The cost accountant of Sweet Company recorded these cost of producing honeybee Days Mon Tues Wed Thur Fri Sat Şun Grams Produced 100 75 Total Cost Incurred 1,000 600 25 400 150 175 50 1,500 1,600 600 1,300 125
Q: Cost Machine Hours May June P8,300 10,400 7,200 9,500 15,000 20,000 12,000 18,000 July August
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A: Overheads refer to the amount indirectly spent by the company in the production of the product which…
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A: Formula used: Cost formula = Fixed Cost + Variable Cost per hour × Number of Hours
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A: Marginal costs are the variable cost that varies as per the production unit and contribution is the…
Q: During the current period, 14,000 units were produced and 12,000 units were sold. Fixed…
A: Under absorption costing, the fixed costs are also treated only for the goods that are sold during…
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A: Solution: Entry to record fixed manufacturing overhead costs and related variances is as under:
Q: Assume the following information appears in the standard cost card for a business that makes only…
A: Labor spending variance = Actual labor cost - Standard labor cost
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A: The predetermined overhead rate is calculated as total overhead cost divided by estimated base…
Q: The Information bellow has been taken from production department of XYZ Company for December is as…
A: Production cost refers to the total cost of producing a product that includes variable and fixed…
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A: 1)Material quantity variance: Material quantity variance = (Actual quantity - Standard quantity) *…
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A: The variance is calculated by comparing the actual cost with the standard cost . If the actual cost…
Q: Exemplar company reported the following information for its first year of operations. Units produced…
A: Absorption costing is the method for accounting of costs in which all the costs associated with…
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A: Absorption costing: It is a technique that assumes both fixed cost and variable cost as product…
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A: The answer is stated below:
Q: [The following information applies to the questions displayed below.] Felix & Company reports the…
A: 1. As per high low method, variable cost= (cost at higher activity- cost at lower activity)/(highest…
Q: Vijay Company reports the following information regarding its production costs. $ 10.50 per unit $…
A: Absorption Costing: Under the absorption costing method, the product cost is calculated using all…
Q: PROBLEM II, Irish Corporation uses a standard costing system for a product that it manufactures, For…
A: The variance is the difference between standard data and actual output.
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Q: he following information is derived from the cost sheet of Al Hood Manufacturing & Trading LLC:…
A: Conversion cost is cost that incurred to convert the raw materials to finished goods
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A: The high-low method is used to differentiate the mixed cost. The mixed cost is the combination of…
Q: Vijay Company reports the following information regarding its production costs. Compute its product…
A: Absorption Costing: Absorption costing is a method for calculating the full cost or total cost of a…
Q: [The following Information applies to the questions displayed below] Preble Company manufactures one…
A: Flexible budget means the budget prepared based on the actual output.
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A: The variance is calculated as difference between actual costs incurred and standard budgeted costs…
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A: 1. Machine hour rate = total Volume related activity cost total machine…
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A: Solution Concept While preparing cost sheet statement prime cost and factory cost shall be shown…
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A: Activity based costing (ABC) is the costing method which allocates the overheads on the basis of…
Q: The Information below is taken from production department of Salalah Company for August: The number…
A: Cost per unit is ascertained to determine the price of the product. The formulae to compute cost…
Q: XYZ Company is producing three products Alpha, Beta and Gamma. The following overhead costs company…
A: Overhead cost includes all the indirect outlays associated to the process of production.
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A: Answer - Part 1 - Computation of cost of leather and direct labor that should be incurred for the…
Q: |The cost accountant of Sweet Company recorded these cost of producing honeybee: Days Mon Grams…
A: Solution: Variable cost per gram using high low method = (Cost at high level - Cost at low level) /…
Q: XYZ Company uses normal costing. Following are various cost and inventory data for the just…
A: Manufacturing overhead includes all such overhead which are incurred during the time of…
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A:
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A: Manufacturing cost consist of prime cost which consist of direct materials and direct labour cost…
Q: The stone Company produces basketballs. It incurred the following costs during the year. Direct…
A: Marginal costing is an method and it is the variable cost of one unit of a product which is…
Q: Assume the following information appears in the standard cost card for a company that makes only one…
A: Direct material spending variance is also known as direct material price variance calculated using…
Q: The standard cost sheet for a product is shown. (Pleasee see attachment for original question…
A: Budget performance report Budget performance report refers to a report prepared for the purpose of…
Q: A company manufacturing two products furnishers the following data for a year: Product Annual Output…
A: Cost allocation is a process of assigning or allocating indirect cost to each and every unit using a…
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A: Mark up is the value usually added to the cost of the product to come up to the selling price.
Q: The manufacturing costs of Barretto Enterprises for three months of the year follow: Total…
A: High-low method: It is the method in which Fixed cost and variable costs are separated from the…
Q: Company A produces product. The information on the number of units produced and mixed costs is…
A: High-Low method:-This is the method, which is used to split the fixed and variable costs from the…
Q: Camila Company has set the following standard cost per unit for direct materials and direct labor.…
A: (1) Actual Cost Standard Cost AQ x AP AQ x SP SQ x SP 128,700 x $4.75 128,700 x $5.00…
Q: Vijay Company reports the following information regarding its production costs. Direct materials…
A: Under absorption costing, both fixed cost and variable costs are considered for product costing and…
How much is the total cost of producing 150 grams of honey if the company uses the least squares method
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- Statement of cost of goods manufactured and income statement for a manufacturing company The following information is available for Shanika Company for 20Y6: Instructions 1. Prepare the 20Y6 statement of cost of goods manufactured. 2. Prepare the 20Y6 income statement.Statement of cost of goods manufactured and income statement for a manufacturing company The following information is available for Robstown Corporation for 20Y8: Instructions 1. Prepare the 20Y8 statement of cost of goods manufactured. 2. Prepare the 20Y8 income statement.Using the data in P4-2 and Microsoft Excel: 1. Separate the variable and fixed elements. 2. Determine the cost to be charged to the product for the year. 3. Determine the cost to be charged to factory overhead for the year. 4. Determine the plotted data points using Chart Wizard. 5. Determine R2. 6. How do these solutions compare to the solutions in P4-2 and P4-3? 7. What does R2 tell you about this cost model?
