Ridge Company manufactures a product with a standard direct labor cost of three hours at $22.50 per hour. During the month of August, 1,800 units were produced using 5,400 hours at $21.80 per hour. The labor quantity variance was
Q: A company uses the weighted-average method for inventory costing. At the end of the period, 19,500…
A: Concept of Work in Process (WIP) Inventory:Work in Process (WIP) inventory refers to goods that are…
Q: Determine the gross margin? Financial accounting
A: Step 1: Definition of Gross MarginGross margin represents the difference between a company's net…
Q: I Need Solution
A: Definition of Gross ProfitGross Profit is the difference between a company's net sales and its cost…
Q: Kindly help me with this general accounting questions not use chart gpt please fast given solution
A: Step 1: Define Net IncomeNet income is calculated by subtracting total expenses from total revenues.…
Q: Please provide the solution to this financial accounting question with accurate financial…
A: Step 1: Define Operating Cash Flow at Break-even LevelOperating Cash Flow at the break-even level is…
Q: 33.What characterizes the accounting for involuntary conversions of fixed assets? A. Defer gain if…
A: (C) Recognize loss immediately.Involuntary conversions (such as those caused by fire, theft, or…
Q: Allowance for Doubtful Accounts has a debit balance of $1,800 at the end of the year, before…
A: Explanation of Allowance for Doubtful Accounts: The Allowance for Doubtful Accounts is a…
Q: i need financial accounting question answer
A: Step 1: Define Net Income CalculationNet income is calculated by subtracting the total expenses from…
Q: I need guidance in solving this financial accounting problem using standard procedures.
A: Step 1: Define Stockholders' EquityStockholders' equity represents the residual interest in the…
Q: I am looking for a step-by-step explanation of this financial accounting problem with correct…
A: Step 1: DefinitionsConcept of Return on Assets (ROA):Return on Assets (ROA) measures a company's…
Q: A manufacturer had the following information:
A: Concept of Variable Overhead Spending Variance:Variable overhead spending variance measures the…
Q: Rivera Corp. reported the following balances at the end of the year: Credit Sales: $320,000,…
A: Explanation of Allowance for Uncollectible Accounts:The Allowance for Uncollectible Accounts is a…
Q: General accounting question
A: Step 1: Introduction to ratio analysisRatio analysis is a method used to analyze financial…
Q: Solve this Accounting problem
A: Step 1: Definition of Return on Equity (ROE)Return on Equity (ROE) is a financial metric that…
Q: I want answer
A: Explanation of Asset Turnover Ratio: Asset turnover ratio is a financial efficiency ratio that…
Q: answer ?? Financial Accounting question
A: Step 1: Define Stockholders' Equity ChangeStockholders' Equity refers to the residual interest in…
Q: Can you show me the correct approach to solve this financial accounting problem using suitable…
A: Step 1: Definition of Gross Profit MethodThe gross profit method is used to estimate the ending…
Q: Please explain the solution to this general accounting problem with accurate explanations.
A: Step 1: Definition of Taxable IncomeTaxable income is calculated as the total income (in this case,…
Q: At an output level of 46,000 units, Falstaff Industries calculates that the degree of operating…
A: Solution:What is asked in the problem? The problem is asking for the percentage change in operating…
Q: ANSWER?
A: Concept of Overhead Costs:Overhead costs refer to the indirect expenses involved in manufacturing…
Q: I need assistance with this financial accounting problem using valid financial procedures.
A: Provided Data:Dividend per Share = $2.85Dividend Payout Ratio = 60%P/E Ratio = 16.5Step 1: Key…
Q: Please provide the correct solution to this financial accounting question using valid principles.
A: Concept of Retained Earnings:Retained earnings refer to the portion of a company's net income that…
Q: Julius provided consulting services amounting to P420, 000. His total expenses were 25%. His net…
A: Step 1: DefinitionsConcept of Net Income:Net income is the amount of profit a business earns after…
Q: Please explain the accurate process for solving this financial accounting question with proper…
A: Definition of Cost Principle:The cost principle is an accounting concept that states assets should…
Q: I am searching for the correct answer to this general accounting problem with proper accounting…
A: Step 1: Definition of Current RatioThe current ratio is a liquidity ratio that measures a company's…
Q: General accounting
A: Step 1: Definition of Bond Interest ExpenseBond Interest Expense refers to the cost incurred by the…
Q: Please help me solve this general accounting problem with the correct financial process.
