1) X Company incurred the following costs in 2017: Factory insurance $5,629 Customer service 4,766 Advertising costs 4,594 Factory maintenance 5,023 Direct labor 5,972 Direct materials 4,514 Sales salaries 5,023 Factory utilities 5,153 Research & Development 5,599 Material handling 4,174 What was total overhead in 2017? 2) X Company had the following inventory account balances in 2017: Account January 1 December 31 Materials $14,524 $16,900 Work in Process 14,622 21,768 Finished Goods 14,594 14,594 The following additional information for the year is available: Direct materials purchased $64,208 Direct labor 23,004 Overhead 46,268 What was Cost of Goods Sold in 2017? 3) X Company has two production departments, X and Y. Listed below is budgeted information for the two departments, and actual information for one of its products, Product 1: Department X All Products Product 1 Overhead $5,400,000 - Direct labor $750,000 $13,440 Direct labor hours 50,000 896 Machine hours 110,000 1,040 Units produced 55,000 650 Department Y Overhead $1,800,000 - Direct labor $750,000 $3,975 Direct labor hours 50,000 265 Machine hours 130,000 900 Units produced 36,000 650 Using a plantwide allocation system with direct labor hours as the cost driver, what was the allocation to Product 1? 4) X Company makes two products, A and B, and uses an activity-based costing overhead allocation system, with three cost pools and three cost drivers. Budgeted costs and driver information for 2017 were as follows: Cost Pool 1 Cost Pool 2 Cost Pool 3 Budgeted costs $113,000 $53,000 $31,000 Cost Drivers Product A 84,000 62,000 75,000 Product B 63,000 54,000 47,000 What was the allocation to Product B in 2017? 5) X Company manufactures a single product, Product A, and budgets total manufacturing costs each month. The accountant provides the following information about its manufacturing process: Direct material quantity 2.6 pounds per unit of Product A Direct material price $22.00 per pound Direct labor time 1.7 hours per unit of Product A Direct labor wage rate $15.90 per hour The budgeted monthly overhead cost function is $3,600+$2.20X, where X is the number of units produced. If X Company expects to produce 940 units of Product A in December, what are budgeted total manufacturing costs for December? 6) X Company wants to estimate overhead costs in March, when production is expected to be 1,300 units. To determine the parameters of its overhead cost function, it used account analysis with the January cost information below and when production was was 1,000 units. Total Total Variable Utilities $42,800 $42,800 Maintenance 57,000 30,780 Supervision 23,000 0 Using the resulting cost function, what is X Company's estimate of total overhead costs in March? 7) X Company has the following data from 2016 and 2017: 2016 2017 Total costs $254,000 $403,500 Units produced 32,000 58,000 Expected production in 2018 is 42,400 units. Using the high-low method with the 2016 and 2017 data to determine the parameters of the cost function, what are estimated total costs in 2018? 8) In 2018, X Company expects to produce and sell 70,000 units of its only product for $33.84. The following are budgeted variable costs per unit: Direct materials $4.60 Direct labor 5.10 Variable overhead 5.54 Variable selling and administrative 5.25 Total 20.49 Budgeted fixed overhead for 2018 is $202,300, and budgeted fixed selling and administrative expenses are $202,300. What is X Company's budgeted contribution margin rate for 2018? 9) X Company's profit equation next year is expected to be 0.44R-$13,600, where R is total revenue. Assuming a tax rate of 32%, what must next year's revenue be in order for X Company to earn after-tax profits of $23,000? 10) In 2017, X Company had the following selling price and per-unit variable cost information: Selling price $188 Variable manufacuting costs 97 Variable selling and administrative costs 30 In 2017, total fixed costs were $632,000. In 2018, there are only two expected changes. Direct material costs are expected to decrease by $6 per unit, and fixed selling and administrative costs are expected to increase by $20,000. What must unit sales be in order for X Company to break even in 2018? 11) The following information is available for the 23,000 units of X Company's one product sold in 2017: Selling price $54.00 Variable costs per unit $16.00 Total fixed costs $805,000 In 2018, X Company expects sales to increase to 27,000 units, but it is uncertain what variable costs per unit will be. What must variable costs per unit be in order for X Company to break even in 2018? 12) X Company estimates the following for its three products, A, B, and C, for 2018: A B C Revenue $65,125 $25,346 $33,156 Total variable costs 40,438 20,367 16,632 Fixed costs in 2018 are expected to be $19,200. What is the expected weighted average contribution margin rate in 2018?