28 Jan Job Title Number Wage Rate
Problem 4-32 (Part Level Submission) Page 1 of 4
GB519-03-2360076:GB519 Measurement and Decision Making / Unit 2 Lab Preliminary Assignment
*Problem 4-32 (Part Level Submission)
Crane Wings, Inc. manufactures airplanes for use in stunt shows. Crane’s factory is highly automated, using the latest in robotic technology. To keep costs low, the company employs as few factory workers as possible. Since each plane has different features (such as its shape, weight, and color), Crane uses a job order costing system to accumulate product costs.
At the end of 2016, Crane’s accountants developed the following expectations for 2017 based on the marketing department’s sales forecast:
Budgeted overhead cost $1,121,000 Estimated machine hours 54,000 Estimated direct labor hours 11,000 Estimated direct materials cost $1,510,000
Crane’s inventory count, completed on December 31, 2016, revealed the following ending inventory balances:
Raw Materials Inventory $251,000 Work in Process Inventory $626,000 Finished Goods Inventory $2,240,000
The company’s 2017 payroll data revealed the following actual payroll costs for the year
Job Title Number Wage Rate Employed per Hour Annual Salary per Employee Total Hours Worked per Employee President and CEO 1 $223,000 Vice president and CFO 1 $177,000 Factory manager 1 $40,000 Assistant factory manager 1 $33,500 Machine operator 5 $14.5 2,250 Security guard, factory 2 $20,400 Forklift operator 2 $7.5 2,000 Corporate secretary 1 $35,200 Janitor, factory 2 $6 2,150
The following information was taken from Crane’s Schedule of Plant Assets. All assets are depreciated using the straight-line method.
Plant Asset Purchase Price Salvage Value Useful Life Factory building $4,000,000 $150,000 20 Years Administrative office $650,000 $125,000 30 Years Factory equipment $2,000,000 $20,000 12 Years
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