Solomon Manufacturing Company established the following standard price and cost data.Sales priceVariable manufacturing costFixed manufacturing costFixed selling and administrative cost$ 8.30 per unit$ 3.30 per unit$ 2,200 total$ 900 totalSolomon planned to produce and sell 2,900 units. Actual production and sales amounted to 3,100 units.Requireda. Determine the sales and variable cost volume variances.b. Classify the variances as favorable (F) or unfavorable (U).d. Determine the amount of fixed cost that will appear in the flexible budget.e. Determine the fixed cost per unit based on planned activity and the fixed cost per unit based on actual activity.Complete this question by entering your answers in the tabs below.Req A and BReq DReq Ea. Determine the sales and variable cost volume variances.b. Classify the variances as favorable (F) or unfavorable (U).Note: Select "None" if there is no effect (i.e., zero variance).SalesVariable manufacturingVolume Variances

Step 1: Step 2: Step 3: Step 4:

Answered: Solomon Manufacturing Company…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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A company sells its product at 60 OMR per unit. Fixed cost for the company is 18000 OMR and the variable cost is estimated to be 25 % of total revenue. Find: a) the total revenue function. b) the total cost function.
None
Actual labor cost (payroll) for $ 20,000 June Labor rate variance $ 4,000 favorable Labor efficiency variance. $ 2,400 unfavorable Actual direct labor hours 1,000 worked (AQ) Total standard direct labor cost for the output in June (to the nearest dollar) was:
1) a) Solve the following inequalities:(i) 5(11 − ?) < ? + 49 (ii) 7? − 3 <10m + 23< 8 − 5m (iii) ?2 ≥ 15 − 2? b) The cost structure for iPhones are as follows, fixed cost of $25 and variable cost perunit of $2. The associated demand function isp = 20 − q .(i) Obtain an expression for the profit, π(q). (ii) Find the range of output which gives a profit of at least $31. c) Use Microsoft Word or Excel to solve the system of linear inequalities:r + 5t ≤ 57t – 2r ≤ 4 r ≥ 0(NB: clearly identify the solution set by placing a BIG enough ‘S’ to coverthat entire region).
The total cost and the total revenue (in dollars) for the production and sale of x ski jackets are given by C(x)=26x +18,625 and R(x)-200x-0.2x² for 0≤x≤ 1000. (A) Find the value of x where the graph of R(x) has a horizontal tangent line (B) Find the profit function P(x). (C) Find the value of x where the graph of P(x) has a horizontal tangent line. (D) Graph C(x), R(x), and P(x) on the same coordinate system for 0sxs 1000. Find the break-even points. Find the x-intercepts of the graph of P(x) (A) R(x) has a horizontal tangent line at x =
Classify the following costs into either being product cost or period cost:(a) Raw material costs(b) Income taxes paid(c) Interest expenses on borrowed funds(d) Wages incurred in producing products(e) Fire insurance premium paid on factory buildings(f) Electric bill for the warehouse operation(g) Salary paid for engineers(h) Material handling cost related to production(i) Salary paid for plant managerU) Leasing expense for forklift trucks in warehouse operation(k) Mortgage payments on factory buildings
⦁ ABC Company has a product that sells for $400 per unit and its variable cost per unit is $260. Company’s fixed cost is $840,000. Required: ⦁ What is its contribution margin Ratio? Show computation
A study of 86 savings and loan associations in six northwestern states yielded the following cost function. C� = 3.69 - 0.007999Q� + 0.000005359Q2�2 + 25.0X1�1 (3.69) (3.08) (3.42) (3.50) where C� = average operating expense ratio, expressed as a percentage and defined as total operating expense ($ million) divided by total assets ($ million) times 100 percent. Q� = output; measured by total assets ($ million) X1�1 = ratio of the number of branches to total assets ($ million) Note: The number in parentheses below each coefficient is its respective t-statistic. Holding constant the effects of bank branching (X1�1), what is the level of total assets that minimizes the average operating expense ratio? $746.31 million $1,562.70 million $1,492.63 million $461.31 million What is the average operating expense ratio for a savings and loan association with the level of total assets determined in the previous part and 1 branch?…
Standish Company manufactures consumer products and provided the following information for the month of February: Units produced 132,000 Standard direct labor hours per unit 0.2 Standard variable overhead rate (per direct labor hour) $3.40 $88,650 26,450 Actual variable overhead costs Actual hours worked Required: 1. Calculate the variable overhead spending variance using the formula approach. (If you compute the actual variable overhead rate, carry your computations out to five significant digits and round the variance to the nearest dollar.) 2. Calculate the variable overhead efficiency variance using the formula approach. 3. What if 26,100 direct labor hours were actually worked in February? What impact would that have had on the variable overhead spending variance? The variable overhead spending variance What impact would that have had on the variable overhead efficiency variance? The variable overhead efficiency variance
Calculate the value of profit when total revenue and total cost are given as 450 and 200 respectively

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