Variances: The variances are used to calculate the variation in actual cost by comparing it to the standard cost. Variances normally find the gap in cost that is actually incurred and cost which was estimated by the business. Total Material Variances: The variance which is used to determines the variationin actual direct material by comparing it to the standard direct material. Material Price Variance: The variation in actual price and the standard price is called material price variance. It is the difference of actual amount paid for material and the standard amount that should have been paid for the material. Material Quantity Variance: The variation in the actual quantity times the standard price and standard quantity times the standard price for the material is called material quantity variance. Total Labor Variance: The total labor variance is the variation in the amount actually paid for the labor and the amount that must have been paid for labor. It is the sum of labor price variance and the labor quantity variance. Labor Price Variance: The variation in the wage rate paid to workers and rate that was expected to be paid to the worker is called labor price variance. Labor Quantity Variance: The variation in the amount that should have been paid for the hours worked and the amount that must have been paid for the amount of hours that should have been worked is called labor quantity variance. To determine: The total, price and quantity variances for materials and labor.

Question

Please given answer general accounting question

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 25, Problem 25.8E

(a)

To determine

Variances: The variances are used to calculate the variation in actual cost by comparing it to the standard cost. Variances normally find the gap in cost that is actually incurred and cost which was estimated by the business.

Total Material Variances: The variance which is used to determines the variationin actual direct material by comparing it to the standard direct material.

Material Price Variance: The variation in actual price and the standard price is called material price variance. It is the difference of actual amount paid for material and the standard amount that should have been paid for the material.

Material Quantity Variance: The variation in the actual quantity times the standard price and standard quantity times the standard price for the material is called material quantity variance.

Total Labor Variance: The total labor variance is the variation in the amount actually paid for the labor and the amount that must have been paid for labor. It is the sum of labor price variance and the labor quantity variance.

Labor Price Variance: The variation in the wage rate paid to workers and rate that was expected to be paid to the worker is called labor price variance.

Labor Quantity Variance: The variation in the amount that should have been paid for the hours worked and the amount that must have been paid for the amount of hours that should have been worked is called labor quantity variance.

To determine: The total, price and quantity variances for materials and labor.

(b)

To determine

To identify: The two possible explanations for each of the unfavorable variances and the responsibility for the unfavorable result might be placed.

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Please given answer general accounting question

The following are selected account balances from Penske Company and Stanza Corporation as of December 31, 2024: Accounts Revenues Cost of goods sold Depreciation expense Investment income Dividends declared Retained earnings, 1/1/24 Current assets Copyrights Royalty agreements Penske $ (700,000) 250,000 150,000 Not given 80,000 (600,000) 400,000 Investment in Stanza Liabilities Common stock Additional paid-in capital Stanza $ (400,000) 100,000 200,000 Ө 60,000 (200,000) 500,000 400,000 900,000 600,000 1,000,000 Not given (500,000) Ө (1,380,000) (600,000) ($20 par) (150,000) (200,000) ($10 par) (80,000) Note: Parentheses indicate a credit balance. On January 1, 2024, Penske acquired all of Stanza's outstanding stock for $680,000 fair value in cash and common stock. Penske also paid $10,000 in stock issuance costs. At the date of acquisition, copyrights (with a six-year remaining life) have a $440,000 book value but a fair value of $560,000. Required: a. As of December 31, 2024, what is…

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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 25, Problem 25.8E

(a)

To determine

Variances: The variances are used to calculate the variation in actual cost by comparing it to the standard cost. Variances normally find the gap in cost that is actually incurred and cost which was estimated by the business.

Total Material Variances: The variance which is used to determines the variationin actual direct material by comparing it to the standard direct material.

Material Price Variance: The variation in actual price and the standard price is called material price variance. It is the difference of actual amount paid for material and the standard amount that should have been paid for the material.

Material Quantity Variance: The variation in the actual quantity times the standard price and standard quantity times the standard price for the material is called material quantity variance.

Total Labor Variance: The total labor variance is the variation in the amount actually paid for the labor and the amount that must have been paid for labor. It is the sum of labor price variance and the labor quantity variance.

Labor Price Variance: The variation in the wage rate paid to workers and rate that was expected to be paid to the worker is called labor price variance.

Labor Quantity Variance: The variation in the amount that should have been paid for the hours worked and the amount that must have been paid for the amount of hours that should have been worked is called labor quantity variance.

To determine: The total, price and quantity variances for materials and labor.

(b)

To determine

To identify: The two possible explanations for each of the unfavorable variances and the responsibility for the unfavorable result might be placed.

Expert Solution & Answer

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See solution

Check out sample textbook solution

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 25, Problem 25.8E

(a)

To determine

Variances: The variances are used to calculate the variation in actual cost by comparing it to the standard cost. Variances normally find the gap in cost that is actually incurred and cost which was estimated by the business.

Total Material Variances: The variance which is used to determines the variationin actual direct material by comparing it to the standard direct material.

Material Price Variance: The variation in actual price and the standard price is called material price variance. It is the difference of actual amount paid for material and the standard amount that should have been paid for the material.

Material Quantity Variance: The variation in the actual quantity times the standard price and standard quantity times the standard price for the material is called material quantity variance.

Total Labor Variance: The total labor variance is the variation in the amount actually paid for the labor and the amount that must have been paid for labor. It is the sum of labor price variance and the labor quantity variance.

Labor Price Variance: The variation in the wage rate paid to workers and rate that was expected to be paid to the worker is called labor price variance.

Labor Quantity Variance: The variation in the amount that should have been paid for the hours worked and the amount that must have been paid for the amount of hours that should have been worked is called labor quantity variance.

To determine: The total, price and quantity variances for materials and labor.

(b)

To determine

To identify: The two possible explanations for each of the unfavorable variances and the responsibility for the unfavorable result might be placed.

Expert Solution & Answer

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See solution

Check out sample textbook solution

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 25, Problem 25.8E

(a)

To determine