E3-25A Analyze manufacturing overhead (Learning Objectives 3 & 5) Smith Foundry in Columbus, Ohio, uses a predetermined manufacturing overhead rate to allocate overhead to individual jobs based on the machine hours required. At the begin- ning of the year, the company expected to incur the following:
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- Calculate a job cost using ABC (Learning Objective 2)Oliver Industries, a small, family-run manufacturer, has adopted an ABC system . The fol- lowing manufacturing activities, indirect manufacturing costs, and usage of cost drivers have been estimated for the year :54-7Direct materials ................................................................................ ? Direct labor ...................................................................................... ? Manufacturing overhead ...... .......... .......... ............. ................. .......... ? Total job cost .................................................................................... $?Classifying costs within the cost hierarchy (Learning Objective 2) Classify each of the following costs as either unit-level, batch-level, product-level, orfacility-level.a. Engineering costs for new productb. Order processingc. Depreciation on factoryd. Direct labore. Shipment of an order to a customerf. Product line manager…I have the following information: direct materials $250 and total manufacturing cost $700. Overhead applied to jobs at a rate of 200% of direct labor cost. This is for Chapter 2 job costing in managerial accounting. I am supposed to figure out conversion cost, direct labor cost, and manufacturing overhead. I know the formula for conversion cost= direct labor + manufacturing OH Prime cost= direct labor + direct materials How do I figure out direct labor cost with the given information? The learning objective states calcualte predetermined overhead rate, but I do not have estimated manufacturing cost and estimated labor. Can you please help? Thanks, Erica GordonA. Determine the prime cost and conversion cost of the school crests produced B. Prepare an income statement for personal All School Logos and More for the quarter ended December 31, 2021. List the non manufacturing overheads in order of size starting with the largest.
- Click to watch the Tell Me More Learning Objective 4 video and then answer the questions below. 1. Which of the following represents the computation of direct materials cost per equivalent unit? Total direct cost for the period divided by total equivalent units of direct materials. Total equivalent units of direct materials divided by total direct cost for the period. Total direct cost for the period divided by total units of direct materials. Total units of direct materials divided by total direct cost for the period. 2. What is the conversion cost per equivalent unit, when the total conversion cost for the period is $1,225 and the total units of packaged drinking water produced during the same period is 5,000 gallons (70 percent complete). $0.17 per gallon $0.35 per gallon $2.86 per gallon None of these choices are correct.Your company has received an order for 20 units of aproduct. Th e labor cost to produce the item is $9.50 per hour. Th esetup cost for the item is $60 and material costs are $25 per unit. Th e item is sold for $92. Th e learning rate is 80 percent. Overheadis assessed at a rate of 55 percent of unit labor cost.(a) Determine the average unit cost for the 20 units if the fi rstunit takes four hours.(b) Determine the minimum number of units that need to bemade before the selling price meets or exceeds the averageunit cost.Click to watch the Tell Me More Learning Objective 2 video and then answer the questions below. 1. The first step in preparing a cost of production report is to _____. compute equivalent units of production determine the units to be assigned costs determine the cost per equivalent unit allocate costs to units transferred out and partially completed units 2. The last step in preparing a cost of production report is to _____. compute equivalent units of production determine the units to be assigned costs determine the cost per equivalent unit allocate costs to units transferred out and partially completed units
- Regional Safety Supplies (RSS) designs and manufactures masks for students. After production, themasks are placed into individual cases, before being transferred into Finished Goods. The accountingrecords of the business reflect the following data at June 30, 2021, for the manufacturing of masks forSugar Hill High School.Inventory 1/7/2020 30/6/2021Raw Materials $230,000 $260,000Factory Supplies $35,000 $24,000Work in Progress $348,300 $203,300Finished Goods $632,900 $485,000Other information:Sales Revenue $5,731,000Factory Supplies Purchased 64,000Direct Factory Labor 792,000Raw Materials Purchased 560,000Plant janitorial service 37,000Depreciation: Plant & Equipment 186,000Total Utilities 1 481,250Production Supervisor’s Salary 450,000Design Costs (School Logo) 26,000Packaging Cases Cost 42,000Total Insurance 2 168,000Delivery Vehicle Drivers’ Wages 181,500Depreciation: Delivery Vehicle 53,290Property Taxes 3 240,000Administrative Wages & Salaries 801,250Advertising &…Regional Safety Supplies (RSS) designs and manufactures masks for students. After production, themasks are placed into individual cases, before being transferred into Finished Goods. The accountingrecords of the business reflect the following data at June 30, 2021, for the manufacturing of masks forSugar Hill High School.Inventory 1/7/2020 30/6/2021Raw Materials $230,000 $260,000Factory Supplies $35,000 $24,000Work in Progress $348,300 $203,300Finished Goods $632,900 $485,000Other information:Sales Revenue $5,731,000Factory Supplies Purchased 64,000Direct Factory Labor 792,000Raw Materials Purchased 560,000Plant janitorial service 37,000Depreciation: Plant & Equipment 186,000Total Utilities 1 481,250Production Supervisor’s Salary 450,000Design Costs (School Logo) 26,000Packaging Cases Cost 42,000Total Insurance 2 168,000Delivery Vehicle Drivers’ Wages 181,500Depreciation: Delivery Vehicle 53,290Property Taxes 3 240,000Administrative Wages & Salaries 801,250Advertising &…1. Prepare a schedule of cost of goods manufactured for the quarter ended December 31, 2021, clearly showing total manufacturing cost & total manufacturing costs to account for. 2. Prepare an income statement for personal All School Logos & More for the quarter ended December 31, 2021. List the non-manufacturing overheads in order of size starting with the largest. 3. What is the selling price per crest if All School Logos & More manufactured 2,800 crests for Hill Point High School for the quarter under review and uses a mark-up of 50% on cost?
- Regional Safety Supplies (RSS) designs and manufactures masks for students. After production, themasks are placed into individual cases, before being transferred into Finished Goods. The accountingrecords of the business reflect the following data at June 30, 2021, for the manufacturing of masks forSugar Hill High School. INVENTORY 1/7/2020 30/6/2021 Raw Materials $230,000 $260,000 Factory Supplies $35,000 $24,000 Work in Progress $348,300 $203,300 Finished Goods 632,900 485,000 Other information: Sales Revenue $5,731,000 Factory Supplies Purchase 64,000 Direct Factory Labour 792,000 Raw Materials Purchased 560,000 Plant janitorial Service 37,000 Depreciation: Plant & Equipment 186,000 Total Utilities 481,250 Production Supervisor's Salary 450,000 Design Costs (school Logo) 26,000 Packaging Cases Cost 42,000 Total Insurance 2 168,000 Delivery Vehicle Drivers' Wages 181,500 Depreciation: Delivery Vehicle 53,290 Property Taxes3 240,000…Average labor cost for the first 700 units of a product is RO 50 and the average labor cost of first 1400 units is RO 45. Average time per unit is 100 minutes. The learning ratio and the average labour cost for first 2800 units will be: a. 80% and RO 36.000 b. 90% and RO 40.500 c. 85% and RO 38.250 d. 95% and RO 42.750Click to watch the Tell Me More Learning Objective 1 video and then answer the questions below. 1. Which of the following manufacturers is most likely to use a process cost system? Purse manufacturer Sports drink manufacturer Automobile manufacturer Guitar manufacturer 2. Process and job order cost systems are similar in that both systems _______. record and summarize product costs classify product costs as direct materials, direct labor, and factory overhead allocate factory overhead costs to products All of these choices are correct.