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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.
Bubble Corporation manufactures two products, I and II, from a joint process. A single production costs $4,000 and results in 100 units of I and 400 units of II. To be ready for sa
How do I calculate labour capacity ratio
Q. Show the Break-even charts? Refers graphically profit and losses at different levels of sales volume achieved. When sales revenue is greater than total cost it m
The budgeted and actual revenues and expenditures of Seaside Township for a recent year (in millions) were as presented in the schedule that follows: 1. Prepare journal entries
Frame-it Ltd is a manufacturer of metal picture frames. The firm's two product lines are designate S (small frames: 12 x18 cm) and L (large frames: 20 x 25 cm). The primary raw mat
Find the following values for a single cash flow: a. The future value of $500 invested at 8 percent for 1 year b. The future value of $500 invested at 8 percent for 5 years
The government of a small South Pacific island is considering whether to allow development of a small but valuable deposit of phosphate rock. Not having the resources to develop an
Describe the manner in which a materials usage variance is divided into mix and yield component variances.
The costs that are fixed irrespective of manufacture are fixed costs. EX: Rent, Depreciation. Fix cost is those cost who not alter in any time whether the production done or not
Forbes Company uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs. At the beginning of the period, the company estimated manufac
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