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Conversion costs do not include
Conversion costs are necessary to convert raw materials into finished products. They include all manufacturing costs, for example, direct labor and factory overhead, other than direct materials.
Bombastic Bathrooms manufacturers a certain style of plumbing fixture in four materials. Price and cost data for each are given below:
The constraint in Bombastic manufacturing process is the
The constraint is the part of a process that holds up the rest of the process. Since Bombastic Bathrooms is producing equal quantities of the four fixtures, the machining department is the bottleneck. It requires a total of 19 hours for one of each model to move through. The boring department requires 18, finishing 11, and inspection & packing 4.
The controller of JoyCo has requested a quick estimate of the manufacturing supplies needed for the Morton Plant for the month of July when production is expected to be 470,000 units to meet the ending inventory requirements and sales of 475 .000 units. JoyCo's budget analyst has the following actual data for the last 3 months:
Using these data and the high-low method to develop a cost estimating equation, the estimate or needed manufacturing supplies for July would be
The fixed and variable portions of mixed costs may be estimated by identifying the highest and the lowest costs within the relevant range. The difference in cost divided by the difference in activity is the variable rate. Once the variable rate is found, the fixed portion is determinable April and March provide the highest and lowest amounts. The difference in production was 90,000 units (540,000 April - 450,000 March), and the difference in the cost of supplies was $130,500 ($853,560 - $723,060). Hence, the unit variable cost was 145 ($130,500 + 90,000 units). The total variable costs for March must have been $652,500 (450.000 units x $145 VC per unit), and the fixed cost must therefore have been $70,560 ($723,060 - $652,500). The probable costs for July equal $681,500 (470,000 units x $145 VC per unit) and $70,560 of fixed costs, a total of $752,060.
Average daily collection of checks for a firm is $40,000.The firm also writes on the average $35,000 of checks daily. If the collection period for checks is 5 days, calculate the net float.
The difference between collections and payables is $5,000 daily. Five day's worth amounts to $25,000 of float.
Franklin Inc. is a medium-size manufacturer of toys that makes 25% of its sales to Mega Company, a major national discount retailing firm. Mega will be requiring Franklin and other suppliers to use Electronic Data Interchange (EDI) for inventory replenishment and trade payment transactions as opposed to the paper-based systems previously used. Franklin would consider all of the following to be advantages of using EDI in its dealings with Mega except
Electronic data interchange is the electronic transfer of documents between businesses. EDI was developed to enhance just-in-time (JIT) inventory management. Advantages include speed, reduction of clerical errors, and elimination of repetitive clerical tasks and their costs. Improved business relationships result because of the mutual benefits conferred by EDI. Accordingly, some organizations require EDI. However, EDI entails the exchange of common business data converted into standard message formats. Thus, two crucial requirements are that the participants agree on transaction formats and that translation software be developed to convert messages into a form understandable by other companies. Accordingly, establishing compatibility with Megan's procedures and systems will require Franklin to resolve issues regarding compete ability with its other procedures and systems.
