ACC560 Homework 10

ACC560 Homework 10 in $25 only

Exercise 10-3

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Thome Company uses a flexible budget for manufacturing overhead based on direct labor hours. Variable manufacturing overhead costs per direct labor hour are as follows.

Indirect labor$1.20
Indirect materials0.60
Utilities0.30

Fixed overhead costs per month are: Supervision $4,360, Depreciation $1,076, and Property Taxes $603. The company believes it will normally operate in a range of 5,500–8,500 direct labor hours per month.

Prepare a monthly manufacturing overhead flexible budget for 2014 for the expected range of activity, using increments of 1,000 direct labor hours.(List variable costs before fixed costs.)

Exercise 10-7 (Part Level Submission)

Kitchen Help Inc. (KHI) is a manufacturer of toaster ovens. To improve control over operations, the president of KHI wants to begin using a flexible budgeting system, rather than use only the current master budget. The following data are available for KHI’s expected costs at production levels of 81,000, 94,000, and 107,000 units.

Variable costs
Manufacturing$7 per unit
Administrative$3 per unit
Selling$2 per unit
Fixed costs
Manufacturing$148,000
Administrative$75,000

(a)

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Prepare a flexible budget for each of the possible production levels: 81,000, 94,000, and 107,000 units.(List variable costs before fixed costs.)

Exercise 10-7 (Part Level Submission)

Kitchen Help Inc. (KHI) is a manufacturer of toaster ovens. To improve control over operations, the president of KHI wants to begin using a flexible budgeting system, rather than use only the current master budget. The following data are available for KHI’s expected costs at production levels of 81,000, 94,000, and 107,000 units.

Variable costs
Manufacturing$7 per unit
Administrative$3 per unit
Selling$2 per unit
Fixed costs
Manufacturing$148,000
Administrative$75,000

(b)

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If KHI sells the toaster ovens for $1

Exercise 10-13 (Part Level Submission)

Fultz Company’s organization chart includes the president; the vice president of production; three assembly plants—Dallas, Atlanta, and Tucson; and two departments within each plant—Machining and Finishing. Budget and actual manufacturing cost data for July 2014 are as follows.

Finishing Department—Dallas: Direct materials $41,280 actual, $44,730 budget; direct labor $82,750 actual, $82,510 budget; manufacturing overhead $53,890 actual, $49,510 budget.

Machining Department—Dallas:Total manufacturing costs $220,760 actual, $216,120 budget.

Atlanta Plant:Total manufacturing costs $424,870 actual, $424,520 budget.

Tucson Plant:Total manufacturing costs $495,300 actual, $496,320 budget.

The Dallas plant manager’s office costs were $96,910 actual and $94,840 budget. The vice president of production’s office costs were $133,360 actual and $134,080 budget. Office costs are not allocated to departments and plants.

(a)

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Prepare the reports in a responsibility system for: The Finishing Department—Dallas.

Exercise 10-13 (Part Level Submission)

Fultz Company’s organization chart includes the president; the vice president of production; three assembly plants—Dallas, Atlanta, and Tucson; and two departments within each plant—Machining and Finishing. Budget and actual manufacturing cost data for July 2014 are as follows.

Finishing Department—Dallas: Direct materials $41,280 actual, $44,730 budget; direct labor $82,750 actual, $82,510 budget; manufacturing overhead $53,890 actual, $49,510 budget.

Machining Department—Dallas:Total manufacturing costs $220,760 actual, $216,120 budget.

Atlanta Plant:Total manufacturing costs $424,870 actual, $424,520 budget.

Tucson Plant:Total manufacturing costs $495,300 actual, $496,320 budget.

The Dallas plant manager’s office costs were $96,910 actual and $94,840 budget. The vice president of production’s office costs were $133,360 actual and $134,080 budget. Office costs are not allocated to departments and plants.

(b)

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Correct answer.Your answer is correct.

Prepare the reports in a responsibility system for: The plant manager—Dallas.

Exercise 10-13 (Part Level Submission)

Fultz Company’s organization chart includes the president; the vice president of production; three assembly plants—Dallas, Atlanta, and Tucson; and two departments within each plant—Machining and Finishing. Budget and actual manufacturing cost data for July 2014 are as follows.

