ABC Company produces widgets with a standard cost of $15 per unit. During the month, they produced 1,200 widgets at an actual cost of $8,600. What is the total cost variance for the month?
Q: What is the required return on these financial accounting question?
A: Step 1: Define Required Rate Of ReturnThe required rate of return on a common stock represents the…
Q: Kindly help me with general accounting question
A: Step 1: Define Accounts ReceivableThe amount owed to a company for goods or services provided or…
Q: Anthony, Inc. buys land for $50,000 cash. The net effect on assets is: a. $50,000 increase. b. $0.…
A: The correct answer is:b. $0 Explanation:When Anthony, Inc. buys land for $50,000 cash, the company…
Q: Tag, General Account
A: Step 1: FormulaThe cost per equivalent unit is calculated as: Cost per Equivalent…
Q: T-REX manufacturing had total manufacturing costs are $418,000
A: Explanation of Beginning Work-in-Process (WIP) Inventory:Beginning Work-in-Process (WIP) inventory…
Q: Question related to financial accounting: During the current year, Carl Equipment Stores had net…
A: Explanation of Inventory Turnover:Inventory turnover is a financial ratio that measures how many…
Q: Don't use ai given answer accounting questions
A: Return on Assets = Net Profit/Average Total Assets Return on Assets = 150,000/1,200,000 Return on…
Q: Answer please
A: Step 1:Determine the following: a. Amount of the sale :Amount of sales =Gross sales- sales discount…
Q: Myrna and Geoffrey filed a joint tax return in 2017. Their AGI was $85,000, and itemized deductions…
A: The tax benefit rule states that if a taxpayer received a deduction in one year and later recovers…
Q: Question 54.2.43 Accounting
A: Explanation of Gross Margin:Gross margin is the difference between sales revenue and the cost of…
Q: Please provide this question solution general accounting
A: Step 1: Define Standard CostingStandard costing refers to the comparison of standard and actual…
Q: Financial Account
A: Explanation:"Money damages from a personal injury lawsuit" are generally not taxable if they are…
Q: Hi expert please give me answer general accounting question
A: Approach to solving the question: For better clarity of the solution, I have provided both the…
Q: Need help with this accounting questions
A: Step 1: Define Accounting EquationThe accounting equation represents that each transaction affects…
Q: What is the value of this investment on these financial accounting question?
A: The perpetuity formula is used to calculate the present value of a series of infinite cash flows…
Q: What is net income under absorption costing? General accounting
A: Explanation: In the given case, we are required to calculate the net income under absorption costing…
Q: Ans
A: Explanation of Net Sales: Net sales represents the total revenue generated from selling products or…
Q: Financial Accounting Question
A: Step 1: Given Notes payable = $420,000 Annual interest rate = 8% January to March 31: 3 monthsTime =…
Q: Hii expert please provide correct answer general Accounting
A: The basic earnings per share (EPS) measure the profit available to common shareholders for each…
Q: Compute the equivalent units of production for October.
A: Step 1: Key DataWork in process (WIP), October 1:Units: 50,000Percent complete (materials):…
Q: Myrna and Geoffrey filed a joint tax return in 2017. Their AGI was $85,000, and itemized deductions…
A: To determine how much of the state income tax refund Myrna and Geoffrey must include in their gross…
Q: Data for the two departments of Kimble & Pierce Company for June of the current fiscal year are as…
A: Explanation: In the given case, we are required to determine the direct materials and conversion…
Q: Please provide solution for this general accounting question?
A: Step 1: Define Accounting EquationThe Accounting Equation is the foundation of double-entry…
Q: Equivalent units are calculated by: a. multiplying the percentage of work done by the equivalent…
A: The correct answer is:c. multiplying the percentage of work done by the physical units.…
Q: The cost of the trading securities of Cepeda Company at December 31, 2015, is $75,000. At December…
A: Concept of Trading Securities: Trading securities are short-term financial investments that a…
Q: A business incurs the following costs per unit: Labor $125/unit; Materials $45/unit and rent…
A: Step 1: Understand the ProblemA business incurs the following costs:Labor cost per unit: $125/unit…
Q: A company sells its product for $33 per unit, with variable costs of $18 per unit and fixed costs…
A:
Q: What is the equity at the end of the year?
