Part of your company's accounting database was destroyed when a meteor hit the building. You have been able to gather the following data from your files. Reconstruct the remaining information using the available data. All of the raw material purchased during the period was used in production. (Hint: It is helpful to solve for the unknowns in the order indicated by the letters in the following table.) Standard price or rate per unit of input. c Direct Material Direct Labor $16 per pound e Standard quantity per unit of output. C f Actual quantity used per unit of output a 3.5 hours Actual price or rate per unit of input $14 per pound $21 per hour Actual output Direct-material price variance. Direct-material quantity variance Total of direct-material variances b $40,000 F 20,000 units 20,000 units $120,000 F Direct-labor rate variance Direct-labor efficiency variance. Total of direct-labor variances d $200,000 F $130,000 F
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- You are the accountant for Mon Inc., a manufacturer of automobiles. Mon Inc. has the following information available for you (assume there are no indirect materials). Only use numeric characters - do not use dollar signs, commas, decimal places, etc. Calculate the missing values at the bottom. Opening balance, Raw Materials: $ Opening balance, Work In Progress: $ Opening balance, Finished Goods: $ Raw materials transferred to factory: $ Cost of goods sent to finished goods warehouse: $ Cost of goods sold: $ Direct labour costs: $ Indirect labour costs: $ Utilities at head office: $ Purchase of supplies for factory: $ Purchase of automobile parts: $ Manufacturing Overhead transferred to Work In Progress: $ $ Ending balance, Raw Materials: Ending balance, Work In Progress: $ Ending balance, Finished Goods: $ 135 112 174 459 486 511 107 43 93 121 492 164Your manager asks you to bring the following incomplete accounts of Endeavor Printing, Inc., up to date through January 31, 2017. Consider the data that appear in the T-accounts as well as the following information in items (a) through (j). Endeavor's normal-costing system has two direct-cost categories (direct material costs and direct manufacturing labor costs) and one indirect-cost pool (manufacturing overhead costs, which are allocated using direct manufacturing labor costs). Materials Control Wages Payable Control 12-31-2016 Bal. 30,000 1-31-2017 Bal. 6,000 Work-in-Process Control Manufacturing Overhead Control 1-31-2017 Bal. 114,000 Finished Goods Control Costs of Goods Sold 12-31-2016 Bal. 40,000 Additional information follows: a. Manufacturing overhead is allocated using a budgeted rate that is set every December. You forecast next year's manufacturing overhead costs and next year's direct manufactur- ing labor costs. The budget for 2017 is $1,200,000 for manufacturing overhead…Which one of the following is correct about manufacturing statement? Select one: a. It is one of the reports for the use of financial analysts outside the company. b. It can only be prepared on a yearly basis. c. It does not include information about raw materials cost. d. It reports Cost of Goods Sold. Clear my choice
- Match each definition with its related term by selecting the appropriate term in the dropdown provided. Dropdown options: An accounting system that records all actual amounts after the expense has occurred. An accounting system that records all costs based on estimated amounts. An accounting system that records all direct materials and direct labor at actual amounts, while assigning manufacturing overhead costs using predetermined overhead rates. Difference between actual and planned results. Standards that are tight but are used to motivate individuals to work hard and achieve results. Standards that can be achieved only under perfect conditions. The difference between actual cost and the flexible budget for materials. The difference between actual labor hours and standard labor hours multiplied by the actual labor rate. The difference between actual labor hours and standard labor hours multiplied by the standard labor rate. The difference between actual price and standard price…Cost drivers and functions. The representative cost drivers in the right column of this table are randomized so they do not match the list of functions in the left column. Representative Cost Driver A Number of imvoices sent B. Number of purchase orders C. Number of units manufactured D. Number of computers on the network E Number of employees hired F. Number of bills received from vendors G. Number of pallets moved Function 1. Accounts payable 2. Recruiting 3. Network Maintenance 4. Production 5. Purchasing 6. Warehousing 1. Billing 1. Match each function with its representative cost driver. 2 Give a second example of a cost driver for each function.Match each of the following cost items with the value chain business function where you would expect the cost to be incurred: Cost Item 1. Purchase of raw materials 2. Advertising 3. Salary of research scientists 4. Delivery expenses 5. Reengineering of product assembly process 6. Replacement labor expense for warranty repairs 7. Manufacturing supplies 8. Sales salaries 9. Purchase of CAD (computer-aided design) software 10. Salary of website manager Business Function
