Concord Corporation provides financial consulting and has collected the following data for the next year’s budgeted activity for a lead consultant. Consultants’ wages $85000       Fringe benefits $22500       Related overhead $17500 Supply clerk’s wages $17000       Fringe benefits $3000       Related overhead $21000 Profit margin per hour $20 Profit margin on materials 15% Total estimated consulting hours 5000 Total estimated material costs $164000 A consulting job takes 20 hours of consulting time and $180 of materials. The client’s bill would be     $752.   $932.   $1080.   $1152.

Q: Franklin Inc. manufactures pipes and applies manufacturing overhead costs to production at a…

A: Allocated manufacturing overhead = Actual Direct labor hours x budgeted​ indirect-cost rate

Q: Employee salaries and wages" in the flexible budget for December would have been closest to:

A: Answer:   $85,200

Q: Power Pack Company expects to operate at 80% of productive capacity during July. The total…

A: To opt for an order from the government or any other organization, the first thing that a company…

Q: JKL Financial Services Ltd has provided the following budget information for the coming financial…

A: Activity based costing is a type and form of costing, in which all indirect costs or overhead costs…

Q: Ash Ltd had total overheads for a month of £48,000. The total monthly budgeted labour hours were…

A: 1.What is the Quoted selling price of the Job.…

Q: Gardner Corporation manufactures skateboards and is in the process of preparing next year's budget.…

A: Selling price per unit: It is the price at which a unit of product is sold in the market. Variable…

Q: Accounting A company’s planned activity level for next year is expected to be 50,000 machine hours.…

A: The flexible budget is prepared to estimate the expenses at various level of production.

Q: ABC Company budgeted total variable costs at $250,400 for the current year. In addition, they…

A: Solution: Total budgeted overhead = Total variable overhead + Factory rent + Depreciation on factory…

Q: Carlos Consulting Inc. provides financial consulting and has collected the following data for the…

A: Budget is prepared at the beginning of the period based on the past performance.

Q: Smith Company budgeted total variable costs at $250,400 for the current year. In addition, they…

A: Solution: Total Budgeted overhead = $250,400 + $325,000 + $20,000 + $140,000 + $60,616 = $796,016…

Q: Wade Company estimates that it will produce 7,000 units of product IOA during the current month.…

A: The variance is the difference between the actual data and standard output of the production of the…

Q: Simms Realtors, a real state consulting firm, specializes in advising companies on potential new…

A: SOLUTION-                                              INDIRECT COST ALLOCATION RATE INDIRECT…

Q: Skelton Corporation had planned to produce 50,000 units of product during the first quarter of the…

A: Budgets are the forecast of the expenses to be incurred and the incomes to be gain. Flexible budgets…

Q: Ceder Company has compiled the following data for the upcoming year: • Sales are expected to be…

A: Cost of goods sold is the sum of all the direct costs incurred by the company in the process of…

Q: Kent Corporation developed the following budgeted costs for the current year: Direct materials…

A: Direct materials: It is the basic input required to manufacture the finished products. The…

Q: he labor rate per hour i

A:

Q: Taylor’s Classic Cars restores classic automobiles to showroom status. Budgeted data for the current…

A: 1.

Q: A local attorney employs ten full-time professionals. The budgeted compensation per employee is…

A: The direct labour budget plan is utilized to figure the quantity of labour hours that will be…

Q: The Service Department determined their budget formula to be $140,000 fixed cost monthly plus $150…

A: Cost allocation: Cost allocation is a process of assigning or allocating costs to each and every…

Q: Bumblebee Company estimates that 402,100 direct labor hours will be worked during the coming year,…

A: Direct labor hours for Next month=October hours+Increment=20,400+3,200=23,600

Q: The production supervisor of the Machining Department for Niland Company agreed to the following…

A: Budget characteristics includes: Prepared for a specific time period It is prepared prior to the…

Q: Bumblebee Company estimates that  402,100 direct labor hours will be worked during the coming year,…

A: Solution a:       Computation of standard variable overhead per direct labor hour Particulars…

Q: The production supervisor of the Machining Department for Hagerstown Company agreed to the following…

A: A flexible budget is a budget that adjusts or flexes with changes in volume or activity. The…

