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- A company sells mulch by the cubic yard. Grade A much sells for $150 per cubic yard and has variable costs of $65 per cubic yard. The company has fixed expenses of $15,000 per month. In August, the company sold 240 cubic yards of Grade A mulch. A. Calculate the contribution margin per unit for Grade A mulch. B. Calculate the contribution margin ratio of the Grade A mulch. C. Prepare a contribution margin income statement for the month of August.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: 100,000Event Forms expects $120,000 in overhead during the next year. It doesn't know whether it should apply overhead on the basis of its anticipated direct labor hours of 6,000 or its expected machine hours of 5,000. What would be the product cost under each predetermined allocation rate if the last job incurred $3,500 in direct material cost, 55 direct labor hours, and 55 machine hours? Wages are paid at $17 per hour.
- Cost of Goods Manufactured Bob's Bistro produces party-sized hoagie sandwiches. For next year, Bob's Bistro predicts that 50,000 units will be produced with the following total costs: Direct materials Direct labor Variable overhead Fixed overhead Next year, Bob's Bistro expects to purchase $116,000 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows: Direct materials Beginning. Ending Required: $53,000 19,000 240,000 Inventory $4,000 $3,900 Direct materials Work-in-Process Inventory $12,200 $14,200 1. Prepare a statement of cost of goods manufactured. Bob's Bistro Statement of Cost of Goods Manufactured For the Coming Year Previne NextIncome Statement Bob's Bistro produces party-sized hoagie sandwiches. For next year, Bob's Bistro predicts that 48,100 units will be produced with the following total costs: Direct materials Direct labor Variable overhead Fixed overhead $68,000 27,000 235,000 Next year, Bob's Bistro expects to purchase $124,500 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows: Direct materials Work-in-Process Beginning Ending Inventory $4,000 $3,900 Inventory $13,900 $15,900 Next year, Bob's Bistro expects to produce 48,100 units and sell 47,400 units at a price of $13.00 each. Beginning inventory of finished goods is $46,500, and ending inventory of finished goods is expected to be $38,000. Total selling expense is projected at $21,500, and total administrative expense is projected at $124,500. Required: 1. Prepare an income statement in good form. Round the percent to four decimal places before converting to a percentage. For…Cornerstones of Cost Management 4th Ed. - Chapter 4 Scenario IV: Goodmark Company produces two types of birthday cards: scented and regular. Expected product data for the coming year are given below. Overhead costs are identified by activity. Scented Cards Regular Cards Total Units produced 20,000 200,000 - Prime costs $160,000 $1,500,000 $1,660,000 Direct labor hours 20,000 160,000 180,000 Number of setups 60 40 100 Machine hours 10,000 80,000 90,000 Inspection hours 2,000 16,000 18,000 Number of moves 180 120 300 Overhead costs: Setting up equipment $240,000 Moving materials 120,000 Machining 200,000 Inspecting products 160,000 Required: 1. Answer the following questions: a. Calculate the activity consumption ratios for Scented cards (round to two decimal places). Setups: Moving materials: Machining: Inspection: b. If only one rate based on direct labor hours were used to assign overhead, Scented Cards would receive…
- Cost of Services Sold Jean and Tom Perritz own and manage Happy Home Helpers, Inc. (HHH), a house-cleaning service. Each cleaning (cleaning one house one time) takes a team of three house cleaners about 1.5 hours. On average, HHH completes about 15,000 cleanings per year. The following total costs are associated with the total cleanings: Direct materials Direct labor Variable overhead Fixed overhead ? $472,500 15,000 18,000 Next year, HHH expects to purchase $25,600 of direct materials. Projected beginning and ending inventories for direct materials are as follows: Direct Materials Inventory Required: Beginning $4,000 2,600 Ending There is no work-in-process inventory and no finished goods inventory; in other words, a cleaning is started and completed on the same day. 1. Prepare a statement of cost of services sold in good form. If an amount is zero, enter "0". Happy Home Helpers, Inc. Statement of Cost of Services Sold For the Coming Year 2. How does this cost of services sold…Activity Cost Driver Chosen asAllocation Base Conversion Cost Per Unit ofAllocation Base Materials handling Number of parts $1.00 Machining Machine hours 60.00 Packaging Number of finished units 2.00 Each windsock requires three parts and spends five minutes in the machining department. The total cost of direct materials and direct labor is $3.50 per windsock. Gale produces 20,000 windsocks each year and sells them at 140% of cost. The selling price per windsock is: Question 8 options: $13.50. $18.90. $16.10. $88.20.Allocated Fixed Manufacturing Overhead $5.00 Unit Cost $26.00 Note: The fixed manufacturing overhead is common to the company. The production capacity is 327,000 units per year. However, Bluejay Rollers expects to produce only 220,000 units for the coming year. The company also has fixed selling costs of $574,000 per year and variable selling costs of $4 per unit sold. Each skateboard normally sells for $39 each. Recently, a customer offered to buy 52,000 skateboards at a special price of $21 each. This order would not have any variable selling costs because no sales commissions are involved. Based on a quantitative analysis, should the company accept the special order? Do not enter dollar signs or commas in the input boxes. Use the negative sign for values that must be subtracted and negative values. Total Revenues $Answer Total Direct
- Basic Break-Even Calculations Suppose that Larimer Company sells a product for $24. Unit costs are as follows: Direct materials $4.42 Direct labor $2.90 Variable factory overhead $1.50 Variable selling and administrative expense $2.60 Total fixed factory overhead is $20,500 per year, and total fixed selling and administrative expense is $10,950.Cost of Goods Manufactured Refer to Brief Exercise 2-1. For next year, Bob’s Bistro predicts that 50,000 units will be produced with the following total costs: Direct materials ? Direct labor Variable overhead Fixed overhead $ 100,000 60,000 260,000 Next year, Bob’s Bistro expects to purchase $195,500 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows: Beginning Ending Required: 1. Prepare a statement of cost of goods manufactured in good form. 2. What if the ending inventory of direct materials decreased by $3,000? Which line items on the statement of cost of goods manufactured would be affected and in what direction (increase or decrease)? Direct Materials Inventory $9,500 5,000 Work-in-Process Inventory $4,500 .Cost of Goods Sold Bob's Bistro produces party-sized hoagie sandwiches. For next year, Bob's Bistro predicts that 50,000 units will be produced with the following total costs: Direct materials Direct labor Variable overhead Fixed overhead ? $100,000 60,000 260,000 Next year, Bob's Bistro expects to purchase $195,500 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows: Direct Materials Inventory $9,500 5,000 Work-in-Process Inventory $4,500 2,500 Beginning Ending Bob's Bistro expects to produce 50,000 units and sell 50,500 units. Beginning inventory of finished goods is $13,000, and ending inventory of finished goods is expected to be $10,000.
