Connect 1-Semester Access Card for Managerial Accounting: Creating Value in a Dynamic Business Environment (NEW!!)
11th Edition
ISBN: 9781259727788
Author: Hilton & Platt
Publisher: MCG
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Chapter 11, Problem 24E
Crystal Glassware Company has the following standards and flexible-budget data.
Actual results for April are as follows:
Draw graphs similar to those in Exhibit 11–7 (variable
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1. Using the four-variance approach, what is the volume variance?
2. Using the four-variance approach, what is the fixed overhead spending?
3. Using the four-variance approach, what is the variable overhead efficiency variance?
4. Using the four-variance approach, what is the variable overhead spending variance?
Chapter 11 Solutions
Connect 1-Semester Access Card for Managerial Accounting: Creating Value in a Dynamic Business Environment (NEW!!)
Ch. 11 - Distinguish between static and flexible budgets.Ch. 11 - Explain the advantage of using a flexible budget.Ch. 11 - Why are flexible overhead budgets based on...Ch. 11 - Distinguish between a columnar and a formula...Ch. 11 - Show, using T-accounts, how production overhead is...Ch. 11 - How have advances in manufacturing technology...Ch. 11 - What is the interpretation of the...Ch. 11 - Jeffries Companys only variable-overhead cost is...Ch. 11 - What is the interpretation of the...Ch. 11 - Distinguish between the interpretations of the...
Ch. 11 - What is the fixed-overhead budget variance?Ch. 11 - What is the correct interpretation of the...Ch. 11 - Describe a common but misleading interpretation of...Ch. 11 - Draw a graph showing budgeted and applied fixed...Ch. 11 - What types of organizations use flexible budgets?Ch. 11 - What is the conceptual problem of applying fixed...Ch. 11 - Distinguish between the control purpose and the...Ch. 11 - Why are fixed-overhead costs sometimes called...Ch. 11 - Draw a graph showing both budgeted and applied...Ch. 11 - Give one example of a plausible activity base to...Ch. 11 - Explain how an activity-based flexible budget...Ch. 11 - Crystal Glassware Company has the following...Ch. 11 - Refer to the data in the preceding exercise. Use...Ch. 11 - Crystal Glassware Company has the following...Ch. 11 - The following data are the actual results for...Ch. 11 - Evening Star, Inc. produces binoculars of two...Ch. 11 - The controller for Rainbow Childrens Hospital,...Ch. 11 - You recently received the following note from the...Ch. 11 - You brought your work home one evening, and your...Ch. 11 - Refer to DCdesserts.coms activity-based flexible...Ch. 11 - Montoursville Control Company, which manufactures...Ch. 11 - Prob. 33ECh. 11 - The following data pertain to Aurora Electronics...Ch. 11 - Calgary Paper Company produces paper for...Ch. 11 - Gibralter Insurance Company uses a flexible...Ch. 11 - Country time Studios is a recording studio in...Ch. 11 - Newark Plastics Corporation developed its overhead...Ch. 11 - Johnson Electrical produces industrial ventilation...Ch. 11 - Fall City Hospital has an outpatient clinic....Ch. 11 - Maxwell Company uses a standard cost accounting...Ch. 11 - Mark Fletcher, president of SoftGro, Inc., was...Ch. 11 - LawnMate Company manufactures power mowers that...Ch. 11 - For each of the following independent Cases A and...Ch. 11 - Prob. 45PCh. 11 - Prob. 46PCh. 11 - WoodCrafts, Inc. is a manufacturer of furniture...Ch. 11 - Rutherford Wheel and Axle, Inc. has an automated...Ch. 11 - Chillco Corporation produces containers of frozen...Ch. 11 - Montreal Scholastic Supply Company uses a...Ch. 11 - College Memories, Inc. publishes college...Ch. 11 - While Mountain Sled Company manufactures childrens...Ch. 11 - Cleveland Computer Accessory Company (CCAC)...Ch. 11 - Prob. 54CCh. 11 - Prob. 55C
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- Mulliner Company showed the following information for the year: Required: 1. Calculate the standard direct labor hours for actual production. 2. Calculate the applied variable overhead. 3. Calculate the total variable overhead variance.arrow_forwardFor the month of April, compute the variances, indicating whether it is favorable (F) or unfavorable (U): Q. Direct materials efficiency variance ?arrow_forwardFor the month of April, compute the variances, indicating whether it is favorable (F) or unfavorable (U) Q.Production-volume variance.arrow_forward
