Belmont Company uses a standard cost system for manufacturing its single product, called Zoom. Company assigns...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Belmont Company uses a standard cost system for manufacturing its single product, called Zoom. Company assigns factory overhead cost using predetermined overhead rates based on machine hours. The following data are available for current year: Standards per unit of product for planned production of 33,000 units: Budgeted machine hours Raw materials Direct labor Variable overhead Fixed overhead Budgeted fixed overhead - 66,000 hours 4.40 pounds at $10.20 per pound 1.4 hours at $13.50 per hour Actual results for the current year: - 2 MH at S5.40 per machine hour 2 MH at $6.00 per machine hour $396,000 Purchased 32,800 Units Purchased 150,000 pounds of raw materials at $10.50 per pound Used 137,760 pounds of raw materials for production of 32,800 units Used 42,640 hours of direct labor for $579,904 Used 65,600 hours of machine for production Actual variable overhead cost was $360,800 Actual fixed overhead cost was $385,000 Compute flexible budget direct labor amount Compute variable overhead amount in flexible budget Compute variable overhead amount in static budget Belmont Company uses a standard cost system for manufacturing its single product, called Zoom. Company assigns factory overhead cost using predetermined overhead rates based on machine hours. The following data are available for current year: Standards per unit of product for planned production of 33,000 units: Budgeted machine hours Raw materials Direct labor Variable overhead Fixed overhead Budgeted fixed overhead - 66,000 hours 4.40 pounds at $10.20 per pound 1.4 hours at $13.50 per hour Actual results for the current year: - 2 MH at S5.40 per machine hour 2 MH at $6.00 per machine hour $396,000 Purchased 32,800 Units Purchased 150,000 pounds of raw materials at $10.50 per pound Used 137,760 pounds of raw materials for production of 32,800 units Used 42,640 hours of direct labor for $579,904 Used 65,600 hours of machine for production Actual variable overhead cost was $360,800 Actual fixed overhead cost was $385,000 Compute flexible budget direct labor amount Compute variable overhead amount in flexible budget Compute variable overhead amount in static budget
Expert Answer:
Answer rating: 100% (QA)
1 Flexible Budget Direct Labor Amount Standard direct labor hours per unit 14 hours Actual units pro... View the full answer
Related Book For
Fundamental Managerial Accounting Concepts
ISBN: 978-0078025655
7th edition
Authors: Thomas Edmonds, Christopher Edmonds, Bor Yi Tsay, Philip Old
Posted Date:
Students also viewed these accounting questions
-
Manufacturing Company is using a standard cost accounting system to record and report on manufacturing costs in regard to its single product called Z-Device. Companys accounts as of January 1, 2020...
-
Simon's monthly take -home pay (after taxes ) is $2300. If he pays 18% of his gross pay (before taxes ) in tax, what is his gross pay?
-
The Thompson Toy Company manufactures toy building block sets for children. Thompson is planning for 2017 by developing a master budget by quarters. Thompsons balance sheet for December 31, 2016,...
-
A company has the following results for the three accounting periods to 31 March 2021: Assuming that all possible claims are made to relieve the trading loss against total profits, calculate the...
-
Target Corporation prepares its financial statements according to U.S. GAAP. Target's financial statements and disclosure notes for the year ended January 30, 2016, are available in Connect. This...
-
Peter Gowin was an employee of a granite countertop business owned by Joann Stathis. In November 2015, Gowin signed a promissory note agreeing to pay $ 12,500 in order to become a co- owner of the...
-
The equation gives good forecasts of financial requirements if the ratios \(A^{*} / \mathrm{S}\) and \(\mathrm{L}^{*} / \mathrm{S}\), as well as \(\mathrm{M}\) and d, are stable. Otherwise, another...
-
The cost accountant for Angie's Apparel has compiled the following information for last month's operations: Administrative costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 14,000...
-
ABCjust paid a dividend of D 0 = $2.5.Analysts expect the company's dividend to grow by 33% this year, by 24% in Year 2, and at a constant rate of 6% in Year 3 and thereafter.The required return on...
-
Student researchers at Hope College conducted an experiment to determine whether students memorize material better if they are taking notes on paper using handwriting as opposed to taking notes on a...
-
How does budgeting help managers? Budgeting helps managers determine if their goals are ethical and achievable. Budgeting helps managers determine if their goals are reasonable and achievable....
-
Under what circumstances might a court deny a motion to extend time?
-
What is a minute order?
-
What must the respondent do to oppose a motion?
-
How to draft a demurrer?
-
What tell-tale signs suggest that the management accounting process requires change?
-
A lab orders a shipment of 100 rats a week, 52 weeks a year, from a rat supplier for experiments that the lab conducts. Prices for each weekly shipment of rats follow the distribution below. Price...
-
Federated Shipping, a competing overnight delivery service, informs the customer in Problem 65 that they would ship the 5-pound package for $29.95 and the 20-pound package for $59.20. (A) If...
-
Rimes Manufacturing Company incurred an unfavorable labor price variance. Required a. Describe a scenario in which the personnel manager is responsible for the unfavorable price variance. b. Describe...
-
Catrina Krause is the manager of the Gordon Bagel Shop. The corporate office had budgeted her store to sell 3,000 ham sandwiches during the week beginning July 17. Each sandwich was expected to...
-
Lauras Dress Delivery operates a mail-order business that sells clothes designed for frequent travelers. It had sales of $800,000 in December. Because Lauras Dress Delivery is in the mail-order...
-
NOPAT is the amount of net income a company would generate if it had no debt and held no financial assets. NOPAT is a better measure of the performance of a company's operations because debt lowers...
-
Free cash flow is the cash flow actually available for distribution to investors after the company has made all the investments in fixed assets and working capital necessary to sustain ongoing...
-
If the business were organized as a partnership or a proprietorship, its income could be taken out by the owners without being subject to double taxation. Also, if you expected to have losses for a...
Study smarter with the SolutionInn App