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- Each finished unit of product X contains 60 pounds of raw materials. The manufacturing process must provide for a 20% waste allowance. The raw materials can be purchased for a cost of P2.50 a pound under terms of 2/10, n/30. The company takes all cash discounts. What is the standard direct materials cost of each unit of product X? a. 180 b. 187.50 c. 183.75 d. 176.40 Please include a short explanation. Thank you.ABC Company has the following costs and expenses for the year December 31, 2020. Raw Materials, 1/1/2020 P40,000 Insurance, Factory P14,000 Raw Materials, 12/1/2020 P25,000 Property Taxes, Factory Building P6,000 Raw Materials Purchases P305,000 Sales Revenue P2,000,000 Work-in-Process, 1/1/2020 P60,000 Delivery Expenses P50,000 Work-in-Process, 12/1/2020 P40,000 Sales Commissions P100,000 Finished Goods, 1/1/2020 P120,000 Indirect Labor P55,000 Finished Goods, 12/31/2020 P110,000 Indirect Material P105,000 Direct Labor P400,000 Factory Machinery, Rent P25,000 Factory Manager’s Salary P25,000 Factory Utilities P55,000 Depreciation, Office Equipment P25,000 Administrative Expense P250,000 Requirement: Prepare a cost of goods manufactured schedule for ABC Company for 2020. Prepare cost of goods sold schedule for ABC Company for 2020. Prepare Income Statement for ABC Company.Your Corporation has received a request for a special order of 6,000 units of its product for $19 each. The product unit cost is as follows: Direct materials......................................... $6.10 Direct labor................................................ 4.20 Variable manufacturing overhead............. 2.30 Fixed manufacturing overhead.................. 3.60 Variable selling expense ………… 1.80 Fixed selling expense……… 1.20 Total cost per unit $19.20 If the special order is accepted, variable selling costs would decrease by 40%. The customer wants the item to be engraved. This involves an additional $2.50 of direct labor per unit. The company will also need to purchase an engraving machine for $12,000. This special order would have no effect on the company's other sales. The company has ample spare capacity for producing the special order. If the special order is accepted, what is…
- A company uses 19325 units of a product per month. The ordering cost for the same is RO 95 and the unit price of the product is 1800. Such a product involves 5% as carrying cost. Determine the cost on material a. 467100000 b. 62972.136 c. 37307.093 d. 467166614.2Atlantis Company is placing an ad in the local paper to advertise its products . The ad will run for one week at a total cost of P5,500. Atlantis Company has four categories of products as follows: Product category % of floor space Expected sales occupied value A 20 P35,000 1515,000 45 64,500 D 2025,500 What amount of advertising cost should be allocated to product category A, assuming Atlantis allocates based on percent of floor space occupied ?Toraxia Inc. manufacturers a product that is packaged and sold in 10-kilogram bags. For 2023, the company developed the following standard costs per bag for direct materials and direct labour: Direct materials (10 kilograms @ $6.00 per kilogram) Direct labour (0.2 hours @ $28 per hour)Total standard cost per 10-kg bag Cost per Bag $60.00 5.60 ($65.60) In January, the company manufactured 3,500 bags. The company purchased 38,200 kilograms of materials costing $232,256 and used 36,500 kilograms. As well, the company paid $19,440 for direct labour and used 720 direct labour hours. Required: (A) Compute the materials price variance and materials usage variance and indicate whether each variance is favourable or unfavourable. (B) Compute the labour rate variance and labour efficiency variance and indicate whether each variance is favourable or unfavourable. (C) Provide possible reasons for each of the variances computed in (A) and (B). For example, regarding the materials price…
- Umdloti Ltd, which manufactures liquid hand soap, commenced operations on 01 November 2021. Standard production for a typical month is expected to be 160 000 bottles. During November 2021 the company manufactured 170 000 bottles of hand soap. On 30 November 2021 there were 46 000 bottles of hand soap in inventory. Manufacturing and commercial costs during November 2021 were as follows: Direct materials R212 500 Direct labour R680 000 Variable manufacturing overheads R37 400 Variable marketing costs R135 160 Fixed administration costs R84 320 Fixed manufacturing overheads R113 900 The hand soap was sold at R12 per bottle during November 2021. During December 2021, Umdloti Ltd decided to increase the selling price by 10% because the fixed manufacturing costs increased by R27 100 and the variable marketing costs increased by R0.11 per unit sold with effect from 01 December 2021. The company manufactured 150 000 bottles of hand soap during December 2021. There were 27 000 bottles…Umdloti Ltd, which manufactures liquid hand soap, commenced operations on 01 November 2021. Standard production for a typical month is expected to be 160 000 bottles. During November 2021 the company manufactured 170 000 bottles of hand soap. On 30 November 2021 there were 46 000 bottles of hand soap in inventory. Manufacturing and commercial costs during November 2021 were as follows: Direct materials R212 500 Direct labour R680 000 Variable manufacturing overheads R37 400 Variable marketing costs R135 160 Fixed administration costs R84 320 Fixed manufacturing overheads R113 900 The hand soap was sold at R12 per bottle during November 2021. During December 2021, Umdloti Ltd decided to increase the selling price by 10% because the fixed manufacturing costs increased by R27 100 and the variable marketing costs increased by R0.11 per unit sold with effect from 01 December 2021. The company manufactured 150 000 bottles of hand soap during December 2021. There were 27 000 bottles of hand…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…10. Bradley Inc. has the capacity to make 100,000 windows. Bradley is currently operating at 80%capacity. The windows usually sell for $20.00 each. Costs for each window follow:Direct materials $ 5.00Direct labor 3.00Variable factory overhead 2.00Fixed factory overhead 4.00Total $14.00The Army has offered to buy 10,000 windows for $12.00 each for barracks. Bradley should dowhat and why ? Please don't provide answer in image format thank youManagement Science: XY Company manufactures and sells LCD monitor at P5000 each. The production officer reported the following: Sale price: P5000 per monitor direct materials cost: P1000 per unit direct labor cost: P550 per unit other overhead cost P950 per unit Fixed costs related to the production are also reported: salary of management: P200,000 rent for the factory: P150,000, other salaries: P140,000 depreciation of equipment: P12,000Compute the profit function