VolumeSalesDirectMaterialsDirect LabourDirectMachineHoursVariableoverheadTotal VariableCostsContributionFixedoverheadNet ProfitStatic BudgetFlexibleActual Tuke Enterprises provides you with the following information concerning their budget andactual results.Standard Quantities and PricesSelling priceBudgeted VolumeDMDLMachineVar overheadQuantities per unitPrices per unit$2,115.001,2634.00kg$23.0010.00hrs$33.004.00Mhrs$96.004.00Mhrs$34.00$ 732,978Budgeted fixed overheadFixed overhead is allocated using budgeted machine hoursActual results are as follows:Actual Quantities and PricesQuantitiesSelling priceTotal value$ 2,889,195.75Volume sold1,301DM4,944$108,022.03DL12,620$433,108.10Machine4,996$493,988.66Var overhead5,100$166,461.39Fixed overhead$725,648.22

table compares Tuke enterprises' static, flexible,and actual budgets. It highlights variances in…

Answered: Volume Sales Direct Materials Direct…

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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Contribution margin dividedt by Income is the: Multiple Choice Contribution margin ratio. Margin of safety. Degree of operating leverage. Sales mix. Break-even point in units.
Ramos Company has the following unit costs: Variable manufacturing overhead Direct materials Direct labor Fixed manufacturing overhead Fixed marketing and administrative $19 18 NP 23 16 14 What cost per unit would be used for product costs under full absorption costing?
vishu subject-Accounting
A fixed cost is a cost that does not vary in the short run with a specified activity. The defining characteristic of a fixed cost is that it depends on the amount of a resource that is acquired rather than the amount that is used. For this reason fixed costs are often called capacity-related costs. Write 300 to 400 words that explain the difference between fixed costs and variable costs. The example may be of a company you’ve worked with or another company that has these types of costs
Wade Company expects to produce 6,000 units of product IOA during the current year. Budgeted variable manufacturing costs per unit are direct materials $5, direct labour $12, and overhead $18. Monthly budgeted fixed manufacturing overhead costs are $8,300 for depreciation and $4,000 for supervision. In the current month, Wade produced 6,500 units and incurred the following costs: direct materials $30,270, direct labour $74,000, variable overhead $127,656, depreciation $8,300, and supervision $4,224. Prepare a static budget report. (List variable costs before fixed costs.)
5
All of the following are variable costs except for which of the following? Group of answer choices Production supervisor’s salary Sales commission based on number of sales units Direct material costs Direct labor costs
Variable costing income will be greater than absorption costing income when: a. Sales is greater than production. b. contribution pricing is applied c. Production is less than or equal to sales. d. Production is greater than sales
Fixed costs are costs that: A) Change in total with changes in the level of activity B) Remain constant per unit with changes in the level of activity C) Remain constant in total regardless of changes in the level of activity D) Vary inversely with changes in the level of activity
When using a standard cost system what is the report that summarizes actual costs, standard costs, and the differences for the units produced called? Group of answer choices variable performance report budget performance report static report none of the above
Sales revenue Less Variable costs Materials Direct labor Variable overhead Variable marketing and administrative Total variable costs Contribution margin Less Fixed costs Manufacturing overhead Marketing Administrative Total fixed costs Operating profits Required: Prepare a profit variance analysis for Fournier Fixtures actual orders for 414,400 units) $ 7,873,600 for 370,000 units) $ 7,400,000 2,646,400 238,000 1,218,400 876,000 $ 4,978,800 $ 2,894,800 1,632,000 556,600 372,000 $ 2,560,600 $ 334,200 2,350,000 218,000 1,082,000 786,000 $ 4,436,000 $ 2,964,000 1,660,000 540,000 405,000 $ 2,605,000 $ 359,000 Note: 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. Sales revenue Variable costs: Materials Direct labor Variable overhead Variable marketing and administrative Total variable costs Contribution margin Fixed costs: Manufacturing overhead Marketing…
The _________ is considered part of the cost of the product in absorption costing, but not in variable costing. Group of answer choices Variable Overhead Fixed Overhead Variable Selling & Administrative Fixed Selling and Administrative In the absorption income statement, Sales less Cost of Goods Sold is the calculation for: Group of answer choices Contribution margin Gross margin Net Income Operating Income

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