In its first month of business, Soles for Souls, Inc., started and completed 5,000 shoes and sold 4,000 shoes during the month. Its cost for the month included: Advertising Costs $600 Direct materials per shoe Direct labor per shoe Allocated Manufacturing Overhead Sales Manager's Salary Calculate Soles for Soul's cost of goods manufactured for the year. $3.00 $3.00 $3,000 $22,000
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- Use the following information for Brief Exercises 2-19 and 2-20: Slapshot Company makes ice hockey sticks. Last week, direct materials (wood, paint, Kevlar, and resin) costing 32,000 were put into production. Direct labor of 28,000 (10 workers 200 hours 14 per hour) was incurred. Manufacturing overhead equaled 60,000. By the end of the week, the company had manufactured 500 hockey sticks. Brief Exercise 2-20 Prime Cost and Conversion Cost Refer to the information for Slapshot Company on the previous page. Required: 1. Calculate the total prime cost for last week. 2. Calculate the per-unit prime cost. 3. Calculate the total conversion cost for last week. 4. Calculate the per-unit conversion cost.Problem 1 Laughton Corporation makes two styles of cases for compact disks, the standard case and the deluxe case. The company has assigned $210,000 in monthly manufacturing overhead to three cost pools as follows: $90,000 to machining costs, $60,000 to production set-up costs, and $60,000 to inspection costs. Additional monthly data is provided below: Standard Case Deluxe Case $480,000 $189,000 Sales revenue Direct materials $135,000 $45,000 $105,000 $30,000 Direct labor 24,000 Machine hours 6,000 Production runs 7 12 3,000 Units produced and sold 33,000 The first and last unit in each production run is inspected for quality control purposes. Inspection costs are allocated to the products based on the number of inspections required. Machining costs are allocated to products using machine hours as an activity base. Set-up costs are allocated to products based on the number of production runs each product line requires Required: (1) Allocate manufacturing overhead from the activity cost…rocket sprays manufactureing cost for july are Material cost $4,000 labor cost $3,000 Overhead $800 if rocket sprays one plant employee manufactured 10 bottles per mhours, and worked 8 hour per day for 20 days in july, what is the cost per bottle?
- Spree Party Lights overhead expenses are: Indirect material, pounds per unit 0.25 Indirect material, cost per pound $2 Indirect labor hours 1 Indirect labor rate per hour $16.00 Variable maintenance per unit $0.70 Variable utilities per unit $0.20 Supervisor salaries $10,000 Maintenance salaries $9,000 Insurance $4,000 Depreciation $1,500 Prepare a manufacturing overhead budget if the number of units to produce for January, February, and March are 2,400, 2,900, and 2,700, respectively. Spree Party Lights Manufacturing Overhead Budget For the Quarter Ending January - March January February March Units to Produce fill in the blank 1 fill in the blank 2 fill in the blank 3 Variable Costs Indirect Material $fill in the blank 5 $fill in the blank 6 $fill in the blank 7 Indirect Labor fill in the blank 9 fill in the blank 10 fill in the blank 11 Maintenance fill in the blank 13 fill in the blank 14 fill in the blank 15 Utilities…rocket sprays manufactureing cost for july are Material cost $4,000 labor cost $3,000 Overhead $800 if rocket sprays one plant employee manufactured 10 bottles per mhours, and worked 8 hour per day for 20 days in july, what is the cost per bottle? A) 3 B) 5 C) 20 D) 24 E) non of the aboveUsing cost behavior patterns MFG Company experiences the following cost behavior patterns each week:Fixed costs: supervisor’s salary $1,000; factory rent $2,500Mixed costs: utilities $1,500 1 $5.25 per unitVariable costs per unit: manufacturing labor wages $20; supplies used in production $8.50; packaging cost $2.25; warranty cost $4Required:Compute total costs to be incurred for a week with 2,750 units of activity
