E9-1 (Static) Calculating Unknown Values for Direct Materials, Direct Labor Variances [LO 9-3, 9-4) Ironwood Company manufactures cast-iron barbeque cookware. During a recent windstorm, it lost some of its cost accounting records Ironwood has managed to reconstruct portions of its standard cost system database but is still missing a few pieces of information. Required: Use the information in the table to determine the unknown amounts. You may assume that Ironwood does not keep any raw materials on hand Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (.e., zero variance) Standard amount per pan produced Standard price Actual amount used per pan produced Actual price Actual number of pans produced and sold Direct materials price variance Direct materials quantity variance Direct materials spending variance Direct labor rate variance Direct labor efficiency variance Direct labor spending variance Answer is not complete. Direct Materials 2.5 4.20 24 4.10 per pound 2.500 pans $ S $ S per poune pound 304 40 F O O Direct Labor hour per hour hour per hour pans $ 16.00 1.20 S 15.50 2.500 ww/w (80) U 20 F BOE 000

E9-1 (Static) Calculating Unknown Values for Direct Materials, Direct Labor Variances [LO 9-3, 9-4) Ironwood Company manufactures cast-iron barbeque cookware. During a recent windstorm, it lost some of its cost accounting records Ironwood has managed to reconstruct portions of its standard cost system database but is still missing a few pieces of information. Required: Use the information in the table to determine the unknown amounts. You may assume that Ironwood does not keep any raw materials on hand Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (.e., zero variance) Standard amount per pan produced Standard price Actual amount used per pan produced Actual price Actual number of pans produced and sold Direct materials price variance Direct materials quantity variance Direct materials spending variance Direct labor rate variance Direct labor efficiency variance Direct labor spending variance Answer is not complete. Direct Materials 2.5 4.20 24 4.10 per pound 2.500 pans $ S $ S per poune pound 304 40 F O O Direct Labor hour per hour hour per hour pans $ 16.00 1.20 S 15.50 2.500 ww/w (80) U 20 F BOE 000

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Description: E9-1 (Static) Calculating Unknown Values for Direct Materials, Direct Labor Variances (LO 9-3, 9-4)Ironwood Company manufactures cast-iron barbeque cookware. During a recent windstorm, it lost some of its cost accountingrecords. Ironwood has managed

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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Hello, I believe Answer 1 may have some errors. You included $4080 as the "indirect material used in production" but the original table has it listed as 4680. This may have changed the remainder of the answer including the "total manufacturing cost" and the "cost of good manufactured". Please advise. Thanks.
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This document contains ink, shapes and images that ar... Question 2 Davy Jones Ltd manufacturer of fine china and stoneware is troubled by the fluctuations in productivity and wants to compute how much manufacturing support costs are related to the various sizes of batches of output. The following data show the results of a random sample of 6 batches of one pattern of stoneware: Batch Size Question 3 12 18 24 30 36 42 Support Cost/$ 190 220 280 360 380 480 Required: Use the High-Low Method to: (a) Calculate the variable cost per unit. (b) Find the amount of fixed cost present in the cost structure. (c) Develop a cost function/equation that relates total cost to activity levels. (d) Calculate the production level at which total costs is $400. A husinana akansha ita Guad svaduation auashand on the basis af disaat lakas kausa
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Required information [The following information applies to the questions displayed below.] Celestial Products, Inc., has decided to introduce a new product, which can be manufactured by either a computer- assisted manufacturing system or a labor-intensive production system. The manufacturing method will not affect the quality of the product. The estimated manufacturing costs by the two methods are as follows: Direct material Direct labor (DLH denotes direct-labor hours) Variable overhead Fixed overhead* Computer-Assisted Manufacturing System $ Volume 0.5DLH @ $25.50 0.5DLH @ $16.50 9.00 12.75 8.25 $4,410,000 units Labor-Intensive Production System $ 0.8DLH @ $21.00 0.8DLH @ $16.50 *These costs are directly traceable to the new product line. They would not be incurred if the new product were not produced. 9.90 16.80 13.20 $2,730,000 The company's marketing research department has recommended an introductory unit sales price of $75.00. Selling expenses are estimated to be $900,000…