I need help answering this quiz questions for my cost accounting


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I need help answering this quiz questions for my cost accounting class. The test it’s time so I have excatly 4 hours to submit the quiz online. If you do it in excel please put $ if the numbers are $. Please see attachment! Quiz 4.docx Question 1 (10 points) Stylish Company manufactures jewelry. During the current year the company produced 19,600 units of jewelry and incurred the following costs during the period: Materials (4,900 units at $3.40 per unit of material) Direct labor (12,400 hours at $2.25 per hour) Overhead $5,500 The following are the budgeted costs for the period: Materials (3,900 units @ $2.58 per unit of material) Direct Labor ( .75 hours per unit of output @ $3.55 per hour) Overhead $8,800 1. Calculate the Materials Quantity/Usage/Efficiency Variance. Indicate Favorable or Unfavorable 2. Calculate the Materials Price/Spending Variance. Indicate Favorable or Unfavorable Question 1 options: Question 2 (10 points) Stylish Company manufactures jewelry. During the current year the company produced 19,600 units of jewelry and incurred the following costs during the period: Materials (4,900 units at $3.40 per unit of material) Direct labor (12,400 hours at $2.25 per hour) Overhead $5,500 The following are the budgeted costs for the period: Materials (3,900 units @ $2.58 per unit of material) Direct Labor ( .75 hours per unit of output @ $3.55 per hour) Overhead 1. 2. $8,800 Calculate the Labor Rate Variance. Indicate Favorable or Unfavorable Calculate the Labor Efficiency Variance. Indicate Favorable or Unfavorable Question 3 (10 points) Budget Data: Dynasty Company applies Overhead at a rate of $11.50 per Direct Labor hour; Dynasty Company budgeted 3 Direct Labor hours for each of the 6,500 units it planned. Actual Data: Actual Variable Overhead $192,750 15,000 direct labor hours were actually used to produce 9,000 units a. Calculate the Overhead Spending Variance. Indicate Favorable or Unfavorable. b. Calculate the Overhead Efficiency Variance. Indicate Favorable or Unfavorable. Question 4 (20 points) Work in process, January 1, 2015 Direct Materials (15% Complete) Conversion Costs (35% Complete) 1,300 Units Started in January 8,200 Units Completed and Transferred Out during January Work in Process, January 31, 2015 8,000 Units 1,500 Units Direct materials (60% Complete) Conversion Costs (25% Complete) 1. Based on the above data, compute the equivalent units using the Weighted Average Costing Method 2. Based on the above data, compute the equivalent units using the FIFO Costing Method Question 5 (15 points) Work in Process, January 1 2,500 Raw Materials, January 1 8,000 Raw Materials, January 31 9,000 Raw Material Purchases 86,500 Finished Goods, January 31 17,300 Finished Goods, January 1 18,200 Work in Process, January 31 7,500 Direct Labor 60,000 Indirect Factor Labor 22,000 Factory Supplies Factory Maintenance 4,000 1,000 Factory Depreciation 3,000 Prepare a Cost of Goods Manufactured Schedule Question 6 (10 points) AMPM Watch Company manufactured and sold 625 designer watches for $2,000 each. AMPM Company incurred the following costs: Metals $ 23 per unit Manufacturing supplies $16 per unit Labor $ 45 per hour Other Fixed Manufacturing Costs $15,208 Rent $25,000 Utilities $5,776 a) Calculate Breakeven Point in Units b) Calculate Breakeven Point in Dollars c) If AMPM Watch Company desires to earn $275,000, how many units would it need to sell? (Ignore Taxes) Question 7 (15 points) Work in Process, January 1 Raw Materials, January 1 2,500 8,000 Raw Materials, January 31 9,000 Raw Material Purchases 86,500 Finished Goods, January 31 17,300 Finished Goods, January 1 18,200 Work in Process, January 31 7,500 Direct Labor 60,000 Indirect Factor Labor 22,000 Factory Supplies 4,000 Factory Maintenance 1,000 Factory Depreciation 3,000 Prepare a Schedule of Cost of Goods Sold. Question 8 (10 points) Rank (highest to lowest) the support departments based on the percent…

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