The Parker Corporation is a manufacturer of generic laptops. Fixed and variablemanufacturing overheads are allocated to each laptop using budgeted assemblyhours. Budgeted assembly time is 2 hours per laptop. Exhibit 5 shows the budgetedamounts and actual results related to overhead for June 2019.Exhibit 5 Manufacturing Overhead at Parker Corporation for June 2019Actual ResultsStatic (Master)BudgetNumber of laptops assembled and soldHours of assembly timeVariable manufacturing overhead cost per Not disclosedassembly hourVariable manufacturing overhead costsFixed manufacturing overhead costs225| 360 hours110Not disclosed$32/hourNot disclosed$10,780$11,933$12,180Required: (a) Calculate the variable manufacturing overhead and fixed manufacturing overheadflexible budget variances for June 2019 at Parker Corporation, in as much detail as possible. Indicatewhether the variances are favourable or unfavourable.(b) Provide the journal entry (or entries) that close the variances calculated in (a) above to cost ofgoods sold (COGS). Narration is not required.

1) Variable overhead variance = variable overhead efficiency variance + variable overhead rate…

Answered: Required: (a) Calculate the variable…

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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I have attached the data information for the problem I need help with Part D of the problem. Further analyze harlows revised variances, isolating underlying potential casual factors. How do your analyses indicate bases for concern to management?
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AirQual Test Corporation provides on-site air quality testing services. The company has provided the following cost formulas and actual results for the month of February: Variable Fixed Component per Month Component per Job $ 277 Actual Total for February $ 27,720 $ 8,350 $ 8,370 Revenue Technician wages $ 8,500 Mobile lab operating expenses $ 4,900 $ 33 Office expenses $ 2,400 $2 $ 2,470 Advertising expenses $ 1,600 $ 1,670 Insurance $ 2,850 $ 2,850 Miscellaneous expenses $ 960 $ 1 $ 375 The company uses the number of jobs as its measure of activity. For example, mobile lab operating expenses should be $4,900 plus $33 per job, and the actual mobile lab operating expenses for February were $8,370. The company expected to work 110 jobs in February, but actually worked 120 jobs. Required: Prepare a flexible budget performance report showing AirQual Test Corporation's revenue and spending variances and activity variances for February. (Indicate the effect of each variance by selecting "F"…
2. Complete the table below that compute the July direct-material and direct-labor variances in the Construction Department and the July direct-labor variances in the Finishing Department.
Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,300 pounds of oysters in August. The company's flexible budget for August appears below: Quilcene Oysteria Flexible Budget Actual pounds (q) Revenue ($4.15q) Expenses: Packing supplies ($0.35q) Oyster bed maintenance ($3,100) Wages and salaries ($2,500 + $0.35q) Shipping ($0.60q) Utilities ($1,210) For the Month Ended August 31 Other ($400 + $0.019) Total expenses Net operating income Actual pounds Revenue The actual results for August were as follows: Expenses: Quilcene Oysteria Income Statement For the Month Ended August 31 Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expenses Net operating income 7,300 $ 30,295 2,555 3,100 5,055 4,380 1,210 473 16,773 $ 13,522 7,300 $ 26,600 2,725 2,960 5,465 4,110 1,020 1,093 17,373 $ 9,227
A4
Calculate the following variances for November 2021 and indicate whether each of itis favorable (F) or adverse (A). 5. Variable overhead expenditure.6. Variable overhead efficiency.7. Fixed overhead expenditure.8. Fixed overhead efficiency. Please provide each of them calculations
A business is reporting on materials cost variances for the month. The report indicates a large favorable materials price variance and a large unfavorable materials quantity variance. Discuss reasons (or provide explanations) that might have caused these off-setting variances.
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