Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

hello, i need help with this homework by 11/18 at 1:00 am Xie Company identified the following activities, costs, and activity drivers. Activity Handling materials

hello, i need help with this homework by 11/18 at 1:00 am

image text in transcribed Xie Company identified the following activities, costs, and activity drivers. Activity Handling materials Inspecting product Processing purchase orders Paying suppliers Insuring the factory Designing packaging Expected Costs Expected Activity $ 625,000 900,000 105,000 175,000 300,000 375,000 100,000 1,500 700 500 40,000 10 parts in stock batches orders invoices square feet models Assume that the following information is available for the company's two products. Deluxe Model 10,0 30,0 Production volume units units 00 00 20,0 30,0 Parts required parts parts 00 00 batch batch Batches made 250 100 es es order order Purchase orders 50 20 s s invoic invoic Invoices 50 10 es es 10,0 7,00 Space occupied sq. ft. sq. ft 00 0 Models 1 model 1 model Q1 .Xie Company identified the following activities, costs, and activity drivers Ba Assign overhead costs to each product model using activity-based costing (ABC). What is t unit of each model? (Round activity rate answers to 2 decimal places.) Q2: Polarix is a retailer of ATVs (all terrain vehicles) and accessories. An income statement for its Consumer ATV Department for the current year follows. ATVs sell, on average, for $3,400. Variable selling expenses are $310 each. The remaining selling expenses are fixed. Administrative expenses are 50% variable and 50% fixed. The company does not manufacture its own ATVs; it purchases them from a supplier for $1,840 each. POLARIX Income StatementConsumer ATV Department For Year Ended December 31, 2013 Sales $ Cost of goods sold 608,60 0 329,36 0 279,24 0 Gross margin Operating expenses Selling expenses Administrative expenses Net income $ 165,00 0 41,300 206,30 0 $ 72,940 Required: 1 Prepare an income statement for this current year using the contribution margin format. . Q3 Polarix is a retailer of ATVs (all terrain vehicles) and accessories. An income statement for i ATV Department for the current year follows. ATVs sell, on average, for $3,400. Variable se are $310 each. The remaining selling expenses are fixed. Administrative expenses are 50% 50% fixed. The company does not manufacture its own ATVs; it purchases them from a sup $1,840 each. POLARIX Income StatementConsumer ATV Department For Year Ended December 31, 2013 Sales $ Cost of goods sold 608,60 0 329,36 0 279,24 0 Gross margin Operating expenses Selling expenses Administrative expenses Net income $ 165,00 0 41,300 206,30 0 $ 72,940 Required: 1. Q4: Temp o Com pany' s fixed budg et for the first quart er of Prepare an income statement for this current year using the contribution margin format. calen dar year 2013 revea ls the follo wing. 2,47 $ 2,00 0 Sales (12,000 units) Cost of goods sold Direct materials Direct labor Production supplies Plant manager salary 293 $ ,16 0 517 ,92 0 320 ,04 0 93, 160 1,22 4,28 0 1,24 7,72 0 Gross profit Selling expenses Sales commissions Packaging Advertising 98, 760 175 ,44 0 100 ,00 0 Administrative expenses Administrative salaries 143 ,16 0 374, 200 113 ,16 0 83, 160 93, 160 Depreciationoffice equip. Insurance Office rent 432, 640 Income from operations $ 440, 880 Prepare flexible budgets that show variable costs per unit, fixed costs, and three different flexible budgets for sales volumes of 10,000, 12,000, and 14,000 units. (Round cost per unit to 2 decimal places.) Q5: Tercer reports the following on one of its products. Direct materials standard (4 lbs. @ $2/lb.) Actual direct materials used (AQ) Actual finished units produced Actual cost of direct materials used $8 300, 000 60,0 00 535, $ 000 per finished unit lbs. units Compute the direct materials price and quantity variances. (Round actual price to 2 decimal places.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Introduction to Financial Accounting

Authors: Charles Horngren, Gary Sundem, John Elliott, Donna Philbrick

11th edition

978-0133251036

Students also viewed these Accounting questions