Can you complete the last questions on each problem.

Exercise 14-14 (Part Level Submission) 1 of 2 http://edugen.wileyplus.com/edugen/shared/assignment/test/qprint.uni *Exercise 14-14 (Part Level Submission) The following information is available for Aikman Company. Raw materials inventory January 1, 2014 $23,120 Work in process inventory 2014 December 31, 2014 $34,180 17,270 Finished goods inventory 28,710 Materials purchased Direct labor 20,100 $154,800 24,400 223,630 Manufacturing overhead 183,840 Sales revenue 902,600 *(a) Your answer is correct. Compute cost of goods manufactured. Aikman Company Cost of Goods Manufactured Schedule Work-in-Process, 1/1 Direct Materials Materials Inventory, 1/1 Materials Purchased Materials Available for Use Less : Materials Inventory, 12/31 Direct Materials Used Direct Labor Manufacturing Overhead Total Manufacturing Costs Total Cost of Work-in-Process Less : Work-in-Process, 12/31 Cost of Goods Manufactured $ 17270 $ 23120 154800 177920 34180 $ 143740 223630 183840 551210 568480 20100 $ 548380 5/7/2016 12:52 PM Exercise 14-14 (Part Level Submission) 2 of 2 http://edugen.wileyplus.com/edugen/shared/assignment/test/qprint.uni Attempts: 1 of 3 used *(b) Your answer is correct. Prepare an income statement through gross profit. AIKMAN COMPANY Income Statement (Partial) For the Year Ended December 31, 2014 $ 902600 Sales Revenue Cost of Goods Sold Finished Goods, 1/1 Cost of Goods Manufactured Cost of Goods Available for Sale Less : Finished Goods, 12/31 Cost of Goods Sold Gross Profit $ 28710 548380 577090 24400 552690 $ 349910 Attempts: 1 of 3 used *(c) Show the presentation of the ending inventories on the December 31, 2014, balance sheet. (List current assets in order of liquidity.) AIKMAN COMPANY (Partial) Balance Sheet December 31, 2014 $ $ Attempts: 0 of 3 used Copyright 2000-2016 by John Wiley & Sons, Inc. or related companies. All rights reserved. 5/7/2016 12:52 PM Problem 17-3A (Part Level Submission) 1 of 3 http://edugen.wileyplus.com/edugen/shared/assignment/test/qprint.uni *Problem 17-3A (Part Level Submission) Thakin Stairs Co. designs and builds factory-made premium wooden stairways for homes. The manufactured stairway components (spindles, risers, hangers, hand rails) permit installation of stairways of varying lengths and widths. All are of white oak wood. Budgeted manufacturing overhead costs for the year 2014 are as follows. Purchasing Overhead Cost Pools Amount $ 69,000 Handling materials 82,800 Production (cutting, milling, finishing) 216,000 Inspecting 114,000 Setting up machines 102,500 Inventory control (raw materials and finished goods) 137,760 450,000 Utilities $1,172,060 Total budget overhead costs For the last 4 years, Thakin Stairs Co. has been charging overhead to products on the basis of machine hours. For the year 2014, 100,000 machine hours are budgeted. Jeremy Nolan, owner-manager of Thakin Stairs Co., recently directed his accountant, Bill Seagren, to implement the activity-based costing system that he has repeatedly proposed. At Jeremy Nolan's request, Bill and the production foreman identify the following cost drivers and their usage for the previously budgeted overhead cost pools. Purchasing Activity Cost Pools Cost Drivers Number of orders Handling materials Number of moves Production (cutting, milling, finishing) Direct labor hours Setting up machines Number of setups Inspecting Number of inspections Utilities Square feet occupied Inventory control (raw materials and finished goods) Number of components Expected Use of Cost Drivers 600 8,000 100,000 1,250 6,000 168,000 90,000 Steve Hannon, sales manager, has received an order for 250 stairways from Community Builders, Inc., a large housing development contractor. At Steve's request, Bill prepares cost estimates for producing components for 250 stairways so Steve can submit a contract price per stairway to Community Builders. He accumulates the following data for the production of 250 stairways. Direct materials Direct labor Machine hours Direct labor hours Number of purchase orders $104,200 $112,800 14,900 5,200 60 5/7/2016 12:51 PM Problem 17-3A (Part Level Submission) 2 of 3 http://edugen.wileyplus.com/edugen/shared/assignment/test/qprint.uni Number of material moves Number of machine setups Number of inspections Number of components Number of square feet occupied 800 100 450 16,000 8,000 *(a) Your answer is correct. Compute the predetermined overhead rate using traditional costing with machine hours as the basis. (Round answers to 2 decimal places, e.g. $12.25.) Predetermined overhead rate $ 11.72 per machine hour Attempts: 1 of 3 used *(b) Your answer is correct. What is the manufacturing cost per stairway under traditional costing? (Round answers to 2 decimal places, e.g. $12.25.) Cost per stairway $ 1566.55 Attempts: 1 of 3 used *(c1) Your answer is correct. Calculate activity-based overhead rate for each activity. (Round answers to 2 decimal places, e.g. $12.25.) Activity Purchasing Handling materials Production Setting up machines Inspecting Inventory control Utilities Overhead Rate $ 115.00 per order $ 10.35 per move $ 2.16 per D/L hour $ 82.00 per setup $ 19.00 per inspection $ 0.82 per component $ 5.00 per sq. ft. Attempts: 1 of 3 used 5/7/2016 12:51 PM Problem 17-3A (Part Level Submission) 3 of 3 http://edugen.wileyplus.com/edugen/shared/assignment/test/qprint.uni *(c2) Your answer is incorrect. Try again. Caluclate total overhead assigned under ABC. Total overhead assigned $ 281287.00 Attempts: 3 of 3 used *(c3) Your answer is incorrect. Try again. What is the manufacturing cost per stairway under the proposed activity-based costing? (Round answers to 2 decimal places, e.g. $12.25.) Total cost per stairway $ 1125.15 Attempts: 1 of 3 used Copyright 2000-2016 by John Wiley & Sons, Inc. or related companies. All rights reserved. 