Exercise 16-44 (Algo) (Appendix used in requirement [b]) Variable Cost Variances (LO 16-5, 7) Rankin Fabrication reports the following information with respect to its direct materials: 34,100 gallons Actual quantities of direct materials used Actual costs of direct materials used Standard price per unit of direct materials. Flexible budget for direct materials Rankin Fabrication holds no materials inventories. $ 190,480 $5.65 $ 200,500 Required: a. Compute the direct material price and efficiency variances. b. (Appendix) Prepare the journal entries to record the purchase and use of the direct materials using standard costing Complete this question by entering your answers in the tabs below. Required A Required B Compute the direct material price and efficiency variances. Note: Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. Direct materials price variance Direct materials efficiency variance

Q: Attributes about an entity- Select one. O a. Database O b. Record O c. Field O d. File

A: Attributes about an entity are fields.

Q: What is the difference between vote book and dva book

A: The purpose of maintaining a vote book is to; (i) To have complete control over expenditure.(ii) To…

Q: Define terminal date

A: Answer: In finance, horizon date is called as terminal value. It is the date from which individual…

Q: Explain IO and PO Strips?

A: Interest only (IO) strips are a financial product shaped by unraveling the principal and interest…

Q: In which document would you find the MD&A? O A. Form 8-K O B. Form 10-K O C. Both A and B O D.…

A: Paid-in Capital Paid-in capital is that the total quantity cash equivalents contributed to a company…

Q: What are ADRs?

A: Answer: An American depositary receipt (ADR) is a negotiable asset that denotes a non-US company…

Q: Define what is meant by a tick mark. What is its purpose?

A:

Q: incorfrect please redo with a accurate answer

A: Molding FabricationMachine Hours $      2,500.00 $      1,500.00Fixed Manufacturing Overhead cost  $…

Q: is the target of data flow. Select one: O a. Destination O b. Pass O c. Source O d. Stores

A: Which is the target of data flow as follows:-

Q: What is accounting explain briefly?

A: Accounting is a broad term and it also has many branches like Cost accounting, Management…

Q: Fill in the blank. ______ standards reflect what is expected to occur.

A: Standards are a set of rules that define the threshold of any activity. In accounting, there are…

Q: What is the definition and explanation of the closure procedure and closing entries

A: Entries that have been closed : When the accounting period concludes, a closing entry is a journal…

Q: date?

A: The FASB issues an Accounting Standards Update (Update or ASU) to communicate changes to the FASB…

Q: How should documents removed from workpapers be treated?

A: Workpaper is the most important part of the audit. It contains all the documentation regarding the…

Q: Explain the difference between deferrals and accruals and give two examples from each.

A: The adjustment entries are prepared to adjust the revenue and expenses of the current period.

Q: The scope of coverage under Section I is greatest with an [HO-1|HO-5] policy. Question 98…

A: Insurance coverage is provided based on the types of policy chosen by the policyholder. Some policy…

Q: What is the effect of not returning all client-provided documents upon request?

A: If an auditor is not returning all client provided documents upon request, then this act is an…

Q: Bramble Corp. is a retailer operating in Calgary, Alberta, Bramble Corp. uses the perpetual…

A: Lets understand the basics.There are various methods followed for calculating cost of goods sold and…

Q: Fill out the missing column

A: Net revenue = Gross profit + Cost of goods sold = 511000+673400 = $1184400 Operating expense = Net…

Q: Suppose that both the direct material and rent costs are tied to the таниfаcturing of the equivalent…

A: Compute the average unit costs for direct materials assigned to 900,000 units as follows:

Q: What are the NAS and IFRS Conceptual Framework for Financial Reporting's aims, principles, and…

A: Answer: Concept: Using the term "conceptual framework," we want to explain the overall goal and idea…

Q: Question D is incorrect. Can you check the answer

A: Here discuss about the details of the taxable income and income tax which are incurred with the tax…

Q: What is involved in the posting process?

A: Posting: Posting process means posting of all transactions of business into general ledgers. Every…

Q: Which is an error of omission

A: Accounting error is error in entering, computing, and analysis of data. This includes the recording…

Q: What are reverse journal entries? Are these required by GAAP?

A: Reversing entries are journal entries made at the beginning of an accounting period to reverse or…

Q: it is still incorrect, please find correct answer

A: Accounts receivable is amount that is yet to be recovered from the customers to whom goods or…

Q: Differentiate between letters, memo and report?

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: Describe about the deferrals? Explain it in detail.

A:

Q: a business has the following assets and liabilities: Assets: ▸ 800,000 fixed assets - 120,000 goods…

A: Zakat is a islamic term that means wealth tax. An individual who is muslim and follows islamicis…

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance. 

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.