AirQual Test Corporation provides on-site air quality testing services. The company has provided the following cost formulas anc actual results for the month of February: Revenue Technician wages Mobile lab operating expenses Office expenses Advertising expenses Insurance Miscellaneous expenses Fixed Component per Month $ 8,300 $ 4,800 $ 2,700 $ 1,580 $ 2,860 $ 930 Variable. Component per Job $ 279 $ 30 $ 4 $ 1 Actual Total for February $ 30,730 $ 8,150 $8,240 $ 3,030 $1,650 $ 2,860 $ 355 The company uses the number of jobs as its measure of activity. For example, mobile lab operating expenses should be $4,800 p $30 per job, and the actual mobile lab operating expenses for February were $8,240. The company expected to work 120 jobs in February, but actually worked 124 jobs. Required: Prepare a flexible budget performance report showing AirQual Test Corporation's revenue and spending variances and activity variances for February. (Indicate the effect of each variance by selecting "F" for favorable. "U" for unfavorable and "Nope" fo

AirQual Test Corporation provides on-site air quality testing services. The company has provided the following cost formulas anc actual results for the month of February: Revenue Technician wages Mobile lab operating expenses Office expenses Advertising expenses Insurance Miscellaneous expenses Fixed Component per Month $ 8,300 $ 4,800 $ 2,700 $ 1,580 $ 2,860 $ 930 Variable. Component per Job $ 279 $ 30 $ 4 $ 1 Actual Total for February $ 30,730 $ 8,150 $8,240 $ 3,030 $1,650 $ 2,860 $ 355 The company uses the number of jobs as its measure of activity. For example, mobile lab operating expenses should be $4,800 p $30 per job, and the actual mobile lab operating expenses for February were $8,240. The company expected to work 120 jobs in February, but actually worked 124 jobs. Required: Prepare a flexible budget performance report showing AirQual Test Corporation's revenue and spending variances and activity variances for February. (Indicate the effect of each variance by selecting "F" for favorable. "U" for unfavorable and "Nope" fo

Name: AirQual Test Corporation provides on-site air quality testing service
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Description: AirQual Test Corporation provides on-site air quality testing services. The company has provided the following cost formulas andactual results for the month of February:RevenueTechnician wagesMobile lab operating expensesOffice expensesAdvertising e

