single product for a budgeted selling price of $21 per unit. Budgeted direct materials costs were $5 per unit, while budgeted direct labour and variable overhead costs were $3 and $2 respectively. Budgeted fixed overhead costs amount $25,000 per month. The company has a practical production capacity of 10,000 units per month. Budgeted variable selling costs are $2 per unit. Budgeted fixed selling costs are $2,000 per month. During the company's first month of operations, the company produced 10,000 units and sold 7,500 units at an average selling price of $18 per unit. Fixed and variable costs were as budgeted. The company's static budget variance was: Multiple Choice $44,000 favourable $44,000 unfavourable $45,000 favourable $45,000 unfavourable Please answer correct and complete with working
PROBLEM: The Norman Company recently adopted an incentive plan. Factory workers are paid P7.50 per unit with a guaranteed minimum wage of P2,000 per week. Following is a report on employee’s productivity for the week ending May 19, 2019. All employees worked the full 40-hour week. WEEKLY SUMMARY Employee's Name Units ProducedCruz R. Cruz 240 J. Briones 286 C. David 275 A. Mendoze 240 F. Rivera 225 R. Tolentino 285 Required: 1.Compute each employee’s gross pay Work in Process Factory Overhead Control Employee’s Name Units Produced Piece Rate Total Pay Guaranteed Wage Difference (FOC) Total Gross Pay R. Cruz…
The following data is available for Coronado Repair Shop for 2019: Repair technicians’ wages $400000 Fringe benefits 70000 Overhead 50000 Total $520000 The desired profit margin is $46 per labor hour. The material loading charge is 40% of invoice cost. It is estimated that 5000 labor hours will be worked in 2019.In January 2019, Coronado repairs a bicycle that uses parts of $220. Its material loading charge on this repair would be $132. $88. $150. $284.
Q1 Bauss Company, a manufacturer of bicycles, started its production in December 2019. For the preceding 5 years Boss Co. had been a retailer of bicycles. After a thorough survey of bicycles markets, management of the Bauss Co. decided to turn its retail store into a bicycles manufacturing factory. Cost of steel frame for a bicycles will total to $80 per unit. The cost of tires for every bicycle would be $25. Workers on the production lines are on average paid $35 per hour. A bicycle usually takes 8 hours to complete. In addition, the rent on the equipment used to assemble bicycle amounts to $6,000 per month. Indirect materials cost $7 per bicycle. A supervisor was hired to oversee production; her monthly salary is $3,500. Factory cleaning costs are $1,500 monthly. Utility costs amounts to $250 per month. Advertising costs to sell bicycles will be 10,500 per year. The factory building depreciation expense is $2,400 per month. Property taxes on the factory building will be $9,900 per…
The following data related to labor is available for Bramble Repair Shop for 2019: Repair technicians’ wages $420000 Fringe benefits 85000 Overhead 65000 Total $570000 The desired profit margin is $50 per labor hour. The material loading charge is 40% of invoice cost. It is estimated that 5000 labor hours will be worked in 2019.Bramble’ labor charge per hour in 2019 would be $114. $164. $151. $134.
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 in2019 was as follows: Traditional Costing TRIXDirect Materials $700Direct Labour ($20/hour) $120Manufacturing overhead ($38 per DLH) $228Total per unit cost $1, 048 In 2019, TikTok Electronics manufactured 26,000 units of TRI-X. Under traditional costing, thegross 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 itsdecision, management asks TikTok Electronics management accountant to prepare an analysis using activity-based costing (ABC). The management accountant accummulates the following information…
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 in2019 was as follows: Traditional Costing TRIXDirect Materials $700Direct Labour ($20/hour) $120Manufacturing overhead ($38 per DLH) $228Total per unit cost $1, 048 In 2019, TikTok Electronics manufactured 26,000 units of TRI-X. Under traditional costing, thegross 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 itsdecision, management asks TikTok Electronics management accountant to prepare an analysis using activity-based costing (ABC). The management accountant accummulates the following information…
The following data related to labor is available for Sunland Repair Shop for 2019: Repair technicians’ wages $280000 Fringe benefits 80000 Overhead 60000 Total $420000 The desired profit margin is $44 per labor hour. The material loading charge is 40% of invoice cost. It is estimated that 5000 labor hours will be worked in 2019.Sunland’ labor charge per hour in 2019 would be $116. $100. $128. $84.
E3-3 Modified wage plan. Randy Wetzel earns $30 per hour for up to 500 units of production per day. If he produces more than 400 units per day, he will receive an additional piece rate of $0.55per unit. Assume that his hours worked, and pieces finished for the week just ended were as follows: Day Hours Worked Pieces Finished Monday 8 415 Tuesday 8 400 Wednesday 8 525 Thursday 8 300 Friday 8 440 a.Determine Wetzel’s earnings for each day and for the week. b.Prepare the journal entry to distribute the payroll, assuming that any make-up guarantees are charged to Factory Overhead. E3-6 Journal entries for payroll A partial summary of the payroll data for Long Inds. for each week of Juneis as follows: 7-Jun 14-Jun 21-Jun 28-Jun Gross earnings $35,550…
12/ Toshiba Corporation is producing three products Refrigerators, printers and projectors in their unit. During the year 2019,the total overhead expenses are; Procurement cost OMR 480,000 Machine set up cost OMR 250,000 Particulars Refrigerators Printers Projectors Direct labor hours 1000 1500 2500 Number of orders placed 70 50 120 Machine set up hours 327 100 73 Find out machine setup hour rate using activity based costing. a. None of the options b. OMR 40 c. OMR 500 d. OMR 50

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