A: Step 1: Define EquityEquity is the amount invested by the shareholders of a company. Equity is an…
Q: Colson Manufacturing uses a job order costing system. During one month, Colson purchased $188,000 of…
A: Explanation of Total Manufacturing Costs:Total manufacturing costs represent the total expenditure…
Q: General accounting question
A: a) Shareholders' EquityShareholders' equity can be calculated using the accounting…
Q: Please provide answer the accounting question
A: Step 1: Define Asset Turnover RatioThe Asset Turnover Ratio measures how efficiently a company uses…
Q: If a company has sales revenue of $120,000, cost of goods sold of $70,000, and operating expenses of…
A: Concept of Sales Revenue:Sales revenue refers to the total amount of money a company earns from…
Q: Provide Correct answer for this general account
A: Step 1: Compute Equivalent Units (Materials and Conversion) Materials:Beginning inventory (70,000…
Q: None
A: To calculate the interest expense incurred by December 31 on a $50,000, 6-month, 12% note, we use…
Q: Hii expert please provide correct answer general Accounting
A: Step 1: Define Holding Period Return (HPR)The holding period return (HPR) is a percentage metric to…
Q: None
A: Step 1: Define NoteThe note can be defined as a promissory note that is issued by the borrower that…
Q: I want to correct answer accounting questions
A: Step 1: Definition of Overapplied or Underapplied Manufacturing OverheadOverapplied or underapplied…
Q: The balance sheet of Strauss Corporation contains the following list of assets: Cash $8,500,000 Land…
A: To determine how stockholders' equity will change when Strauss Corporation borrows $300,000 to…
Q: Please provide this question solution general accounting
A: Step 1: Define Overapplied OverheadManufacturing overhead represents indirect production costs that…
Q: The current ratio of a company is 8:1 and its acid-test ratio is 1:1. If the inventories and prepaid…
A: Given DataCurrent Ratio: 8:18:18:1Acid-Test Ratio: 1:11:11:1Inventories and Prepaid Items:…
Q: Please help me this question
A: Step 1: Define Average Collection PeriodThe average collection period is a mathematical expression…
Q: Answer? ? General Accounting question
A: Step 1: Define Importance of margins in futures tradingFutures contracts are traded in exchanges,…
Q: Bander industries berhad
A: Step 1: Define Budget VariancesCompanies prepare budgets in fine detail, and then calculate a…
Q: Neptune industries manufacturing marine solution general accounting question
A: Step 1: Definition of Variable CostingVariable costing is a method where only variable manufacturing…
Q: Please Help me with question answer general Accounting
A: Step 1: Define Outstanding SharesOutstanding shares refer to the total number of shares of a…
Q: ?
A: Explanation of Applied Overhead:Applied overhead refers to the manufacturing overhead that is…
Q: What is the net income percentage on these general accounting question?
A: Step 1: Define Net Income PercentageThe Net Income Percentage, also known as the Profit Margin, is a…
Q: Financial Account
A: When using variable costing, we want to figure out how much profit we make on each item we sell…
Q: General Account
A: Problem:To calculate the product cost per unit under variable costing, we need to focus on variable…
Q: Hi teacher please help me this question
A: Step 1: Calculate the Present Value (PV) of the Note ReceivableThe present value of the note…
ABC Company produces widgets with a
Step by step
Solved in 2 steps
- Case made 24,500 units during June, using 32,000 direct labor hours. They expected to use 31,450 hours per the standard cost card. Their employees were paid $15.75 per hour for the month of June. The standard cost card uses $15.50 as the standard hourly rate. A. Compute the direct labor rate and time variances for the month of June, and also calculate the total direct labor variance. B. If the standard rate per hour was $16.00, what would change?Ed Co. manufactures two types of O rings, large and small. Both rings use the same material but require different amounts. Standard materials for both are shown. At the beginning of the month, Edve Co. bought 25,000 feet of rubber for $6.875. The company made 3,000 large O rings and 4,000 small O rings. The company used 14,500 feet of rubber. A. What are the direct materials price variance, the direct materials quantity variance, and the total direct materials cost variance? B. If they bought 10,000 connectors costing $310, what would the direct materials price variance be for the connectors? C. If there was an unfavorable direct materials price variance of $125, how much did they pay per toot for the rubber?The production cost for UV protective sunglasses is $5.50 per unit and fixed costs are $19,400 per month. How much is the favorable or unfavorable variance if 14,000 units were produced for a total of $97,000?
