A Xfx Cost information about Masic Incorporated is provided in cells A6 to D7. Actual cost information is provided in cells A11 to B14. A statement of re B C D E F G H Masik, Incorporated is analyzing its most current direct materials results against the budget. Here is the standard cost information: Standard Cost per Direct Material Standard Quantity per Unit Standard Cost per Unit Direct Materials $ 9.50 2 $ 19.00 3 9 Actual cost information is below: 0 1 Units Produced 4,000 2 Materials Purchased 3 Material Used 8,500 7,800 4 Cost of Direct Materials $ 85,000 5 6 Required: 7 Fill in the cells below with required data for variance calculations and favorability. 8 Hint: Use the ABS() function to calculate amounts and use an IF() condition to determine the favorability of the variances. 9 20 21 Actual x Actual (used) 22 AQ AP 23 Direct Materials Variances Actual x Standard (used) AQ SP

A Xfx Cost information about Masic Incorporated is provided in cells A6 to D7. Actual cost information is provided in cells A11 to B14. A statement of re B C D E F G H Masik, Incorporated is analyzing its most current direct materials results against the budget. Here is the standard cost information: Standard Cost per Direct Material Standard Quantity per Unit Standard Cost per Unit Direct Materials $ 9.50 2 $ 19.00 3 9 Actual cost information is below: 0 1 Units Produced 4,000 2 Materials Purchased 3 Material Used 8,500 7,800 4 Cost of Direct Materials $ 85,000 5 6 Required: 7 Fill in the cells below with required data for variance calculations and favorability. 8 Hint: Use the ABS() function to calculate amounts and use an IF() condition to determine the favorability of the variances. 9 20 21 Actual x Actual (used) 22 AQ AP 23 Direct Materials Variances Actual x Standard (used) AQ SP

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter12: Activity-based Management

Section: Chapter Questions

Problem 14E: Sanford, Inc., has developed value-added standards for four activities: purchasing parts, receiving...

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Banks Corporation has the following information for direct materials for the latest period. BANKS CORPORATION INFORMATION FOR DIRECT MATERIALS FOR THE LATEST PERIOD Standard price per unit of direct materials Actual price per unit of direct materials Budgeted units of output Standard quantity of direct materials allowed per unit of output Actual units of direct materials used Actual units of direct materials purchased Actual units of output produced SA SA 15.00 $ 16.50 45,000 3 units 40,000 50,000 14,000 The company calculates its price variance based on quantity purchased. What is the direct materials price variance? $60,000 favorable. $60,000 unfavorable.
Banks Corporation has the following information for direct materials for the latest period. BANKS CORPORATION INFORMATION FOR DIRECT MATERIALS FOR THE LATEST PERIOD Standard price per unit of direct materials Actual price per unit of direct materials Budgeted units of output Standard quantity of direct materials allowed per unit of output Actual units of direct materials used Actual units of direct materials purchased Actual units of output produced SA SA $ 15.00 $ 16.50 45,000 3 units 40,000 50,000 14,000 The company calculates its price variance based on quantity purchased. What was the total quantity of direct materials allowed based on the standards? 45,000. 50,000.
Refer to the pictur ebelow: Find: 1. Total Cost of Product A under ABC System2. Total Cost of Product B under ABC System3. Selling Price per unit of Product B assuming profit margin of 20% above cost
A company uses activity-based costing to determine the costs of its three products: A, B, and C. The budgeted cost and activity for each of the company's three activity cost pools are shown in the following table: Budgeted Activity Activity Cost Pool Budgeted Cost Product A Product B Product C Activity 1 $ 87,000 7,700 10,700 21,700 Activity 2 $ 62,000 8,700 16,700 9,700 Activity 3 $ 116,000 4,200 2,700 3,325 How much overhead will be assigned to Product B using activity-based costing?
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Lonsdale Inc. manufactures entry and dining room lighting fixtures. Five activities are used in manufacturing the fixtures. These activities and their associated budgeted activity costs and activity bases are as follows: Corporate records were obtained to estimate the amount of activity to be used by the two products. The estimated activity-base usage quantities and units produced follow: a. Determine the activity rate for each activity. b. Use the activity rates in (a) to determine the total and per-unit activity costs associated with each product. Round to the nearest cent.
Making journal entries Assume that during the month of April the production report of Algonquin Adhesives Inc. in E8-10 revealed the following information: Make journal entries to charge materials (use the materials purchase price variance) and labor to Work in Process. (Remember to retrieve the standard costs from E8-10 before solving this exercise.)
Sanford, Inc., has developed value-added standards for four activities: purchasing parts, receiving parts, moving parts, and setting up equipment. The activities, the activity drivers, the standard and actual quantities, and the price standards for 20x1 are as follows: The actual prices paid per unit of each activity driver were equal to the standard prices. Required: 1. Prepare a cost report that lists the value-added, non-value-added, and actual costs for each activity. 2. Which activities are non-value-added? Explain why. Also, explain why value-added activities can have non-value-added costs.
A company uses activity-based costing to determine the costs of its three products: A, B, and C. The budgeted cost and activity for each of the company's three activity cost pools are shown in the following table: Budgeted Activity Activity Budgeted Cost Activity Cost Driver Product A Product B Product C $ 70,000 $ 45,000 $ 82,000 Square feet Units inspected Activity 1 6,000 9,000 20,000 Activity 2 Activity 3 7,000 15,000 8,000 Setups 2,500 1,000 1,625 What are the activity rates for the three activities under activity-based costing? Multiple Choice (1) $2.00 per square foot; (2) $3.00 per unit; (3) $3.50 per setup. (1) $3.50 per square foot; (2) $1.50 per unit; (3) $32,80 per setup. (1) $3.50 per square foot; (2) $3.00 per unit; (3) $16.00 per setup. (1) $2.00 per square foot: (2) $1.50 per unit; (3) $16.00 per setup.
A company uses activity-based costing to determine the costs of its three products: A, B, and C. The budgeted cost and activity for each of the company's three activity cost pools are shown in the following table: Budgeted Activity Activity Cost PoolBudgeted Cost Product AProduct BProduct Activity 1 7,500 10,500 21,500 Activity 2 8,500 16,500 9,500 Activity 3 4,000 2,500 3,125 How much overhead will be assigned to Product B using activity-based costing? 85,000 60,000 112,000
A company uses activity-based costing to determine the costs of its three products: A, B, and C. The budgeted cost and activity for each of the company's three activity cost pools are shown in the following table: Budgeted Activity Activity Cost Pool Activity 1 Activity 2 Activity 3 Budgeted Cost Product A Product B 6,300 7,300 2,800 Product C $73,000 $48,000 $88,000 20,300 8,300 1,925 9,300 15,300 1,300 How much overhead will be assigned to Product B using activity-based costing?