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Under a contract with the provincial government, ChemLabs Inc. analyzes the chemical and bacterial composition of well water in various municipalities in the interior of British Columbia. The contract price is $26.00 per test performed. The normal volume is 10,000 tests per month. Each test requires two testing kits, which have a standard price of $3.60 each. Direct labour to perform the test is 10 minutes at $22.80 per hour. At normal volume, the overhead costs are as follows:Variable overhead costs Indirect labour $16,000 Utilities 2,000 Labour-related costs 13,000 Laboratory maintenance 8,000 $39,000 Fixed overhead costs Depreciation 27,830 Supervisor 29,620 Base utilities 8,180 Insurance 1,700 67,330 Total overhead $106,330Overhead is allocated based on direct labour hours. During May 2012, 8,520 tests were performed. The records show the following actual costs and production data:Activity Actual Cost Number of test kits purchased 19,050 $68,580 Number of test kits used 18,280 Direct labour 1,660 hours 37,210 Total overhead costs Variable 45,080 Fixed 68,150Test kits are kept in inventory at standard cost. At the end of May, no tests were in process.Prepare a flexible overhead budget based on 80% of the normal volume.
These should be distinguished from estimated liabilities. Estimated liabilities are identified liabilities where the amount is uncertain. Contingent liabilities conversely are not
Pyramid Printing Company is a printer of magazines and retail inserts. In addition, there are two joint products (food wrapping and book covers) and one byproduct (shipping-box ins
Reserves and surplus or retained earnings usually occur out of profitable operations. This is a surplus not distributed through the firm as dividends. Conversely, these are profits
Advertising expense $17,200 Wages expense-assemblers 36,840 Depreciation expense-machines 21,480 Utilities expense-factory 21,120 Wages expense-lathe operators 23,480 Repair expens
rocess costing Prepare a spreadsheet to solve the following process costing problem. Review the four process costing videos provided in Interact Resources. Note that in the situati
At the beginning of 2010, Mirror Corporation, had undepreciated capital cost (UCC) of $1,575,000 in asset Class 38 with a CCA rate of 30%. On April 15, 2010, Mirror sold an asset t
Material Usage Variance (MUV): This is the variation between the actual quantity of material consumed and standard quantity which should have been consumed, expressed in terms
ABC bond is a 20-year bond with face value $1000. The coupon payment is $25 per 6 months. The semi-annual yield is 4%. Use the PV function in Excel (or equivalent) to Önd the price
jit purchase advantages
EARNINGS AFTER TAX-1500000 NUMBER OF EQUITY SHARE OUTSTANDING-300000 DIVIDEND PAID 600000 PRICE-EARNING RATIO-101 RATE OF RETURN ON INVESTMENT-20% WHAT IS OPTIMUM DIVIDEND PAY OUT
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