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Problem 3-33 Delphi Company has developed a new product that will be marketed for the first time next year. The product will have variable costs of $28 per unit. Although the marketing department estimates that 59,500 units could be sold at $48 per unit, Delphi's management has allocated only enough manufacturing capacity to produce a maximum of 42,500 units a year. The fixed costs associated with the new product are budgeted at $765,000 for the year. Delphi is subject to a 40% tax rate. Calculate contribution margin per unit. $ Contribution margin per unit How many units of the new product must Delphi sell in the next fiscal year to break even? (Use the rounded contribution margin per unit calcuated in the previous part.) units What is the maximum net income that Delphi can earn from sales of the new product in the next fiscal year? (Use the rounded contribution margin per unit calcuated in the previous part.) Maximum net income $ Delphi's managers have stipulated that they will not authorize production beyond the next fiscal year unless the after-tax profit from the new product is at least $127,500. How many units of the new product must be sold in the next fiscal year to ensure continued production? (Use the rounded contribution margin per unit calcuated in the previous part.) units Regardless of your answer in part (c), assume that more than the allowed production of 42,500 units will be required to meet the $127,500 net income target. Given the production constraint (maximum of 42,500 units available), what price must be charged to meet the target income and continue production past the next fiscal year? Pric e $ Problem 4-30 Maverick Wings, Inc. manufactures airplanes for use in stunt shows. Maverick's factory is highly automated, using the latest in robotic technology. To keep costs low, the company employs as few factory workers as possible. Since each plane has different features (such as its shape, weight, and color), Maverick uses a job order costing system to accumulate product costs. At the end of 2013, Maverick's accountants developed the following expectations for 2014 based on the marketing department's sales forecast: Budgeted overhead cost $1,119,000 Estimated machine hours 50,000 Estimated direct labor hours 8,000 Estimated direct materials cost $1,500,000 Maverick's inventory count, completed on December 31, 2013, revealed the following ending inventory balances: Raw Materials Inventory $250,000 Work in Process Inventory $626,000 Finished Goods Inventory $2,620,000 The company's 2014 payroll data revealed the following actual payroll costs for the year: Job Title President and CEO Vice president and CFO Factory manager Assistant factory manager Machine operator Security guard, factory Materials handler Corporate secretary Janitor, factory Annual Total Hours Number Wage Rate Salary per Employe Worked per d per Hour Employee Employee 1 $223,000 1 $178,000 1 $40,600 1 5 2 2 1 2 $33,400 $14.50 2,250 $20,900 $7.50 2,000 $35,800 $6 2,150 The following information was taken from Maverick's Schedule of Plant Assets. All assets are depreciated using the straight-line method. Plant Asset Purchase Price Salvage Value Factory building $4,000,000 $150,000 Administrative office $650,000 $125,000 Factory equipment $2,000,000 $20,000 Useful Life 20 Years 30 Years 12 Years Other miscellaneous costs for 2014 all paid in cash included: Cost Amount Factory insurance $14,000 Administrative office utilities $5,500 Factory utilities $31,800 Office supplies $6,000 Additional information about Maverick's operations in 2014 includes the following: Raw materials purchases for the year amounted to $1,945,000. All purchases were on account. The company used $1,870,000 in raw materials during the year. Of that amount, 85% was direct materials and 15% was indirect materials. Maverick applied overhead to Work in Process Inventory based on direct materials cost. Airplanes costing $3,450,000 to manufacture were completed and transferred out of Work in Process Inventory. Maverick uses a markup of 80% to price its airplanes. Sales for the year were $6,570,000. (Note: This transaction requires two journal entries.) All sales were on account. What was Maverick's predetermined overhead rate in 2014? (Round answer to 2 decimal places, e.g. 2.45%.) Predetermined overhead rate % of direct materials cost Prepare the journal entries to record Maverick's costs for 2014. (Use Salaries Payable and Wages Payable accounts for payroll costs.) (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Post entries in order presented in the problem. Round answers to 0 decimal places, e.g. 345,000.) No Account Titles and Explanation . 