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- Identify cost graphs The following cost graphs illustrate various types of cost behavior: For each of the following costs, identify the cost graph that best illustrates its cost behavior as the number of units produced increases: A. Total direct materials cost B. Electricity costs of 1,000 per month plus 0.10 per kilowatt-hour C. Per-unit cost of straight-line depreciation on factory equipment D. Salary of quality control supervisor, 20,000 per month E. Per-unit direct labor costCost Classification Loring Company incurred the following costs last year: Required: 1. Classify each of the costs using the following table format. Be sure to total the amounts in each column. Example: Direct materials, 216,000. 2. What was the total product cost for last year? 3. What was the total period cost for last year? 4. If 30,000 units were produced last year, what was the unit product cost?A company estimates its manufacturing overhead will be $750,000 for the next year. What is the predetermined overhead rate given the following independent allocation bases? Budgeted direct labor hours: 60,000 Budgeted direct labor expense: $1,500,000 Estimated machine hours: 100,000
- 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?4.The following were taken from accounting records of Bella Company in December 2020.Prime cost, P301,000Gross profit rate on sales, 20%Cost of goods available for sale, P460,000Direct materials purchased, P170,000Work in process, December 1, 2020, P34,000Direct Materials, December 1, 2020, P16,000Finished goods, December 1, 2020, P30,000Factory overhead, 40% of conversion cost.Sales, P500,000Direct labor, P180,000Compute for December 31, 2020: (1) Direct materials inventory; (2) Work in process inventory; (3) Finished goodsinventory: A.(1) P6,000 ; (2) P25,400 ; (3) P30,000B. (1) P49,000 ; (2) P25,000 ; (3) P30,000C. (1) P65,000 ; (2) P25,400 ; (3) P60,000D. (1) P65,000 ; (2) P25,000 ; (3) P60,000In 20x2, Choctaw Company implements a new process affecting labor and materials. Choctaw Company provides the following information so that total productivity can be valued: 20x1 20x2 Number of units produced 570,000 480,000 Labor hours used 190,000 240,000 Materials used (lbs.) 2,850,000 1,600,000 Unit selling price $22 $24 Wages per labor hour $12 $14 Cost per pound of material $3.40 $3.50 Required: 1. Calculate the cost of inputs in 20x2, assuming no productivity change from 20x1 to 20x2. If required, round your answers to the nearest dollar. Cost of labor $fill in the blank Cost of materials $fill in the blank Total PQ cost $fill in the blank The actual cost of inputs for 20x2 are Cost of labor $3,360,000 Cost of materials $5,600,000 Total current cost $8,960,000 2. What is the net value of the productivity changes? If required, round your answers to the nearest dollar.$fill in the blank How much profit change is attributable to each…
- Using the highest and lowest levels of activity for the past year, the cost function representing maintenance costs (y) as a function of machine hours (x) was developed: y=439,000 + 14x. The lowest level of machine hours last year was 4000. The maintenance cost incurred at the highest and lowest level of machine hours were P551,000 and P495,000, respectively. If 5975 machine hours were used the following month, what amount maintenance cost can the company expect? a. 439,000b. 495,000c. 551,000d. 522,650Assume the following information for a company that produced 10,000 units during its first year of operations and sold 8,000 units: Per Unit Per Year Direct materials $ 75 Direct labor $ 50 Variable manufacturing overhead $ 10 Fixed manufacturing overhead $ 300,000 If the company’s absorption costing net operating income during its first year of operations was $63,000, what was its variable costing net operating income during its first year of operations? Multiple Choice $23,000 $103,000 $3,000 $123,00019-Assume that ABC LLC is producing 40000 units of Product A. The direct material cost per unit is OMR50, direct labor cost per unit OMR 10, direct labor hours per unit 2 hours, machine hours per unit 5 hours, No. of purchase requisitions 1000 and No. of machine set-ups 100 . Production overhead split by activity : Receiving and inspection RO 1,500,000 and Production scheduling/set up : RO 1,750,000. Number of batch received/inspected 2000 and No. of batches for scheduling/set up 500. From the following given options identify receiving/ inspecting cost driver rate. a. OMR 750 b. OMR 1000 c. None of the given options d. OMR 800
- Calculate and Use Ovrehead Rate During the coming accounting year, Baker Manufacturing, Inc. anticipates the following costs, expenses, and operating data: Direct material (16,000 lb) $80,000 Direct labor (@10/hr) 200,000 Indirect materials 12,000 Indirect labor 22,000 Sales Commissions 34,000 Factory administration 16,000 Nonfactory administrative expenses 20,000 Other manufacturing overhead 80,000 a. Calculate the predetermined manufacturing overhead rate for the coming year for each of the following application bases: (1) direct labor hours, (2) direct labor costs, and (3) machine hours. b. For each item in requirement in requirement a, determine the proper application of manufacuring overhead to Job 63, to which 16 direct labor hours, $150 of direct labor cost, and 40 machine…Assume the following information for a company that produced and sold 10,000 units during its first year of operations: Per Unit Per Year Selling price $ 200 Direct materials $ 85 Direct labor $ 50 Variable manufacturing overhead $ 8 Sales commission $ 8 Fixed manufacturing overhead $ 300,000 Using variable costing, what is the company’s net operating income? Multiple Choice $270,000 $170,000 $190,000 $490,000The following manufacturing costs were incurred by the Miracle Mile Company in 2019: Direct materials $ 225,000 Direct labor 350,000 Manufacturing overhead 470,000 These costs were incurred to produce 50,000 units of product. Variable manufacturing overhead was 70% of the direct materials cost. In 2020, the direct material and variable overhead costs per unit will increase by 12%, but the direct labor costs per unit are not expected to change. Fixed manufacturing costs are expected to increase by 8%.Required:(a.) Prepare a cost estimate for an activity level of 40,000 units of product in 2020.(b.) Determine the total product costs per unit for 2019 and 2020.
