Help me with accounting The inventory clerk at Seaside Hotel conducted the weekly housekeepingsupply inventory. Records showed an opening balance of 540 units, withdeliveries of 225 units and consumption recorded at 395 units during theweek. Physical verification found 358 units in stock. The hotel managerrequested the quantity variance report.

Step 1: Detailed Explanation of Quantity VarianceQuantity variance in inventory refers to the…

Answered: The inventory clerk at Seaside Hotel…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 4EA: Marzons records show raw materials Inventory had a beginning balance of $200 and an ending balance...

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The storekeeper at Charles Resort conducted the monthly cleaning supply inventory. Records showed an opening balance of 720 units, with deliveries of 310 units and consumption recorded at 650 units during the month. Physical verification found 365 units in stock. The operations manager requested the quantity variance report.
The operation manager requested the quantity variance report
8. The storekeeper at Bandit Hotel performed the weekly housekeeping supply count. Records indicated an opening balance of 600 units, with deliveries of 250 units and usage logged at 580 units during the week. Physical verification found 245 units in stock. Head of housekeeping requested the quantity variance report. Right answer?
Calista & Lane, CPAs, set the following standard for its inventory audit of Triumph Co.: 560 hours at an average hourly rate of $250. The firm actually worked 528 hours during the inventory audit process. The total labor variance for the audit was $5,600 unfavorable. d. Prepare the entry to assign labor costs to inventory, record the labor variances, and accrue payroll costs. Account Debit Credit To record labor variances Previous answers for assistance: a. Compute the total actual payroll. $145,600 b. Compute the labor efficiency variance. $8,000 Favorable c. Compute the labor rate variance. $13,600 Unfavorable
Marzoni's records show raw materials inventory had a beginning balance of $300 and an ending balance of $200. If the cost of materials used during the month was $1,200, what were the purchases made during the month?
Variance Report
In August, Lannister Company introduced a new performance measurement system in manufacturing operations. One of the new performance measures is lead time, which is determined by tagging a random sample of items with a log sheet throughout the mouth. The log sheets recorded the time that the sample items started production and the time that they ended production, as well as all steps in between. At the end of the month, the controller collected the log sheets and calculated the average lead time of the tagged products. This number was reported to central management and was used to evaluate the performance of the plant manager. Because of the poor lead time results reported for August, the plant was under extreme pressure to reduce lead time in September. The following memo was intercepted by the controller. Date: September 3 To: Hourly Employees From: Plant Manager During last month, you may have noticed that some of the products were tagged with a log sheet. This sheet…
The director of cost management for Odessa Company uses a statistical control chart to help management determine when to investigate variances. The critical value is 1 standard deviation. The company incurred the following direct-labor efficiency variances during the first six months of the current year. January February March April May June $ 300 F 850 U 750 U 950 U 1,100 U 1,480 U The standard direct-labor cost during each of these months was $24,000. The controller has estimated that the firm's monthly direct- labor variances have a standard deviation of $1,000. Required: 2-a. Determine the cutoff value for investigation if the controller's rule of thumb is to investigate all variances equal to or greater than 6 percent of standard cost. 2-b. Based on the cutoff value, which month will have its direct-labor efficiency variance investigated? Complete this question by entering your answers in the tabs below. Req 2A Reg 2B Determine the cutoff value for investigation if the…
Prepare an income statement through gross profit for Bellingham Company for the month ending March 31 using the variance data from Brief Exercises 1, 2, 3, and 4. Assume Bellingham sold 15,000 units at $172 per unit.
Anker Company had the data below for its most recent year, ended December 31: Required: Prepare a performance report that shows the variances on an item-by-item basis.
The auto repair shop of Empire Motor Sales uses standards to control labor time and labor cost in the shop. The standard time for a motor tune-up is 2.5 hours. The record showing time spent in the shop last week on tune-ups has been misplaced; however, the shop supervisor recalls that 50 tune-ups were completed during the week and the controller recalls that the labor rate variance on tune-ups was $87, favorable. The shop has a set standard labor rate of $9 per hour for tune-up work. The total labor variance for the week on tune-up work was $93, unfavorable. The number of actual hours spent on tune-up work last week was: Group of answer choices 145 hours 140 hours 125 hours 105 hours
The record showing the time spent last week in opening batches of mail has Ocen misplaced. However, the batch supervisor recalls that 168 batches were received and opened during the week, and the controller recalls the following variance data relating to these batches: P330 U 150 F Total labor variance Labor rate variance Required: 1. Determine the number of actual labor-hours spent batches during the week. 2. Determine the actual hourly rate paid to employees for opening batches last week.

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