1. (To record salaries for president, vice president, and corporate secretary) 2. (To record labor costs for factory manager, assistant factory manager, and two security guards) 3. (To record direct labor) 4. (To record depreciation on administrative office equipment) 5. Debit Credit (To record depreciation on factory building and equipment) 6. (To record administrative office utilities and office supplies expense) 7. (To reocrd factory insurance and factory utilities) 8. (To record raw materials purchases) 9. (To record direct materials and indrect materials used in production) 10. (To apply overhead to work in process) 11. (To record transfer of completed airplanes) 12. (To record cost of airplanes sold) 13. (To record sale of airplanes to customers) Prepare the appropriate T-accounts for Raw Materials Inventory, Work-in-Process Inventory, Finished Goods Inventory, Manufacturing Overhead Control, Cost of Goods Sold, and Sales, and record Maverick's transactions for 2014. (Post entries in order presented in the problem. Round answers to 0 decimal places, e.g. 345,000.) Raw Materials Work in Process Inventory Finished Goods Inventory Manufacturing Overhead Cost of Goods Sold Sales Revenue Was manufacturing under- or overapplied in 2014? By how much? (Round answer to 0 decimal places, e.g. 345,000.) Overheads $ by Make the adjusting entry necessary to close the under- or overapplied overhead to cost of goods sold. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 345,000.) Account Titles and Explanation Debit Credit If Maverick chooses instead to prorate under- or overapplied overhead, what would the adjusted balances be in Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold for 2014? (Round answers to 0 decimal places, e.g. 345,000 and percentage of total to 2 decimal places e.g. 34.52). Adjusted Balance $ Work In Process $ Finished Goods $ Cost of Goods Sold Job 3827 was started and completed in 2014. The job required 600 machine hours, 1,000 direct labor hours, and $77,000 in direct materials to complete. What was the total cost of this job? Using Maverick's 80% markup, what sales price would be charged for this airplane? (Round answers to 0 decimal places, e.g. 345,000.) $ Total Cost $ Sales Price If Maverick had chosen to use machine hours as its overhead application base, what would the rate have been in 2014? (Round answer to 2 decimal places, e.g. 2.45.) $ Predetermined rate / Problem 7-20 Claire Company produces Tablets and Books. Total overhead costs traditionally have been allocated on the basis of direct labor hours. After implementing activity-based costing, managers determined the following cost pools and cost drivers. They also decided that general costs should no longer be allocated to products. Department Costs $225,500 779,000 172,200 594,500 $1,771,200 Activity Pool Binding Printing Product design General Total overhead costs Cost Driver Number of units Machine hours Change orders None Other information is as follows: Units Direct materials cost per unit Direct labor cost per unit Direct labor hours Machine hours Change orders Tablets Books 62,500 20,000 $2.80 $10.00 $3.80 $7.80 25,000 16,000 125,000 120,000 1,200 2,000 Calculate predetermined OH rate. (Round answer to 2 decimal places, e.g. 15.25.) $ Predetermined OH rate /DLH Determine the unit product cost for Tablets and Books using the traditional costing system. (Round overhead rate and final answers to 2 decmial places, e.g. 15.25.) Tablets Books $ Unit product cost $ Calculate ABC rates. (Round answers to 2 decimal places, e.g. 15.25.) ABC rates $ Binding /unit $ Printing Product design /machine hour $ /change order Determine the unit product cost for Tablets and Books using the activity-based costing system. (Round all rates and final answers to 2 decmial places, e.g. 15.25.) Tablets Books $ $ Total unit cost Show that General cost is the difference between the total overhead costs allocated to products under the traditional system and the total cost allocated to products under the activity-based costing system. (Round answers to 0 decmial places, e.g. 1,525.) Traditional Total allocated overhead $ ABC $ Difference $ Exercise 3-8 Reid Recreation Products sells the Amazing Foam Frisbee for $13. The variable cost per unit is $3; fixed costs are $36,700 per month. What is the annual breakeven point in units? In sales dollars? (Use your answer of breakeven units to calculate the breakeven point in dollars.) The breakeven point frisbees $ The breakeven sales How many frisbees must Reid sell to earn $18,100 in operating income? frisbees What operating income must Reid earn to realize net income of $19,020, assuming that the company is in the 40% tax bracket? $ Operating income How many frisbees must Reid sell to earn $19,020 in net income, assuming that the company is in the 