net income for KK Jewelry Company in 2018
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
net income for KK Jewelry Company in 2018
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- KK Jewelry Company sells its product for $70 per unit. Variable manufacturing costs per unit are $20, and fixed manufacturing costs at the normal operating level of 5,000 units are $35,000. Variable expenses are $8 per unit sold. Fixed administration expenses total $40,000. KK Jewelry Company had no beginning inventory in 2018. During 2018, the company produced 5,000 units and sold 2,000.
- What would the net income be for KK Jewelry Company in 2018 using variable costing?
- What would the net income be for KK Jewelry Company in 2018 using absorption costing?
- Robert Corporation has the following information for October, November, and December of the current year:
October November December Units produced 5,000 5,000 5,000 Units sold 2,000 4,500 7,000 Production costs per unit (based on 5,000 units) are as follows:
Direct labor $ 4 Direct materials 6 Fixed factory overhead 3 Fixed SG&A expenses 2 Variable factory overhead 1 Variable SG&A expenses 5 There were no beginning inventories for October, and all units were sold for $25 each. Costs are stable over the three months. Calculate the reported amount of Robert’s December ending inventory using the variable costing method.
- Silver Streak Company manufactures two products, A and B, and incurs overhead costs in two production departments, Mixing and Filling. The annual overhead costs in each production department are as follows:
- Mixing Dept. overhead = $155,000 + $25 per machine-hour
- Filling Dept. overhead = $280,000 + $60 per machine-hour
- Each unit of Product A requires 1 machine-hour in the Mixing Department and 3 hours in the Filling Department.
- Each unit of Product B requires 5 hours in the Mixing Department and 2 hours in the Filling Department.
During 2017, 30,000 units of A and 25,000 units of B were produced.
Calculate the total overhead costs assigned to a unit of Product B, assuming departmental overhead rates based on machine-hours are used.
- Tiger Company has identified the following overhead costs and cost drivers for next year:
Overhead Item Expected Costs Cost Driver Maximum Quantity Setup costs $583,200 Number of setups 2,400 Ordering costs 270,000 Number of orders 20,000 Maintenance 928,000 Machine-hours 32,000 Power 90,000 Kilowatt-hours 200,000 The following are two of the jobs completed during the year:
Job 201 Job 202 Direct materials $9,000 $10,000 Direct labor $12,000 7,000 Units completed 750 600 Direct labor-hours 45 110 Number of setups 6 7 Number of orders 8 15 Machine-hours 180 150 Kilowatt-hours 90 120 Using Activity Based Costing, determine the unit cost for each job using the four cost drivers. (Round amounts to 2 decimal places.). Your answer should show the unit cost for Job 201 and the unit cost for Job 202.
- The Helix Manufacturing Company has two Production Departments: Mixing and Molding. Each of these two departments uses the services provided by the Utilities and Human Resources Departments, which both support the production functions and each other’s functions as well. Helix uses the direct method of allocating these service department costs to the production departments. Utilities are allocated on the basis of hours of department operations and Human Resources is allocated on the basis of departmental direct labor hours. Last period the following costs were recorded:
Mixing Department overhead $500,000 Molding Department overhead $700,000 Utilities Department total costs $900,000 Human Resources Department total costs $720,000 Production Department data:
Mixing Molding Utilities Human Resources Hours of operation 5,000 10,000 30,000 5,000 Direct labor hours recorded 4,000 8,000 4,000 8,000 Determine the total overhead costs of the Mixing and Molding Departments if the direct method of allocating department costs is used. Your answer should show the TOTAL amount allocated to Mixing and the TOTAL amount allocated to Molding.
- Eastern Springs Company uses two producing departments (A and B) and two service departments (S1 and S2). The costs incurred in S1 and S2 are allocated to Departments A and B and included in their factory overhead rates for costing products. S1 costs are allocated based on the number of employees, S2 costs are allocated based on direct labor-hours, and the production departmental overhead rates are also based on direct labor hours.
The following data are available for a recent period:
S1
S2 A B Direct department costs $48,000 $72,000 $140,000 $235,000 Number of employees 2 3 12 18 Direct labor hours 450 325 2,250 1,800 The department providing the greatest percentage of interdepartmental services to other service departments is to be allocated first.
Determine the overhead rates per direct labor hour for Departments A and B. Your answer is to show the rate for Department A and the separate rate for Department B,
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