Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can someone verify if the following information is correct for my assignment? It's multiple parts. You plan to open a small business for manufacturing pet

Can someone verify if the following information is correct for my assignment? It's multiple parts.

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

You plan to open a small business for manufacturing pet collars, leashes, and harnesses. You have found a workshop space you can use for sewing your products. After some research and planning, you have estimates for the various operating costs for your business. The total square footage for the sewing rooms is 1,500 square feet broken into three areas (500 square feet each). You have taken out a loan for start-up costs, and the monthly payment is $550; it goes into effect immediately and should be accounted for in your costs. You will also collect a modest salary for the first year of $500 per month; remember to divide evenly among the services. Salary and Hiring Data - One collar maker, who will be paid $16.00 per hour and work 40 hours per week - One leash maker, who will be paid $16.00 per hour and work 40 hours per week - One harness maker, who will be paid $17.00 per hour and work 40 hours per week - One receptionist, who will be paid $15.00 per hour and work 30 hours per week Other Costs - Rent: $750 per month; allocate based on square footage - High-tensile strength nylon webbing-\$12 per yard of webbing - 3 collars per yard of webbing - 2 leashes per yard of webbing - 2 harnesses per yard of webbing - Polyesterylon ribbons-\$9 per yard of ribbon - 3 collars per yard of ribbon - 2 leashes per yard of ribbon - 2 harnesses per yard of ribbon - Buckles made of cast hardware- $0.50 per buckle - 4 buckles used per collar - 3 buckles used per leash - 8 buckles used per harness - 3 industrial sewing machines at $3,300 each for a total of $9,900; depreciation is $165 per month (5year life, zero salvage value) - Utilities and insurance: $600 per month; allocate based on square footage - Scissors, thread, cording: $1,200 - Price tags: $250 for 2,500 (\$0.10 each) - Office supplies: $2,400 or $200 per month - Other business equipment: $2,000 - Loan payment of $550 per month - Salary drawn of $500 per month "utting an X in the appropriate spot, classify the costs as: Direct Material, Direct Labor, Overhead, or Period Costs. The Fixed and Variable cost classifications have been provided for you. Collars Total Variable Costs per Collar \begin{tabular}{ll} \hline & 7.23 \\ \hline \end{tabular} Total Fixed Costs \$ 4,028.33 Leashes Harneccpe You plan to open a small business for manufacturing pet collars, leashes, and harnesses. You have found a workshop space you can use for sewing your products. After some research and planning, you have estimates for the various operating costs for your business. The total square footage for the sewing rooms is 1,500 square feet broken into three areas (500 square feet each). You have taken out a loan for start-up costs, and the monthly payment is $550; it goes into effect immediately and should be accounted for in your costs. You will also collect a modest salary for the first year of $500 per month; remember to divide evenly among the services. Salary and Hiring Data - One collar maker, who will be paid $16.00 per hour and work 40 hours per week - One leash maker, who will be paid $16.00 per hour and work 40 hours per week - One harness maker, who will be paid $17.00 per hour and work 40 hours per week - One receptionist, who will be paid $15.00 per hour and work 30 hours per week Other Costs - Rent: $750 per month; allocate based on square footage - High-tensile strength nylon webbing-\$12 per yard of webbing - 3 collars per yard of webbing - 2 leashes per yard of webbing - 2 harnesses per yard of webbing - Polyesterylon ribbons-\$9 per yard of ribbon - 3 collars per yard of ribbon - 2 leashes per yard of ribbon - 2 harnesses per yard of ribbon - Buckles made of cast hardware- $0.50 per buckle - 4 buckles used per collar - 3 buckles used per leash - 8 buckles used per harness - 3 industrial sewing machines at $3,300 each for a total of $9,900; depreciation is $165 per month (5year life, zero salvage value) - Utilities and insurance: $600 per month; allocate based on square footage - Scissors, thread, cording: $1,200 - Price tags: $250 for 2,500 (\$0.10 each) - Office supplies: $2,400 or $200 per month - Other business equipment: $2,000 - Loan payment of $550 per month - Salary drawn of $500 per month "utting an X in the appropriate spot, classify the costs as: Direct Material, Direct Labor, Overhead, or Period Costs. The Fixed and Variable cost classifications have been provided for you. Collars Total Variable Costs per Collar \begin{tabular}{ll} \hline & 7.23 \\ \hline \end{tabular} Total Fixed Costs \$ 4,028.33 Leashes Harneccpe

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Skills For Accounting And Auditing Research

Authors: Shelby Collins

2nd Edition

1618530747, 9781618530745

Students also viewed these Accounting questions

Question

Explain all drawbacks of application procedure.

Answered: 1 week ago

Question

2 To what extent does their relevance vary internationally?

Answered: 1 week ago

Question

8 What can HRM do to manage diversity?

Answered: 1 week ago

Question

7 How should HRM practitioners approach conflict in the workplace?

Answered: 1 week ago