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Taekwood Inc. grants bonus to its plant employees equal to 50% pay for the time saved in production. The company has set up a standard rate of production of 200 units of cutting board per hour. The standard pay per labor hour is P8. Factory
The labor bonus for the production in June is:
The total net savings to the company for the month of June after deducting the bonus is:
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- If a factory operates at 100% of capacity one month, 90% of capacity the next month, and 105% of capacity the next month, will a different cost per unit be charged to the work-in-process account each month for factory overhead assuming that a predetermined annual overhead rate is used?Rooney Corporation estimated its overhead costs would be $23,200 per month except for January when it pays the $165,960 annual insurance premium on the manufacturing facility. Accordingly, the January overhead costs were expected to be $189,160 ($165,960 + $23,200). The company expected to use 7,600 direct labor hours per month except during July, August, and September when the company expected 9,400 hours of direct labor each month to build inventories for high demand that normally occurs during the Christmas season. The company’s actual direct labor hours were the same as the estimated hours. The company made 3,800 units of product in each month except July, August, and September, in which it produced 4,700 units each month. Direct labor costs were $23.10 per unit, and direct materials costs were $10.20 per unit. Required Calculate a predetermined overhead rate based on direct labor hours. Determine the total allocated overhead cost for January, March, and August. Determine the…Al-Can Products, Inc. estimates that it will build 5,000 benches next year. For this amount of production, total factory overhead is estimated to be $123,456.00. Estimated direct labor costs for next year are $256,190.00. Calculate the factory overhead applied rate for next year as a percentage of direct labor costs.
- Arrow Manufacturing Co. expects to make 50,000 chairs during the year 1 accounting period. The company made 3,000 chairs in January. Materials and labor costs for January were $36,000 and $48,000, respectively. Arrow produced 4,000 chairs in February. Material and labor costs for February were $48,000 and $60,000, respectively. The company paid the $480,000 annual rental fee on its manufacturing facility on January 1, year 1. The rental fee is allocated based on the total estimated number of units to be produced during the year. RequiredAssuming that Arrow desires to sell its chairs for cost plus 40 percent of cost, what price should be charged for the chairs produced in January and February? (Round intermediate calculations and final answers to 2 decimal places.)Sierra Water Corporation uses a standard cost system for the production of its transistors. The direct labor standard for each transistor is 0.9 hours. The standard direct labor cost per hour is $7.20. During the month of July, Sierra's transistors production used 6,600 direct labor-hours at a total direct labor cost of $46,708. This resulted in production of 6,900 transistors for July. What is Sierra's labor efficiency variance for July? A. $812 Favorable B. $1,188 Unfavorable C. $1,188 Favorable D. $2,808 UnfavorableMunoz Corporation estimated its overhead costs would be $22,800 per month except for January when it pays the $179,010 annual insurance premium on the manufacturing facility. Accordingly, the January overhead costs were expected to be $201.810 ($179,010 + $22,800). The company expected to use 7.400 direct labor hours per month except during July, August, and September when the company expected 9,900 hours of direct labor each month to build inventories for high demand that normally occurs during the Christmas season. The company's actual direct labor hours were the same as the estimated hours. The company made 3,700 units of product in each month except July, August, and September, in which it produced 4,950 units each month. Direct labor costs were $24.80 per unit, and direct materials costs were $11.50 per unit. Required a. Calculate a predetermined overhead rate based on direct labor hours. b. Determine the total allocated overhead cost for January, March, and August. c. Determine…