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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AirQual Test Corporation provides on-site air quality testing services. The company has provided the following cost formulas and actual results for the month of February: Fixed Component per Month Variable Component Revenue per Job $ 278 Actual Total for February $ 33,390 Technician wages $ 8,600 $ 8,450 Mobile lab operating expenses $ 5,000 $ 33 $ 9,130 Office expenses $ 2,700 $ 2 $ 2,810 Advertising expenses $ 1,570 $ 1,640 Insurance $ 2,860 Miscellaneous expenses $ 930 $ 1 $ 2,860 $ 365 The company uses the number of jobs as its measure of activity. For example, mobile lab operating expenses should be $5,000 plus $33 per job, and the actual mobile lab operating expenses for February were $9,130. The company expected to work 130 jobs in February, but actually worked 136 jobs. Required: Prepare a flexible budget performance report showing AirQual Test Corporation's revenue and spending variances and activity variances for February. (Indicate the effect of each variance by selecting…
Calculate and Use Overhead Rate Selected data for the consulting department of Austin Consulting, Inc., follow:. Estimated consulting overhead cost for the year $440,000 Estimated direct labor cost for the year (@ $9/hr.) 180,000 Actual manufacturing overhead cost for January 19,500 Actual direct labor cost for January (1,200 hours) 11,000 Assuming that direct labor hours is the basis for applying consulting overhead, a. Calculate the predetermined overhead rate. $ per direct labor hour b. Prepare a journal entry that applies consulting overhead for January. General Journal Description Debit Credit c. By what amount is consulting overhead over- or under applied in January?
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AirQual Test Corporation provides on-site air quality testing services. The company provided the following cost formulas and actual results for the month of February: Fixed Component per Month Variable Component Actual Total per Job for February Revenue Technician wages Office expenses $ 280 $ 36,450 $ 8,500 $ 8,350 Mobile lab operating expenses $ 4,700 $ 34 $ 9,300 $ 2,200 $ 3 $ 2,470 Advertising expenses $ Insurance 1,590 $ 2,860 $ Miscellaneous expenses $ 940 $ 2 1,660 $ 2,860 $ 525 The company uses the number of jobs as its measure of activity. For example, mobile lab operating expenses should be $4,700 plus $34 per job, and the actual mobile lab operating expenses for February were $9,300. The company expected to work 140 jobs in February but actually worked 146 Jobs. Required: Prepare a flexible budget performance report for February. Note: Indicate the effect of each variance by selecting "F" for favorable. "U" for unfavorable, and "None" for no effect (I.e., zero variance).…
Decker Screw Manufacturing Company produces special screws made to customer specifications. During June, the following data pertained to these costs: Summary of Direct Materials Requisitions Department Job Requisition Cost per Number Number Number Quantity 4,950 Unit 1 2906 B9766 $ 1.30 2 2907 B9767 190 22.00 1 2908 B9768 1,160 9.00 1 2906 B9769 4,830 1.31 2 2908 B9770 31 48.00 Summary of Direct Labor Time Tickets Cost per Department Job Ticket Number Number Number Hours Unit $ 6.50 1,118 152 1 2906 1056-1168 2907 2121-2130 9.00 1 2908 1169-1189 167 6.50 2 2908 2131-1239 48 9.00 2906 1190-1239 826 6.50 Summary of Factory Overhead Application Rates Department Number Basis of Application Rates $3 per direct labor hour 1 2 150% of direct labor cost Decker had no beginning Work-in-Process Inventory for June. Of the jobs begun in June, Job 2906 was completed and sold on account for $30,000, Job 2907 was completed but not sold, and Job 2908 was still in process. Required: 1. Calculate the…
immy Author Company has the following data for the past year: Actual overhead $512,000 Applied overhead: Work-in-process inventory $125,000 Finished goods inventory 170,000 Cost of goods sold 150,000 Total $445,000 Calculate the overhead variance for the year and close it to cost of goods sold. Provide all the details and working outs.
AirQual Test Corporation provides on-site air quality testing services. The company provided the following cost formulas and actual results for the month of February: Revenue Technician wages Mobile lab operating expenses Office expenses Advertising expenses Insurance Miscellaneous expenses Fixed Component per Month Variable Component per Job $ 276 Actual Total for February $ 30,370 $8,150 $ 8,540 $ 8,300 $ 4,500 $ 35 $2,700 $3 $2,910 $1,550 $ 2,860 $940 $ 1,620 $2,860 $1 $ 365 The company uses the number of jobs as its measure of activity. For example, mobile lab operating expenses should be $4,500 plus $35 per job, and the actual mobile lab operating expenses for February were $8,540. The company expected to work 120 jobs in February but actually worked 122 jobs. Required: Prepare a flexible budget performance report for February. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all…
AirQual Test Corporation provides on-site air quality testing services. The company has provided the following cost formulas and actual results for the month of February: Revenue Technician wages Mobile lab operating expenses Office expenses Advertising expenses Insurance Miscellaneous expenses Fixed Component per Month $ 8,300 $ 4,600 $ 2,200 $ 1,590 $ 2,860 $ 960 Variable Component per Job $ 279 $ 32 $ 3 $ 1 Actual Total for February $ 30,730 $ 8,150 $ 8,280 $ 2,410 $ 1,660 $ 2,860 $ 385 The company uses the number of jobs as its measure of activity. For example, mobile lab operating expenses should be $4,600 plus $32 per job, and the actual mobile lab operating expenses for February were $8,280. The company expected to work 120 jobs in February, but actually worked 128 jobs. Required: Prepare a flexible budget performance report showing AirQual Test Corporation's revenue and spending variances and activity variances for February. (Indicate the effect of each variance by selecting…
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Sunland Co. gathered the following information on power costs and factory machine usage for the last six months: Power Cost Factory Machine Hours $28,390 15,800 36,069 21,400 32,895 18,700 ITT 26,235 15,100 23,890 13,500 20,700 Month January February March April May June Using the high-low method of analyzing costs, answer the following questions and show computations to support your answers. (a) Your answer is correct. What is the estimated variable portion of power costs per factory machine hour? (Round answer to 2 decimal places, e.g. 15.25.) Variable power costs $ (b) eTextbook and Media * Your answer is incorrect. 10.500 Fixed power costs What is the estimated fixed power cost each month? High 1.41 per factory machine hour 20,683 $ Low Attempts: 1 of 5 used