Finishing Department—Dallas: Direct materials $41,280 actual, $44,730 budget; direct labor $82,750 actual, $82,510 budget; manufacturing overhead $53,890 actual, $49,510 budget.

Machining Department—Dallas:Total manufacturing costs $220,760 actual, $216,120 budget.

Atlanta Plant:Total manufacturing costs $424,870 actual, $424,520 budget.

Tucson Plant:Total manufacturing costs $495,300 actual, $496,320 budget.

The Dallas plant manager’s office costs were $96,910 actual and $94,840 budget. The vice president of production’s office costs were $133,360 actual and $134,080 budget. Office costs are not allocated to departments and plants.

(c)

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Prepare the reports in a responsibility system for: The vice president of production.

Exercise 10-19

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The Pletcher Transportation Company uses a responsibility reporting system to measure the performance of its three investment centers: Planes, Taxis, and Limos. Segment performance is measured using a system of responsibility reports and return on investment calculations. The allocation of resources within the company and the segment managers’ bonuses are based in part on the results shown in these reports.

Recently, the company was the victim of a computer virus that deleted portions of the company’s accounting records. This was discovered when the current period’s responsibility reports were being prepared. The printout of the actual operating results appeared as follows.

Determine the missing pieces of information below. (Round intermediate calculations and final answer to 0 decimal places, e.g. 1,255.)

Problem 10-1A (Part Level Submission)

Cook Company estimates that 351,400 direct labor hours will be worked during the coming year, 2014, in the Packaging Department. On this basis, the budgeted manufacturing overhead cost data are computed for the year.

Fixed Overhead CostsVariable Overhead Costs
Supervision$91,200Indirect labor$154,616
Depreciation69,120Indirect materials77,308
Insurance35,520Repairs63,252
Rent21,360Utilities84,336
Property taxes21,720Lubricants31,626
$238,920$411,138

It is estimated that direct labor hours worked each month will range from 27,700 to 35,800 hours.

During October, 27,700 direct labor hours were worked and the following overhead costs were incurred.

Fixed overhead costs: Supervision $7,600, Depreciation $5,760, Insurance $2,909, Rent $1,780, and Property taxes $1,810.

Variable overhead costs: Indirect labor $13,273, Indirect materials, $5,741, Repairs $4,906, Utilities $6,972, and Lubricants $2,795.

(a)

Prepare a monthly manufacturing overhead flexible budget for each increment of 2,700 direct labor hours over the relevant range for the year ending December 31, 2014.(List variable costs before fixed costs.)

Problem 10-1A (Part Level Submission)

Cook Company estimates that 351,400 direct labor hours will be worked during the coming year, 2014, in the Packaging Department. On this basis, the budgeted manufacturing overhead cost data are computed for the year.

Fixed Overhead CostsVariable Overhead Costs
Supervision$91,200Indirect labor$154,616
Depreciation69,120Indirect materials77,308
Insurance35,520Repairs63,252
Rent21,360Utilities84,336
Property taxes21,720Lubricants31,626
$238,920$411,138

It is estimated that direct labor hours worked each month will range from 27,700 to 35,800 hours.

During October, 27,700 direct labor hours were worked and the following overhead costs were incurred.

Fixed overhead costs: Supervision $7,600, Depreciation $5,760, Insurance $2,909, Rent $1,780, and Property taxes $1,810.

Variable overhead costs: Indirect labor $13,273, Indirect materials, $5,741, Repairs $4,906, Utilities $6,972, and Lubricants $2,795.

(b)

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Correct answer.Your answer is correct.

Prepare a flexible budget report for October.(List variable costs before fixed costs.)

Problem 10-4A

 

BudgetDifference
from Budget
Sales$2,494,100$51,760F
Cost of goods sold
Variable1,304,28042,420F
Controllable fixed207,6403,090U
Selling and administrative
Variable227,8307,280U
Controllable fixed50,5401,380U
Noncontrollable fixed costs73,2304,020U

Clarke Inc. operates the Patio Furniture Division as a profit center. Operating data for this division for the year ended December 31, 2014, are as shown below.

In addition, Clarke incurs $177,490 of indirect fixed costs that were budgeted at $173,450. Twenty percent (20%) of these costs are allocated to the Patio Furniture Division.

Prepare a responsibility report for the Patio Furniture Division for the year.(List variable costs before fixed costs.)

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