40% tax bracket? frisbees Problem 3-33 Delphi Company has developed a new product that will be marketed for the first time next year. The product will have variable costs of $28 per unit. Although the marketing department estimates that 59,500 units could be sold at $48 per unit, Delphi's management has allocated only enough manufacturing capacity to produce a maximum of 42,500 units a year. The fixed costs associated with the new product are budgeted at $765,000 for the year. Delphi is subject to a 40% tax rate. Calculate contribution margin per unit. $ Contribution margin per unit How many units of the new product must Delphi sell in the next fiscal year to break even? (Use the rounded contribution margin per unit calcuated in the previous part.) units What is the maximum net income that Delphi can earn from sales of the new product in the next fiscal year? (Use the rounded contribution margin per unit calcuated in the previous part.) Maximum net income $ Delphi's managers have stipulated that they will not authorize production beyond the next fiscal year unless the after-tax profit from the new product is at least $127,500. How many units of the new product must be sold in the next fiscal year to ensure continued production? (Use the rounded contribution margin per unit calcuated in the previous part.) units Regardless of your answer in part (c), assume that more than the allowed production of 42,500 units will be required to meet the $127,500 net income target. Given the production constraint (maximum of 42,500 units available), what price must be charged to meet the target income and continue production past the next fiscal year? Pric e $ Problem 4-30 Maverick Wings, Inc. manufactures airplanes for use in stunt shows. Maverick's factory is highly automated, using the latest in robotic technology. To keep costs low, the company employs as few factory workers as possible. Since each plane has different features (such as its shape, weight, and color), Maverick uses a job order costing system to accumulate product costs. At the end of 2013, Maverick's accountants developed the following expectations for 2014 based on the marketing department's sales forecast: Budgeted overhead cost $1,119,000 Estimated machine hours 50,000 Estimated direct labor hours 8,000 Estimated direct materials cost $1,500,000 Maverick's inventory count, completed on December 31, 2013, revealed the following ending inventory balances: Raw Materials Inventory $250,000 Work in Process Inventory $626,000 Finished Goods Inventory $2,620,000 The company's 2014 payroll data revealed the following actual payroll costs for the year: Job Title President and CEO Vice president and CFO Factory manager Assistant factory manager Machine operator Security guard, factory Materials handler Corporate secretary Janitor, factory Annual Total Hours Number Wage Rate Salary per Employe Worked per d per Hour Employee Employee 1 $223,000 1 $178,000 1 $40,600 1 5 2 2 1 2 $33,400 $14.50 2,250 $20,900 $7.50 2,000 $35,800 $6 2,150 The following information was taken from Maverick's Schedule of Plant Assets. All assets are depreciated using the straight-line method. Plant Asset Purchase Price Salvage Value Factory building $4,000,000 $150,000 Administrative office $650,000 $125,000 Factory equipment $2,000,000 $20,000 Useful Life 20 Years 30 Years 12 Years Other miscellaneous costs for 2014 all paid in cash included: Cost Amount Factory insurance $14,000 Administrative office utilities $5,500 Factory utilities $31,800 Office supplies $6,000 Additional information about Maverick's operations in 2014 includes the following: Raw materials purchases for the year amounted to $1,945,000. All purchases were on account. The company used $1,870,000 in raw materials during the year. Of that amount, 85% was direct materials and 15% was indirect materials. Maverick applied overhead to Work in Process Inventory based on direct materials cost. Airplanes costing $3,450,000 to manufacture were completed and transferred out of Work in Process Inventory. Maverick uses a markup of 80% to price its airplanes. Sales for the year were $6,570,000. (Note: This transaction requires two journal entries.) All sales were on account. What was Maverick's predetermined overhead rate in 2014? (Round answer to 2 decimal places, e.g. 2.45%.) Predetermined overhead rate % of direct materials cost Prepare the journal entries to record Maverick's costs for 2014. (Use Salaries Payable and Wages Payable accounts for payroll costs.) (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Post entries in order presented in the problem. Round answers to 0 decimal places, e.g. 345,000.) No Account Titles and Explanation . 