Roasting $__________ roasting per hour Seasoning $__________ Seasoning per hour Packaging $__________ Packaging per hour
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Sheffield’s Nut House is a processor and distributor of a variety of different nuts. The company buys nuts from around the world and roasts, seasons, and packages them for resale. Sheffield’s Nut House currently offers 15 different types of nuts in one-pound bags through catalogs and gourmet shops. The company’s major cost is that of the raw nuts; however, the predominantly automated roasting and packing processes consume a substantial amount of
Some of Sheffield’s nuts are very popular and sell in large volumes, but some of the newer types sell in very low volumes. Sheffield’s prices its nuts at cost (including overhead) plus a markup of 50%. If the resulting prices of certain nuts are significantly higher than the market price, adjustments are made. Although the company competes primarily on the quality of its products, customers are price conscious.
Data for the annual budget include manufacturing overhead of $ 8,763,000, allocated on the basis of each product’s direct labor cost. The annual budgeted direct labor cost totals $ 1,752,600. Based on the sales budget and raw materials standards, purchases and use of raw materials are expected to total $ 9,000,000 for the year.
The unit raw material and direct labor costs of a one-pound bag of two of the company’s products follows.
Question:
Roasting $__________ roasting per hour
Seasoning $__________ Seasoning per hour
Packaging $__________ Packaging per hour
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- The Pangasinan plant of the Pilipinas Company manufactures cash registers. It plansto implement an activity-based costing system. The controller has prepared thefollowing estimates regarding cost pools and activity levels for the next year.Cost PoolActivity CostsActivity driver levelsElectricityP100,00040,000 kwhMachine setups300,0001,500 setup hoursMaterial moves80,00040,000 movesQuality inspections120,00030,000 inspectionsTotalP600,000The plant’s present cost accounting system allocates manufacturing overhead to jobs using aplant-wide overhead rate based on machine hours. The total machine hours for the comingyear are estimated to be 100,000 hours.The company has received a request for a bid to deliver 2,000 units of its cash register modelMAI. The following estimates pertain to the production of 2,000 units of MAI:Direct materials costP30,000Direct labor (P10/hour)P15,000Machine hours2,000Setup hours50Electricity (Kwh)2.000Number of quality inspections500Number of material…A manufacturer uses activity-based costing to assign overhead cost to products. Budgeted cost information for its activities follows. Activity Purchasing Factory services Setup Budgeted Cost $ 183,600 102,450 67,450 Activity Cost Driver Purchase orders. Square feet Setups Compute an activity rate for each activity. (Round your answers to 2 decimal places.) Budgeted Activity Usage 5,100 purchase orders. 5,600 square feet 50 Setups Activity Budgeted Cost Purchasing $ 183,600 Factory services $ 102,450 Setup $ 67,450 Budgeted Activity Usage Activity RateActivity Clerical support Facility services Client consultations Activity usage for each service follows. Activity Cost Driver Documents Billable hours Court dates Budgeted Cost Required 1 Required 2 $ 57,600 20,160 72,800 Activity Clerical support Facility services Client consultations Budgeted Activity Usage 360 documents 2,520 billable hours 28 court dates Activity Usage Litigation 210 920 20 Mediation 150 1,600 8 Required: 1. Compute an activity rate for each activity using activity-based costing. 2. Compute overhead cost per unit (case) for both litigation and mediation using activity-based Total 360 2,520 28 Complete this question by entering your answers in the tabs below. Compute an activity rate for each activity using activity-based costing. (Round "Activity rate" to 2 c Budgeted Cost Budgeted Activity Usage Activity Rate
- A manufacturer uses activity-based costing to assign overhead cost to products. Budgeted cost information for its activities follows. Budgeted Cost $ 210,600 Activity Cost Driver Purchase orders Square feet Budgeted Activity Usage 5,400 purchase orders 5,900 square feet 50 Setups Factory services 104,250 Setup 67,750 Setups Compute an activity rate for each activity. (Round your answers to 2 decimal places.) Activity Purchasing Activity Purchasing Factory services Setup Budgeted Cost 210,600 104,250 67,750 $ $ $ Budgeted Activity Usage Activity RateLandon is working on putting together the financials for his company's quarterly report. His company uses standard costs within its absorption costing system, and Landon needs to find the budgeted. cost per unit in order to estimate COGS. Landon has provided the following cost information. 2 3 41 15 16 17 18 Budgeted variable manufacturing cost per unit Budgeted variable operating cost per unit Budgeted fixed overhead costs Budgeted fixed operating costs Budgeted production in units $ D 5.00 3.00 30,000 20,000 5,000 E F G H functions with cell references to the Problem area or work area as indicated. How much cost should be capitalized to inventory for each unit produced? Cost per unitQuestion Content Area Panamint Systems Corporation is estimating activity costs associated with producing disk drives, tapes drives, and wire drives. The indirect labor can be traced to five separate activity pools. The budgeted activity cost and activity base data by product are provided below. Activity Cost Activity Base Procurement $370,000 Number of purchase orders Scheduling 250,000 Number of production orders Materials handling 500,000 Number of moves Product development 730,000 Number of engineering changes Production 1,500,000 Machine hours Number ofPurchaseOrders Number ofProductionOrders NumberofMoves Number ofEngineeringChanges MachineHours NumberofUnits Disk drives 4,000 300 1,400 10 2,000 2,000 Tape drives 4,000 150 800 10 8,000 4,000 Wire drives 12,000 800 4,000 25 10,000 2,500 The activity rate for the production cost pool is a.$176.47 per machine hour b.$150.00…
