Bubba’s Crawfish Processing Firm makes use of a conventional overhead allocation based mostly on direct labor hours
1. For the present 12 months, overhead is estimated at $2,250,00zero and direct labor hours are budgeted at 415,00zero hours. Precise overhead was $2,200,00zero and precise direct labor hours labored have been 422,00zero. (a) Calculate the predetermined overhead fee. Fee, based mostly on budgeted manufacturing unit overhead price and budgeted exercise, that’s established earlier than a interval begins. 2,250,00zero/415,00zero. Budgeted exercise items used within the denominator of the method, extra usually known as the denominator degree, are measured in direct labor-hours, machine-hours, direct labor prices, or manufacturing items.
2. Thibodeaux Limousine Company is making an attempt to find out a predetermined manufacturing overhead. The estimated overhead for the upcoming 12 months is $776,00zero. Budgeted machine hours are 105,00zero hours, and budgeted labor hours are 17,500 hours at a fee of $10. 00 per hour.
three. Record and briefly describe 4 of the 5 variations between managerial accounting and monetary accounting
four. The next data is obtainable for Sappy’s Surgical Shears for the fiscal 12 months ending December 31, 20XX. Starting stability in Completed Items $ 17,00zero Ending stability in Completed Items 15,200 Starting stability in Work in Course of 2,500Ending stability in Work in Course of 1,836 Promoting bills 123,00zero Normal and administrative bills 89,000Direct materials price 54,500 Direct labor price 66,00zero Manufacturing overhead 21,400 Gross sales 385,00zero Put together a schedule of price of products manufactured. Match every of the next six phrases with the phrase that the majority carefully describes it. Every reply under could also be used solely as soon as.
Learn additionally Quiz Week four
activity-based costing ______
price of products obtainable on the market ______
interval prices ______
course of costing system ______
just-in-time system ______
work in course of
(A) Prices assigned to the products produced; also called manufacturing prices
(B) Supplies prices that aren’t traced on to merchandise produced
(C) A system that seeks to reduce Uncooked Supplies Stock and Work in Course of Stock
(D) Value of things which are accomplished and transferred from Work in Course of Stock to Completed Items Stock
(E) Prices which are recognized with accounting durations fairly than with items produced
(F) Precise overhead is larger than overhead that has been utilized to merchandise
(G) Technique of assigning overhead prices that makes use of a number of allocation bases
(H) A system that makes use of job-order sheets to gather prices for every particular person job
(I) Value of all supplies and elements which are straight traced to the gadgets produced
(J) Starting stability within the Completed Items Stock plus the price of items manufactured
(Ok) Overhead utilized to merchandise is larger than the precise overhead prices incurred
(L) Utilized by corporations that produce massive portions of an identical gadgets
(M) Value of all manufacturing actions apart from direct materials and direct labor
(N) Stock account that incorporates the price of items which are solely partially accomplished
5. Far Out Ceramics akes customized macaroni tile and applies job-order costing. The next data pertains to the fiscal 12 months ending December 31,20XX. Starting stability in Uncooked Supplies Stock $ 12,500 Purchases of uncooked materials 189,00zero Ending stability in Uncooked Supplies Stock 14,300Starting stability in Work in Course of 24,500 Ending stability in Work in Course of 23,100Direct labor price 89,700 Manufacturing overhead utilized 66,200 Precise manufacturing overhead 64,100Starting stability in Completed Items 28,900 Ending stability in Completed Items 24,300Gross sales 432,000Selling bills 120,00zero Normal and administrative bills 86,00zero How a lot is the price of items bought?
6. Match every of the six following phrases with the phrase that the majority carefully describes it.
Every reply could also be used solely as soon as. _____
Direct prices _____
Mounted prices _____
Incremental prices _____
Financial Useful resource Planning system _____
Noncontrollable prices _____
(A) Prices that improve or lower in complete in response to will increase or decreases within the degree of enterprise exercise
(B) Prices which are straight traceable to a product, exercise, or division
(C) Prices supervisor can affect
(D) The distinction in prices between resolution options
(E) Prices incurred previously that aren’t related to current selections
(F) Prices that can’t be influenced by a supervisor
(G) Monetary plans ready by administration accountants
(H) Worth of the advantages foregone when one resolution various is chosen over one other
(I) Prices that can’t be straight traced to a product, exercise, or division or usually are not value tracing
(J) Prices that don’t change in complete with adjustments within the degree of enterprise exercise
(Ok) These techniques put together grasp manufacturing techniques and all of the assist throughout the corporate
(L) Permits corporations and suppliers to share data to enhance effectivity in getting inputs.
(M) Permits buyer information evaluation and assist, usually in a web based format for patrons.
7. The Marinade Division started the interval with 150,00zero items.
In the course of the interval the division obtained one other 180,00zero items from the prior division and on the finish of the interval, 112,00zero items remained which have been 17%full. How a lot are equal items in The Marinade Division’s work in course of stock on the finish of the interval? The Franc Zeppo Enterprise manufactures a product that goes by means of two processing departments. Info referring to the exercise within the first division throughout April is given under: Work in course of, April 1: 50,00zero items (80% accomplished for supplies and 60%accomplished for conversion. Work in course of, April 30: 45,00zero items (70% accomplished for supplies and 60%accomplished for conversion. The division began 380,00zero items into manufacturing throughout the month and transferred 385,00zero accomplished items to the subsequent division.and calculate the equal items of manufacturing for the primary division for April, assuming the corporate makes use of the weighted-average technique of accounting for items and prices.
(TCO D) An organization that has a revenue can improve its return on funding by Pupil Reply: growing gross sales income and working bills by the identical greenback quantity. growing common working belongings and working bills by the identical greenback quantity. growing gross sales income and working bills by the identical share. reducing common working belongings and gross sales by the identical share. Teacher Clarification: Chapter 12 2. Query : (TCO D) Given the next information, what would ROI be? Gross sales $50,00zero. Web working earnings $5,00zero Contribution margin $20,00zero Common working belongings $25,00zero Stockholder’s fairness $15,00zero Pupil
Reply: 10% 20% 16. 7% 80%
Teacher Clarification: See Chapter
eight. ROI = Web working earnings / Common working belongings = $5,00zero / $25,00zero = 20. zero%
9. Query: (TCO D) Given the next information: What’s the return on the funding (ROI)? Gross sales $50. 00zero Web working earnings $5,00zero Contribution margin $20,00zero Common working belongings $25,00zero Stockholder’s fairness $15,00zero Pupil Reply: 10% 20% 16. 7% 80%
Teacher Clarification: ROI = Web working earnings / Common working belongings = $5,00zero / $25,00zero = 20. zero%