1. (To record salaries for president, vice president, and corporate secretary) 2. (To record labor costs for factory manager, assistant factory manager, and two security guards) 3. (To record direct labor) 4. (To record depreciation on administrative office equipment) 5. Debit Credit (To record depreciation on factory building and equipment) 6. (To record administrative office utilities and office supplies expense) 7. (To reocrd factory insurance and factory utilities) 8. (To record raw materials purchases) 9. (To record direct materials and indrect materials used in production) 10. (To apply overhead to work in process) 11. (To record transfer of completed airplanes) 12. (To record cost of airplanes sold) 13. (To record sale of airplanes to customers) Prepare the appropriate T-accounts for Raw Materials Inventory, Work-in-Process Inventory, Finished Goods Inventory, Manufacturing Overhead Control, Cost of Goods Sold, and Sales, and record Maverick's transactions for 2014. (Post entries in order presented in the problem. Round answers to 0 decimal places, e.g. 345,000.) Raw Materials Work in Process Inventory Finished Goods Inventory Manufacturing Overhead Cost of Goods Sold Sales Revenue Was manufacturing under- or overapplied in 2014? By how much? (Round answer to 0 decimal places, e.g. 345,000.) Overheads $ by Make the adjusting entry necessary to close the under- or overapplied overhead to cost of goods sold. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 345,000.) Account Titles and Explanation Debit Credit If Maverick chooses instead to prorate under- or overapplied overhead, what would the adjusted balances be in Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold for 2014? (Round answers to 0 decimal places, e.g. 345,000 and percentage of total to 2 decimal places e.g. 34.52). Adjusted Balance $ Work In Process $ Finished Goods $ Cost of Goods Sold Job 3827 was started and completed in 2014. The job required 600 machine hours, 1,000 direct labor hours, and $77,000 in direct materials to complete. What was the total cost of this job? Using Maverick's 80% markup, what sales price would be charged for this airplane? (Round answers to 0 decimal places, e.g. 345,000.) $ Total Cost $ Sales Price If Maverick had chosen to use machine hours as its overhead application base, what would the rate have been in 2014? (Round answer to 2 decimal places, e.g. 2.45.) $ Predetermined rate / Problem 7-20 Claire Company produces Tablets and Books. Total overhead costs traditionally have been allocated on the basis of direct labor hours. After implementing activity-based costing, managers determined the following cost pools and cost drivers. They also decided that general costs should no longer be allocated to products. Department Costs $225,500 779,000 172,200 594,500 $1,771,200 Activity Pool Binding Printing Product design General Total overhead costs Cost Driver Number of units Machine hours Change orders None Other information is as follows: Units Direct materials cost per unit Direct labor cost per unit Direct labor hours Machine hours Change orders Tablets Books 62,500 20,000 $2.80 $10.00 $3.80 $7.80 25,000 16,000 125,000 120,000 1,200 2,000 Calculate predetermined OH rate. (Round answer to 2 decimal places, e.g. 15.25.) $ Predetermined OH rate /DLH Determine the unit product cost for Tablets and Books using the traditional costing system. (Round overhead rate and final answers to 2 decmial places, e.g. 15.25.) Tablets Books $ Unit product cost $ Calculate ABC rates. (Round answers to 2 decimal places, e.g. 15.25.) ABC rates $ Binding /unit $ Printing Product design /machine hour $ /change order Determine the unit product cost for Tablets and Books using the activity-based costing system. (Round all rates and final answers to 2 decmial places, e.g. 15.25.) Tablets Books $ $ Total unit cost Show that General cost is the difference between the total overhead costs allocated to products under the traditional system and the total cost allocated to products under the activity-based costing system. (Round answers to 0 decmial places, e.g. 1,525.) Traditional Total allocated overhead $ ABC $ Difference $ Exercise 3-8 Reid Recreation Products sells the Amazing Foam Frisbee for $13. The variable cost per unit is $3; fixed costs are $36,700 per month. What is the annual breakeven point in units? In sales dollars? (Use your answer of breakeven units to calculate the breakeven point in dollars.) The breakeven point frisbees $ The breakeven sales How many frisbees must Reid sell to earn $18,100 in operating income? frisbees What operating income must Reid earn to realize net income of $19,020, assuming that the company is in the 40% tax bracket? $ Operating income How many frisbees must Reid sell to earn $19,020 in net income, assuming that the company is in the 40% tax bracket? frisbees