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Accounting Expert Answers & Study Resources : Page 125

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28) The Wildcat Company has provided the following information for the factory overhead cost pool: Units of Output30,000 Units42,000 Units Indirect materials$180,000$252,000 Indirect labour1,080,0001,512,000 Supervisors' salaries312,000312,000 Equipment depreciation151,200151,200 Maintenance81,600110,400 Utilities   384,000   528,000 Total$2,188,800$2,865,600 Required: Using the high-low method and the information provided above, a.identify the linear cost function equation and b.estimate the total cost at 36,000 units of output. 29) Patrick.

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  • 28) The Wildcat Company has provided the following information for
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17) What is the high-low estimate of the labour costs at Bradco Restoration when 8,000 hours are used? A) $21,500 B) $18,500 C) $17,750 D) $17,250 E) $17,125 18) When using the high-low method, the denominator in the equation that determines the slope is the A) outcome variable. B) predictor variable. C) difference between the high and low observations.

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  • 17) What the high-low estimate of the labour costs at
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  Use the information below to answer the following question(s). Beauty Supply Company manufactures shampoo. The supervisor has provided the following information and stated that standard costing is used for manufacturing, marketing, and administrative costs. January February Beginning inventory 0 --- Production 2,500 3,000 Sales 2,250 3,025 Other information: Selling price $20.00 Standard variable manufacturing cost/unit $8.00 Standard variable market/admin. cost/unit $4.00 Standard fixed manufacturing overhead cost/month $40,000 Standard fixed market/admin. cost/month.

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  •   Use the information below to answer the following question(s). Beauty Supply
  • Accounting
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21) For make-or-buy decisions, relevant costs include A) direct material costs plus direct labour costs. B) incremental costs plus opportunity costs. C) differential costs plus sunk costs. D) incremental costs plus fixed costs. E) variable costs plus fixed overhead. 22) The opportunity cost of holding significant inventory includes A) contribution margin on the.

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  • 21) For make-or-buy decisions, relevant costs include A) direct material costs
  • Accounting
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  11.1   Contrast relevant and irrelevant costs and revenues as well as quantitative and qualitative information influencing decisions. 1) The purpose of evaluating performance in the decision process is to provide feedback. 2) Anticipated future costs that differ with alternative courses of action are known as relevant costs. 3) Divisional revenues which remain at.

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  •   11.1   Contrast relevant and irrelevant costs and revenues as well
  • Accounting
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  Answer the following question(s) using the information below. Jim's 5-year-old Geo Prizm requires repairs estimated at $3,000 to make it road worthy again. His friend, Julie, suggested that he should buy a 5-year-old used Honda Civic instead for $3,000 cash. Julie estimated the following costs for the two cars: Geo Prizm Honda Civic Acquisition.

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  •   Answer the following question(s) using the information below. Jim's 5-year-old Geo
  • Accounting
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39) Lewis Auto Company manufactures a part for use in its production of automobiles. When 10,000 items are produced, the costs per unit are: Direct materials$12 Direct manufacturing labour60 Variable manufacturing overhead24 Fixed manufacturing overhead32 Total$128 Monty Company has offered to sell Lewis Auto Company 10,000 units of the part for $120 per unit. The.

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  • 39) Lewis Auto Company manufactures a part for use in
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20) Schotte Manufacturing Company uses two different independent variables (machine-hours and number of packages) in two different equations to evaluate costs of the packaging department. The most recent results of the two regressions are as follows: Machine-hours: VariableCoefficientStandard Errort-Value Constant$748.30$341.202.19 Predictor Variable $52.90$35.201.50 r2 = 0.33 Number of packages: VariableCoefficientStandard Errort-Value Constant$242.90$75.043.24 Predictor Variable$5.60$2.002.80 r2 = 0.73 Required: a.What are the estimating.

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  • 20) Schotte Manufacturing Company uses two different independent variables (machine-hours
  • Accounting
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42) Southwestern Company needs 1,000 motors in its manufacture of automobiles. It can buy the motors from Jinx Motors for $1,250 each. Southwestern's plant can manufacture the motors for the following costs per unit: Direct materials$500 Direct manufacturing labour250 Variable manufacturing overhead200 Fixed manufacturing overhead350 Total$1,300 If Southwestern buys the motors from Jinx, 30% of.

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  • 42) Southwestern Company needs 1,000 motors in its manufacture of
  • Accounting
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41) For Consumer Lumber what would be the total difference between operating incomes under absorption costing and variable costing? Beginning fixed manufacturing overhead in inventory $47,500 Fixed manufacturing overhead in production $37,500 Ending fixed manufacturing overhead in inventory $12,500 Beginning variable manufacturing overhead in inventory $5,000 Variable manufacturing overhead in production $25,000 Ending variable manufacturing overhead in inventory $7,500 A) $35,000 B) $25,000 C) $20,000 D).

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  • 41) For Consumer Lumber what would be the total difference
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  Answer the following question(s) using the information below. Greene Manufacturing incurred the following expenses during 2012: Fixed manufacturing costs $45,000 Fixed nonmanufacturing costs $35,000 Unit selling price $100 Total unit cost $40 Variable manufacturing cost rate $20 Units produced 1,340 units 9) What will be the break-even point if variable costing is used? A) 1,334 units B) 1,000 units C) 1,125 units D).