- Spree Party Lights overhead expenses are: Indirect material, pounds per unit 0.15 Indirect material, cost per pound $2 Indirect labor hours 1 Indirect labor rate per hour $16.00 Variable maintenance per unit $0.75 Variable utilities per unit $0.10 Supervisor salaries $9,000 Maintenance salaries $9,000 Insurance $3,000 Depreciation $1,600 Prepare a manufacturing overhead budget if the number of units to produce for January, February, and March are 2,500, 2,900, and 2,700, respectively.Spree Party Lights overhead expenses are: Indirect material, pounds per unit 0.30 Indirect material, cost per pound $2 Indirect labor hours 1 Indirect labor rate per hour $16.50 Variable maintenance per unit $0.75 Variable utilities per unit $0.20 Supervisor salaries $11,000 Maintenance salaries $9,000 Insurance $3,000 Depreciation $1,600 Prepare a manufacturing overhead budget if the number of units to produce for January, February, and March are 2,400, 3,100, and 2,800, respectively. Spree Party LightsManufacturing Overhead BudgetFor the Quarter Ending January - March January February March Units to Produce fill in the blank 1 fill in the blank 2 fill in the blank 3 Variable Costs $- Select - $- Select - $- Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - Total Variable Manufacturing Costs $fill in the blank 20 $fill in the blank 21 $fill in the blank 22…Direct Labor = $2.25 Materials = $2.30 Plant Overhead = $1.15 Administrative and selling expense = $0.80 Total = $6.50 A 10 percent markup ($0.65) was added to the cost per unit in arriving at the firm’s selling price of $7.15 (plus shipping). In May, LP received an inquiry from Southeast Department Stores concerning the possible purchase of folding chairs for delivery in August. Southeast indicated that they would place an order for 30,000 chairs if the price did not exceed $5.50 each (plus shipping). The chairs could be produced during the slow period using the firm’s existing equipment and workforce. No overtime wages would have to be paid to the workforce in fulfilling the order. Adequate materials were on hand (or could be purchased at prevailing market prices) to complete the order. LP management was considering whether to…
- Chapter 6: A Closer Look on Cost Accounting The company makes 2,350 units of product X a year, requiring a total os 3.300 machine hours, 250 orders and 200 inspection hours per year. The product's direct material cost is P201.50 and its direct labor cost in P211.11 per unit. The product sells for P590 per unit. According to the activity-based costing system, the gross margin for product X is? 423,087.50 b. 350,435.50 c. 416,890 d. None of the choice a. 56. The following information is available for Mary Corp. Activity Pool Setups Quality Inspections Assembly (direct labor hour) What is the activity rate for setups? Activity Base 50,000 120,000 400,000 Budgeted Amount 300,000 600,000 2,000,000 a. P5.09 c. РО.75 d. P58.00 b. Рб.00 The activity rate for quality inspection is: с. Рб.00 d. P5.09 a. P5.29 b. P5.00QUESTION 10 Shoes Wisely, Inc. allocates overhead using machine hours as the allocation base. The following information was estimated at the beginning of the year: Estimated Manufacturing Overhead $68,000 Estimated Machine Hours 18,000 Actual overhead totaled $72,000. During the year, the company produced 8,500 units of product using 14,000 machine hours and 60,000 direct labor hours. How much manufacturing overhead was allcoated to the product during the year? Round your answer to whole dollars. esc Click Save and Submit to save and submit. Click Save All Answers to save all answers. 1 Q A 2 W S # 3 E ::: $ 4 D R % 5 TI MacBook Pro T 6 G & Y 7 H * 00 8 U J 9 Sa C KComprehensive ProblemPart B: Genuine Spice Inc. began operations on January 1 of the current year. The company produces 8-ounce bottles of hand and body lotion called Eternal Beauty. The lotion is sold wholesale in 12-bottle cases for $100 per case. There is a selling commission of $20 per case. The January direct materials, direct labor, and factory overhead costs are as follows: DIRECT MATERIALS Cost Behavior Units per Case Cost per Unit Direct Materials Cost per Case Cream base Variable 100 ozs. $0.02 $2.00 Natural oils Variable 30 ozs. 0.30 9.00 Bottle (8-oz.) Variable 12 bottles 0.50 6.00 $17.00 DIRECT LABOR Department Cost Behavior Time per Case Labor Rate per Hour Direct Labor Cost per Case Mixing Variable 20 min. $18.00 $6.00 Filling Variable 5 14.40 1.20 25 min. $7.20 FACTORY OVERHEAD Cost Behavior Total Cost Utilities Mixed $600 Facility lease Fixed 14,000 Equipment…