Q: A company's planned activity level for next year is expected to be 100,000 machine hours. At this…

A: Total Budgeted variable costs = Indirect materials + indirect labor + factory supplies =…

Q: Lazer Vision Corporation has two product lines: LED televisions and LCD televisions. The company has…

A: Direct labor hours defines those labor hours which are directly related in the production or…

Q: Bally Incorporated has identified the following cost drivers for its expected overhead costs for the…

A: A method of allocating overhead and indirect expenses to goods and services is called activity-based…

Q: The production supervisor of the Machining Department for Hagerstown Company agreed to the following…

A: Budget means the expected value of future. Budget is not affected by the actual value as it is…

Q: Prepare a manufacturing overhead budget using the above overhead information.

A: Budget is the estimation of future receipts and payments.

Q: Evergreen Corporation manufactures circuit boards and is in the process of preparing next year's…

A: Contribution Margin Ratio is computed by dividing the contribution by the sales and then multiplying…

Q: Pickrel Corporation is an oil well service company that measures its output by the number of wells…

A: $9,100ExplanationPlanning BudgetWells serviced (q) 27Revenue ($5,500q) $148,500Expenses:Employee…

Q: a. Prepare a flexible budget for the actual units produced for May, June, and July in the Machining…

A: Flexible budget for units produced actually in machine department for the month of May, June, and…

Q: A consulting job takes 20 hours of consulting time and $180 of materials. The client’s bill would…

A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting…

Q: PwC, a local accounting firm, employs 25 full-time tax professionals. The budgeted annual…

A: Number of employees = 25 Budgeted compensation = $50,000 Average chargeable time = 380 hours…

Q: Sunland Company provides financial consulting and has collected the following data for the next…

A: Labor rate per hour = (Total labor cost/ Total estimated consultinghours) + profit margin per hour

Q: A local attorney employs ten full-time professionals. The budgeted compensation per employee is…

A: Direct and indirect costs are the prices which are incurred for the production of goods. Direct…

Q: Carlos Consulting Inc. provides financial consulting and has collected the following data for the…

A: Material Loading Charge = Total estimated material costs*Profit margin on materials + Supply clerk’s…

Q: Crable and Tesch, partners in a systems consulting firm, budgeted the following professional labor…

A: Answer 1:

Q: Topeka Plastics Inc. prepared the following factory overhead cost budget for the Trim Department for…

A: SOLUTION- FACTORY OVERHEAD COST- IT IS THE COST INCURRED DURING THE MANUFACTURING PROCESS , NOT…

Q: Nafiz Associates is an accounting firm that provides audit, tax and accounting services. The 2021…

A: Budgeting The process of estimating revenue and expenses for a future period of time refers to the…

Q: iger Equipment Inc., a manufacturer of construction equipment, prepared the following factory…

A: Tiger Equipment Inc. Factory Overhead Cost Variance Report—Welding Department For the Month Ended…

Q: Pickrel Corporation is an oil well service company that measures its output by the number of wells…

A: The question is multiple choice question. Required  Choose the Correct Option.

Q: Kent Corporation developed the following budgeted costs for the current year: Direct materials…

A: Pre-determined overhead allocates rate: It is the rate of allocating the expected overheads to the…

Q: Flores Company budgeted total variable costs at P250,000 for the current year. In addition, they…

A: The predetermined overhead rate is calculated as estimated overhead cost divided by estimated base…

Q: Cycling Corporation identified the following budgeted data for this year. The company produces two…

A: Predetermined overhead rate: Predetermined overhead rate is calculated before the period begins.…

Q: material loading charge is?

A:

Q: Tannin Products Inc. prepared the following factory overhead cost budget for the Trim Department for…

A:

Q: Direct labor hours are estimated as 1,900 in Quarter 1; 2,000 in Quarter 2; 1,800 in Quarter 3; and…

A: Manufacturing overhead: It is the indirect costs that are incurred during the production process.

Overheads

In cost accounting, overhead refers to those expenses which occur during the operating of a business. Overhead includes the fixed, variable, or semi-variable which is not directly involved with a company product or service. It is very important to analyze overhead expense as it helps the company in determining how much a company must charge for its products and services so that they can generate profit.  Overhead expenses depend upon the nature of the business operations.