5/7/2016 12:51 PM Problem 23-4A (part level submission) 1 of 3 http://edugen.wileyplus.com/edugen/shared/assignment/test/qprint.uni *Problem 23-4A (part level submission) Kansas Company uses a standard cost accounting system. In 2014, the company produced 27,800 units. Each unit took several pounds of direct materials and 1.6 standard hours of direct labor at a standard hourly rate of $12.00. Normal capacity was 50,360 direct labor hours. During the year, 130,400 pounds of raw materials were purchased at $0.91 per pound. All materials purchased were used during the year. *(a) Your answer is correct. If the materials price variance was $3,912 favorable, what was the standard materials price per pound? (Round answer to 2 decimal places, e.g. 2.75.) Standard materials price per pound $ .94 Attempts: 2 of 3 used *(b) Your answer is correct. If the materials quantity variance was $10,208 unfavorable, what was the standard materials quantity per unit? (Round answer to 1 decimal places, e.g. 1.5.) Standard materials quantity per unit 4.3 Attempts: 1 of 3 used *(c) Your answer is correct. What were the standard hours allowed for the units produced? Standard hours allowed are 44480 Attempts: 1 of 3 used *(d) Your answer is correct. 5/7/2016 12:47 PM Problem 23-4A (part level submission) 2 of 3 http://edugen.wileyplus.com/edugen/shared/assignment/test/qprint.uni If the labor quantity variance was $6,600 unfavorable, what were the actual direct labor hours worked? Actual hours worked 45030 Attempts: 1 of 3 used *(e) Your answer is correct. If the labor price variance was $15,761 favorable, what was the actual rate per hour? (Round answer to 2 decimal places, e.g. 2.75.) Actual rate per hour $ 11.65 Attempts: 2 of 3 used *(f) Your answer is correct. If total budgeted manufacturing overhead was $332,376 at normal capacity, what was the predetermined overhead rate? (Round answer to 2 decimal places, e.g. 2.75.) Predetermined overhead rate $ 6.60 Attempts: 1 of 3 used *(g) Your answer is incorrect. Try again. What was the standard cost per unit of product? (Round answer to 2 decimal places, e.g. 2.75.) Standard cost per unit $ 102.44 Attempts: 2 of 3 used *(h) The parts of this question must be completed in order. This part will be available when you complete the part above. *(i) The parts of this question must be completed in order. This part will be available when you complete the part above. 5/7/2016 12:47 PM Problem 23-4A (part level submission) 3 of 3 http://edugen.wileyplus.com/edugen/shared/assignment/test/qprint.uni Copyright 2000-2016 by John Wiley & Sons, Inc. or related companies. All rights reserved. 5/7/2016 12:47 PM Problem 23-5A (part level submission) 1 of 2 http://edugen.wileyplus.com/edugen/shared/assignment/test/qprint.uni *Problem 23-5A (part level submission) Pace Labs, Inc. provides mad cow disease testing for both state and federal governmental agricultural agencies. Because the company's customers are governmental agencies, prices are strictly regulated. Therefore, Pace Labs must constantly monitor and control its testing costs. Shown below are the standard costs for a typical test. Direct materials (2 test tubes @ $1.00 per tube) Direct labor (1 hour @ $31 per hour) Variable overhead (1 hour @ $6 per hour) Fixed overhead (1 hour @ $13 per hour) Total standard cost per test $ 2.00 31.00 6 13 $52.00 The lab does not maintain an inventory of test tubes. Therefore, the tubes purchased each month are used that month. Actual activity for the month of November 2014, when 1,500 tests were conducted, resulted in the following: Direct materials (3,030 test tubes) $ 2,515 Direct labor (1,560 hours) 46,800 Variable overhead 9,240 Fixed overhead 18,015 Monthly budgeted fixed overhead is $18,200. Revenues for the month were $102,000, and selling and administrative expenses were $4,070. *(a) Your answer is correct. Compute the price and quantity variances for direct materials and direct labor. Materials price variance Materials quantity variance Labor price variance Labor quantity variance $ 515 Favorable $ 1560 Favorable $ 30 $ 1860 Unfavorable Unfavorable Attempts: 1 of 3 used *(b) Your answer is partially correct. Try again. Compute the total overhead variance. 5/7/2016 12:48 PM Problem 23-5A (part level submission) 2 of 2 Total Overhead variance http://edugen.wileyplus.com/edugen/shared/assignment/test/qprint.uni $ 2385 Favorable Attempts: 3 of 3 used *(c) Your answer is partially correct. Try again. Prepare an income statement for management. PACE LABS, INC. Income Statement For the Month Ended November 30, 2014 $ 102000 Service Revenue Cost of Service Provided (at standard) 78000 Gross Profit (at standard) 24000 Variances $ 515 F 30 U Labor Price 1560 F Labor Quantity 1860 U Materials Price Materials Quantity Overhead 803 F Total Variance 988 Gross Profit (actual) 24988 4070 Selling and Administrative Expenses Net Income / (Loss) F $ 20918 Attempts: 2 of 3 used Copyright 2000-2016 by John Wiley & Sons, Inc. or related companies. All rights reserved. 5/7/2016 12:48 PM