Explanation & Answer length: 12 Questions
QUESTION 1 3 points 8 points Save Answer Widgeta manufactures widget. Here is some information on their inventory: CGM=$524,000, WIP, E/B=$79,000 FG,E/B=$138,000 RM, used in production=$89,000 DL =$146,000 MOH = $247,000 FG-Finished goods inventory CGM-Cost of Goods Manufactured WIP-Work-in-Process DL-Direct Labor DM-Direct Material MOH-Manufacturing Overhead E/B-Ending Balance What is Widgeta’s beginning WIP? O $37,000. O $121,000 O $50,000 O $403,000. O None of the answers is correct. QUESTION 2 12 points Save Answer Widgeta shared their year-end information about their widget manufacturing company. MOH: debits in the account of $912,000 including $40,000 of sales commissions WIP: charges of $935,000 CGS-debits of $3,780,000- no adjustments for under-or overhead have been made to this number; POHR used was $25 per MH. Budgeted MOH $990,000 Questions: Determine the actual manufacturing overhead for the year. Determine the amount of manufacturing overhead applied to production. Is overhead under-or overapplied? By how much? answer the amount and then write over or under (example 500 over) How many machine hours did Blake actually work during the year? IMPORTANT: PLEASE DO NOT USE ANY SYMBOLS OR PUNCTUATION WHEN ENTERING NUMBERS For example, do not enter $100,000 please enter 100000 QUESTION 3 8 points Save Answer Widgeta is a manufacturing company that uses the high-low method to analyze their cost. High-Low Months April: Maintenance hours: 22,000 at a cost of $1,265,000 May: Maintenance hours: 25000 at a cost of $1,307,000 Pick the correct response, if the hours are 23,000 in July: O The variable maintenance cost is $14 per hour. O The variable maintenance cost is $19 per hour. O The variable maintenance cost is $21 per hour. The fixed maintenance cost is $42,000 per month. O More than one of the other answers is true. QUESTION 4 Widgeta manufactures widgets. This is information about the company’s costs: DM $42,000 DL. $34,200 MOH. $22,400 SE. $26,100 AE. $34,400 DM-Direct Material DL-Direct Labor MOH – Manufacturing Overhead SE-Selling Expenses AE-Administrative Expenses How much are conversion costs? O $159,100 O $56,600 O $76,200 O $64,400 O None of the answers is correct. QUESTION 5 Widgita has manufactures two types of widgets, standard and deluxe. They use ABC for costing overhead. Standard-2,000 units Deluxe-1,150 units Three activity pools: Activity MOH Cost Standard. Deluxe. Total Cutting $55,999 1,500 1,400. 2,900 Painting $78,403 2,500 1,200. 3,700 Assembling $92,430 800 780 1,580 What is the MOH for the Deluxe widgit? (Round your intermediate calculations to 2 decimal places.) $33.82 $26.51 $85.30 $62.08 None of the answers is correct. QUESTION 7 Widget manufactures two kinds of widgets, standard and deluxe. Deluxe Standard Planned Production 830 830 DLHs per unit 8.3 6.3 Total DLHS 6,889 5,229 Total 12, 118 (DL rate=$21.90) DM per unit $175.20 $147.00 Potential ABC pool: Activity Deluxe Standard Activity pool driver МОН. _(Activity) Activity.). Total Labor-related DLH $382,680. 6889 5229 12,118 Machine setups Setups $. 45,330 450 350 800 Order Size MH $286,200 3,400 3,200 6,600 $710,210 DLH-Direct Labor Hours MH-Machine Hours DM-Direct Material What is Widgeta’s unit product cost for the Standard widget using ABC? $358.63 per unit $537.02 per unit $676.25 per unit $748.65 per unit O None of the answers is correct. QUESTION 8 Widgeta Company is a manufacurer of widgets. Current year: Units produced and sold = 118,000 FC= $57,400 VC =$118,000 Next year: Units produced and sold=122000 FC-Fixed Costs VC-Variable Costs What is Widgeta’s total cost next year? O $179,400 $179,000 $175,400 $180,400 O None of the answers is correct. QUESTION 9 Widgeta manufactures widgets. POHR=$60 per MH Budgeted MH = 160,000 Actual MH = 115,000 MOH, budgeted=$9,000,000 MOH, actual =$7,315,000 Widgeta’s year-end OH was: $310,000 Overapplied $310,000 underapplied $415,000 overapplied $415,000 underapplied $1,600,000 underapplied QUESTION 10 Widgeta shared information about their inventory. FG= 1/1/20 $30,600 FG=12/31/20 $25,400 CGM=$398,000 FG-Finished goods inventory CGM-Cost of Goods Manufacutured What is their cost of goods sold for the year? O $408,400 None of the answers is correct. $403,200. O $413,600 $398,000. QUESTION 11 Widgeta Company manufacuters widgets. POHR = $7 per DLH MOH overapplied = $7,000 Actual MOH = $399,000 Budget DLH = 61,000 POHR – Predetermined Overhead Rate MOH- Manufacturing Overhead DLH – Direct Labor Hours What are actual labor hours worked? 56,000 60,000 58,000 62,000 cannot be determined QUESTION 12 Widgeta Company manufactures widgets. POHR=55% of total conversion costs DL=$47,700 DM=$30,600 DL-Direct Labor DM-Direct Material MOH-Manufacturing Overhead POHR-Predetermined Overhead Rate What is Widgeta’s MOH? $39,027 $95,700 $37,400 $58,300 O None of the answers is correct. QUESTION 13 Widgeta manufactures widgets: POHR=based upon DLH DLH, budgeted= 34,800 VMOH = $5.06 per labor hour FMOH=$1,025,208 DLH, actual=32,300 POHR-Predetermined Overhead Rate VMOH-Variable Manufacturing Overhead FMOH-Fixed Manufacturing Overhead DLH – Direct Labor Hours Select the POHR for the current year. $5.06 per labor-hour $34.52 per labor-hour None of the answers is correct. $29.46 per labor-hour O $37.19 per labor-hour.
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