Income Statement Pietro Frozen Foods, Inc., produces frozen pizzas. For next year, Pietro predicts that 51,300 units will be produced, with the following total costs: Direct materials Direct labor Variable overhead Fixed overhead Next year, Pietro expects to purchase $120,000 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows: Direct materials Beginning Ending ? Work-in-Process Inventory $10,900 $12,900 Next year, Pietro expects to produce 51,300 units and sell 50,600 units at a price of $18.00 each. Beginning inventory of finished goods is $38,500, and ending inventory of finished goods is expected to be $30,000. selling expense is projected at $21,000, and total administrative expense is projected at $118,500. Required: 61,000 17,000 230,000 Inventory $4,000 $3,900 form Round the percent to four decimal places before converting to a percentage. For example, .88349 would be rounded to .8835 and entered as 88.35.
Income Statement Pietro Frozen Foods, Inc., produces frozen pizzas. For next year, Pietro predicts that 51,300 units will be produced, with the following total costs: Direct materials Direct labor Variable overhead Fixed overhead Next year, Pietro expects to purchase $120,000 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows: Direct materials Beginning Ending ? Work-in-Process Inventory $10,900 $12,900 Next year, Pietro expects to produce 51,300 units and sell 50,600 units at a price of $18.00 each. Beginning inventory of finished goods is $38,500, and ending inventory of finished goods is expected to be $30,000. selling expense is projected at $21,000, and total administrative expense is projected at $118,500. Required: 61,000 17,000 230,000 Inventory $4,000 $3,900 form Round the percent to four decimal places before converting to a percentage. For example, .88349 would be rounded to .8835 and entered as 88.35.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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.
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