A Cleaning Malntenance Machine 100 250 75 5 10 Hours Floor Space 150 200 120 50 60 Total 50 000 75 000 25 000 15 000 17 500 Overheads uch cleaning should be allocated to Department A?
Q: The beginning balance of supplies is $4000. On December 31st, the physical count of remaining…
A: Journals: Recording of a business transactions in a chronological order. First step in the…
Q: On March 1, your checkbook balance is $565.02, and the bank statement balance is $464.07. An…
A: Bank Reconcilation: It is the method involved with matching the balance in bank balance as per…
Q: Kumar, Inc., evaluates managers of producing departments on their ability to control costs. In…
A: The process of recognizing, aggregating, and assigning expenses to specific cost items is known as…
Q: Pat Company uses activity-based costing. The company has two products: A and B. The annual…
A: Cost per unit of Product B under activity-based = Allocation of total cost to product B / No. of…
Q: Dec. 31, 20Y2 Dec. 31, 20Y1 Accounts receivable $30,000 $29,200 Inventory 75,800 76,500 Accounts…
A: Net cash provided by operating activity = Net Income + Add: Non cash income +/- Change in working…
Q: During the month of March 2022, Turaco sole trader purchased goods to the value of N$12 000, of…
A: Total cost of purchase of goods which are sold is to be treated as an expense in income statement.…
Q: how the effects of these transactions on the balance sheet equity accounts. Presently the stock…
A: Basic Accounting Concept
Q: May Made cash sales of $6,300; the cost of the inventory was $3,700. 1 Purchased $2,000 of inventory…
A: Introduction: Journals: Another name for journals also called as Book of prime entries. Journals…
Q: How do I calculate the economic order quantity (EOQ) per annum? New West Secondary School purchases…
A: Answer) Calculation of Economic Order Quantity Economic Order Quantity = (2 x Annual demand in units…
Q: The NiceWay Corporation's statement of financial position shows the total stockholders' equity of…
A: The book value per share is calculated as total shareholders equity divided by number of shares…
Q: ) The selling price should be reduced by $100. This reduction in selling price will allow 1000 units…
A: The question is related to Marginal Costing and Budgetory Control The details are given regarding…
Q: How does Haier’s internationalization strategy differ from the pattern of international development…
A: (Harvard Business Review, 2018). According to Zhang's 'Zero Distance' policy, everyone in the…
Q: TRUE OR FALSE? Once decided by management as an asset held for sale, management can never change…
A: An entity should classify an asset held for sale category when the carrying amount of an asset will…
Q: The following were taken from the books of GK Company: January 1: RM P270,000; WIP P0; FG P45,000…
A: Following formulas were used Production cost for the year = RM used +DL + Factory overhead Nos of…
Q: During February 2022, the following occurred in the business of Nam-Tura Trading, a general dealer:…
A: The amount paid by customer is calculated as total balance minus discount provided.
Q: A B You will prepare a static master budget, budgeted financial statements and a flexible…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first3. Please resubmit the question…
Q: Here is the preclosing December 31, 2017 trial balance for the general fund of Lancaster County: All…
A: The unsigned fund balance is determined by adjusting the difference between general fund revenue and…
Q: Why an internal control system can only provide reasonable assurance on the achievement of an…
A: Internal Control is the process designed, implemented and maintained by those charged with…
Q: out 15% of his merchandise for cash of sales account 65% are expected to be collected in the month…
A: Cash Budget Cash Budget is the estimations of the cash inflows and outflows during a specific…
Q: Jaybird Company operates in a highly competitive market where the market price for its product is…
A: The profits are calculated as difference between total revenue and expenses for the period.
Q: Problem 1 The statement of financial position of the partnership of Rivas and Briones as of December…
A: The partnership comes into existence when two or more persons agree to do the business and further…
Q: Problem 7. Consider the following data about Rock N' Roses Corp: Current ratio, 0.50; Quick ratio,…
A: Current ratio = Current Assets Current liabilities 0.5 = Current Assets…
Q: LMN Company purchased another company on January 1, 2015, resulting in the recording of goodwill of…
A: Computation of depreciation of patent $120,000/10 = $12000
Q: hreé products X, A company is manufacturing and Z. The following information is supplied to:…
A: The question is related to the Cost Management. The details are given regarding the same.
Q: Jan Van Tura, a sole trader provides you with the following information: N$ Vehicle ?????…
A: Formula: Net book value = vehicle - Accumulated depreciation
Q: 1.How is cost recovery properly assessed that will account for tax benefit?
