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Manegerial Accounting. Owly Company manufacture customized
Owly Company manufacture customized components. During this month, the company worked on three jobs and recorded the following: Job 1 Job 2 Job 3 Direct materials used 3,200 4,500 6,100 Direct labor 2,100 3,000 4,200 Machine hours used 500 200 300 Direct labor hour 70 100 140 Production volume 1,200 2,300 3,300 Lot Size 1 5 15 Price 20 30 5 Job 1 was completed but not sold, Job 2 was still in progress, and job 3 was completed and sold. Before the beginning of this month, the company estimated the operating expenses. The company also estimated total machine hours, direct labor hours, and total production volume to be 1,100 hours, 300 hours, and 6,500 units, respectively. Sales salaries 3,000 Indirect labor 1,600 Production manager's salary 4,000 Marketing costs 6,000 Factory lease 4,000 The company asked its production supervisor to come up with an allocation method for the manufacturing overhead. The company wants to allocate the fixed proportion of manufacturing overhead equally to their three products. The rest of manufacturing overhead should be allocated by an appropriate allocation base. following a typical job-order costing method. The production supervisor examined the results of past operations to find the allocation base for the manufacturing overhead. She believes that a measure that best explains the changes in manufacturing overhead should be the allocation base. Manufacturing overhead Machine hours Production Volume Direct labor hour 9,600 340 4,960 300 10,200 140 60 320 9,600 400 4,590 300 8,700 20 1,980 270 7,800 330 460 240 9,600 240 2,920 300 8,700 350 1,420 270 7,800 190 2,650 240 6,900 410 3,540 210 10,500 170 3,320 330 12,300 300 4,470 390 13,200 390 1,540 420 Required: 1) Compute the estimated total manufacturing overhead 2) Find the appropriate allocation base for the manufacturing overhead. Provide quantitative support for your choice (hint: you can plot the data, apply high-low method, or estimate regression lines). 3) Provide the linear cost function of manufacturing overhead (hint: manufacturing overhead has both fixed and variable elements). 4) Calculate the cost of goods sold, costs of goods manufactured, and work-in-progress of Owly Company for this month before the adjustment of over- or under-applied overhead. 5) The actual operating expenses are as follows: Sales salaries 3,000 Indirect labour 1,600 Production manager's salary 4,000 Marketing costs 6,000 Factory lease 4,000 The company found that the actual fixed manufacturing overhead was $600, and variable overhead was $9,000. The company decided to adjust over- or under-applied manufacturing overhead by adjusting the costs of goods sold. Compute the costs of goods sold after the adjustment and prepare an income statement for this month. … read more
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3. (TCOD) The management of Thews Corporation is considering
3. (TCOD) The management of Thews Corporation is considering dropping product E28I. Data from the company's accounting system appear below. Sales $480,000 Variable Expenses $202,000 Fixed Manufacturin… read more
Linda_us
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1. Escatel Corporation bases its predetermined overhead rate
1. Escatel Corporation bases its predetermined overhead rate on the estimated labor hours for the upcoming year. Data for the most recently completed year appear below. Estimates made at the beginning… read more
Linda_us
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. (TCO 7) Elliots Escargots sells commercial and home snail
. (TCO 7) Elliot's Escargots sells commercial and home snail extraction tools and serving pieces. Currently, the snail extraction line of products takes up approximately 50 percent of the company's re… read more
F. Naz
F. Naz
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16.A company has three product lines, one of which reflects
16.A company has three product lines, one of which reflects the following results: Sales $430,000 Variable Expenses $250,000 Contribution Margins $180,000 Fixed Expenses $280,000 Net Loss $(100,000) I… read more
Linda_us
Linda_us
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1.A copier company has been using the same Copier A for 5 years.
1.A copier company has been using the same Copier A for 5 years. This copier can copy approximately 50 sheets a minute. The company has an opportunity to purchase a new Copier B that can process appro… read more
Expert
Expert
Ques 2: (TCO D) Ferro Wares is a division of a major corporation.
Ques 2: (TCO D) Ferro Wares is a division of a major corporation. The following data are for the latest year of operations: Sales……………………………………………………………….$33,040,000 Net Operating Income……………………………………… read more
Manal Elkhoshkhany
Manal Elkhoshkhany
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For NEO or anyone whom can help! TIMED QUIZ WILL GIVE EXTRA
For NEO or anyone whom can help! WILL GIVE BONUS! Please respond as soon as possible timed quiz! Here are my following questions to my timed quiz. 1. (TCO D) Which of the following performance measure… read more
Manal Elkhoshkhany
Manal Elkhoshkhany
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Iwasaki Inc. is considering whether to continue to make a component
Iwasaki Inc. is considering whether to continue to make a component or to buy it from an outside supplier. The company uses 13,000 of the components each year. The unit product cost of the component a… read more
F. Naz
F. Naz
Chartered Accountant
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Accounting 1003 Homework Assignment 1.A copier company
Accounting 1003 Homework: Assignment 1.A copier company has been using the same Copier A for 5 years. This copier can copy approximately 50 sheets a minute. The company has an opportunity to purchase … read more
Linda_us
Linda_us
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TCO 3) The set of activities that transforms raw resources
TCO 3) The set of activities that transforms raw resources into the goods and services of an organization is called: (Points : 4) value chain. supply chain. demand chain. cost-benefit analysis. 2. (TC… read more
Manal Elkhoshkhany
Manal Elkhoshkhany
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1. (TCO 4) Which of the following will have no effect on the
1. (TCO 4) Which of the following will have no effect on the break-even point in units? The selling price increases The variable cost per unit increases The sales volume increases Total fixed costs in… read more
F. Naz
F. Naz
Chartered Accountant
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A customer has requested that Daleske Corporation fill a special
A customer has requested that Daleske Corporation fill a special order for 2,000 units of product D84 for $20.30 a unit. While the product would be modified slightly for the special order, product D84… read more
Manal Elkhoshkhany
Manal Elkhoshkhany
Tutor
12,200 satisfied customers
Accounting 1003 Homework Assignment 1.A copier company
Accounting 1003 Homework: Assignment 1.A copier company has been using the same Copier A for 5 years. This copier can copy approximately 50 sheets a minute. The company has an opportunity to purchase … read more
Manal Elkhoshkhany
Manal Elkhoshkhany
Tutor
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Accounting 1003 Homework Assignment 1.A copier company
Accounting 1003 Homework: Assignment 1.A copier company has been using the same Copier A for 5 years. This copier can copy approximately 50 sheets a minute. The company has an opportunity to purchase … read more
Linda_us
Linda_us
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FOR LINDA.....1. A copier company has been using the same
FOR LINDA..... 1. A copier company has been using the same Copier A for 5 years. This copier can copy approximately 50 sheets a minute. The company has an opportunity to purchase a new Copier B that c… read more
Linda_us
Linda_us
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Master's Degree
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Koszyk Manufacturing Corporation has a traditional costing
Koszyk Manufacturing Corporation has a traditional costing system in which it applies manufacturing overhead to its products using a predetermined overhead rate based on direct labor-hours (DLHs). The… read more
Manal Elkhoshkhany
Manal Elkhoshkhany
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41. Younes Inc. manufactures industrial components. One of
41.Younes Inc. manufactures industrial components. One of its products, which is used in the construction of industrial air conditioners, is known as P06. Data concerning this product are given below:… read more
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Annie Kavitha
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