Question 1Use the following standard cost card for 1gallon of ice cream to answer the questions.STANDARD COST CARDProduct: Gallon of Ice CreamManufacturingCost InformationStandardStandard CostCostQuantityper UnitSummaryDirect MaterialsCream5 quarts$1.15 per quart$0.08 per ounce$36.00 per hour$5.75$1.28SugarDirect Labor16 ounces3 minutes$1.80Total Direct Costs$8.83Actual direct costs incurred to make 50gallons of ice cream:275 quarts of cream at $1.05 per quart832 ounces of sugar at $0.075 perounce165 minutes of labor at $37 per hourAll material used was bought during thecurrent period.А.Compute the material and laborvariances.В.possible causes of the variances.Comment on the results and

Labour cost variance = Standard Cost - Actual Cost = (SRx SH) -(AHx AR)SR= Standard RateSH =…

STANDARD COST CARD Product: Gallon of Ice Cream Manufacturing Cost Information Standard Standard Cost Cost Quantity per Unit Summary Direct Materials Cream 5 quarts $5.75 $1.15 per quart s0.08 per ounce $36.00 per hour 16 ounces $1.28 Sugar Direct Labor 3 minutes $1.80 Total Direct Costs $8.83 Actual direct costs incurred to make 50 gallons of ice cream: 275 quarts of cream at $1.05 per quart 832 ounces of sugar at $0.075 per ounce 165 minutes of labor at $37 per hour All material used was bought during the current period. А. Compute the material and labor variances. В. Comment on the results and possible causes of the variances.

STANDARD COST CARD Product: Gallon of Ice Cream Manufacturing Cost Information Standard Standard Cost Cost Quantity per Unit Summary Direct Materials Cream 5 quarts $5.75 $1.15 per quart s0.08 per ounce $36.00 per hour 16 ounces $1.28 Sugar Direct Labor 3 minutes $1.80 Total Direct Costs $8.83 Actual direct costs incurred to make 50 gallons of ice cream: 275 quarts of cream at $1.05 per quart 832 ounces of sugar at $0.075 per ounce 165 minutes of labor at $37 per hour All material used was bought during the current period. А. Compute the material and labor variances. В. Comment on the results and possible causes of the variances.

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter3: Setting Up A New Company

