Compute the direct labor time variance, if the department had typed 81,900 lines according to the original plan.

Question

A warehouse with an appraisal value of $145,320 is made available at an offer price of $168,750. The purchaser acquires the property for $40,500 in cash, a 90-day note payable for $26,500, and a mortgage amounting to $62,900. What is the cost basis recorded in the buyer's accounting records to recognize this purchase? a) $168,750 b) $145,320 c) $129,900 d) $121,460

Answer 1

Question

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

Chapter 23, Problem 5PB

1.

To determine

Compute the direct labor time variance, if the department had typed 81,900 lines according to the original plan.

2.

To determine

Compute the actual labor time variance, as a result of typing 88,900 lines.

3.

To determine

Compute the direct labor rate variance as a result of the bonus.

4.

To determine

Compute the labor time variance in the first week if a new employee had been hired from the employment firm.

5.

To determine

State the decision that would be better, paying the bonus, or hiring another transcriptionist.

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A warehouse with an appraisal value of $145,320 is made available at an offer price of $168,750. The purchaser acquires the property for $40,500 in cash, a 90-day note payable for $26,500, and a mortgage amounting to $62,900. What is the cost basis recorded in the buyer's accounting records to recognize this purchase? a) $168,750 b) $145,320 c) $129,900 d) $121,460

Evergreen Manufacturing uses a job-order costing system. The company estimates: Total direct labor hours for the year: 120,000 • Fixed manufacturing overhead: $600,000 Variable overhead rate: $2.50 per direct labor hour Job 307 details: Direct labor hours for the job: 80 Direct labor cost: $6,000 • Direct materials used: $950 What is the total job cost for Job 307?

Do fast answer of this question financial accounting

Answer 2

Question

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

Chapter 23, Problem 5PB

1.

To determine

Compute the direct labor time variance, if the department had typed 81,900 lines according to the original plan.

2.

To determine

Compute the actual labor time variance, as a result of typing 88,900 lines.

3.

To determine

Compute the direct labor rate variance as a result of the bonus.

4.

To determine

Compute the labor time variance in the first week if a new employee had been hired from the employment firm.

5.

To determine

State the decision that would be better, paying the bonus, or hiring another transcriptionist.

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Answer 3

Question

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

Chapter 23, Problem 5PB

1.

To determine

Compute the direct labor time variance, if the department had typed 81,900 lines according to the original plan.

2.

To determine

Compute the actual labor time variance, as a result of typing 88,900 lines.

3.

To determine

Compute the direct labor rate variance as a result of the bonus.

4.

To determine

Compute the labor time variance in the first week if a new employee had been hired from the employment firm.

5.

To determine

State the decision that would be better, paying the bonus, or hiring another transcriptionist.

Expert Solution & Answer

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Answer 4

Question

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

Chapter 23, Problem 5PB

1.

To determine

Compute the direct labor time variance, if the department had typed 81,900 lines according to the original plan.

2.

To determine

Compute the actual labor time variance, as a result of typing 88,900 lines.

3.

To determine

Compute the direct labor rate variance as a result of the bonus.

4.

To determine

Compute the labor time variance in the first week if a new employee had been hired from the employment firm.

5.

To determine

State the decision that would be better, paying the bonus, or hiring another transcriptionist.

Expert Solution & Answer

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Answer 5

Chapter 23, Problem 5PB

1.

To determine

Compute the direct labor time variance, if the department had typed 81,900 lines according to the original plan.

2.

To determine

Compute the actual labor time variance, as a result of typing 88,900 lines.

3.

To determine

Compute the direct labor rate variance as a result of the bonus.

4.

To determine

Compute the labor time variance in the first week if a new employee had been hired from the employment firm.

5.

To determine

State the decision that would be better, paying the bonus, or hiring another transcriptionist.

Answer 6

Chapter 23, Problem 5PB

1.

To determine

Compute the direct labor time variance, if the department had typed 81,900 lines according to the original plan.

Answer 7

Chapter 23, Problem 5PB

1.

To determine

Compute the direct labor time variance, if the department had typed 81,900 lines according to the original plan.

Answer 8

2.

To determine

Compute the actual labor time variance, as a result of typing 88,900 lines.

Answer 9

2.

To determine

Compute the actual labor time variance, as a result of typing 88,900 lines.

Answer 10

3.

To determine

Compute the direct labor rate variance as a result of the bonus.

Answer 11

3.

To determine

Compute the direct labor rate variance as a result of the bonus.

Answer 12

4.

To determine

Compute the labor time variance in the first week if a new employee had been hired from the employment firm.

Answer 13

4.

To determine

Compute the labor time variance in the first week if a new employee had been hired from the employment firm.

Answer 14

5.

To determine

State the decision that would be better, paying the bonus, or hiring another transcriptionist.

Answer 15

5.

To determine

State the decision that would be better, paying the bonus, or hiring another transcriptionist.

Answer 16

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Answer 17

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Ch. 23 - What are the basic objectives in the use of...Ch. 23 - What is meant by reporting by the principle of...Ch. 23 - Prob. 3DQ Ch. 23 - Prob. 4DQ Ch. 23 - A. What are the two variances between the actual...Ch. 23 - A new assistant controller recently was heard to...Ch. 23 - Would the use of standards be appropriate in a...Ch. 23 - Prob. 8DQ Ch. 23 - At the end of the period, the factory overhead...Ch. 23 - If variances are recorded in the accounts at the...

Compute the direct labor time variance, if the department had typed 81,900 lines according to the original plan.

Compute the direct labor time variance, if the department had typed 81,900 lines according to the original plan.

Compute the actual labor time variance, as a result of typing 88,900 lines.

Compute the direct labor rate variance as a result of the bonus.

Compute the labor time variance in the first week if a new employee had been hired from the employment firm.

State the decision that would be better, paying the bonus, or hiring another transcriptionist.

Chapter 23 Solutions