A: Step 1: Definition of Stockholders' EquityStockholders' equity represents the residual interest in…
Q: LoomTex Industries budgets total factory overhead for the year at $960,000. LoomTex manufactures two…
A: Provided Data:Total factory overhead (budgeted) = $960,000Products = Blackout curtains and Thermal…
Q: Can you help me solve this general accounting problem using the correct accounting process?
A: Step 1: Definition of Debt-to-Equity RatioThe debt-to-equity ratio is a financial metric used to…
Q: Accounting pls
A: Step 1: Definition of Selling Price and Cost RelationshipThe selling price is the amount a seller…
Q: Can you solve this general accounting question with the appropriate accounting analysis techniques?
A: Step 1: Definition of Stockholders' EquityStockholders' equity represents the residual interest in…
Q: I'm waiting for answer
A: Question A. The actual variable overhead rate is found by dividing the actual variable overhead…
Q: Please explain the correct approach for solving this general accounting question.
A: Step 1: Define Labor Rate VarianceLabor Rate Variance is the difference between the actual hourly…
Q: What is the cost of goods sold for the company?
A: 1: Find Total Current AssetsThe current ratio is:Current Ratio = Total Current Assets / Current…
Q: Paramount Company uses a standard costing system that allows 2.5 pounds of direct materials for one…
A: Definition of Standard Quantity Allowed:Standard quantity allowed refers to the amount of direct…
Q: How does disaggregation analysis enhance revenue recognition? a) Revenue recognition needs no…
A: Explanation of Revenue Recognition: Revenue recognition is the accounting principle that determines…
Q: I need help finding the accurate solution to this general accounting problem with valid methods.
A: Step 1: Definition of Adjusted Basis and Capital ImprovementsThe adjusted basis of an asset is the…
Q: Please provide the accurate answer to this general accounting problem using valid techniques.
A: To Calculate the Net Sales, We use the given formula:Net Sales = Total Sales - Sales Discounts -…
Q: SnapGallery Inc. sells one digital poster frame. The sales price per unit is $12. The variable cost…
A: Step 1: Definitions Concept of Contribution Margin:The contribution margin is the difference between…
Q: Determine the predetermined overhead rate for 2019.
A: This means Crescent Fabrication applies manufacturing overhead to jobs at 120% of the direct…
Q: Presley Manufacturing computes its predetermined overhead rate annually on the basis of direct…
A: Given:Estimated Total Manufacturing Overhead = $812,000Estimated Total Direct Labor Hours = 62,000…
Q: What is the correct entry to record the issuance of 1,000 shares of $10 par value common stock for…
A: To record the issuance of 1,000 shares of $10 par value common stock for $15 per share, the journal…
Q: Solve this
A: Explanation of Return on Investment (ROI): Return on Investment is a performance measure used to…
Q: For the Crestview Manufacturing Company, the average age of accounts receivable is 50 days, the…
A: Concept of Days Inventory Outstanding (DIO):Days Inventory Outstanding refers to the average number…
Q: Can you demonstrate the proper approach for solving this financial accounting question with valid…
A: Provided Data:Sales on Account (Credit Sales) = $910,000Cash Sales = $525,000Collections on Account…
Q: Novak Inc. sells one product, its waterproof camping tent. It began operations in the current year…
A: Explanation of Absorption Costing: Absorption costing is a costing method that assigns all…
Q: I need help solving this general accounting question with the proper methodology.
A: Step 1: Define Return on Equity (ROE)Return on Equity (ROE) is a measure of a company's…
Q: Can you demonstrate the accurate steps for solving this financial accounting problem with valid…
A: Concept of Contribution Margin:Contribution margin is the amount by which the selling price of a…
Q: Please provide the solution to this general accounting question with accurate financial…
A: Step 1: Definition of Journal Entry for Purchase with DiscountWhen a company purchases inventory on…
Q: Financial Accounting question
A: To calculate how much manufacturing overhead would be allocated to Job 502 using departmental…
Please given correct answer for General accounting question I need step by step explanation
Step by step
Solved in 2 steps
- Case made 24,500 units during June, using 32,000 direct labor hours. They expected to use 31,450 hours per the standard cost card. Their employees were paid $15.75 per hour for the month of June. The standard cost card uses $15.50 as the standard hourly rate. A. Compute the direct labor rate and time variances for the month of June, and also calculate the total direct labor variance. B. If the standard rate per hour was $16.00, what would change?Queen Industries uses a standard costing system in the manufacturing of its single product. It requires 2 hours of labor to produce 1 unit of final product. In February, Queen Industries produced 12,000 units. The standard cost for labor allowed for the output was $90,000, and there was an unfavorable direct labor time variance of $5,520. A. What was the standard cost per hour? B. How many actual hours were worked? C. If the workers were paid $3.90 per hour, what was the direct labor rate variance?At the beginning of the year, Lopez Company had the following standard cost sheet for one of its chemical products: Lopez computes its overhead rates using practical volume, which is 80,000 units. The actual results for the year are as follows: (a) Units produced: 79,600; (b) Direct labor: 158,900 hours at 18.10; (c) FOH: 831,000; and (d) VOH: 112,400. Required: 1. Compute the variable overhead spending and efficiency variances. 2. Compute the fixed overhead spending and volume variances.