- The controller of the Blade Company wants you to estimate a cost function from the following two observations in a general ledger account called Maintenance: (Click to view the information.) Required 1. Estimate the cost function for maintenance. 2. Can the constant in the cost function be used as an estimate of fixed maintenance cost per month? Explain. Requirement 1. Estimate the cost function for maintenance. (Round your answers to the nearest cent as needed.) Maintenance costs = Maintenance costs = +( +( X X Requirement 2. Can the constant in the cost function be used as an estimate of fixed maintenance cost per month? Explain. the relevant range, not at cost levels the relevant range. If there are no months with zero The cost function in requirement 1 is an estimate of how costs behave machine-hours represented in the maintenance account, data in that account function provides the best available starting point for a straight line that approximates how a cost behaves be used to…PLEASE I NEED FROM THE COGM SCHEDULE: BEGGINING WORK IN PROCESS INVENTORY TOTAL MANUFACTURING COSTST O ACCOUNT FOR AND COST OF GOODS MANUFACTURED I just asked this question a while ago and Idk from where they took a different data to sole the problem. please check the data before giving back an answer because it seem that the prevoius person took the answers from a similar problem without checking if the info matches with the question that I am aking for. Thank youWithin the accounting system of a group of companies, the following types of expenses are incurred. Complete the following table by placing each expense in the correct cost classification. Reference Number Types of expenses 1 Costs of opening a new facility 2 Costs of conducting business in a new location or with a new class of customer (including costs of staff training) 3 Costs of site preparation 4 Costs of testing whether the asset is functioning properly 5 Electrical installation costs 6 Costs of dismantling and removing the item and restoring the site on which it is located 7 Administration costs 8 Import duty of an imported machine 9 Purchase of a five-year maintenance contract with plant 10 Legal fees for sales and purchase agreement for acquisition of land 11 Interest on loan on a self constructed property after the asset is ready for use 12 Architect fees incurred for self constructed building 13 General overheads incurred for self…
- Indicate whether each of the following costs of an automobile manufacturer would be classified as direct materials cost, direct labor cost, or factory overhead cost: a) Depreciation of robotic assembly line equipment b) V8 automobile engine c) Steering wheel d) Wheels e) Painting safety masks for employees working in the paint room f) Salary of test driver g) Glass used in the vehicle's windshield h) Wages of assembly line worker Note: material and labor costs are directs costs that could be easily traced to a product. Factory overhead costs are indirect costs that are not easily traced to a product and are generally used in the manufacturing process.For each cost, indicate whether it would most likely be classified as direct materials, direct labor, manufacturing overhead, or selling and administrative. (a) Amortization of patents on factory machine (b) Components used to make product A (Select one) (Select one) (Select one) (c) Direct materials used (d) Factory utilities (e) Property taxes - factory. (f) The cost of a hard-drive installed in a computer for a computer assembling company (g) The wages of employees who assemble computers from components (h) The wages of the company's accountant (i) Wages of the product tester () Wages to assembly line A workers (Select one) (Select one) (Select one) (Select one) (Select one) (Select one) (Select one)Required information [The following information applies to the questions displayed below.] Celestial Products, Inc., has decided to introduce a new product, which can be manufactured by either a computer- assisted manufacturing system or a labor-intensive production system. The manufacturing method will not affect the quality of the product. The estimated manufacturing costs by the two methods are as follows: Direct material Direct labor (DLH denotes direct-labor hours) Variable overhead Fixed overhead* Computer-Assisted Manufacturing System $ Volume 0.5DLH @ $25.50 0.5DLH @ $16.50 9.00 12.75 8.25 $4,410,000 units Labor-Intensive Production System $ 0.8DLH @ $21.00 0.8DLH @ $16.50 *These costs are directly traceable to the new product line. They would not be incurred if the new product were not produced. 9.90 16.80 13.20 $2,730,000 The company's marketing research department has recommended an introductory unit sales price of $75.00. Selling expenses are estimated to be $900,000…