Financial VS Managerial Accounting
This branch of accounting is primarily used internally by management to aid in decision-making and planning.
What is managerial accounting
A company produces 500 units at total variable costs of $5,000 and incurs fixed costs of $3,000. What is the cost per unit, and what is the total cost for 400 units?
What is 16$ per unit and $6400
The following costs are associated with Job #101:
What is the total job cost for Job #101?
What is $87,500
ABC Company is contemplating the adoption of an activity-based costing system, has established three activity-cost pools: machine setup, quality assurance, and engineering. These cost pools, the appropriate cost driver, and the percentage of each cost driver consumed by the company's products (H15, H16, and H17) follow.
Estimated costs for these three activities, which account for 80% of the firm's total overhead, are $400,000, $500,000, and $120,000, respectively. ABC currently applies manufacturing overhead to products on the basis of machine hours.
Calculate the overhead costs for all three activities
What is
What is the name of the UT Dallas student-run newspaper?
What is The Mercury
Managers use these detailed financial plans to forecast revenues and expenses for future periods.”
Answer
What is budget.
The following selected information was extracted from the 20x3 accounting records of ABC Products:
Raw materials used $284,000
Direct labor $178,000
Indirect labor $35,000
Selling and administrative salaries $250,000
Building depreciation* $330,000
Other selling and administrative expenses $80,000
Other factory costs $620,000
*Seventy percent of the company's building was devoted to production activities; the remaining 30% was used for selling and administrative functions.
ABC's beginning and ending work-in-process inventories amounted to $306,000 and $245,000, respectively. The company's beginning and ending finished-goods inventories were $450,000 and $440,000, respectively.
Required:
A. Calculate ABC's manufacturing overhead for the year.
B. Calculate ABC's cost of goods manufactured.
C. Compute the company's cost of goods sold.
What is
n Job Order Costing, manufacturing overhead is applied at a predetermined rate based on direct labor costs. The company applies overhead at the rate of 80% of direct labor costs.
For a particular job, the company incurred:
What is $40,000
Calculate the Total Overhead for Product X Using Activity-Based Costing
Given Data:
CostPool BudgetedOverheadCost CostDriver PoolRate
Machine setups $500,000Number of setups $1,000 per setup
Material handling $200,000 Units of raw material $2.00 per unit
Quality control inspection $150,000 Number of inspections $50 per inspection
For Product X:
What is $56,250
What year did Michael Jordan win his first NBA Championship?
What is 1991
This process compares actual performance to budgeted or planned performance to identify variances
What is Variance Analysis?
Under LIFO, a company has beginning inventory of 60 units at $8 each and purchases 140 units at $10 each. If 150 units are sold, what is the ending inventory value
What is $400
ABC Corporation, which began operations on January 1 of the current year, reported the following information:
Estimated manufacturing overhead $600,000
Actual manufacturing overhead $639,000
Estimated direct labor cost $480,000
Actual direct labor cost $500,000
Total debits in the Work-in-Process account $1,880,000
Total credits in the Finished-Goods account $920,000
Required:
A. Determine the company's predetermined overhead rate.
B. Determine the amount of under- or overapplied overhead.
What is
A. $1.25/DLH
B. Under applied by $14,000
Given Data:
Cost Pool Budgeted Overhead Cost Cost Driver Rate
Machine setups$300,000Number of setups $500 per setup
Material handling $150,000 Units of raw material $1.50 per unit
Quality control $100,000 Number of inspections $40 per inspection
For Product A:
For Product B:
What is
Who founded Tesla?
Who is Martin Eberhard and Marc Tarpenning
This analysis helps determine the number of units or sales needed to cover all fixed and variable costs.
What is break-even analysis
ABC Company had the following inventory balances at the beginning and end of the year:
January 1 December 31
Raw material $50,000 $35,000
Work in process $130,000 $170,000
Finished goods $280,000 $255,000
During the year, the company purchased $100,000 of raw material and spent $340,000 on direct labor. Other data: manufacturing overhead incurred, $450,000; sales, $1,560,000; selling and administrative expenses, $90,000; income tax rate, 30%.
Required:
A. Calculate cost of goods manufactured.
B. Calculate cost of goods sold.
C. Determine ABC's net income.
What is
Here is the information for XYZ Manufacturing:
What is $265,000
Apply ABC Costing to Calculate Overhead for Product Y
Given Data:
Cost Pool Budgeted Overhead Cost Cost Driver Rate
Machine setups $150,000 Number of setups $1,000 per setup
Material handling $300,000 Number of raw material units $2.00 per unit
Inspection costs $100,000 Number of inspections $25 per inspection
For Product Y:
What is $32,450
In what year was the University of Texas at Dallas established?
What is 1961
This costing method assigns overhead costs to products based on the activities that drive costs rather than using a single cost driver.
What is Activity Based Costing
A company using absorption costing has a beginning inventory of 50 units at $12 each. It produces 200 units at a total production cost of $4,200 (which includes $600 of fixed overhead) and sells 180 units using FIFO. What is the COGS?
What is $3300
ABC Corporation uses a job-cost system and applies manufacturing overhead to products on the basis of machine hours. The company's accountant estimated that overhead and machine hours would total $800,000 and 50,000, respectively, for 2023. Actual costs incurred follow.
Direct material used $250,000
Direct labor $300,000
Manufacturing overhead $816,000
The manufacturing overhead figure presented above excludes $27,000 of sales commissions incurred by the firm. An examination of job-cost records revealed that 18 jobs were sold during the year at a total cost of $2,960,000. These goods were sold to customers for $3,720,000. Actual machine hours worked totaled 51,500, and ABC adjusts under- or overapplied overhead at year-end to Cost of Goods Sold.
Required:
A. Determine the company's predetermined overhead application rate.
B. Determine the amount of under- or overapplied overhead at year-end. Be sure to indicate whether overhead was under- or overapplied.
C. Compute the company's cost of goods sold.
What is
A. $16/MH
B. Over applied
C. $2,952,000
The controller of ABC company has established the following overhead cost pools and cost drivers:
Overhead Cost Pool Budgeted Overhead Cost Cost Driver Pool Rate
Machine setups $240,000 Number of setups $1,200 per setup
Material handling $90,000 Units of raw material $1.50 per unit
Quality control inspection $48,000 Number of inspections $40 per inspection
Other overhead $160,000 Machine hours $8 per machine hour
Overhead Cost Pool Budgeted Level for Cost Driver
Machine setups 200 setups
Material handling 60,000 units
Quality control 1,200 inspections
Other overhead 20,000 machine hours
Order no. 715 has the following production requirements:
Machine setups: 7
Raw material: 11,200 units
Inspections: 16
Machine hours: 850
Required:
A. Compute the total overhead that should be assigned to order no. 715 by using activity-based costing.
B. Suppose that ABC were to use a single, predetermined overhead rate based on machine hours. Compute the rate per hour and the total overhead assigned to order no. 715.
What is
Who is the current CEO of JP Morgan Chase?
Who is Jamie Dimon