Part of your company's accounting database was destroyed during a ransomware attack. You have been able togather the following data from your files. Reconstruct the remaining information using the available data. All of theraw material purchased during the period was used in production.Note: Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter"O" for no effect (i.e., zero variance). Round "Standard Quantity per Unit of Output" to 2 decimal places.Direct LaborDirect MaterialbokStandard price or rate per unit of inputper hour$7.00 per poundStandard quantity per unit of outputhours per unitpounds per unitActual quantity used per unit of output1.80 hourspounds per unitintActual price or rate per unit of input$11.00 per hour$6.00 per poundrencesActual outputDirect-material price varianceDirect-material quantity variance5,000 units5,000 units$34,000 F$14,000 UTotal direct-material variance$20,000 FDirect-labor rate variance$9,000 UDirect-labor efficiency variance$10,000 FTotal direct-labor variance$1,000 F

Name: Part of your company's accounting database was destroyed during a ran
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Part of your company's accounting database was destroyed during a ransomware attack. You have been able togather the following data from your files. Reconstruct the remaining information using the available data. All of theraw material purchased dur

Business

Accounting

Part of your company's accounting database was destroyed during a ransomware attack. You have been able to gather the following data from your files. Reconstruct the remaining information using the available data. All of the raw material purchased during the period was used in production. Note: Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "O" for no effect (i.e., zero variance). Round "Standard Quantity per Unit of Output" to 2 decimal places. Direct Labor Direct Material Standard price or rate per unit of input per hour $ 7.00 per pound Standard quantity per unit of output hours per unit pounds per unit Actual quantity used per unit of output 1.80 hours pounds per unit Actual price or rate per unit of input $ 11.00 per hour $ 6.00 per pound Actual output Direct-material price variance Direct-material quantity variance 5,000 units 5,000 units $ 34.000 F $ 14,000 U 20.000 E

Part of your company's accounting database was destroyed during a ransomware attack. You have been able to gather the following data from your files. Reconstruct the remaining information using the available data. All of the raw material purchased during the period was used in production. Note: Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "O" for no effect (i.e., zero variance). Round "Standard Quantity per Unit of Output" to 2 decimal places. Direct Labor Direct Material Standard price or rate per unit of input per hour $ 7.00 per pound Standard quantity per unit of output hours per unit pounds per unit Actual quantity used per unit of output 1.80 hours pounds per unit Actual price or rate per unit of input $ 11.00 per hour $ 6.00 per pound Actual output Direct-material price variance Direct-material quantity variance 5,000 units 5,000 units $ 34.000 F $ 14,000 U 20.000 E