- Required: 1. Compute the factory overhead flexible-budget variance, the factory overhead spending variance, and the efficiency variance for variable factory overhead for March and state whether each variance is favorable (F) or unfavorable (U). 2. Provide the appropriate journal entry to record the variable overhead spending variance and a second entry to record the variable overhead efficiency variance for March. Assume that the company uses a single account, Factory Overhead, to record overhead costs.arrow_forwardI. Krueger Corporation in Washington, D.C., U.S., recently implemented a standard cost system. The company's cost accountant has gathered the following information needed to perform a variance analysis at the end of the month: Standard Cost Information Direct materials.... Quantity allowed per unit . Direct labor rate..... Hours allowed per unit .. Fixed overhead budgeted . Normal level of production .. Variable overhead application rate . Fixed overhead application rate ($12,000 _ 1,200 units)... 10.00 per unit Total overhead application rate.. $5 per pound .100 pounds per unit $20.00 per hour 2 hours per unit $12,000 per month . 1,200 units $ 2.00 per unit $12.00 per unit Actual Cost Information Cost of materials purchased and used ... Pounds of materials purchased and used . Cost of direct labor .... $468,000 .104,000 pounds $46,480 2,240 hours Hours of direct labor.. arre$2,352 .$12,850 Cost of variable overhead . Cost of fixed overhead . Volume of production ..1,000 units…arrow_forwardFor the month of April, compute the variances, indicating whether it is favorable (F) or unfavorable (U): Q. Direct manufacturing labor price variance ?arrow_forward
- 1. Compute the fixed overhead spending (budget) variance and the production volume variance for March and indicate whether each variance is favorable (F) or unfavorable (U). 2. Compute the fixed overhead flexible-budget variance for March. Is this variance favorable (F) or unfavorable (U)?arrow_forwardRequirements 1. Compute the cost and efficiency variances for direct materials and direct labor. 2. For manufacturing overhead, compute the variable overhead cost and efficiency variances and the fixed overhead cost and volume variances. 3. Soundset's management used better quality materials during September. Discuss the trade-off between the two direct material variances. Please don't give answer & formulae in image based format.. thankuarrow_forwardRequired: Compute the materials price and quantity variances for the month. EXERCISE 10-8 Direct Materials and Direct Labor Variances [LO10-1, L010-2] Dawson Toys, Ltd., produces a tov called the Maze. The company has recently established a stan. dard cost system to help control costs and has established the following standards for the Maze tow: Direct materials: 6 microns per toy at $0.50 per micron Direct labor: 1.3 hours per toy at $8 per hour During July, the company produced 3,000 Maze toys. Production data for the month on the toy follow: Direct materials: 25,000 microns were purchased at a cost of $0.48 per micron. 5,000 of these microns were still in inventory at the end of the month. Direct labor: 4,000 direct labor-hours were worked at a cost of $36,000.arrow_forward
- What are the equations to find these answers? Calculate the direct materials price variance for March. b.Calculate the direct materials quantity variance for March. c.Calculate the direct labor rate variance for March. d.Calculate the direct labor efficiency variance for March. e.Calculate the variable overhead spending variance for March. f.Calculate the variable overhead efficiency variance for March. g.Calculate the fixed overhead spending variance for March.arrow_forwardPlease show calculationRequired:Using the three-variance approach,a.what is spending varianceb.what is efficiency variancec.what is volume variancearrow_forwardPlease assist with requirements 1 and 2, providing explanations for each calculation in detail. Thanks! Requirements 1. Compute the variable overhead cost and efficiency variances and fixed overhead cost and volume variances. 2. Explain why the variances are favorable or unfavorable.arrow_forward
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What is variance analysis?; Author: Corporate finance institute;https://www.youtube.com/watch?v=SMTa1lZu7Qw;License: Standard YouTube License, CC-BY