Assume the following: . The standard price per pound Is $2.35. - The standard quantity of pounds allowed per unit of finished goods is 4 pounds. • The actual quantity of materlals purchased was 53,000 pounds, whereas the quantity of materlals used in production was 51,000 pounds. • The actual purchase price per pound of materials was $2.25. • The company produced 13,000 units of finished goods during the perlod. What is the materlals quantity varlance? Multiple Choice $4.700 F $2,250 F $2,350 F $4,500 F

Assume the following: . The standard price per pound Is $2.35. - The standard quantity of pounds allowed per unit of finished goods is 4 pounds. • The actual quantity of materlals purchased was 53,000 pounds, whereas the quantity of materlals used in production was 51,000 pounds. • The actual purchase price per pound of materials was $2.25. • The company produced 13,000 units of finished goods during the perlod. What is the materlals quantity varlance? Multiple Choice $4.700 F $2,250 F $2,350 F $4,500 F

Name: Assume the following:. The standard price per pound Is $2.35.. The st
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Assume the following:. The standard price per pound Is $2.35.. The standard quantity of pounds allowed per unit of finished goods is 4 pounds,• The actual quantity of materlals purchased was 53,000 pounds, whereas the quantity of materlals used In p

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Bent Tree incurred the following unit costs during the year: variable manufacturing cost, $27; fixed manufacturing cost, $10; variable marketing and administrative cost, $8; and fixed marketing and administrative cost, $6. During the year, Bent Tree produced 30,000 units and sold 25,000 units of product. The selling price was $67 per unit. What was Bent Tree's total gross margin?
clarks Ltd uses the following cost function: Y = $7000 + $8.50X. If the number of units produced in a month is 200, what would be the total cost? a) $7,170 b) $7008.50 c) $8,700 d) $7,800
A company has $6.70 per unit in variable costs and $4.10 per unit in fixed costs at a volume of 50,000 units. If the company marks up total cost by 0.40, what price should be charged if 60,000 units are expected to be sold? Round to two decimal places.
[The following information applies to the questions displayed below.] Cane Company manufactures two products called Alpha and Beta that sell for $140 and $100, respectively. Each product uses only one type of raw material that costs $8 per pound. The company has the capacity to annually produce 106,000 units of each product. Its average cost per unit for each product at this level of activity is given below: Direct materials Direct labor Variable manufacturing overhead Traceable fixed manufacturing overhead Variable selling expenses Common fixed expenses Total cost per unit Alpha Beta $ 32 $ 16 24 19 10 20 22 16 12 19 14 $ 121 $ 92 The company's traceable fixed manufacturing overhead is avoidable, whereas its common fixed expenses are unavoidable and have been allocated to products based on sales dollars. Assume Cane normally produces and sells 44,000 Betas per year. What is the financial dvantage (disadvantage) of discontinuing the Beta product line?
[The following information applies to the questions displayed below.] Oslo Company prepared the following contribution format income statement based on a sales volume of 1,000 units (the relevant range of production is 500 units to 1,500 units): Sales $ 70,000 Variable expenses 38,500 Contribution margin 31,500 Fixed expenses 23,310 Net operating income $ 8,190 1. What is the contribution margin per unit? (Round your answer to 2 decimal places.) 2. What is the contribution margin ratio? 3. What is the variable expense ratio? 4. If sales increase to 1,001 units, what would be the increase in net operating income?
Assume the following: . The standard price per pound Is $2.35. . The standard quantity of pounds allowed per unit of finished goods is 4 pounds. • The actual quantity of materlals purchased was 53,000 pounds, whereas the quantity of materlals used in production was 51,000 pounds. • The actual purchase price per pound of materlals was $2.25. • The company produced 13,000 units of finished goods during the perlod. What Is the materlals quantity varlance? Multiple Choice $4,700 F $2.250 F $2.350 F $4,500 F
Hixson Company manufactures and sells one product for $34 per unit. The company maintains no beginning or ending inventories and its relevant range of production is 20,000 units to 30,000 units. When Hixson produces and sells 25,000 units, its unit costs are as follows: Amount Per Unit Direct materials $8.00 $5.00 $1.00 $6.00 $3.50 $2.50 $ 4.00 $1.00 Direct labor Variable manufacturing overhead Fixed manufacturing overhead Fixed selling expense Fixed administrative expense Sales commissions Variable administrative expense
2. During the month, 1,200 units of Product LTK were produced. Actual direct labor hour required was 600 direct labor hours at an actual cost of P6,060. According to the standard cost card for the product, 0.6 of labor hour should be required for each unit of the product produced. Standard cost is P10 per labor hour. The standards were based on production level of 1,100 units. Compute the following (show your solution): a. Budgeted labor hours b. Budgeted labor cost c. Actual labor rate d. Standard labor hours e. Standard labor cost f. Total labor cost variance g. Rate variance h. Efficiency variance
The following standard data are available for ABC Corp to produce one unit of product X: · Direct materials: 3 yards at 5 per yard · Direct labor: 2 hours at 10 per hour · Budgeted Overhead: 700,000 (includes Budgeted VOH of 500,000) at normal capacity of 10,000 DL hours. The company produced 1,500 units and ending Finished Goods inventory is 100 units. What is the standard cost of goods sold?
units?
Morrison Company sells 124,000 units at $16 per unit. Variable costs are $12 per unit, and fixed costs are $144,000. Determine (a) the contribution margin ratio, (b) the unit contribution margin, and (c) income from operations.
1. For financial accounting purposes, what is the total amount of product costs incurred to make 25,000 units? What is the total amount of period costs incurred to sell 25,000 units? 2. If 24,000 units are produced, what is the variable manufacturing cost per unit produced? What is the average fixed manufacturing cost per unit produced? (Round your answers to 2 decimal places.) 3. If 26,000 units are produced, what is the variable manufacturing cost per unit produced? What is the average fixed manufacturing cost per unit produced? (Round your answers to 2 decimal places.) 4. If 27,000 units are produced, what are the total amounts of direct and indirect manufacturing costs incurred to support this level of production? 5. What total incremental manufacturing cost will Hixson incur if it increases production from 25,000 to 25,001 units? (Round your answer to 2 decimal places.) 6. What is Hixson’s contribution margin per unit? What is its contribution margin ratio? (Round "Contribution…