Cost Accounting

Use the following information for questions 18-19.

Becker Company developed the following data for the current year:
Beginning work in process inventory $ 60,000
Direct materials used 36,000
Actual overhead 72,000
Overhead applied 54,000
Cost of goods manufactured 66,000
Total manufacturing costs 180,000

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18. Becker Company’s direct labor cost for the year is
a. $18,000.
b. $90,000.
c. $54,000.
d. $72,000.

19. Becker Company’s ending work in process inventory is
a. $174,000.
b. $120,000.
c. $114,000.
d. $54,000.

Use the following information to answer questions 25-26.
Robot Toy Company manufactures two products, X-O-Tron and Mechoman. Robot’s overhead costs consist of setting up machines, $400,000; machining, $900,000; and inspecting, $300,000. Information on the two products is:
X-O-Tron Mechoman
Direct labor hours 15,000 25,000
Machine setups 600 400
Machine hours 24,000 26,000
Inspections 800 700

25. Overhead applied to X-O-Tron using traditional costing is
a. $600,000.
b. $768,000.
c. $832,000.
d. $960,000.

26. Overhead applied to Mechoman using traditional costing is
a. $640,000.
b. $768,000.
c. $832,000.
d. $1,000,000.

27. Overhead applied to X-O-Tron using activity-based costing is
a. $600,000.
b. $768,000.
c. $832,000.
d. $960,000.

28. Overhead applied to Mechoman using activity-based costing is
a. $640,000.
b. $768,000.
c. $832,000.
d. $1,000,000.

Use the following information for questions 34-36.

Staley Company has a materials price standard of $3.00 per pound. Two thousand pounds of materials were purchased at $3.30 a pound. The actual quantity of materials used was 2,000 pounds, although the standard quantity allowed for the output was 1,800 pounds.

34. Staley Company’s materials price variance is
a. $60 U.
b. $600 U.
c. $540 U.
d. $600 F.

35. Staley Company’s materials quantity variance is
a. $600 U.
b. $600 F.
c. $660 F.
d. $660 U.

36. Staley Company’s total materials variance is
a. $1,200 U.
b. $1,200 F.
c. $1,260 U.
d. $1,260 F.

Use the following information for questions 37-38.
Downing Company produces a high resolution computer monitor. The following information is available for this product:
Fixed cost per unit $ 50
Variable cost per unit 150
Total cost per unit 200
Desired ROI per unit 60

37. Downing Company’s markup percentage would be
a. 120%.
b. 60%.
c. 40%.
d. 30%.
38. The target selling price for this monitor is
a. $110.
b. $200.
c. $210.
d. $260.

Vid-saver, Inc. has five activity cost pools and two products (a budget tape rewinder and a deluxe tape rewinder). Information is presented below:

Cost Drivers by Product
Activity Cost Pool Cost Driver Est. Overhead Budget Deluxe
Ordering and Receiving Orders $ 120,000 600 400
Machine Setup Setups 297,000 500 400
Machining Machine hours 1,500,000 150,000 100,000
Assembly Parts 1,200,000 1,200,000 800,000
Inspection Inspections 300,000 550 450

Instructions
Compute the overhead cost per unit for each product. Production is 700,000 units of Budget and 200,000 units of Deluxe. Solution Preview
Please see the attached file.

Use the following information for questions 18-19.

Becker Company developed the following data for the current year:
Beginning work in process inventory $ 60,000
Direct materials used 36,000
Actual overhead 72,000
Overhead applied 54,000
Cost of goods manufactured 66,000
Total manufacturing costs 180,000

18. Becker Company’s direct labor cost for the year is
a. $18,000.
b. $90,000.
c. $54,000.
d. $72,000.

Total manufacturing cost = Direct Material + Direct Labor + Applied Overhead

180,000 = 36,000+Direct Labor + 54,000

Direct Labor = 90,000
We use the applied overhead since that is debited to the work in process account. The actual overhead is a debit in overhead account and the over under applied overhead is closed at the end of the period

19. Becker Company’s ending work in process inventory is
a. $174,000.
b. $120,000.
c. $114,000.
d. $54,000.

Cost of goods Manufactured = Opening WIP + Total manufacturing cost – Ending WIP

66,000=60,000+180,000-Ending WIP

Ending WIP = 174,000

Use the following information to answer questions 25-26.
Robot Toy Company manufactures two products, X-O-Tron and Mechoman. Robot’s overhead costs consist of setting up machines, $400,000; machining, $900,000; and inspecting, $300,000. Information on the two products is:
X-O-Tron Mechoman
Direct labor hours 15,000 25,000
Machine setups 600 400
Machine hours 24,000 26,000
Inspections 800 700

25. Overhead applied to X-O-Tron using traditional costing …

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