The Yates Corporation manufactures lamps. It has setup the following standards per finished unit for directAssume that there was no beginning inventoryof either direct materials or finished units. DuringRequirement 1. Compute the January 2020 price and efficiency variances of direct materials and directmanufacturing labor.Let's begin by calculating the actual input at the budgeted price. (Round your answers to the nearest whole dollar.)Direct materials (purchases)Direct materials (usage)Direct manufacturing laborActual inputBudgeted price=Cost==|| || ||Question Viewer

Let's proceed with each step:Step 1: Calculate the actual input at the budgeted price.Actual input =…

Answered: The Yates Corporation manufactures…

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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am. 164.
Please provide answer in text (Without image)
See attached image Required:Calculate Parker Plastic’s direct materials price and quantity variances. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).)
Yohan Company has the following balances in its direct materials and direct labor variance accounts at year-end: Direct Materials Price Debit Credit Variance $1,000 Direct Materials Quantity $2,000 Variance $500 Direct Labor Rate Variance $3,000 Direct Labor Efficiency Variance Unadjusted Cost of Goods Sold equals $200,000. Which of the following would be FALSE when the year-end closing entry is made? O The Cost of Goods Sold account will be debited. O Adjusted Cost of Goods Sold will be $198,500. The Direct Labor Rate Variance account will be debited. O The Direct Materials Price Variance account will be credited.
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
AAA Manufacturing Firm has provided the following sales, cost and expense figures in relation to expected operations for the coming year. You are tasked to prepare forecast Statements of Financial Performance using flexible budget techniques and incorporating the following information.All units are sold when manufactured due to the highly perishable nature of the company’s product. As such there are no inventories of raw materials, work in process or finished goods on hand.The selling price of the company’s single product is $50.00 and the expected sales quantity for the coming year is in the vicinity of 20,000 and 25,000 units.Required: Prepare an Income Statement budget using flexible budgeting techniques at production and sales levels of:(Scenario a) 20,000 units(Scenario b) 25,000 units Question: 1. Total fixed factory overhead under Scenario A (No dollar sign and comma) 2. Gross profit under Scenario B? (No dollar sign and comma) 3. Total non-manufacturing expenses under…
Robinwood Fixtures manufactures two products, K4 and X7. The company prepares its master budget on the basis of standard costs. The following data are for September: Standards Direct materials Direct labor, Variable overhead (per direct labor-hour) Fixed overhead (per month) Expected activity (direct labor-hours) Actual results Direct material (purchased and used) Direct labor Variable overhead Fixed overhead Units produced (actual) Direct materials Direct labor Variable overhead Fixed overhead Price Variance F F KA -0.75 pounds at $8.00 per pound 1.25 hours at $26.00 per hour $ 21.20 K4 $ 416,400 17,350 Required: a. Prepare a variance analysis for each variable cost for each product. b. Prepare a fixed overhead variance analysis for each product. Note: For all requirements, Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. 10,300 pounds at $7.40 per…

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