Pleasecomplete the following five exercises below in either Excel or a word document(but must be single document). You must show your work where appropriate(leaving the calculations within Excel cells is acceptable). Save the document,and submit it in the appropriate week using the Assignment Submission button.1. Overhead application: Working backward TheTowson Manufacturing Corporation applies overhead on the basis of machinehours. The following divisional information is presented for your review: Division A Division B Actual machine hours 22,500 ? Estimated machine hours 20,000 ? Overhead application rate $4.50 $5.00 Actual overhead $110,000 ? Estimated overhead ? $90,000 Applied overhead ? $86,000 Over- (under-) applied overhead ? $6,500 Find the unknowns for each of thedivisions.2. Computations using a job ordersystem GeneralCorporation employs a job order cost system. On May 1 the following balanceswere extracted from the general ledger;Workin process $ 35,200 Finishedgoods 86,900 Costof goods sold 128,700 Workin Process consisted of two jobs, no. 101 ($20,400) and no. 103 ($14,800).During May, direct materials requisitioned from the storeroom amounted to$96,500, and direct labor incurred totaled $114,500. These figures aresubdivided as follows: Direct Materials Direct Labor Job No. Amount Job No. Amount 101 $5,000 101 $7,800 115 19,500 103 20,800 116 36,200 115 42,000 Other 35,800 116 18,000 $96,500 Other 25,900 $114,500 Jobno. 115 was the only job in process at the end of the month. Job no. 101 andthree “other” jobs were sold during May at a profit of 20% of cost.The “other” jobs contained material and labor charges of $21,000 and$17,400, respectively. Generalapplies overhead daily at the rate of 150% of direct labor cost as laborsummaries are posted to job orders. The firm’s fiscal year ends on May 31.Instructions:a. Compute the totaloverhead applied to production during May. b. Compute the cost of theending work in process inventory. c. Compute the cost ofjobs completed during May. d. Compute the cost ofgoods sold for the year ended May 31. 3. High-lowmethodThe following cost data pertain to 20X6 operations of Heritage Products: Quarter 1 Quarter 2 Quarter 3 Quarter 4 Shipping costs $58,200 $58,620 $60,125 $59,400 Orders shipped 120 140 175 150 Thecompany uses the high-low method to analyze costs. a. Determine the variablecost per order shipped. b. Determine the fixedshipping costs per quarter. c. If present costbehavior patterns continue, determine total shipping costs for 20X7 if activityamounts to 570 orders. 4. Break-evenand other CVP relationships Cedars Hospital has averagerevenue of $180 per patient day. Variable costs are $45 per patient day; fixedcosts total $4,320,000 per year. a. How many patient days does thehospital need to break even? b. What level of revenue is needed toearn a target income of $540,000? c. If variable costs drop to $36 perpatient day, what increase in fixed costs can be tolerated without changing thebreak-even point as determined in part (a)? 5. Direct and absorption costing The information that followspertains to Consumer Products for the year ended December 31, 20X6. Inventory, 1/1/X6 24,000 units Units manufactured 80,000 Units sold 82,000 Inventory, 12/31/X6 ? units Manufacturing costs: Direct materials $3 per unit Direct labor $5 per unit Variable factory overhead $9 per unit Fixed factory overhead $280,000 Selling & administrative expenses: Variable $2 per unit Fixed $136,000 The unit selling price is $26.Assume that costs have been stable in recent years.Instructions:a. Compute the number of units in theending inventory.b. Calculate the cost of a unitassuming use of:1. Direct costing.2. Absorption costing.c. Prepare an income statement forthe year ended December 31, 20X6, by using direct costing.d. Prepare an income statement forthe year ended December 31, 20X6, by using absorption costing.
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