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Download the Applying Excel form and enter formulas in all cells that contain question marks. For example, in cell B30 enter the formula "= B20". Notes: In the text, variances are always displayed as positive numbers. To accomplish this, you can use the ABS() function in Excel. For example, the formula in cell C31 would be "=ABS(E31-B31)". Cells D31 through D39 and G31 through G39 already contain formulas to compute and display whether variances are Favorable or Unfavorable. Do not enter data or formulas into those cells-if you do, you will overwrite these formulas. After entering formulas in all of the cells that contained question marks, verify that the amounts match the numbers in the example in the text. Required: 1. Check your worksheet by changing the revenue in cell D4 to $16.00; the cost of ingredients in cell D5 to $6.50; and the wages and salaries in cell B6 to $10,000. The activity variance for net operating income should now be $850 U and the spending variance for total…
Your company is evaluating two cloud-based secured data storage services. "Great Sky," the newer service, claims its uploading and downloading speeds are faster than the older service, "Clear and Steady Skies." You need to make a decision based on published access times for both services at different times and for varying file sizes. To make your decision, you purchase two statistical studies from which you discover the average download time for Great Sky is 0.67 sec. per MB and for Clear Steady Skies is 0.84. Additionally, the studies indicate the following sample information: NGS = 60 ncss = 50, SGS = 0.25 and scss = 0.55. Use a = .05, and the five step hypothesis testing procedure to make the appropriate decision.
The software developers of a billing system of ACME Telecom Company would accept at most an error rate of 4% that a sample of invoices would contain some variations that may be present in a large population of total invoices. With a certainty factor of 1.95 how many invoices would they need to examine?
In auditing program change control, the IT auditor will: a. Not need to inspect program authorization forms for signatures b. Ensure an organization is following the process described in their documentation for program change control c. Make sure that only computer programmers move their own changes into a production environment d. Make sure that only computer programmers have tested the changes they made to programs
The Carla Vista Burkett Company uses a responsibility reporting system to measure the performance of its three investment centers: Planes, Taxis, and Limos. Segment performance is measured using a system of responsibility reports and return on investment calculations. The allocation of resources within the company and the segment managers' bonuses are based in part on the results shown in these reports. Recently, the company was the victim of a computer virus that deleted portions of the company's accounting records. This was discovered when the current period's responsibility reports were being prepared. The actual operating results appeared as follows. Determine the missing amounts. (Round Return on Investment to 1 decimal place, e.g. 52.7%.) Service revenue Variable costs Contribution margin Controllable fixed costs Controllable margin Average operating assets Return on investment $ Planes 5,018,000 1,518,000 25,018,000 12% Taxis $459,000 $ 189,000 79,000 10% Limos 329,000 389,000…
Variance analysis is very important because of all of the following reasons except: Select one: a. It helps in gaining an insight into the reason behind the good performance b. It helps in fixing the responsibility c. It acts as a control mechanism. d. It aids into taking an immediate action
Price and efficiency variances, benchmarking and ethics. Sunto Scientic manufactures GPS devices for a chain of retail stores. Its most popular model, the Magellan XS, is assembled in a dedicated facility in Savannah, Georgia. Sunto is keenly aware of the competitive threat from smartphones that use Google Maps and has put in a standard cost system to manage production of the Magellan XS. It has also implemented a just-in-time system so the Savannah facility operates with no inventory of any kind. Producing the Magellan XS involves combining a navigation system (imported from Sunto’s plant in Dresden at a xed price), an LCD screen made of polarized glass, and a casing developed from specialty plastic.The budgeted and actual amounts for Magellan XS for July 2017 were as follows:
izzo Goal Inc. produces and sells hockey equipment, often custom made for online orders. The company has the following performance metrics on its balanced scorecard: days from ordered to delivered, number of shipping errors, customer retention rate, nd market share. A measure map illustrates that the days from ordered to delivered and the number of shipping errors are both expected to directly affect the customer retention rate, which affects market share. Additional internal analysis finds that: Every shipping error over three shipping errors per month reduces the customer retention rate by 1.5%. On average, each day above three days from ordered to delivered yields a reduction in the customer retention rate of 1%. Each day before three days from order to delivery yields an increase in the customer retention rate of 1%, on average. Rizzo Goal Inc.'s current customer retention rate is 60%. The company estimates that for every 1% increase or decrease in the customer retention rate,…
Aside from the parameter, Problem 6.3.20 is different logically from Problems 6.3.12 through 6.3.19 in another important way. What is it? What justifiesthat difference for the other problems? Problem 6.3.20: We need to maintain strict control over the variability of the thickness of the coating on the coated paper which we manufacture. Our criterion for the variability is that the variance of the thick- ness should not exceed 0.3 mm. You are requested to set up a quality control procedure for this situation with five percent significance level. Problem 6.3.12: The purchasing department of your company must decide whether to continue with the same supplier for a certain machine part or possibly to switch to a new supplier. After some questioning, you find they're prepared to stay with the present supplier in the absence of strong evidence to back the new supplier's advertising claim that their part has a mean life of greater than 310 hours. The present supplier…
General Controls. Indicate the benefits of each of the following examples of general controls. a. Echo checks are designed and built into the computer by the manufacturer.b. The company schedules regular maintenance on its computer hardware.c. The company involves users in its design of programs and selection of prepackaged software and programs.d. New programs are tested and validated prior to being implemented.e. Documentation is required prior to modifying existing programs using “emergency”change orders.f. The duties of system analysts, programmers, and computer operators are appropriatelyseparated.g. Appropriate backup and data retention policies are implemented.h. The access rights granted to employees are periodically reviewed and evaluated, giving consideration to known changes resulting from promotions and transfers within the company.
Richins Company is considering the acquisition of a computerized manufacturing system. The new system has a built in quality function that increases the control over product specifications. An alarm sounds whenever the product falls outside the programmed specifications. An operator can then make some adjustments on the spot to restore the desired product quality. The system is expected to decrease the number of units scrapped because of poor quality. The system is also expected to decrease the amount of labor inputs needed. The production manager is pushing for the aquisition because he believes that productivity will be greatly enhanced - particularly when it comes to labor and material inputs. Output and input data follow. The data for the computerized system are projections. Current System Computerized System Output (units)…
Is it possible for a retail store such as Apple to use variances in analyzing its operating performance? Explain.