State whether the president that revision of the $3.70 standard cost figure is necessary or not.

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Answer 1

Question

Chapter 24, Problem 2CTC

a.

To determine

State whether the president that revision of the $3.70 standard cost figure is necessary or not.

b.

To determine

Compute revised standard cost per unit and calculate the value assigned to the ending inventory of finished units using this revised standard cost.

c.

To determine

Discuss the effect of this revaluation of finished goods inventory have on the company’s operating income.

d.

To determine

Calculate (1) material price variance and quantity variance for material X-1, (2) material price variance and quantity variance for material X-2, (3) Total direct labor variance, and (4) Total manufacturing overhead variance using original standards.

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GENERAL ACCOUNT

Algers Company produces dry fertilizer. At the beginning of the year, Algers had the following standard cost sheet: Direct materials (5 lbs. @ $2.60) $ 13.00 Direct labor (0.75 hr. @ $18.00) 13.50 Fixed overhead (0.75 hr. @ $4.00) 3.00 Variable overhead (0.75 hr. @ $3.00) 2.25 Standard cost per unit $ 31.75 Algers computes its overhead rates using practical volume, which is 54,000 units. The actual results for the year are as follows: Units produced 53,000 Direct materials purchased 275,000 pounds at $2.50 per pound Direct materials used 270,200 pounds Direct labor Fixed overhead Variable overhead 40,100 hours at $17.95 per hour $ 1,61,600 $1,21,900 Compute the price variance for direct materials.

Answer 2

Question

Chapter 24, Problem 2CTC

a.

To determine

State whether the president that revision of the $3.70 standard cost figure is necessary or not.

b.

To determine

Compute revised standard cost per unit and calculate the value assigned to the ending inventory of finished units using this revised standard cost.

c.

To determine

Discuss the effect of this revaluation of finished goods inventory have on the company’s operating income.

d.

To determine

Calculate (1) material price variance and quantity variance for material X-1, (2) material price variance and quantity variance for material X-2, (3) Total direct labor variance, and (4) Total manufacturing overhead variance using original standards.

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Answer 3

Question

Chapter 24, Problem 2CTC

a.

To determine

State whether the president that revision of the $3.70 standard cost figure is necessary or not.

b.

To determine

Compute revised standard cost per unit and calculate the value assigned to the ending inventory of finished units using this revised standard cost.

c.

To determine

Discuss the effect of this revaluation of finished goods inventory have on the company’s operating income.

d.

To determine

Calculate (1) material price variance and quantity variance for material X-1, (2) material price variance and quantity variance for material X-2, (3) Total direct labor variance, and (4) Total manufacturing overhead variance using original standards.

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Answer 4

Question

Chapter 24, Problem 2CTC

a.

To determine

State whether the president that revision of the $3.70 standard cost figure is necessary or not.

b.

To determine

Compute revised standard cost per unit and calculate the value assigned to the ending inventory of finished units using this revised standard cost.

c.

To determine

Discuss the effect of this revaluation of finished goods inventory have on the company’s operating income.

d.

To determine

Calculate (1) material price variance and quantity variance for material X-1, (2) material price variance and quantity variance for material X-2, (3) Total direct labor variance, and (4) Total manufacturing overhead variance using original standards.

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Answer 5

Chapter 24, Problem 2CTC

a.

To determine

State whether the president that revision of the $3.70 standard cost figure is necessary or not.

b.

To determine

Compute revised standard cost per unit and calculate the value assigned to the ending inventory of finished units using this revised standard cost.

c.

To determine

Discuss the effect of this revaluation of finished goods inventory have on the company’s operating income.

d.

To determine

Calculate (1) material price variance and quantity variance for material X-1, (2) material price variance and quantity variance for material X-2, (3) Total direct labor variance, and (4) Total manufacturing overhead variance using original standards.

Answer 6

Chapter 24, Problem 2CTC

a.

To determine

State whether the president that revision of the $3.70 standard cost figure is necessary or not.

Answer 7

Chapter 24, Problem 2CTC

a.

To determine

State whether the president that revision of the $3.70 standard cost figure is necessary or not.

Answer 8

b.

To determine

Compute revised standard cost per unit and calculate the value assigned to the ending inventory of finished units using this revised standard cost.

Answer 9

b.

To determine

Compute revised standard cost per unit and calculate the value assigned to the ending inventory of finished units using this revised standard cost.

Answer 10

c.

To determine

Discuss the effect of this revaluation of finished goods inventory have on the company’s operating income.

Answer 11

c.

To determine

Discuss the effect of this revaluation of finished goods inventory have on the company’s operating income.

Answer 12

d.

To determine

Calculate (1) material price variance and quantity variance for material X-1, (2) material price variance and quantity variance for material X-2, (3) Total direct labor variance, and (4) Total manufacturing overhead variance using original standards.

Answer 13

d.

To determine

Calculate (1) material price variance and quantity variance for material X-1, (2) material price variance and quantity variance for material X-2, (3) Total direct labor variance, and (4) Total manufacturing overhead variance using original standards.

Answer 14

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Answer 15

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Answer 16

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Answer 17

Ch. 24 - Prob. 1STQ Ch. 24 - Prob. 2STQ Ch. 24 - 3. An unfavorable overhead volume variance...Ch. 24 - Prob. 4STQ Ch. 24 - Prob. 5STQ Ch. 24 - Prob. 1DQ Ch. 24 - Prob. 2DQ Ch. 24 - Prob. 3DQ Ch. 24 - Prob. 4DQ Ch. 24 - Prob. 5DQ

State whether the president that revision of the $3.70 standard cost figure is necessary or not.

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State whether the president that revision of the $3.70 standard cost figure is necessary or not.

Compute revised standard cost per unit and calculate the value assigned to the ending inventory of finished units using this revised standard cost.

Discuss the effect of this revaluation of finished goods inventory have on the company’s operating income.

Calculate (1) material price variance and quantity variance for material X-1, (2) material price variance and quantity variance for material X-2, (3) Total direct labor variance, and (4) Total manufacturing overhead variance using original standards.

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Chapter 24 Solutions