1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
stiks02 [169]
3 years ago
13

Cost classifications For each of the following costs, check the columns that most likely apply (both variable and fixed might ap

ply for some costs). Product Costs Direct Indirect Period Variable Fixed Wages of assembly-line workers Glue and thread Outbound shipping costs Raw materials handling costs Salary of public relations manager Production run setup costs Plant utilities Electricity cost of retail stores Research and development expense Product costing-manufacturing overhead Nautical Accessories, Inc.,, manu- Lo 5 factures women's boating hats. Manufacturing overhead is assigned to production on a machine-hour basis. For 2016, it was estimated that manufacturing overhead would total $359,520 and that 21,400 machine hours would be used. Required: A. Calculate the predetermined overhead application rate that will be used for absorption costing purposes during 2016. B. During April, 3,900 hats were made. Raw materials costing $6,240 were used, and direct labor costs totaled $9,165. A total of 780 machine hours were worke during the month of April. Calculate the cost per hat made during April. C. At the end of April, 1,050 hats were in ending inventory. Calculate the cost of the ending inventory and the cost of the hats sold during April.
Business
1 answer:
Vanyuwa [196]3 years ago
8 0

Answer:

A.     Particular                               Direct   Indirect  Variable Fixed

1      Wages of Assembly                Yes       No         Yes         No

2     Deprecation of plant &            No      Yes         No         Yes

       Machinery  

3      Glue & Thread                          No      No         Yes        No

4      Outbound Shipping Cost         No      Yes         No        Yes

5      Raw Material Handling Cost    Yes     No         Yes        No

6 Salary Of Public Relations        No     Yes         No        Yes

       manager

7      Production Run Setup Costs     Yes    No        Yes        No

8      Plant Utilities                              Yes    No        Yes        No

9      Electricity cost of retail stores   No    Yes        Yes        No

10     Research and development      No    Yes         No       Yes

        expense

B. Product-Costing

i. Manufacturing Cost Per Machine Hour = Total Manufacturing overhead / Total Machine Hours

Manufacturing Cost Per Machine Hour = 359,520.00  / 21,400.00

Manufacturing Cost Per Machine Hour = 16.80

ii.  Particular                    Amount

Raw Material                     $6,240

Direct Labor Cost              <u>$9,165</u>

                                          $15,405

Manufacturing overhead  $13,104

(780 hours* $16.80)           <u>              </u>

Total Cost of 3900 Hats  <u>$28509</u>

Thus, the Cost of One hat = $28509 / 3900 hat = $7.31 per hat

iii. Total Hats made During the Month Of April    3,900

    Less: Closing Inventory                                     <u>1,050</u>  

    Sold During the month of April                       <u>2,850</u>

    Cost Of Hats Sold During the month of April  

    = 2,850 * $7.31

    = $20,833.5

Cost of Closing Stock (1,050 hat)  = 1,050 hat * $7.31 = 7675.5

You might be interested in
Rhian believes he was unfairly passed over for a promotion, so he meets with his union steward to complain. The steward meets wi
bonufazy [111]
Why so that saying did correct answe right I don’t know the answer I am just answering to see something about my points because they are negative and I am trying something
7 0
2 years ago
Marine Midland Bank sent market researchers door-to-door in the neighborhoods surrounding its branch banks. Each researcher want
leva [86]

Answer: Individual interviews

Explanation: An individual interview can be seen as an experimental method of acquiring information from an original source to gather non-numerical information with a small number of respondents to discuss in detail their viewpoints on a specific idea, program or circumstance.

Here, the Marine Midland Bank sent out their researchers to discuss with the head of each household in the community the reason for not checking accounts and credit cards with the bank. It can be carried out in 15-60 minutes.

8 0
3 years ago
A company uses the weighted average method for inventory costing. At the beginning of a period the production department had 20,
DanielleElmas [232]

Answer:

181,500 units

Explanation:

Given that

Beginning work in progress inventory = 20,000 units

The department completed and transferred = 165,000 units

Ending period = 22,000 units

Percentage of completion = 75%

The computation of equivalent units is given below :-

Work in progress of ending period

= 22,000 × 75%

= 16,500 units

So, the equivalent units

= 165,000 + 16,500

= 181,500 units

6 0
3 years ago
In a command economy, who decides what goods will be produced?
mylen [45]
In a command economy, it is the b) government who decides what goods will be produced. 
4 0
2 years ago
The current market price of a share of Disney stock is $60. If a call option on this stock has a strike price of $65, the call c
erastovalidia [21]

Answer:

Is out of the money

Explanation:

A strike price is a particular price which if activated, derivative contracts can be sold or bought. Derivatives are considered as products in finance where underlying assets are major determinants of their value.

The stock price is considered as the current price that a share of stocks is sold and bought on the market.

Because the strike price is $65 and the stock price (market price) is $60, Disney is out of money and cannot be exercised profitably.

7 0
3 years ago
Other questions:
  • Which of the following is the most accurate statement regarding the federal budget?
    12·1 answer
  • In 1972, one could buy a bag of chips, a pound of hamburger, a package of buns, and a small bag of charcoal for about $2.50. If
    7·1 answer
  • A clothing manufacturer produces clothing in five locations in the U. S. In a move to vertical integration, the company is plann
    9·1 answer
  • Small differences in growth rates can create large differences in income levels because of:
    15·1 answer
  • This year Jack intends to file a married-joint return. Jack received $178,800 of salary, and paid $7,050 of interest on loans us
    10·1 answer
  • Your cousin, who is in his early thirties, owns his own internet marketing company. before starting the internet marketing compa
    7·1 answer
  • Which of the following was not used in support of the continental drift hypothesis?
    12·2 answers
  • On July 1, of the current year, Robert forms the Yew Corporation. In exchange for 100 percent of the corporation's stock, Robert
    10·1 answer
  • Custom Motors' account with Widgets, Inc. Has an opening balance of $1,200. They make four purchases totaling $1,500, receive a
    14·1 answer
  • The entrepreneur who does not change the method of production already introduced is.
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!