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PART 1: George Ltd manufactures two types of coils used in electric motors. The two types are: C20 and D40. They both require plastic and metal. Information for the two products for the month of April is given in the following tables: Input prices Direct materials Plastic $4 per kilogram Metal $3 per kilogram Direct manufacturing labour $10 per direct manufacturing labour hour Input quantities per unit of output C20 D40 Direct materials Plastic 4 kilograms 6 kilograms Metal 0.5 kilogram 1 kilogram Direct manufacturing labour-hours (DMLH) 3 hours 5 hours Machine-hours (MH) 10 MH 18MH Inventory information, direct materials Plastic Metal Beginning inventory 250 kilograms 60 kilograms Target ending inventory 380 kilograms 55 kilograms Cost of beginning inventory $950 $180 The company accounts for direct materials using a FIFO cost flow assumption. Sales and inventory information, finished goods C20 D40 Expected sales in units 500 300 Selling price $160 $250 Target ending inventory in units 35 15 Beginning inventory in units 15 30 Beginning inventory in dollars $1500 $5580 The company uses: • a FIFO cost flow assumption for finished goods inventory. • an activity-based costing system and classifies overhead into three activity pools: Set-up, Processing and Inspection. Activity rates for these activities are $100 per set-up hour. $5 per machine-hour and $16 per inspection-hour, respectively. Other information is as follows: Cost driver information C20 D40 Number of units per batch 20 15 Set-up time per batch 1.5 hours 1.75 hours Inspection time per batch 0.5 hour 0.6 hour Non-manufacturing fixed costs for March equal $36,000 of which half are salaries. Salaries are expected to increase by 5% in April. The only variable non-manufacturing cost is sales commission equal to 1% of sales revenue. Required: Prepare the following for April: a. Sales budget b. Production budget in units c. Direct material usage budget and direct material purchases budget d. Manufacturing overhead cost budgets for each of the three activities e. Budgeted income statement (ignore income taxes) PART 2: Please go to your Moodle site and access the 6-papers on budgeting. Write a critical review of the above papers.
Rebecca owns several successful coffeehouses. Each one has its own manger and is operated independently of the others. In what ways do the coffeehouses utilize managerial accounting in the operational planning process?
Recognize the decision variables, exogenous variables, performance measure and intermediate variables. Illustrate the relationships between variables identified in part 1. Compute the break-even point
Northeast Logging Co. of $120,000. The seller agreed to allow a 5 percent discount because Northeast paid cash. Determine the amount to be capatilized in an asset account for the purchase of the saw.
Estilo Company has 3 operating segments with following information: What is the minimum amount of revenue that each of these segments must generate to be considered separately reportable?
During the year, the company purchased $100,000 of raw material and spent $340,000 on direct labor. Other data: Manufacturing overhead incurred $450,000; sales, $1,560,000; selling and administrative expenses, $90,000; income tax rate, 30%.
What kind of business decision might cause you to increase your fixed costs? Define variable costs. Will purchasing a new manufacturing facility increase fixed costs or variable costs?
You're meeting with Georgia tomorrow to provide her specific direction on how to develop the budget for the county fair event portion of project. She has determined that the event will most likely involve the tent of some sort which contains table..
What drives consumption of costs? What are drivers and how do they help in the allocation process?
Lewis Auto Company manufactures a part for use in its production of automobiles. When 10,000 items are produced, the costs per unit are:
The following information relates to activities in the mixing departments for June: Beginning WIP, June 1, 100,000 pounds. Cost in beginning WIP inventory were as follows:
How does FASB and IFRS standards differ from on another? If the US adopted the IFRS standards what are the advantages and disadvantages?
Discuss how a budget could help you personally or your organization accomplish the objectives of long range plan developed for you personally or for your organization.
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