A: Disclaimer: “Since you have asked multiple questions, we will solve the first question for you. If…
Q: $4 equity on December 31st. 12. Compute ending stockholders
A: Common stock is the ordinary stock issued by the company that gives the stakeholders ownership of…
Q: 7)Refemng to the following table, what is Net sales revemue? $460,000 Sales revenue Cost of goods…
A: Formula: Net sales revenue = Sales revenue - sales discounts - sales returns and allowances
Q: Reported accounting earnings provide valuable information to investors, lenders and regulators.…
A: While most managers see executive compensation as immoral, managers who have worked in firms with…
Q: Maroon V Inc. purchased equipment for new highway construction in New York St., Tondo, Manila,…
A: Depreciation rate refers to the rate at which an asset depreciates yearly during the period of its…
Q: Question 7: Which of these taxes is NOT remitted with Form 941? Answer: A. O Federal income tax В. O…
A: Note: “Hi There, Thanks for posting the questions. As per our Q&A guidelines, must be answered…
Q: Gallant Sports is considering the purchase of a new rock-climbing facility. The company estimates…
A: Net present value = Present value of cash inflows - present value of cash outflows Net present value…
Q: Question 5: Smalltime Flyer Co. sells remote control airplane engines, which carry a one-year…
A: I am answering the first three sub-parts of the question as per bartleby guidelines. Please…
Q: its own hardware or that of another accounting services company. In addition to the cost of the…
A: A capitalized cost is an item added to the cost base of a fixed asset on a company's balance sheet.…
Q: The seven-month demand for product X is as follows: 500; 6,000; 2,000; 1,500; 4,000; 5,500; and…
A: In this production plan per month 4000 units are…
Q: CT Inc. is evaluating a project that would cost P8 million at t = 0. There is a 50% chance that the…
A: Capital Budgeting Discounted Cash Flow Method
Q: Journal entries? a. Sold merchandise for cash (cost of merchandise $28,797). b. Received merchandise…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Happy Inc. accounted for noncurrent assets using the revaluation surplus model. On October 1, 2021,…
A: Non-current assets: Non-current assets are that part of total assets which are composed of mainly,…
Q: what amount of depletion should be included in cost of goods sold? 3,375,000 O 4,570,000 O 3,427,500…
A: Depletion refers to the reducing in the value of natural resources of the earth from extraction of…
Q: Physical Flow, Equivalent Units, Unit Costs, No Beginning WIP Inventory,Activity-Based Costing Lacy,…
A: I am answering the first 3 sub-parts of the question as per bartleby guidelines. Please re-submit…
Q: The following transactions and adjusting entries were completed by Robinson Furniture Co. during a…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: X company costs $21,250,000 to produce 10,000 units of a certain product and $23,125,000 to produce…
A: Since you have posted question with multiple sub-parts, we will do the first three sub-parts for…
Q: On June 30, the check register balance is $391.04. The service charge is $4.10, and interest earned…
A: A bank Reconciliation statement is a report that is prepared to know the differences between…
Q: True or false Reclassification of an error will require an adjustment to the retained earnings…
A: Error and Omission of Error and treatment
Q: Required: a. Compute the total factor productivity measures for year 1 and year 2 based on the three…
A: In accounting we consider different costs of inputs including the overheads to determine the total…
Q: By looking at these real life samples of Financial Statements prepared in accordance to PAS/IAS:…
A: Answer:- Biological assets definition:- Biological assets are those assets which are live assets,…
Q: A “sari-sari" store registered as a VAT taxpayer had the following sales. Sales of newspapers…
A: In Philippines government give exemption from VAT is following. 1. News paper, books and magazines…
Q: Miracle Corporation reports the following amounts in its December 31, 20XF income statement:…
A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for…
Q: Problem 10-10 (Algo) Interest capitalization; weighted-average method [LO10-7] On January 1,…
A: The question is based on the concept of Borrowing cost in Financial Accounting. Borrowing cost that…
Q: Surf Company can sell all of the two surfboard models it produces, but it has only 412 direct labor…
A: Contribution margin per labor hour for Glide = Contribution Margin per unit for Glide/ Number of…
Step by step
Solved in 3 steps
- A manufacturing company has two service and two production departments. Human Resources and Machine Repair are the service departments. The production departments are Grinding and Polishing. The following data have been estimated for next years operations: The direct charges identified with each of the departments are as follows: The human resources department services all departments of the company, and its costs are allocated using the numbers of employees within each department, while machine repair costs are allocable to Grinding and Polishing on the basis of machine hours. 1. Distribute the service department costs, using the direct method. 2. Distribute the service department costs, using the sequential distribution method, with the department servicing the greatest number of other departments distributed first.Rex Industries has identified three different activities as cost drivers: machine setups, machine hours, and inspections. The overhead and estimated usage are: Compute the overhead rate for each activity.Rocks Industries has identified three different activities as cost drivers: machine setups, machine hours, and inspections. The overhead and estimated usage are: Compute the overhead rate for each activity.