- Adams Corporation estimated its overhead costs would be $23,000 per month except for January when it pays the $179,400 annual insurance premium on the manufacturing facility. Accordingly, the January overhead costs were expected to be $202,400 ($179,400 + $23,000). The company expected to use 7,700 direct labor hours per month except during July, August, and September when the company expected 9,900 hours of direct labor each month to build inventories for high demand that normally occurs during the Christmas season. The company's actual direct labor hours were the same as the estimated hours. The company made 3,850 units of product in each month except July, August, and September, in which it produced 4,950 units each month. Direct labor costs were $23.80 per unit, and direct materials costs were $11.50 per unit. Required a. Calculate a predetermined overhead rate based on direct labor hours. b. Determine the total allocated overhead cost for January, March, and August. c. Determine…Fanning Corporation estimated its overhead costs would be $22,100 per month except for January when it pays the $207,120 annual insurance premium on the manufacturing facility. Accordingly, the January overhead costs were expected to be $229,220 ($207,120 + $22,100). The company expected to use 7,700 direct labor hours per month except during July, August, and September when the company expected 9,700 hours of direct labor each month to build inventories for high demand that normally occurs during the Christmas season. The company’s actual direct labor hours were the same as the estimated hours. The company made 3,850 units of product in each month except July, August, and September, in which it produced 4,850 units each month. Direct labor costs were $23.10 per unit, and direct materials costs were $10.30 per unit. Required a.Calculate a predetermined overhead rate based on direct labor hours. b.Determine the total allocated overhead cost for January, March, and August. c.Determine…Munoz Manufacturing Company expects to make 30,100 chairs during the Year 1 accounting period. The company made 4,400 chairs in January. Materials and labor costs for January were $16,700 and $25,100, respectively. Munoz produced 1,600 chairs in February. Material and labor costs for February were $8,000 and $12,300, respectively. The company paid the $571,900 annual rental fee on its manufacturing facility on January 1, Year 1. The rental fee is allocated based on the total estimated number of units to be produced during the year. Required Assuming that Munoz desires to sell its chairs for cost plus 20 percent of cost, what price should be charged for the chairs produced in January and February? Note: Round intermediate calculations and final answers to 2 decimal places. Price per unit January 14.14 $ February 38.81
- Gibson Corporation estimated its overhead costs would be $23,600 per month except for January when it pays the $135,240 annual insurance premium on the manufacturing facility. Accordingly, the January overhead costs were expected to be $158,840 ($135,240+ $23,600). The company expected to use 7,500 direct labor hours per month except during July, August, and September when the company expected 9,200 hours of direct labor each month to build inventories for high demand that normally occurs during the Christmas season. The company's actual direct labor hours were the same as the estimated hours. The company made 3,750 units of product in each month except July, August, and September, in which it produced 4,600 units each month. Direct labor costs were $23.40 per unit, and direct materials costs were $11.40 per unit. Required a. Calculate a predetermined overhead rate based on direct labor hours. b. Determine the total allocated overhead cost for January, March, and August c. Determine…Gibson Manufacturing Co. expects to make 30,800 chairs during the year 1 accounting period. The company made 3,300 chairs in January. Materials and labor costs for January were $17,800 and $24,500, respectively. Gibson produced 1,400 chairs in February. Material and labor costs for February were $9,400 and $12,900, respectively. The company paid the $770,000 annual rental fee on its manufacturing facility on January 1, year 1. The rental fee is allocated based on the total estimated number of units to be produced during the year. Required Assuming that Gibson desires to sell its chairs for cost plus 25 percent of cost, what price should be charged for the chairs produced in January and February? (Round intermediate calculations and final answers to 2 decimal places.)Walton Corporation estimated its overhead costs would be $23,400 per month except for January when it pays the $135,870 annual insurance premium on the manufacturing facility. Accordingly, the January overhead costs were expected to be $159,270 ($135,870 + $23,400). The company expected to use 7,500 direct labor hours per month except during July, August, and September when the company expected 9,800 hours of direct labor each month to build inventories for high demand that normally occurs during the Christmas season. The company's actual direct labor hours were the same as the estimated hours. The company made 3,750 units of product in each month except July, August, and September, in which it produced 4,900 units each month. Direct labor costs were $24.90 per unit, and direct materials costs were $11.10 per unit. Required a. Calculate a predetermined overhead rate based on direct labor hours. b. Determine the total allocated overhead cost for January, March, and August. c. Determine…