Section: Chapter Questions

Problem 1.3C

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Question 2 Use the following standard cost card for 1 gallon of ice cream to answer the questions. STANDARD COST CARD Product: Gallon of Ice Cream Standard Cost Manufacturing Cost Information Standard Cost Quantity per Unit Summary Direct Materials Cream 5 quarts $1.15 per quart $0.08 per ounce $36.00 per hour $5.75 Sugar 16 ounces $1.28 Direct Labor 3 minutes $1.80 Total Direct Costs $8.83 Actual direct costs incurred to make 50 gallons of ice cream: 275 quarts of cream at $1.05 per quart 832 ounces of sugar at $0.075 per ounce 165 minutes of labor at $37 per hour All material used was bought during the current period. C. Compute the material and labor variances. D. Comment on the results and possible causes of the variances.
S Module Three Assignment - ACC X CengageNOWv2 | Online teachir x + gagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogre.. еВook Show Me How Cost Flow Methods The following three identical units of Item K113 are purchased during April: Item Beta Units Cost April 2 Purchase 1 $171 April 15 Purchase 1 175 April 20 Purchase 1 179 3 $525 Total Average cost per unit $175 ($525 + 3 units) Assume that one unit is sold on April 27 for $247. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method. Gross Profit Ending Inventory a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost Previous Next> Check My Work 6:38 AM 45°F A D E a O A 40) 11/13/2021
1. Complete the following grid. Submit your answers in a grid/table. Cost $88.00 $2,386.27 $4.78 Markup $1.29 $3.29 $4.62 Retail $108.00 $3.87 $3,800.00 $4.00 $0.39 $5.00 Percentage of Retail Markup 48.2% 64.5% 78.2% Percentage of Cost Markup 48.2% 158% 100% Round percentages to one decimal place, and dollars to two decimal places. 2. What is the cumulative markup percent on three groups of towels when 100 towels are bought at $10.00, 200 towels are bought at $11.50, and 300 towels are bought at $12.00? Each towel retails at $20.00. 3. What is the markdown price of a $20 item that has been marked down 35 percent? What is the price when a 20 percent markdown is taken on the mark-down price? What is the price when a 20 percent markdown is taken on the second markdown price? What is the price when the item is marked 50 percent off the original price? Or 75 percent off?
O Topic: Week 6: Discu ssion IIl x + a ezto.mheducation.com/ext/map/index.html?_con=con&external_browser-D0& launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F# z- Chapter 6 A Saved Denton Company manufactures and sells a single product. Cost data for the product are given: Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Total variable cost per unit Skipped 2$ 3 12 2 3 $ 20 Fixed costs per month: Fixed manufacturing overhead Fixed selling and administrative $ 96, 000 166, 000 $ 262, 000 Total fixed cost per month The product sells for $45 per unit. Production and sales data for July and August, the first two months of operations, follow: Units Produced 24, 000 24, 000 Units Sold July August 20, 000 28, 000 The company's Accounting Department has prepared the following absorption costing income statements for July and August: Sales Cost of goods sold Gross margin Selling and administrative expenses…
Sorry for image error: For 500 ml: estimated to: 140.00 For 100 ml: estimated to: 45.00 For 50 ml: estimated to: 30.00 TASK: I NEED THE COSTING FOR 300 ml product: coffee
If a company has four lots of products for sale, purchase 1 (earliest) for $17, purchase 2 (middle) for$15, purchase 3 (middle) for $12, and purchase 4 (latest) for $14, which cost would be assumed to be sold firstusing LIFO costing?A. $17B. $15C. $12D. $14
Online Test Window-Google Chrome tests.mettl.com/test-window/f55ac827#/testWindow/0/10/1 EY Accounting Assessment O Total 00:55:19 Finish Test Section 1 of 1 Section #1 v 1. 2 3 4. 51 8 9 10 11 11 of 45 All 2 43 Question # 11 Revisit Choose the best option Net profit is calculated as: Sales minus cost of sales. O Sales plus overheads. O Gross profit minus overheadş. O Gross profit minus cost of sales. Prec Queston Next Question +91-82878-03040 +1-650-924-9221 Zaineh Support 413 PM meti 1/16/2021
Materials: Oats Wheat Barley Malt Honey Water Time: Miller Loader Standard Qty. 525 pounds 450 pounds 85 pounds 65 pounds 25 quarts 25 gallons 4.5 hours Nov. 14 1.5 hours Q Search Overhead is applied at $5.75 per pound completed. The recipe produced 1,025 pounds of cereal mix. If an amount box does not require an entry, leave it blank. If required, round your answers to the nearest cent. a. Journalize the entry for the issuance of raw materials to Job 111407A. Nov. 14 Materials Wages Payable Standard Cost $1.25 per pound $1.15 per pound $1.45 per pound $2.15 per pound $1.20 per quart $0.45 per gallon 1,478 b. Journalize the entry for direct labor incurred for Job 111407A. L $22.75 per hour $11.50 per hour 119.63 1,478 119.63 D 6/
03 v2.cengagenow.com/mm/takeAssignment/takeAssignmentMain.do?inprogress=true Classwork 01-03 eBook 2. Prepare a production budget for March. Peaky Blinders Furniture Company Production Budget For the Month Ending March 31 < Line Item Description Thomas Units Polly Units Expected units to be sold Plus desired inventory, March 31 1,000 V 450 Total Less estimated inventory, March 1 Total units to be produced Feedback Check My Work Expected units to be sold plus desired ending inventory minus estimated beginning inventory equals units produced. 3. Prepare a direct materials purchases budget for March. Peaky Blinders Furniture Company Direct Materials Purchases Budget For the Month Ending March 31 Direct Materials: Fabric (sq. yds.) Wood (lineal ft.) Filler (cu. ft.) Springs (units) Total Required units for production: Check My Work Q Search hp 5 16 48 6 & 00 8 U 66 9 3 Previous D prt sc. delete home backspace
G. H. B. Process Cost Practice Quiz Part 1 The following information is related to the blending department: 1. 1,900 units in beginning WIP, 60X completed as to conversion costs 2. Direct Materials added: 22,000 units 3. Goods completed and transterred total 21,800 units 4. All materials are added at the beginning of the process. 5. Beginning WIP was $7,657 10 6. Cost of DMadded during the month: $77,000 7. Cost of DL added during the month: $14,200 8. Factory overhead applied during the month: $6,880 13 9. Ending WIP inventory is 20% completed as to conversion costs 14 15 12 Required. 16 1 Compute total units to be assigned costs 2. Compute Group 1-3 whole units and equivalent units 18 R.Compute cost per equivalent unit for materials and conversion costs 18 4. Using cost per equivalent unit above, determine (A) cost transferred 20 21 22 out of WIP to next department and (B) cost assigned to ending WIP VIP- Blending Dept. 23 Units Units 24 25 26 Beginning 27 28 23 DM 30 31 32 DL 33 34…
4. Complete the following grid. Submit your answers in a grid/table. Original Retail $20.00 $22.50 $3,999.00 $0.49 Markdown Percent 25% 35% 20% 50% Marked Down Retail $17.55 $16.88 $0.44 $9.99 Units Marked Down 645 249 98 5 1,649 20 Total Markdown Dollars Round percentages to one decimal place; round dollars to two decimal places. Markdown percent is a percentage of retail.
Excel SIM: Cost of Goods Manufactured and Cost of Goods Sold 1. Compute a predetermined overhead rate. 2. Prepare schedules of cost of goods manufactured and cost of goods sold. 国日 Cost of Goods Manufactured and Cost of Goods Sold - Excel FILE DATA VIEW Sign In НОМЕ INSERT PAGE LAYOUT FORMULAS REVIEW HA A Calibri 11 Conditional Format as Cell Table - Styles - Paste I U Alignment Number Cells Formatting Clipboard Font Styles A1 fe A C E F G H 2 The allocation base for overhead is direct labor hours. 3 4 Data for the year just ended: 5 Estimated total manufacturing overhead cost $ 275,000 6 Estimated total direct labor hours 25,000 7 Actual total direct labor hours 27,760 8 9 Actual costs for the year: $375,000 $536,300 $302,750 10 Purchase of raw materials (all direct) 11 Direct labor cost 12 Manufacturing overhead costs 13 Beginning $ 14 Inventories: Ending 15,000 $ Raw materials (all direct) Work in process 15 11,375 16 $ 27,875 $ 22,350 17 Finished goods $ 34,600 $ 26,450 18 19 Use…