The Gallo Lompany uses a flexible budget and standard costs to aid planning and control of its machining manufac- turing operations. Its costing system for manufacturing has two direct-cost categories (direct materials and direct manufacturing labor-both variable) and two overhead-cost categories (variable manufacturing overhead and fixed manufacturing overhead, both allocated using direct manufacturing labor-hours). At the 50,000 budgeted direct manufacturing labor-hour level for August, budgeted direct manufactur- ing labor is $1,250,000, budgeted variable manufacturing overhead is $500,000, and budgeted fixed manufac- turing overhead is $1,000,000. The following actual results are for August: $179,300 F 75,900 U 535,500 10,400 U 18,100 U 957,550 Direct materials price variance (based on purchases) Direct materials efficiency variance Direct manufacturing labor costs incurred Variable manufacturing overhead flexible-budget variance Variable manufacturing overhead efficiency variance Fixed manufacturing overhead incurred The standard cost per pound of direct materials is $11.50. The standard allowance is 6 pounds of direct materials for each unit of product. During August, 20,000 units of product were produced. There was no beginning inventory of direct materials. There was no beginning or ending work in process. In August, the direct materials price variance was $1.10 per pound. In July, labor unrest caused a major slowdown in the pace of production, resulting in an unfavorable direct manufacturing labor efficiency variance of $40,000. There was no direct manufacturing labor price variance. Labor unrest persisted into August. Some workers quit. Their replacements had to be hired at higher wage rates, which had to be extended to all workers. The actual average wage rate in August exceeded the standard average wage rate by $0.50 per hour.

Sherise Saad, Kait Steven, and Jed Pert have formed a partnership. Saad invested $110,000, Steven $192,500, and Pert $247,500. Saad will manage the store, Steven will work in the store three-quarters of the time, and Pert will not work in the business. Required Requirement 1. Compute the partners' shares of profits and losses under each of the plans listed. a. Net loss is $73,500, and the partnership agreement allocates 40 percent of profits to Saad, 35 percent to Steven, and 25 percent to Pert. The agreement does not discuss the sharing of losses. Complete the following table to calculate the allocation of net loss. (Use a minus sign or parentheses for net loss amounts. Complete all answer boxes. For amounts that are $0, make sure to enter "0" in the appropriate column.) Total (net loss) Allocation to partners: Saad Steven Pert Total Net loss left to allocate Net loss to partners Saad, Steven, and Pert Allocation of Profits and Losses Saad Steven Pert Total Required C a. 1. Compute…

At the beginning of the year, you estimated the following - Production - 75,000 units Raw Material - 270,000 pounds at a cost of $1,026,000 Direct Labor - 187,500 hours at a cost of $4,125,000 Variable Overhead - 135,000 machine hours at a cost of $567,000 Fixed Overhead - $900,000 At the end of year, the actual results were as follows - Production - 73,000 units Raw Material - 265,720 pounds purchased and used at a cost of $1,036,308 Direct Labor - 179,580 hours at a cost of $3,968,718 Variable Overhead - 133,590 machine hours at a cost of $558,406.20 Fixed Overhead - $891,000

A production department within a company received materials of $8,000 and conversion costs of $11,000 from the prior department. It added material of $23,280 and conversion costs of $42,550. The equivalent units are 17,000 for material and 15,300 for conversion. What is the unit cost for materials and conversion? When required, round final answers to two decimal places. Unit Cost Materials $ Conversion $