- Lowell Manufacturing Inc. has a normal selling price of 20 per unit and has been selling 125,000 units per month. In November, Lowell Manufacturing decided to lower its price to 19 per unit expecting it can increase the units sold by 16%. a. Compute the normal revenue with a 20 selling price. b. Compute the planned revenue with a 19 selling price. c. Compute the actual revenue for November, assuming 135,000 units were sold in November at 19 per unit. d. Compute the revenue price variance, assuming 135,000 units were sold in November at 19 per unit. e. Compute the revenue volume variance, assuming 135,000 units were sold in November at 19 per unit. f. Analyze and interpret the lowering of the price to 19.At the beginning of the year, Lopez Company had the following standard cost sheet for one of its chemical products: Lopez computes its overhead rates using practical volume, which is 80,000 units. The actual results for the year are as follows: (a) Units produced: 79,600; (b) Direct labor: 158,900 hours at 18.10; (c) FOH: 831,000; and (d) VOH: 112,400. Required: 1. Compute the variable overhead spending and efficiency variances. 2. Compute the fixed overhead spending and volume variances.Corolla Manufacturing has a standard cost for steel of $20 per pound for a product that uses 4 pounds of steel. During September, Corolla purchased and used 4,200 pounds of steel to make 1,040 units. They paid $20.75 per pound for the steel. Compute the direct materials price variance, the direct materials quantity variance, and the total direct materials cost variance for the month of September. What would change if Corolla had made 2,200 units?
- Fitzgerald Company manufactures sewing machines, and they produced 2,500 this past month. The standard variable manufacturing overhead (M0H) rate used by the company is $6.75 per machine hour. Each sewing machine requires 13.5 machine hours. Actual machine hours used last month were 33,500, and the actual variable MOH rate last month was $7.00. Calculate the variable overhead rate variance and the variable overhead efficiency variance.The production cost for a waterproof phone case is $7 per unit and fixed costs are $23,000 per month. How much is the favorable or unfavorable variance If 5,500 units were produced for a total of $61,000?Colonels uses a traditional cost system and estimates next years overhead will be $480,000, with the estimated cost driver of 240,000 direct labor hours. It manufactures three products and estimates these costs: If the labor rate is $25 per hour, what is the per-unit cost of each product?
- The normal capacity of a manufacturing plant is 30,000 direct labor hours or 20,000 units per month. Standard fixed costs are 6,000, and variable costs are 12,000. Data for two months follow: For each month, make a single journal entry to charge overhead to Work in Process, to close Factory Overhead, and to record variances. Indicate the types of variances and state whether each is favorable or unfavorable. (Hint: You must first compute the flexible-budget and production-volume variances.)ABC Company produces widgets with a standard cost of $10 per unit. During the month, they produced 1,000 widgets at an actual cost of $9,800. What is the total cost variance for the month? A) $200 favorable B) $200 unfavorable C) $1,000 favorable D) $1,000 unfavorablePetrus Framing's cost formula for its supplies cost is $1,790 per month plus $10 per frame. For the month of March, the company planned for activity of 619 frames, but the actual level of activity was 624 frames. The actual supplies cost for the month was $8,500. The activity variance for supplies cost in March would be closest to:
