Casteel, Inc., manufactures a single product in which variable manufacturing overhead is assigned on the basis of standa

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Casteel Inc Manufactures A Single Product In Which Variable Manufacturing Overhead Is Assigned On The Basis Of Standa 1 (49.54 KiB) Viewed 42 times

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Casteel, Inc., manufactures a single product in which variable manufacturing overhead is assigned on the basis of standard direct labor-hours. The company uses a standard cost system and has established the following standards for one unit of product: Standard Quantity Standard Price or Rate Standard Cost Direct materials 1.5 pounds $3.00 per pound $4.50 Direct labor 0.6 hours $6.00 per hour $3.60 Variable manufacturing overhead 0.6 hours $1.25 per hour $0.75 During March, the following activity was recorded by the company: • The company produced 2,300 units during the month. A total of 5,300 pounds of material were purchased at a cost of $23,000. . There was no beginning inventory of materials on hand to start the month; at the end of the month, 1,000 pounds of material remained in the warehouse. . During March, 1,600 direct labor-hours were worked at a rate of $6.50 per hour. . • Variable manufacturing overhead costs during March totaled $1,800. The direct materials purchases varience is computed when the materials are purchased. The materials quantity variance for March is: O a. $2,550.00 b. $8,550.00 O c. $5,100.00 O d. $17,100.00
Zinger Corporation has budgeted sales over the next four months below: September October November December Budgeted Sales... $140,000 $150,000 $170,000 $130,000 Twenty five percent of the company's sales are for cash and 75% are on account. Collections for sales on account follow a stable pattern as follows: 38% of a month's credit sales are collected in the month of sale, 29% are collected in the month following sale, and 8% are collected in the second month following sale. The remainder are uncollectible. Given these data, cash collections for December should be: O a. $115,525.00 O b. $83,025.00 O c. $143,200.00 O d. $370,000.00
3 d out of 3 n Meegan manufacturing has the following budgeted sales data: January February March April Cash Sales $70,000 $90,000 $80,000 $70,000 Credit Sales $400,000 $350,000 $300,000 $320,000 The regular pattern of collection of credit sales is 33% in the month of sale, 50% in the month following sale, and the remainder in the second month following the month of sale. The budgeted accounts receivable balance on February 28 would be: O a. $302,500.00 O b. $502,500.00 O c. $375,000.00 O d. $435,500.00