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  •   Answer the following question(s) using the information below. Greene Manufacturing
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70) For 2012, Nichols Inc., had sales of 75,000 units and production of 100,000 units. Other information for the year included: Direct manufacturing labour$187,500 Variable manufacturing overhead100,000 Direct materials150,000 Variable selling expenses100,000 Fixed administrative expenses100,000 Fixed manufacturing overhead200,000 There was no beginning inventory. Required: a.Compute the ending finished goods inventory under both absorption and variable costing. b.Compute the cost of.

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  • 70) For 2012, Nichols Inc., had sales of 75,000 units
  • Accounting
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31) Compute the estimated costs for each of the following equations, assuming the following costs for July: Fixed manufacturing cost$40,000 Variable cost per machine-hour6 Number of hours used1,000 In addition, state whether each is for a variable, fixed, or mixed cost. a.Total estimated costs = intercept b.Total estimated costs = constant c.Total estimated costs = constant +.

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  • 31) Compute the estimated costs for each of the following
  • Accounting
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36) Axle and Wheel Manufacturing is approached by a European customer to fill a one-time-only special order for a product similar to one offered to domestic customers. The following per unit data apply for sales to regular customers: Direct materials$33 Direct labour15 Variable manufacturing support24 Fixed manufacturing support52 Total manufacturing costs$124 Markup (50%)62 Targeted selling price$186 Axle and.

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  • 36) Axle and Wheel Manufacturing approached by a European customer
  • Accounting
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61) Helton Company has the following information for the current year: Beginning fixed manufacturing overhead in inventory $95,000 Fixed manufacturing overhead in production 375,000 Ending fixed manufacturing overhead in inventory 25,000 Beginning variable manufacturing overhead in inventory $10,000 Variable manufacturing overhead in production 50,000 Ending variable manufacturing overhead in inventory 15,000 What is the difference between operating incomes under absorption costing and.

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  • 61) Helton Company has the following information for the current
  • Accounting
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11) Generally Accepted Accounting Principles require that ________ costing is/are the inventory method(s) to be used in Canada for financial reporting. A) variable B) direct C) throughput D) super-variable E) absorption 12) "Super-variable costing" assumes that A) all costs are variable in the long run. B) all costs are variable in the short run. C) only direct.

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  • 11) Generally Accepted Accounting Principles require that ________ costing is/are
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9.4   Distinguish throughput costing from variable costing and absorption costing, and explain differences in operating income under each costing policy. 1) Throughput costing treats all costs as period costs. 2) Throughput costing provides more incentive to produce for inventory than does absorption costing. 3) Throughput costing is also referred to as super-variable.

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  • 9.4   Distinguish throughput costing from variable costing and absorption costing,
  • Accounting
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11) C. M. Chain was to manufacture 1,000 chain saws next month. Its accountant has provided the following analysis of the total manufacturing costs. Variable Coefficient Standard Error t-Value Constant 200 143.88 1.39 Predictor Variable 400 183.49 2.18 r2 = 0.71 What is the estimated cost of producing the 1,000 chain saws? A) $400,200 B) $284,142 C) $200,400 D) $18,000 E) $9,000 12) Goodness-of-fit measures how well the predicted values.

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  • 11) C. M. Chain was to manufacture 1,000 chain saws
  • Accounting
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7) Which cost estimation method would be described as a formal method to fit linear cost functions to past data observations? A) the account analysis method B) the conference method C) the industrial-engineering method D) the quantitative analysis method E) the departmental analysis method Use the information below to answer the following question(s). Presented below is the.

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  • 7) Which cost estimation method would be described as a
  • Accounting
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10) Review the following report of the results of a simple regression program for cost estimation. VariableCoefficientStandard Errort-Value Constant24.8817.901.39 Predictor Variable444.70179.312.48 r2 = 0.72 Required: a.What is the cost estimation equation according to the report? b.What is the goodness of fit? What does it tell about the estimating equation? 11) The new cost analyst in your accounting department.

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  • 10) Review the following report of the results of a
  • Accounting
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31) As part of his job as cost analyst, Max Thompson collected the following information concerning the operations of the Machining Department: ObservationMachine-hoursTotal Operating Costs January4,000$45,000 February4,60049,500 March3,80045,750 April4,40048,000 May4,50049,800 Required: a.Use the high-low method to determine the estimating cost function with machine-hours as the cost driver. b.If June's estimated machine-hours total 4,200, what are the total estimated.

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  • 31) As part of his job as cost analyst, Max
  • Accounting
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7) Companies periodically confront decisions about discontinuing or adding branches or business segments. In order to determine the best course of action, a ________ should be performed in order to make the optimal decision. A) relevant feasibility study B) relevant risk assessment C) relevant-revenue and relevant-cost analysis D) relevant-risks and relevant-loss analysis E) relevant capital.

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  • 7) Companies periodically confront decisions about discontinuing or adding branches
  • Accounting
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7) Which of the following terms represents additional costs required to obtain an additional quantity, over and above existing or planned quantities of a cost object? A) contract increase costs B) contract pocket costs C) contract expense D) outlay costs E) super variable costs 8) A one-time-only special order decision A) should consider only long-term costs and.

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  • 7) Which of the following terms represents additional costs required
  • Accounting
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