Hello, it is my first time using this! I only have 48 credits


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Hello, it is my first time using this! I only have 48 credits now.. I am not sure if one set is counted as one question? If so, please help to solve Part 8, Part 9 and Part 10 (I can give you 48 for three parts) Please see the attachment.( I also provide part 1 to 7 answer in excel.) Could I get answers before tomorrow 9 am? Thanks! 6321 Memories Inc (no regression) case.docx Memories, Inc. Part One (cost driver and pre-determined overhead) Memories, Inc. (MI) produces souvenir figurines that are sold wholesale to gift shops. They have created a new line of dolls representing historical figures. The company’s goal is to produce and sell 350,000 dolls each year. MI plans to keep approximately a one-month supply of dolls in finished goods inventory. MI will have 10 production lines. Each of the five workers on each line will be responsible for one of the five stages of production: molding, cleaning, painting, finishing, and packaging. Each of the 10 production lines can produce 20 dolls per hour. MI deals exclusively with Quality Materials, Inc. to purchase raw materials and equipment. All materials (plastic, molds, paint, etc.) are delivered within two days of ordering and MI generally holds only a one- or two- day supply in raw materials inventory. The projected materials costs are: Material cost per doll Plastic Doll molds Varnish Paint Packaging $.12 .20 .08 .30 .04 Direct labor employees are paid on an hourly basis according to hours worked. Once production-line workers finish a day’s scheduled production, they are sent home. The can work a maximum of 8 hours each day without earning overtime. The overtime premium is an additional 50% of the base hourly rate of $7.50 per hour. Supervisors and other indirect labor employees are salaried. Labor Costs (estimated) Rate for direct labor $7.50 per hour (plus $2.50 per hour in fringe benefits) Indirect labor (per month) Supervisor (includes fringe benefits) Other (includes fringe benefits) Overhead Costs (estimated, per month) Rent on factory facility Utilities Other overhead: Indirect materials Maintenance costs Quality inspection costs Equipment (lease costs) $3,000 $2,000 $1,000 $1,475 $2,500 $1,500 $2,000 $2,500 Selling and Administrative Costs (estimated, per month) Administrative salaries $4,000 Salaries of sales staff $5,000 Product promotion and advertising $2,000 Rent on office space for staff $2,000 Utilities and insurance $ 500 Lease of office furniture and equipment $ 800 During the first year of operations, Memories, Inc. estimated that they would produce 346,125 dolls but actually produced 336,033. Actual direct materials costs were $248,664 and actual direct labor costs were $840,082 for 84,008 hours worked. Estimated overhead costs for the year were $191,700 while actual overhead was $193,000. Required: A. What is an appropriate cost driver for allocating overhead to dolls in Year 1? (Explain your reasoning for choosing the driver.) B. Calculate the predetermined overhead rate using the cost driver you identified in A. C. Using normal costing, compute the cost of one of the 336,033 dolls produced in Year 1. (Round to the nearest dollar.) D. Was overhead over- or under-applied during the year? By how much? Why do you think this happened? Part Two (COGS, COGM two products) In its second year of operations, Memories, Inc. has decided to expand the product line by producing replicas of historic buildings. These replicas will require the purchase of new building molds at a cost of $.18 per replica. Of course, new doll molds will not be required. All other materials and prices will remain the same. The replicas require additional processing time because of the details on the buildings that limits production to 18 replicas per hour per assembly line. The replicas are not expected to affect the sales of dolls. In the second year of operations, MI expects to produce and sell about 352,800 dolls and 25,200 replicas. Increasing productio

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