please answer all 10 questions (Milo)
Milo Company Income Statement For the year ended December 31, 2021 $995.200 $8.200 5.000 13.200 982.000 Sales revenues (5 32 per unit sold) Add Sales discount.... Shipping expense on finished goods sold Net sales Less Operating expenses Supplies purchases Raw materials purchases... Freight in on raw materials purchases Raw materials purchases discount... Raw materials purchases retums and allowances Utilities Rent expense Indirect raw materials used Depreciation expense Factory Sales and administrative salaries.. Depreciation expense - Administrative Advertising Other selling and administrative expenses. Factory salaries and wages... included indirect salaries and wages) Other factory overheads Factory fringe benefits (6.300 labor hours $ 15) Net operating income los 1.800 200.000 1.200 6,000 8.000 30,000 20.000 10.200 12.000 160,000 3.000 2.000 400 280,000 18.000 94.500 847.100 $ 134900 The above income statement is an incorrect statement for a manufacturing firm. You are given the following supporting information 4. Only one of the utilities and supplies expenses apply to factory, the remaining balance apply to sales and administrative offices. b. Rent expense is apportioned to factory and selling and administrative operations according to the spaces (square metre occupied as follows: Spaces occupied Factory 13.000 square metre Sales and administrative 12.000 square metre The company treats that part of fringe benefits relating to direct labor as added direct labor cost and the remainder balances as part of manufacturing overhead d. Factory salaries and wages (5280,000) The amount for the direct labor wages is based on a total of 6,300 labor hours worked for the year, of which 120 hours are idle time. The company's normal hours for direct laboris 6,000 hours for the year at the rate of s 40 per hour overtime is paid at a time and one half of the normal Inventories and supplies accounts balances are as follows: rate Beginning of the year End of the year Inventories Raw materials Work in process Finished goods Supplies 55.000 $ 10,000 8,000 units $ 20 5200 $ 2,000 $3,700 1,400 units 5.0 1. First, Firstout (FIFO) inventory method is used Required: Fill in the following balances for the year 2021 Fill in only the amount. Dollar sign (5), and comma () are not required. Answer 1 Total direct materials used 2. Total direct labor cost incurred. . 3. The amount of the indirect factory salaries and wages. 4 Total manufacturing overhead of the year, 5. Units produced of finished goods in 2021. 6. Total cost of goods manufactured of the year. 7 The average manufacturing cost of finished goods produced in 2021 8. Total cost of finished goods on December 31, 2021. 9. Total period cost of the year. 10. The net operating income of 2021 Milo Company Income Statement For the year ended December 31, 2021 Sales revenues is 32 per unit sold $ 995.200 Add Sales discount $ 8.200 Shipping expense on finished goods sold 5.000 13.200 Net sales 962.000 Less Operating expenses Supplies purchase 1.800 Raw materials purchases 200.000 Freight in on raw materials purchases 1.200 Raw materials purchases discount 6.000 Raw materials purchases returns and allowances 8.000 Utilities 30.000 Rent expense 20.000 Indirect raw materials used 10.200 Depreciation expense Factory 12.000 Sales and administrative salaries... 160.000 Depreciation expense - Administrative... 3.000 Advertising 2.000 Other selling and administrative expenses... Factory salaries and wages. included indirect salaries and wages) 280.000 Other factory overheads. 18.000 Factory fringe benefits 16.300 tobor hours $15) 94500 847100 Net operating income (los) 5 134.900 The above income statement is an incorrect statement for a manufacturing firm. You are given the following supporting information & Only 80% of the utilities and supplies expenses apply to factory, the remaining balance apply to sales and administrative offices b Rent expense is apportioned to factory and selling and administrative operations according to the spaces (square metre) occupied as follows: Spaces occupled Factory 13.000 square metre Sales and administrative. 12,000 square metre 100 c. The company treats that part of fringe benefits relating to direct labor as added direct labor cost, and the remainder balances as part of manufacturing overhead. d. Factory salaries and wages ($280,000) The amount for the direct labor wages is based on a total of 6,300 labor hours worked for the year, of which 120 hours are idle time. The company's normal hours for direct labor is 6,000 hours for the year at the rate of $ 40 per hour, overtime is paid at a time and one-half of the normal rate. e. Inventories and Supplies accounts balances are as follows: Beginning of the year End of the year Inventories Raw materials. Work in process.... Finished goods..... Supplies......... $5,000 $ 10,000 8,000 units @ $ 20 $ 200 $2,000 $3,700 1,400 units $ - 0 f. First-in, First-out (FIFO) inventory method is used. Required: Fill in the following balances for the year 2021. Fill in only the amount. Dollar sign ($), and comma () are not required. Answer 1. Total direct materials used. 2. Total direct labor cost incurred. 3. The amount of the indirect factory salaries and wages. 4. Total manufacturing overhead of the year. 5. Units produced of finished goods in 2021. 6. Total cost of goods manufactured of the year. 7. The average manufacturing cost of finished goods produced in 2021. 00 . Total cost of finished goods on December 31, 2021. 9. Total period cost of the year. 10. The net operating income of 2021 (10 percent) Somni Vines uses standard cost system for its production of units, and uses cost variances as a way of detecting cost that may require more control Production of its units occurs evenly throughout the year and an abbreviated standard cost sheet for a component that is manufactured exclusively in one plant is as follows: Direct materials (3 kilograms). Direct labor (15 minutes. Variable manufacturing overhead (0.50 machine hour........ Fixed manufacturing overhead (0.50 machine hour... Standard unit cost. 524,00 8.00 4.00 2.00 $38.00 in the last month the corporation's production data was: a. Purchased 32.000 kilograms of materials at a cost of $8.50 per kilogram. b. Produced 8.000 units and sold 7.500 units c. Fixed manufacturing overhead budget for the month was $15.500 d. Used 22.500 kilograms of materials in production from this month's purchase. e Used 1.950 direct labor hours for production and paid $33 per direct labor hour t. Worked 4,500 actual machine hours recorded at 58.75 per machine hour for variable manufacturing overhead, 8. Spent 514,750 for fixed manufacturing overhead. Required: Answer the following questions for variances and state whether the amount is favorable or unfavorable For your answers, do not input "s" sign and sign in numbers. Answer the following questions: (Compute to two decimal dlaces. If necessary. Questions: Answer: Choose one of the following: Required: Answer the following questions for variances and state whether the amount is favorable or unfavorable. For your answers, do not input "$" sign and","sign in numbers. Answer the following questions: (Compute to two decimal places, if necessary.) Answer: Choose one of the following: Questions: 1. For direct materials, what is the value as its quantity variance? 2. For direct materials, what is the value of its price variance? 3. For direct labor, state the value of its rate variance. [ 4. For direct labor, state the value of its efficiency variance. 5. For variable manufacturing overhead, what is the spending variance? I [ 6. For variable manufacturing overhead, what is its efficiency variance? 7. For fixed manufacturing overhead, what is its budget variance? 8. For fixed manufacturing overhead, what is its volume variance? Favorable Unfavorable
