evaluatin erformance at year-end costing system. standard costing and budgeted for $14,600 of fixed-MOH costs to support budgeted production of 2,800 units. The purchasing department couldn't g its hands on as many raw materials as it had hoped, so production was only 1.980 units this year. Variable manufacturing costs and variable operating costs were on-budget at $21 per unit and $2 per unit, respectively. Fortunately, the company sold all of this year's production plus its entire FG Inventory of 380 units from the prior year. This year's un costs were the same as last year's. How much will Sheridan report for its COGS this year? Will the company recognize a fixed-MOH volume variance this year? If there is a fixed-MOH volume variance, specify the amount and the sign. (Do not leave any answer field blank. Enter O for amounts.) COGS LA Fixed-MOH volume variance $

evaluatin erformance at year-end costing system. standard costing and budgeted for $14,600 of fixed-MOH costs to support budgeted production of 2,800 units. The purchasing department couldn't g its hands on as many raw materials as it had hoped, so production was only 1.980 units this year. Variable manufacturing costs and variable operating costs were on-budget at $21 per unit and $2 per unit, respectively. Fortunately, the company sold all of this year's production plus its entire FG Inventory of 380 units from the prior year. This year's un costs were the same as last year's. How much will Sheridan report for its COGS this year? Will the company recognize a fixed-MOH volume variance this year? If there is a fixed-MOH volume variance, specify the amount and the sign. (Do not leave any answer field blank. Enter O for amounts.) COGS LA Fixed-MOH volume variance $

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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Systems a start-up company that makes connectors for high-speed Internet connections. The company has budgeted variable costs of $130 for each connector and fixed costs of $4,500 per month. MetaPro's static budget predicted production and sales of 100 connectors in August , but the company actually produces and sold only 71 connectors at a total cost of $28,000. MetaPro’s sales volume variance for total costs is A. $3,770 U. B. $14,270 F. C. $3,770 F. D. $14,270 U
Pittman Company is a small but growing manufacturer of telecommunications equipment. The company has no sales force of its own; rather, it relies completely on independent sales agents to market its products. These agents are paid a sales commission of 15% for all items sold. Barbara Cheney, Pittman's controller, has just prepared the company's budgeted income statement for next year as follows: Pittman Company Budgeted Income Statement For the Year Ended December 31 Sales Manufacturing expenses: Variable Fixed overhead Gross margin Selling and administrative expenses: Commissions to agents. Fixed marketing expenses Fixed administrative expenses Net operating income Fixed interest expenses Income before income taxes Income taxes (30%) Net income $11,025,000 3,430,000 The breakdown of the $3,675,000 cost follows: 3,675,000 Salaries: 171,500* Sales manager 2,140,000 *Primarily depreciation on storage facilities. As Barbara handed the statement to Karl Vecci, Pittman's president, she…
View Policies Current Attempt in Progress James, the production manager, was pleased at the company's income statement results. Actual DL cost was only $52,000, compared to the budgeted $60,200, while actual sales volume came in 200 units below original projections. The company actually used 2,500 DL hours to make the 1,200 units produced and sold. Each unit was budgeted to take 2 DL hours; each DL hour was budgeted at $21.50 per hour. Calculate the company's DL price and DL efficiency variances. (Round intermediate calculations to to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 5,125.) DL price variance $ DL efficiency variance $ Save for Later V V Attempts: 0 of 1 used Submit Answer
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Gadubhai
Consider the following situation for Junkee Corporation for the prior year. The company produced 1,000 units and sold 900 units, both as budgeted. There were no beginning or ending work-in-process inventories and no beginning finished goods inventory. Budgeted per unit revenues and costs were as follows. Per Unit Sales price P 100 Direct Materials 30 Direct Labor 20 Variable Manufacturing Overhead 10 Fixed Manufacturing Overhead 5 Variable Selling Costs 12 Fixed Selling Costs (Total P3,600) 4 Fixed Administrative Costs (Total P 1,800) 2 Required: 1. Using absorption costing, compute the product cost, Ending inventory, Cost of Sale, & Net Income. 2. Using variable costing, compute the product cost, Ending inventory, Cost of Sale, & Net Income. 3. Reconcile the two computed net income under the two difference product costing techniques.
H4.
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As the new accountant for Cohen & Company, you have been asked to provide a succinct analysis of financial performance for the year just ended. You obtain the following information that pertains to the company's sole product: Actual Master Budget Units sold 35,000 40,000 Sales $ 385,000 $460,000 Variable costs 215,000 275,000 Fixed costs 148,125 140,000 Required: 1. What was the actual operating income for the period? 2. What was the company's master budget operating income for the period? 3. (a) What was the total master budget variance, in terms of operating income, for the period? (b) Is this variance favorable or unfavorable? (If a variance has no amount, select "None" in the corresponding dropdown cell. ) 4. The total master budget variance for a period can be decomposed into a total flexible budget variance and a sales volume variance. (a) What was the total flexible - budget variance for the period? (b) Was this variance favorable or unfavorable? (c) What was the sales volume…
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Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant. The plant has been experiencing problems as shown by its June contribution format income statement below: Flexible Budget Actual Sales (3,000 pools) $ 210,000 $ 210,000 Variable expenses: Variable cost of goods sold* 38,220 49,235 Variable selling expenses 15,000 15,000 Total variable expenses 53,220 64,235 Contribution margin 156,780 145,765 Fixed expenses: Manufacturing overhead 66,000 66,000 Selling and administrative 81,000 81,000 Total fixed expenses 147,000 147,000 Net operating income (loss) $ 9,780 $ (1,235 ) *Contains direct materials, direct labor, and variable manufacturing overhead. Standard Quantity or Hours Standard Priceor Rate Standard Cost Direct materials 3.1 pounds $ 2.60 per pound $ 8.06 Direct labor 0.5 hours $ 7.20 per hour 3.60 Variable…
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