9. Martin Company uses 625 units of a part each year. The cost of placing one order is $8; the costof carrying one unit in inventory for a year is $4.What is the EOQ for Martin?50100203010. Fixed overhead was budgeted at $200,000, and 25,000 direct labor hours were budgeted. If thefixed overhead volume variance was $8,000 favorable and the fixed overhead spending variancewas $6,000 unfavorable, fixed overhead applied must beO $194,000.Os202,000.$206,000.$208,000.OO O O

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Greyson Company produced 8,300 units of product that required 4.25 standard hours per unit. Determine the fixed factory overhead rate at 27,000 hours, which is 100% of normal capacity, if the favorable fixed factory overhead volume variance is $14,895.
The Russell Company provides the following standard cost data per unit of product: Direct material (2 gallons @ $4 per gallon) Direct labor (1 hours @ $13 per hour) During the period, the company produced and sold 23,000 units, incurring the following costs: Direct material Direct labor $ 8.00 $13.00 50,000 gallons @ $3.90 per gallon 23,500 hours @ $12.75 per hour The direct material usage variance was:
Chhom Corporation makes a product whose direct labor standards are 0.9 hours per unit and $21 per hour. In November the company produced 7,000 units using 5,800 direct labor-hours. The actual direct labor cost was $121,800. The labor efficiency variance for November is: $11,500. F $10,500. F $10,500. U $11,500. U
Edgar, Inc. has a materials price standard of $1.75 per pound. eight thousand pounds of materials were purchased at $2.20 a pound. The actual quantity of materials used was 4,000 pounds, although the standard quantity allowed for the output was 5,400 pounds. Calculate the materials price variance
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Flounder Company estimates that it will produce 6,000 units of product IOA during the current month. Budgeted variable manufacturing costs per unit are direct materials $8, direct labor $13, and overhead $19. Monthly budgeted fixed manufacturing overhead costs are $7,700 for depreciation and $3,700 for supervision. In the current month, Flounder actually produced 6,500 units and incurred the following costs: direct materials $44,976, direct labor $76,400, variable overhead $122,094, depreciation $7,700, and supervision $3,959. Prepare a static budget report. Hint: The Budget column is based on estimated production while the Actual column is the actual cost incurred during the period. (List variable costs before fixed costs.) FLOUNDER COMPANY Static Budget Report ÷ Budget Actual $ +A Difference Favorable Unfavorabl
The Russell Company provides the following standard cost data per unit of product: Direct material (2 gallons @ $3 per gallon) $ 6.00 Direct labor (2 hours @ $12 per hour) $ 24.00 During the period, the company produced and sold 32,000 units incurring the following costs: Direct material 61,000 gallons @ $ 2.90 per gallon Direct labor 59,500 hours @ $ 12.05 per hour The direct material usage variance was:
Calculate the total deviation and analyze it triangulated
The per-unit production costs for a product is as follows: $15 direct materials; $10 direct labour; $5 variable overhead. In addition, there is a $20,000 fixed overhead per week. Period costs are $10 variable selling costs per unit, and $40,000 fixed selling and administrative costs per week. The break-even point for the week was 3,000 units. What was the selling price used? 1) $60 2) $40 3) $20 4) None of the listed choices are correct
Your Company’s cost formula for its wages and salaries is $2,500 per month plus $475 per unit sold. For the month of May, the company planned for activity of 120 units, but the actual level of activity was 115 units. The actual wages and salaries for the month was $56,850. What is the spending variance for wages and salaries in May? $2,650 F $ 275 F $ 275 U $2,650 U
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