Paper cost ( 1,300 copies x .007) 9.10 Other supplies & electricity (1,300 copies x 0.004) 5.20 Total variable cost 14.30 2.) Calculate the total labor cost of these jobs Labor cost ( $ 8 x 4 hrs ) 32.00 3.) Suggest a way to assign labor and indirect costs to the cost of a copy made on that Sunday Direct Labor hours used because it is fixed and can be easily measured. 4.) Determine the full cost of one copy on the last Sunday in June, using the cost method in preceeding question. Paper cost 0.007 Other supplies & electricity Other supplies & electricity 0.004 0.004 Labor Cost (8/ hrx 4 hrs)/1300 copies 0.0246 Monthly operating cost (total cost (($5,000/30 days)/8hrs ) hourly rate ( 20.83/ hr x 4hrs )/1,300 copies 0.064 Total Full Cost per copy 0.0996 5. ) Determine the average annual full cost of one copy No. Of copies made / No. Of copies made 1,300 copies / 4hrs = 325 copies per hour Total no. Of copies made = total direct labor-hours x copies made per hour 7,280 hrs x 325 copies per hour = 2,366,000 copies Variable Cost ( 0.011 x 2,366,000 copies ) Labor cost (.0246 x 2,366,000 copies ) Other monthly cost total cost 5,000 x 12 months Total annual cost 26,026.00 58,203.60 144,000.00…
1. Calculate the total indirect cost and determine a indirect cost for the appropriate period.…
Acct 2610 Spring 2003 Practice Quiz 1 1. The financial statements of all companies, both private and public, must follow generally accepted accounting principles as well as the Securities and Exchange Commission's accounting rules. TRUE FALSE…
You are considering several different locations, so your total expenses may be different than the value found in problem 1. You are also considering changing the number of employees to start. Using the year 1 inventory and the personal and employee salary figures from the table of preliminary figures, but using E for the total expenses (expenses, rent, utilities and operational expenses) instead of the value from the table, and n for the number of employees, write a general algebraic expression that expresses your total year one costs. Simplify the expression. Evaluate the expression for a total expense value of $12,000 and 3…
b. The City records the following revenues (on account) and other financing sources (paid in cash)…
1. Calculate the overhead allocation rate for each of the model years 2003 through 2005. Are the changes since 2002 overhead allocation rates significant? Why have these changes occurred?…
1. Answer Questions #1 & #2 on the exam paper and Questions #3 to #6 in the exam booklet(s). Show computations.…
The ACCT504 Midterm Exam will be an online open-book, open-notes, open-computer exam with a time limit of 2 hours and 30 minutes. It will be worth 150 points or 15% of the course grade.…
Costs. Read Problem 10-21 and discuss the differentiation between product versus general, selling, and administrative costs by setting up financial statements from the transactions in the problem. Respond to at least two of your classmates’ postings…
Chapter 3 Solutions, 3rd day Exercise 3-13 (15 minutes) 1. | Actual manufacturing overhead costs | | $ 48,000 | | Manufacturing overhead applied: 10,000 MH × $5 per MH | | 50,000 | | Overapplied overhead cost | | $ 2,000 | | | | | 2. | Direct materials: | | | | Raw materials inventory, beginning | $ 8,000 | | | Add: Purchases of raw materials | 32,000 | | | Raw materials available for use | 40,000 | | | Deduct: Raw materials inventory, ending | 7,000 | | | Raw materials used in production | | $ 33,000 | | Direct labor | | 40,000 | | Manufacturing overhead cost applied to work in process | | 50,000 | | Total manufacturing cost | | 123,000 | | Add: Work in process, beginning | | 6,000 | | | | 129,000 | | Deduct: Work in process, ending | | 7,500 | | Cost of goods manufactured | | $121,500 | | | | | Problem 3-24 (60 minutes) 1. a. b. | Actual manufacturing overhead costs: | | | Insurance, factory | $ 7,000 | | Depreciation of equipment | 18,000 | |…
Whale fishing, also known as whaling, is a traditional fishing activity which existing thousands of years in the world. Fisherman fishing whales, sell of whale meat and oil to make money. With the development of modern fishing technology, industrial fishing gradually replaces a large number of private fishing activities, which made whaling easier and more efficient. Greenpeace International’s data showed “Commercial whaling during the last century decimated most of the world's whale populations. Estimates suggest that between 1925, when the first whaling factory ship was introduced, and 1975, more than 1.5 million whales were killed in total” (“Waling”). World Wildlife Fund stated that there is less than one hundred thousand whales remain in the world, and listed 7 out of the 13 great whale species as endangered animal. Which can proved that industrial fishing is the main reason lead whales endangered.…
2. How much cost would be charged to an in-house manufacturing department that consumed 1,800 hours of market analysis time, was provided 280 designs relating to 10 products, and requested 92 engineering tests?…
the product's design specifications must meet customers' expectations AND the product must meet the standards of its design.…
Required: a. Compute the budgeted factory overhead rate for Department X. b. Compute the budgeted factory overhead rate for Department Y. c. What is the total overhead cost of Job 10? d. If Job 10 consists of 50 units of product, what is the unit cost of this job? e. If Department Y incurred 42,000 machine hours (all billed out) and actual factory labor was $193,200, was the overhead under-applied or over-applied. By how much? Answer: a. $225,000/$180,000 = 125% b. c. d. e. $180,000/40,000 hrs. = $4.50 per hour ($11,000 x 125 percent) + ($4.50 x 3,000 hrs.) = $27,250 $10,000 + $16,000 + $11,000 + $14,000 + $27,250 = $78,250/50 units = $1,565 per unit. So divide each of the above by 50 to get the unit-cost structure. 42,000/units x $4.50/unit = 189,000. So under-applied by $4,200 (189,000 less 193,200)…