- Ayala Inc. has conducted the following analysis related to its product lines, using a traditional costing system (volume-based) and an activity-based costing system. Both the traditional and the activity-based costing systems include direct materials and direct labor costs. Products Product 540X Product 137Y Product 2495 Sales Revenue $208,000 155,000 92.000 Total Costs Traditional $54,000 48,000 23.000 ABC $49,000 30,000 46,000Ohno Company specializes in manufacturing a unique model of bicycle helmet. The model is well accepted by consumers, and the company has enough orders to keep the factory production at 10,000 helmets per month (80% of its full capacity). Ohno's monthly manufacturing cost and other expense data are as follows. Rent on factory equipment $1,600 Insurance on factory building 2,500 Raw materials (plastics, polystyrene, etc.) 79,700 Utility costs for factory 900 Supplies for general office 300 Wages for assembly line workers 63,700 Depreciation on office equipment 800 Miscellaneous materials (glue, thread, etc) 1,200 Factory manager's salary 6,400 Property taxes on factory building 500 Advertising for helmets 14,500 Sales commissions 10,600 Depreciation on factory building 1,600 (a)ParticularsAmountDirect materialR12Direct laborR50Variable manufacturing overheadR6.50Unit product cost for the month under marginal costingR68.50 Prepare an income statement for the month using the Marginal costing method.
- eBook Cost of Goods Manufactured and Sold Anglin Company, a manufacturing firm, has supplied the following information from its accounting records for the last calendar year: Direct labor cost Purchases of direct materials Freight-In on materials Factory supplies used Factory utilities Commissions paid Factory supervision and indirect labor Advertising Materials handling Work-in-process inventory, January 1 Work-in-process inventory, December 31 Show Me How Direct materials inventory, January 1 Direct materials inventory, December 31 Finished goods inventory, January 1 Finished goods inventory, December 31 $496,580 376,390 7,250 17,000 52,520 78,219 162,270 145,910 17,790 203,540 118,070 39,640 32,610 62,980 63,460Refer to Gjerty Corporation. Under absorption costing, the standardproduction cost per unit for the current year wasa. P11.30.b. P 7.30.c. P11.55.d. P13.05.How do I prepare an Income Statement for March 2022 by using the absorption costing method? Other info: The variable manufacturing cost per unit and total manufacturing cost per unit of the finished goods on 01 March 2022 was R21.60 and R26.20 respectively.
- Indirect cost allocationCalculate the overhead surcharges for material, manufacturing & admin based on the followinginformation (numbers in kEUR, unless stated otherwise):Information on direct costsDirect material costs 5,000Direct manufacturing costs 7,500 Information on indirect costsEnergy 2,100Maintenance 500Vehicles 360Material 240Manufacturing 1,200Admin 750 Information on cost allocationEnergy 15,000 MWh manufacturing, 3,500 MWh maintenance, 1500 MWh material, 1,000 MWh admin Maintenance 5 hrs vehicles, 35 hrs manufacturing, 5 hrs material, 5 hrs adminVehicles 3 cars material, 6 cars manufacturing, 21 cars adminUse the included information about Raw Materials Inventory (RM), Work in Process Inventory (WIP), Finished Goods Inventory (FG), and the Income Summary (IS). Determine the total conversion costs added. 1 2 3 4 5 6 7 1 00 RM B Bal T1 T2 T3 T4 E Bal 8 9 FG 10 B Bal 11 T1 12 T2 13 T3 14 T4 15 E Bal 2 Debits 4300 29 050 Debits 4800 45 592 3 Credits 28 000 Credits 33 500 4 5 WIP B Bal DM DL FOH CGM E Bal IS Rev CGS V Op Exp F Op Exp NIBT 6 Debits 8920 28 000 17 430 11 130 Debits 33 500 5130 7960 7 Credits 45 592 Credits 66 200Data table Units of D4H produced and sold 1. 2. Selling price 3. Direct materials (kilograms) 4. Direct material cost per kilogram 5. Manufacturing capacity (units of D4H) 6. Total conversion costs 7. 8. Selling and customer-service capacity 9. Total selling and customer-service costs 10. Selling and customer-service capacity cost per customer 11. Design staff 12. Total design costs 13. Design cost per employee Conversion cost per unit of capacity Alt+Q Print Done $ $ 210 41,000 $ 310,000 7.25 $ 250 2,125,000 $ 8,500 $ $ $ 2,150,000 8,600 95 customers 90 customers 900,000 10,000 12 1,045,000 $ 11,000 $ 12 1,212,000 $ 101,000 $ $ $ ZUZT $ $ ZUZZ 235 43,000 325,000 7.75 250 1,218,000 101,500 (similar to) Data table HW Score: 3.03%, 0.12 of 4 points Daint 0 10 of 1 Revenue effect of growth Cost effect of growth The company has chosen a product differentiation strategy. The growth, price- recovery, and productivity components of the change in operating income from 2021 to 2022 are as…