Lycan Industries electricity costs and machine hours over a six-month period follow: Machine Electricity Cost January February March Hours 2,000 | 2,500 P4,800 5,200 April Мay June 3,000 2,400 2,800 5,400 5,000 5,600 2,200 5,000
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Using the high-low method, how much is the electricity costs if the actual machine hours used is 4,200? (SHOW SOLUTION)
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- When setting its predetermined overhead application rate. Tasty Turtle estimated its overhead would be $75,000 and manufacturing would require 25,000 machine hours in the next year. At the end of the year, it found that actual overhead was $74,000 and manufacturing required 24,000 machine hours. Determine the predetermined overhead rate. What is the overhead applied during the year? Prepare the journal entry to eliminate the under- or over applied overhead.When setting its predetermined overhead application race, Tasty Box Meals estimated its overhead would be $100,000 and would require 25,000 machine hours in the next year. At the end of the year. It found that actual overhead was $102,000 and required 26,000 machine hours. Determine the predetermined overhead rate. What is the overhead applied during the year? Prepare the journal entry to eliminate the under applied or over applied overhead.What is the conversion cost to manufacture insulated travel cups if the costs are: direct materials, $17,000; direct labor, $33,000; and manufacturing overhead, $70,000? A. $16,000 B. $50,000 C. $103,000 D. $120000
- X Industries electricity costs and machine hours over a nine-month period follow: Month Machine hours Cost April 21,000 P9,750 May 34,000 14,300 June 68,000 20,700 July 49,000 19,550 August 25,000 11,150 September 30,000 12,900 October 24,000 10,800 November 18,000 8,200 December 48,000 22,000 Using high-low method, what would be the total cost if the company utilized 42,000 hours? SHOW SOLUTION If the relevant range is from 20,000 to 50,000 machine hours, using high-low method, what would be the total cost if the company utilized 40,000 hours? SHOW SOLUTIONPharma Hill Company accumulates the following data for the period of six months:Unit Heat expenseJanuary 2400 4,000February 2300 4,300March 2200 4,200April 2000 4,000May 1800 3,800June 1900 3,900Required:a) Separate the variable and fixed elements using high-low method.b) Express this cost behavior in equation formc) Calculate heat expense at 2100 units.The following 6 months of data were collected on electricity cost and the number of machine hours in a factory. Electricity Machine Month cost hours June $25,160 4,500 July 26,170 4,810 August 27,250 5,120 September 26,680 5,010 October 27,950 5,430 November 27,500 5,190 An independent variable value used in calculating the cost line using the high-low method is: a. $27,950 b. 5,430 c. $25,160 d. 4,000
- The following information is available about electricity costs for the first six months of the year. Management think that electricity costs are likely to be related to how long machines are running. Month Machinehours ElectricityCost January 2,800 $2,925 February 5,600 $5,526 March 6,200 $5,980 April 3,500 $3,620 May 2,300 $2,470 June 4,500 $4,450 You may wish to refer to the formula sheet to answer this question. If you haven't already downloaded it, you can download it here. Required: Using the high-low method, (a) calculate the fixed costs b. state the cost formula for estimating the electricity cost based on the machine hoursThe following information is available about electricity costs for the first six months of the year. Management think that electricity costs are likely to be related to how long machines are running. Month Machinehours ElectricityCost January 2,800 $2,925 February 5,600 $5,526 March 6,200 $5,980 April 3,500 $3,620 May 2,300 $2,470 June 4,500 $4,450 You may wish to refer to the formula sheet to answer this question. If you haven't already downloaded it, you can download it here. Required: Using the high-low method, In July the firm plans to use 5,400 machine hours. Estimate the electricity cost using your equation from (c). (3 marks)The following information is available about electricity costs for the first six months of the year. Management think that electricity costs are likely to be related to how long machines are running. Month Machinehours ElectricityCost January 2,800 $2,925 February 5,600 $5,526 March 6,200 $5,980 April 3,500 $3,620 May 2,300 $2,470 June 4,500 $4,450 You may wish to refer to the formula sheet to answer this question. If you haven't already downloaded it, you can download it here. Required: Using the high-low method, (a) calculate the variable cost
- The management of Casablanca Manufacturing Corporation believes that machine- hours is an appropriate measure of activity for overhead cost Shown below are machine hours and total overhead cost for the past six months: Machine- hours Overhead Cost Jan 150,000 P339,000 Feb 140,000 P328,000 Mar 160,000 P350,000 Apr 130,000 P319,500 May 170,000 P362,500 Jun 200,000 P400,000 Assume that the relevant range included all of the activity levels mentioned in this problem. If Casablanca expects to incur 185,000 machine hours next month, what will the estimated total overhead cost be using the high-low method?Data concerning NikNik Corporation's activity for the 6 months appear below: Machine Electrical Cost Hours January P3,120 February 4,460 March 3.500 April 5.040 May 2.900 June 3,200 4.000 6.000 4,800 5.800 3.600 4,200 Using the high-low method of analysis, estimate the variable electrical cost per machine hour (nearest centavo).The following information is available for a company’s maintenance cost over the last seven months. Month Units Produced Maintenance Cost June 180 $ 10,900 July 360 13,800 August 240 10,200 September 300 12,000 October 420 13,800 November 480 16,200 December 120 7,200 Using the high-low method, the variable component of its maintenance cost is: Multiple Choice $30.00 per unit. $25.00 per unit. $22.50 per unit. $16.11 per unit. $22.00 per unit.