- Question Content Area Panamint Systems Corporation is estimating activity costs associated with producing disk drives, tapes drives, and wire drives. The indirect labor can be traced to five separate activity pools. The budgeted activity cost and activity base data by product are provided below. Activity Cost Activity Base Procurement $370,000 Number of purchase orders Scheduling 250,000 Number of production orders Materials handling 500,000 Number of moves Product development 730,000 Number of engineering changes Production 1,500,000 Machine hours Number ofPurchaseOrders Number ofProductionOrders NumberofMoves Number ofEngineeringChanges MachineHours NumberofUnits Disk drives 4,000 300 1,400 10 2,000 2,000 Tape drives 4,000 150 800 10 8,000 4,000 Wire drives 12,000 800 4,000 25 10,000 2,500 The activity rate for the procurement activity cost pool is a.$43.53 per purchase order…Surratt Corp is projecting activity costs associated with producing disk drives, tapes drives, and wire drives. Indirect labor can be traced to five separate activity pools. The budgeted activity cost and activity base data by product are provided below. What is the activity rate for the procurement activity cost pool? Procurement Scheduling Materials handling Product development Production Activity Cost $ 370,000 250,000 500,000 730,000 1.500,000 Activity Base Number of purchase orders Number of production orders Number of moves Number of engineering changes Machine hours Number of Purchase Production Orders Number Number of Machine Engineering Hours Changes Number of Number of of Moves 1.400 Orders Units Disk drives 300 2,000 2,000 4,000 4,000 12,000 10 Tape drives Wire drives. 150 800 10 8,000 4,000 800 4,000 25 10,000 2,500Question 9: Anjan Paints manufactures two high-quality base paints: an oil-based paint and a lotex paint. Both are house paints and are manufactured in neutral white color only. After analyzing the company's entire operations, Anjan's accountants and production managers have identified activity cost pools and accumulated annual budgeted overhead costs by pool as follows. Activity Cost Pools Purchasing Processing Packaging Testing Storage and Inventory Control Washing and Cleaning equipment Total annual budgeted overhead Following further analysis, activity cost drivers were identified and their expected use by product and activity were scheduled as follows. Cost Drivers Activity Cost Pools Purchasing Purchase orders Gallons processed Processing Packaging Testing Containers filled Storage Washing Number of tests Average gallons on hand Number of batches Estimated Overhead $ 260,000 $1,500,000 $ 600,000 $ 250,000 $ 200,000 $ 590,000 $3,400,000 Expected Cost Drivers per Activity 1,500…
- Firenza Company manufactures specialty tools to customer order. Budgeted overhead for the coming year is: Previously, Sanjay Bhatt, Firenza Companys controller, had applied overhead on the basis of machine hours. Expected machine hours for the coming year are 50,000. Sanjay has been reading about activity-based costing, and he wonders whether or not it might offer some advantages to his company. He decided that appropriate drivers for overhead activities are purchase orders for purchasing, number of setups for setup cost, engineering hours for engineering cost, and machine hours for other. Budgeted amounts for these drivers are 5,000 purchase orders, 500 setups, and 2,500 engineering hours. Sanjay has been asked to prepare bids for two jobs with the following information: The typical bid price includes a 40 percent markup over full manufacturing cost. Required: 1. Calculate a plantwide rate for Firenza Company based on machine hours. What is the bid price of each job using this rate? 2. Calculate activity rates for the four overhead activities. What is the bid price of each job using these rates? 3. Which bids are more accurate? Why?The controller for Muir Companys Salem plant is analyzing overhead in order to determine appropriate drivers for use in flexible budgeting. She decided to concentrate on the past 12 months since that time period was one in which there was little important change in technology, product lines, and so on. Data on overhead costs, number of machine hours, number of setups, and number of purchase orders are in the following table. Required: 1. Calculate an overhead rate based on machine hours using the total overhead cost and total machine hours. (Round the overhead rate to the nearest cent and predicted overhead to the nearest dollar.) Use this rate to predict overhead for each of the 12 months. 2. Run a regression equation using only machine hours as the independent variable. Prepare a flexible budget for overhead for the 12 months using the results of this regression equation. (Round the intercept and x-coefficient to the nearest cent and predicted overhead to the nearest dollar.) Is this flexible budget better than the budget in Requirement 1? Why or why not?Refer to the data in Exercise 7.22. The company has decided to simplify its method of allocating support service costs by switching to the direct method. Required: 1. Allocate the costs of the support departments to the producing departments using the direct method. (Round allocation ratios to four significant digits. Round allocated costs to the nearest dollar.) 2. Using direct labor hours, compute departmental overhead rates. (Round to the nearest cent.)