- A manufacturing company has two service and two production departments. Building Maintenance and Factory Office are the service departments. The production departments are Assembly and Machining. The following data have been estimated for next years operations: The direct charges identified with each of the departments are as follows: The building maintenance department services all departments of the company, and its costs are allocated using floor space occupied, while factory office costs are allocable to Assembly and Machining on the basis of direct labor hours. 1. Distribute the service department costs, using the direct method. 2. Distribute the service department costs, using the sequential distribution method, with the department servicing the greatest number of other departments distributed first.Lansing. Inc., provided the following data for its two producing departments: Machine hours are used to assign the overhead of the Molding Department, and direct labor hours are used to assign the overhead of the Polishing Department. There are 30,000 units of Form A produced and sold and 50,000 of Form B. Required: 1. Calculate the overhead rates for each department. 2. Using departmental rates, assign overhead to live two products and calculate the overhead cost per unit. How does this compare with the plantwide rate unit cost, using direct labor hours? 3. What if the machine hours in Molding were 1,200 for Form A and 3,800 for Form B and the direct labor hours used in Polishing were 5,000 and 15,000, respectively? Calculate the overhead cost per unit for each product using departmental rates, and compare with the plantwide rate unit costs calculated in Requirement 2. What can you conclude from this outcome?Journalizing the distribution of service department costs to production departments Required: Using your solution to P4-7, prepare journal entries for the following: The distribution of the total factory overhead of $79,400 to the individual production and service departments where it originated. The distribution of the Building Maintenance overhead to the appropriate other departments. The distribution of the Factory Office overhead to the appropriate other departments.
- Use the following information for Brief Exercises 4-27 and 4-28: Quillen Company manufactures a product in a factory that has two producing departments, Cutting and Sewing, and two support departments, S1 and S2. The activity driver for S1 is number of employees, and the activity driver for S2 is number of maintenance hours. The following data pertain to Quillen: Brief Exercises 4-27 (Appendix 4B) Assigning Support Department Costs by Using the Direct Method Refer to the information for Quillen Company above. Required: 1. Calculate the cost assignment ratios to be used under the direct method for Departments S1 and S2. (Note: Each support department will have two ratiosone for Cutting and the other for Sewing.) 2. Allocate the support department costs to the producing departments by using the direct method.Cynthia Rogers, the cost accountant for Sanford Manufacturing, is preparing a management report that must include an allocation of overhead. The budgeted overhead for each department and the data for one job are as follows: Using the departmental overhead application rates, and allocating overhead on the basis of direct labor hours, overhead applied to Job 231 in the Tooling Department would be: a. 44.00. b. 197.50. c. 241.50. d. 501.00.Becker Tabletops has two support departments (Janitorial and Cafeteria) and two production departments (Cutting and Assembly). Relevant details for these departments are as follows: Allocate the support department costs to the production departments using the direct method.
- Chester Company provided information on overhead for its three producing departments as follows: Overhead is applied on the basis of machine hours in Fabricating and direct labor hours in Assembly and in Finishing. Job #13-198 had total prime cost of 6,700. The job took 40 machine hours in Fabricating, 100 direct labor hours in Assembly, and 20 direct labor hours in Finishing. What is the total cost of Job# 13-198? a. 6,700.00 b. 1,523.20 c. 8,223.20 d. 7,383.20Refer to Cornerstone Exercise 7.3 and solve for the allocated costs to Fabricating and Assembly using the direct method of support department cost allocation. The Fabricating Department overhead rate is based on normal activity of 82,000 machine hours. The Assembly Department overhead rate is based on normal activity of 160,000 direct labor hours. Job 316 required six machine hours in Fabricating and four direct labor hours in Assembly. Total direct materials cost 120, and total direct labor cost was 80. Required: 1. Calculate the overhead rate for Fabricating based on machine hours and the overhead rate for Assembly based on direct labor hours. (Round overhead rates to the nearest cent.) 2. Using the overhead rates calculated in Requirement 1, calculate the cost of Job 316. 3. What if Job 316 had required one machine hour in Fabricating and four direct labor hours in Assembly? Direct labor and direct materials costs remained the same. Calculate the new cost of Job 316.Refer to the data in Exercise 7.20. The company has decided to use the sequential method of allocation instead of the direct method. The support departments are ranked in order of highest cost to lowest cost. Required: 1. Allocate the overhead costs to the producing departments using the sequential method. (Take allocation ratios out to four significant digits. Round allocated costs to the nearest dollar.) 2. Using machine hours, compute departmental overhead rates. (Round the overhead rates to the nearest cent.)