- Fitzgerald Company manufactures sewing machines, and they produced 2,500 this past month. The standard variable manufacturing overhead (M0H) rate used by the company is $6.75 per machine hour. Each sewing machine requires 13.5 machine hours. Actual machine hours used last month were 33,500, and the actual variable MOH rate last month was $7.00. Calculate the variable overhead rate variance and the variable overhead efficiency variance.April Industries employs a standard costing system in the manufacturing of its sole product, a park bench. They purchased 60,000 feet of raw material for $300,000, and it takes S feet of raw materials to produce one park bench. In August, the company produced 10,000 park benches. The standard cost for material output was $100,000, and there was an unfavorable direct materials quantity variance of $6,000. A. What is April Industries standard price for one unit of material? B. What was the total number of units of material used to produce the August output? C. What was the direct materials price variance for August?Escuchar Products, a producer of DVD players, has established a labor standard for its productdirect labor: 2 hrs at 9.65 per hour. During January, Escuchar produced 12,800 DVD players. The actual direct labor used was 25,040 hours at a total cost of 245,392. Required: 1. Compute the labor rate and efficiency variances. 2. Prepare journal entries for all activities relating to labor.
- Corolla Manufacturing has a standard cost for steel of $20 per pound for a product that uses 4 pounds of steel. During September, Corolla purchased and used 4,200 pounds of steel to make 1,040 units. They paid $20.75 per pound for the steel. Compute the direct materials price variance, the direct materials quantity variance, and the total direct materials cost variance for the month of September. What would change if Corolla had made 2,200 units?If a factory operates at 100% of capacity one month, 90% of capacity the next month, and 105% of capacity the next month, will a different cost per unit be charged to the work-in-process account each month for factory overhead assuming that a predetermined annual overhead rate is used?Shinto Corp. uses a standard cost system and manufactures one product. The variable costs per product follow: Budgeted fixed overhead costs for the month are $4,000, and Shinto expected to manufacture 2,000 units. Actual production, however, was only 1,800 units. Materials prices were 10% over standard, and labor rates were 5% over standard. Of the factory overhead expense, only 80% was used, and fixed overhead was $100 over budget. The actual variable overhead cost was $4,800. In materials usage, 8% more parts were used than were allowed for actual production by the standard, and 6% more labor hours were used than were allowed. Required: Calculate the materials and labor variances. Calculate the variances for overhead by the four-variance method. (Hint: First compute the fixed and variable overhead rates per hour.)
- Shasta Fixture Company manufactures faucets in a small manufacturing facility. The faucets are made from brass. Manufacturing has 70 employees. Each employee presently provides 38 hours of labor per week. Information about a production week is as follows: Instructions Determine (a) the standard cost per unit for direct materials and direct labor; (b) the direct materials price variance, direct materials quantity variance, and total direct materials cost variance; and (c) the direct labor rate variance, direct labor time variance, and total direct labor cost variance.Colonels uses a traditional cost system and estimates next years overhead will be $480,000, with the estimated cost driver of 240,000 direct labor hours. It manufactures three products and estimates these costs: If the labor rate is $25 per hour, what is the per-unit cost of each product?Standard cost summary; materials and labor cost variances Perkins Processors Inc. produces an average of 10,000 units each month. The factory standards are 20,000 hours of direct labor and 10,000 pounds of materials for this volume. The standard cost of direct labor is 9.00 per hour, and the standard cost of materials is 4.00 per pound. The standard factory overhead at this level of production is 20,000. During the current month the production and cost reports reflected the following information: On the basis of this information: 1. Prepare a standard cost summary. 2. Calculate the materials (use the materials purchase price variance) and labor cost variances, and indicate whether they are favorable or unfavorable, using the formulas on pages 421422 and 424.
