Jordan and Taylor are too busy baking brownies to schedule anappointment with you. They...

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Accounting

Jordan and Taylor are too busy baking brownies to schedule anappointment with you. They did send you the enclosed questions foryou to answer.
Chapter 21 Questions:
1. Units to be produced annually: 200,000 tins
Direct labor: 1 hour per 100 tins
Variable overhead costs per direct labor hour:
Indirect materials $2.05
Indirect labor $1.20
Utilities $9.25
Maintenance $3.50
Fixed overhead costs per quarter:
Insurance $3,000
Depreciation $2,000
Rent $12,000

What is the budgeted total manufacturing overhead for the year? (5points)
2. Sales: 60,000 tins per quarter
Variable costs per dollar of sales: sales commissions 5%, deliveryexpense .5%, and advertising 1.5%.
Fixed costs per quarter: sales salaries $40,000, office rent$1,500, utilities $1,200, and repairs expense $200.
Selling price: $10 per tin
What is the budgeted total selling and administrativeexpenses for the quarter? (5 points)
3. Sales are 30% cash and 70% on credit. Credit salesare collected 10% in the month of sale, 50% in the month followingsale, and 36% in the second month following sale. Sales wereDecember $180,000; January $220,000; February $250,000; and March$300,000.
What was total cash received in March?

Answer & Explanation Solved by verified expert

4.2 Ratings (514 Votes)

1Budgeted Total maufacturing overhead for the year Units to be produced annually 200000 tins Direct Labor 1 hour per 100 tins Total direct labour hours 200000 tins 100 tins 2000 hours Particulars Amount Workings Variable overhead costs Indirect materials 4100 2000 hours x 205 Indirect labor 2400 2000 See Answer

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In: AccountingJordan and Taylor are too busy baking brownies to schedule anappointment with you. They did...Jordan and Taylor are too busy baking brownies to schedule anappointment with you. They did send you the enclosed questions foryou to answer.Chapter 21 Questions:1. Units to be produced annually: 200,000 tinsDirect labor: 1 hour per 100 tinsVariable overhead costs per direct labor hour:Indirect materials $2.05Indirect labor $1.20Utilities $9.25Maintenance $3.50Fixed overhead costs per quarter:Insurance $3,000Depreciation $2,000Rent $12,000What is the budgeted total manufacturing overhead for the year? (5points)2. Sales: 60,000 tins per quarterVariable costs per dollar of sales: sales commissions 5%, deliveryexpense .5%, and advertising 1.5%.Fixed costs per quarter: sales salaries $40,000, office rent$1,500, utilities $1,200, and repairs expense $200.Selling price: $10 per tinWhat is the budgeted total selling and administrativeexpenses for the quarter? (5 points)3. Sales are 30% cash and 70% on credit. Credit salesare collected 10% in the month of sale, 50% in the month followingsale, and 36% in the second month following sale. Sales wereDecember $180,000; January $220,000; February $250,000; and March$300,000.What was total cash received in March?