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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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.

Expert Solution & Answer

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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.

Expert Solution & Answer

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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.

Expert Solution & Answer

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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

Expert Solution & Answer

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