Exercise 8-3A (Algo) Determining amount and type (favorable vs. unfavorable) of variance LO 8-2 Required Compute variances for the following items and indicate whether each variance is favorable (F) or unfavorable (U): Note: Select "None" if there is no effect (i.e., zero variance). Sales price Sales revenue Cost of goods sold Item Material purchases at 5,000 pounds Materials usage Production volume Wages at 4,000 hours Labor usage at $16 per hour Research and development expense Selling and administrative expenses 69 $ $ $ $ $ 69 $ 69 $ Budget 656 $ 583,000 $ 389,500 $ 278,000 $ 184,500 $ 980 units 60,600 $ 96,300 $ 25,000 53,500 $ Actual 528 606,000 363,000 284,500 181,000 915 units 59,000 97,600 29,500 43,000 Variance units Effect

Exercise 8-3A (Algo) Determining amount and type (favorable vs. unfavorable) of variance LO 8-2 Required Compute variances for the following items and indicate whether each variance is favorable (F) or unfavorable (U): Note: Select "None" if there is no effect (i.e., zero variance). Sales price Sales revenue Cost of goods sold Item Material purchases at 5,000 pounds Materials usage Production volume Wages at 4,000 hours Labor usage at $16 per hour Research and development expense Selling and administrative expenses 69 $ $ $ $ $ 69 $ 69 $ Budget 656 $ 583,000 $ 389,500 $ 278,000 $ 184,500 $ 980 units 60,600 $ 96,300 $ 25,000 53,500 $ Actual 528 606,000 363,000 284,500 181,000 915 units 59,000 97,600 29,500 43,000 Variance units Effect

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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Fischer Fabrication reported the following information concerning its direct materials: Direct materials purchased (actual) Standard cost of materials purchased Standard price tires actual amount of materials used Actual production Standard direct materials costs per unit produced Assume that Fischer Fabrication had no beginning finished goods inventory and only produced one product. A count of inventory showed that 4,552 units remained in the warehouse. $ 378,300 $361,500 $ 333,500 56,900 units $6 Required: a. Assume Fischer writes off all variances to Cost of Goods Sold. Prepare the entries Fischer would make to record and close out the variances. b. Assume Fischer prorates all variances to the appropriate accounts. Prepare the entries Fischer would make to record and close out the variances. Complete this question by entering your answers in the tabs below. Required A Required B Assume Fischer writes off all variances to Cost of Goods Sold. Prepare the entries Fischer would make to…
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-1-202310-10876 gnment i (Basic guitar built from veneered wood.) (Bridge and strings attached; guitar tuned and inspected.) Saved Each finished guitar contains seven pounds of veneered wood. In addition, one pound of wood is typically wasted in the production process. The veneered wood used in the guitars has a standard price of $14 per pound. The other parts needed to complete each guitar, such as the bridge and strings, cost $17 per guitar. The labor standards for Springsteen's two production departments are as follows: Construction Department: 5 hours of direct labor at $20 per hour Finishing Department: 3 hours of direct labor at $17 per hour The following pertains to the month of July. 1. There were no beginning or ending work-in-process inventories in either production department. 2. There was no beginning finished-goods inventory. Problem 10-47 Part 2 3. Actual production was 690 guitars, and 490 guitars were sold on account for $495 each. 4. The company purchased 7,900 pounds…
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Exercise 17-24 (Algo) Variable Cost Variances: Materials Purchased and Materials Used Are Not Equal (LO 17-2) The cost analyst for Sheffer Systems collected the following data concerning direct materials: Actual production Direct materials purchased (actual) Standard cost of materials purchased Standard direct materials costs per unit produced Standard price times actual amount of materials used. Direct Materials variance 37,100 units Required: Compute the direct materials cost 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. Efficiency variance Total direct materials cost variance $ 718,500 723,300 17 648,200
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