Reference no: EM133013988
Questions -
Q1) Clay co. produces ceramic coffee mugs and pencil holders. Manufacturing overhead is assigned to production using an application rate based on direct labor.
a) A production run of 500 coffee mugs used raw materials that cost $ 600 and used 60 direct labor hours at a cost of $11.80 per hour. Calculate the cost of each coffee mug produced.
b) At the end of October 2019, 410 coffee mugs made in production run in part A above had been sold and the rest were in ending inventory.
Calculate (1), the cost of the coffee mugs sold that would have been reported in the income statement and (2), the cost included in the October 31, 2019 finished goods inventory. Round your answers to 2 decimal places.
Q2) During May, 3500 pairs of shoes were made. Raw materials costing $6,440 were used and direct labor cost totaled $9,630. A total of 730 machine hours were worked during the month of May. (i)Calculate the cost per pair of shoes made during May. (ii) At the end of May, 1,450 pairs of shoes were in the ending inventory. Calculate the cost of the ending inventory and the cost of the shoes sold during May.
Q3) Fredric Tie co. manufactures neck ties and scarves. Two overhead application bases are used, some overhead is applied on the basis of raw material cost at the rate of 120% of material cost, and the balance of the overhead is applied at the rate of $ 6.95 per direct labor hour. Calculate the cost per unit of a production run of 500 neck ties that required raw materials costing $ 2,100 and 77 direct labor hours at a total cost of $900. Please, round your answer to 2 decimal places.
Q4) Tom creations INC. manufactures wool sweaters. Cost incurred in making 10.000 sweaters in October included $32,500 of fixed manufacturing overhead. The total absorption cost per sweater was $ 11.50.
a) Calculate the variable cost per sweater.
b) The ending inventory of sweaters was 1,900 units lower at the end of the month. By how much and in what direction (higher or lower) would cost of goods sold for the month of October be different under variable costing than under absorption costing? Please round your intermediate calculations to 2 decimal places.
c) Express the sweater cost in a cost formula.
|
Hr practices and national employment systems
: Critically discuss the conflicts between organizational HR practices and National Employment Systems which can occur in Sri Lanka when implementing the same pra
|
|
What is the yield to maturity on the bond in one year
: You buy an 6.2% coupon, paid annually, 6-year maturity bond for $930. What is the yield to maturity on the bond in one year
|
|
Outline aspects of documents
: Outline aspects of these documents that you believe are important and aspects you would change or add to and why.
|
|
Prepare a schedule of expected cash collections from sales
: Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter
|
|
Calculate the variable cost per sweater
: Cost incurred in making 10.000 sweaters in October included $32,500 of fixed manufacturing overhead. Calculate the variable cost per sweater
|
|
Explain fully a cash settled share-based payment transaction
: Explain fully a cash settled share-based payment transaction. Explain briefly the fair value method of measuring compensation arising from share options
|
|
What is the yield to maturity on the bond in one year
: Question - You buy an 9.2% coupon, paid annually, 11-year maturity bond for $930. What is the yield to maturity on the bond in one year
|
|
Determine the mark-up percentage used by the company
: If the company uses cost-plus pricing based on full cost, determine the mark-up percentage used by the company to obtain a price of $105
|
|
What are the likely tax consequences of the assets transfer
: Immediately before the exchange , carmen incurs a 50,000 mortgage on a property. What are the likely tax consequences of the assets transfer
|