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Question - ABC Manufacturing Company manufactures two products which require both machine processing and labor operations. Although there is unlimited demand for both products, ABC would devote all of its capacities to a single product. Unit prices, cost data, and processing requirements are shown below:
Product A
Product B
Unit selling price
P400.00
P1,100.00
Unit variable costs
200.00
450.00
Machine hours per unit
40.00
14.00
Labor hours per unit
20.00
60.00
In 2019, the company will be limited to 160,000 machine hours and 120,000 labor hours.
Required -
1. Compute the quantities of each product to be produced in 2019.
2. Show the income statement for the product volume computed in no. 1.
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Prepare a retained earnings statement for the year and Prepare a stockholders' equity section of given case.
Prepare a master budget for the three-month period.
Construct the company's direct labor budget for the upcoming fiscal year, assuming that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced.
Evaluate the Predetermined Overhead Rate
Determine the company's bid if activity-based costing is used and the bid is based upon full manufacturing cost plus 30 percent.
Complete the schedule to compute the pool rates for the different activities.
Prepare Company financial statements
This individual assignment is based on the TerraCycle Inc.
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A new plant accountant suggested that the company may be able to assign support costs to products more accurately by using an activity based costing system that relies on a separate rate for each manufacturing activity that causes support costs.
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