Culver's Classic Cars restores classic automobiles to showroom status. Budgeted data for the current year are as follows. Restorers' wages and fringe benefits Purchasing agent's salary and fringe benefits Administrative salaries and fringe benefits Other overhead costs Total budgeted costs Time Charges $320,160 69,600 27,840 $417,600 Material Loading Charges $78,300 24,012 73,080 $175,392 The company anticipated that the restorers would work a total of 13,920 hours this year. Expected parts and materials were $1,461,600. In late January, the company experienced a fire in its facilities that destroyed most of the accounting records. The accountant remembers that the hourly labor rate was $70.00 and that the material loading charge was 83.00%.

Culver's Classic Cars restores classic automobiles to showroom status. Budgeted data for the current year are as follows. Restorers' wages and fringe benefits Purchasing agent's salary and fringe benefits Administrative salaries and fringe benefits Other overhead costs Total budgeted costs Time Charges $320,160 69,600 27,840 $417,600 Material Loading Charges $78,300 24,012 73,080 $175,392 The company anticipated that the restorers would work a total of 13,920 hours this year. Expected parts and materials were $1,461,600. In late January, the company experienced a fire in its facilities that destroyed most of the accounting records. The accountant remembers that the hourly labor rate was $70.00 and that the material loading charge was 83.00%.

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter4: Accounting For Factory Overhead

Section: Chapter Questions

Problem 1P: The cost behavior patterns below are lettered A through H. The vertical axes of the graphs represent...

See similar textbooks

Similar questions

4. Compute gross profit earned by the company for each of the four costing methods. (Round your average cost per unit to 2 decimal places and final answers to nearest whole dollar.)
Atlanta Systems produces two different products, Product A, which sells for $450 per unit, and Product B, which sells for $800 per unit, using three different activities: Design, which uses Engineering Hours as an activity driver; Machining, which uses machine hours as an activity driver; and Inspection, which uses number of batches as an activity driver. The cost of each activity and usage of the activity drivers are as follows: Usage by Product A Usage by Cost Product B Design (Engineering Hours) Machining (Machine Hours) Inspection (Batches) $ 190,000 $1,800,000 $ 160,000 108 142 2,160 2,840 42 38 Atlanta manufactures 12,500 units of Product A and 10,200 units of Product B per month. Each unit of Product A uses $100 of direct materials and $45 of direct labor, while each unit of Product B uses $140 of direct materials and $75 of direct labor.
Determine the weighted-average unit contribution margin. (Round answer to 2 decimal places, e.g. 10.25.) Weighted-average unit contribution margin $ 135,04
I need help figuring out the operating expenses Using the format y = mx + b, develop a cost formula for total expenses. (Round unit cost to 2 decimal places, e.g. 52.75 and all other answers to 0 decimal places, e.g. 5,275.) Operating expenses = $_________ X + $____________
2. FIFO 3. LIFO 4. Weighted average method (Round average unit cost to the nearest cent, and round all other calculations and your final answers to the nearest dollar.)
Blossom Electronix sells computer tablets and MP3 players. The business is divided into two divisions along product lines. CVP income statements for a recent quarter's activity are presented below. Sales Variable costs Contribution margin Fixed costs Net income Tablet Division $671,000 496,540 $174,460 MP3 Player Division $429,000 253,110 $175,890 Total $1,100,000 749,650 350,350 128,037 $222,313
If you know : 1-The number of production ( B1 ) ( 3000 ) unit . 2-The number of production ( B2 ) ( 4000 ) unit . 3-Tht Common Cost ( 800 000 )D. 4-( 200 ) Loss unit , ( normal loss ) R: Distribution Com. Cost by using ( Physical measurement method
What was the standard cost per unit of product? (Round answer to 2 decimal places, e.g. 2.75.) Standard cost per unit
The Marine Division of Pacific Corp. has average invested assets of $120,000,000. Sales revenue of $50,210,000 results in an operating income of $9,964,000. The hurdle rate is 8%. a. Calculate the return on investment. (Round your answer to 2 decimal places.) Raun mant b. Calculate the profit margin. (Round your answer to 2 decimal places.) c. Calculate the investment turnover. (Round your answer to 4 decimal places.) Next >
Next, fill in average total cost in the table. (Enter your responses as real numbers rounded to two decimal places.) Labor Capital Output Total Cost Average Total Cost 0 1 0 $500 - 1 1 80 720 $nothing 2 1 240 940 nothing 3 1 320 1,160 nothing 4 1 360 1,380 nothing 5 1 380 1,600 nothing
SITUATION2: Interpret the figure below: find (a) Present worth of all additional maintenance cost, (b) Present worth of all cost, (c) Equivalent uniform annual cost (EUAC). Note, EUAC is the sum of all expenses such as first cost, operation cost and other expenses. 0 12 3 4 5 6 7 8 9 10 11 12 Y ✓ 1.5 1.5 1.5 1.5 1,5 1.5 1.5 1.5 1.5.1,5 1.5 1.5 Initial cost: P20M Annual maintenance: P1.5M www 25 1,5 Additional Maintenance every 5 years: P3M Cost of money: 8.0%
3. The following information relates to CEE Company: (Refer to image). Assume that the company uses the average cost approach. What is the cost ratio? Express your answer in percentage and round up to two decimal points.