Variances: The variances are used to calculate the variation in actual cost by comparing it to the standard cost . Variances normally find the difference between cost that is actually incurred and cost which was estimated by the business. Variance Report: The report which provides the details of the actual and budgeted income and expenses along with the variance is called to as variance report. It shows the difference between actual and estimated financial results. To determine: Number of units produced during the period.

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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 25.9E

(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 difference between cost that is actually incurred and cost which was estimated by the business.

Variance Report: The report which provides the details of the actual and budgeted income and expenses along with the variance is called to as variance report. It shows the difference between actual and estimated financial results.

To determine: Number of units produced during the period.

(b)

To determine

Pounds of raw materials purchased and used during period.

(c)

To determine

The actual cost per pound of raw materials.

(d)

To determine

The actual direct labor hours worked during the period.

(e)

To determine

The actual rate paid per direct labor hour.

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Summit Holdings has $280,000 in accounts receivable that will be collected within 70 days. The company needs cash urgently and decides to factor them, receiving $260,000. Skyline Factoring Company, which took the receivables, collected $275,000 after 85 days. Find the rate of return on this investment for Skyline.

Thompson Industries manufactures a product with the following standard costs: • Direct materials: 3.8 grams per unit at $7.50 per gram • Direct labor: 0.5 hours per unit at $14.50 per hour • Variable overhead: 0.5 hours per unit at $3.50 per hour In August, the company produced 6,000 units, using 23,400 grams of direct material and 3,100 direct labor hours. During the month, the company purchased 23,000 grams of direct material at $7.30 per gram. The direct materials price variance is computed when materials are purchased, and variable overhead is applied based on direct labor hours. Compute the Direct Materials Quantity Variance.

Hi expert please give me answer general accounting question

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 25.9E

(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 difference between cost that is actually incurred and cost which was estimated by the business.

Variance Report: The report which provides the details of the actual and budgeted income and expenses along with the variance is called to as variance report. It shows the difference between actual and estimated financial results.

To determine: Number of units produced during the period.

(b)

To determine

Pounds of raw materials purchased and used during period.

(c)

To determine

The actual cost per pound of raw materials.

(d)

To determine

The actual direct labor hours worked during the period.

(e)

To determine

The actual rate paid per direct labor hour.

Expert Solution & Answer

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Check out a sample textbook solution

See 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 25.9E

(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 difference between cost that is actually incurred and cost which was estimated by the business.

Variance Report: The report which provides the details of the actual and budgeted income and expenses along with the variance is called to as variance report. It shows the difference between actual and estimated financial results.

To determine: Number of units produced during the period.

(b)

To determine

Pounds of raw materials purchased and used during period.

(c)

To determine

The actual cost per pound of raw materials.

(d)

To determine

The actual direct labor hours worked during the period.

(e)

To determine

The actual rate paid per direct labor hour.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See 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 25.9E

(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 difference between cost that is actually incurred and cost which was estimated by the business.

Variance Report: The report which provides the details of the actual and budgeted income and expenses along with the variance is called to as variance report. It shows the difference between actual and estimated financial results.

To determine: Number of units produced during the period.

(b)

To determine

Pounds of raw materials purchased and used during period.

(c)

To determine

The actual cost per pound of raw materials.

(d)

To determine

The actual direct labor hours worked during the period.

(e)

To determine

The actual rate paid per direct labor hour.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 5

Chapter 25, Problem 25.9E

(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 difference between cost that is actually incurred and cost which was estimated by the business.

Variance Report: The report which provides the details of the actual and budgeted income and expenses along with the variance is called to as variance report. It shows the difference between actual and estimated financial results.

To determine: Number of units produced during the period.

(b)

To determine

Pounds of raw materials purchased and used during period.

(c)

To determine

The actual cost per pound of raw materials.

(d)

To determine

The actual direct labor hours worked during the period.

(e)

To determine

The actual rate paid per direct labor hour.

Answer 6

Chapter 25, Problem 25.9E

(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 difference between cost that is actually incurred and cost which was estimated by the business.

Variance Report: The report which provides the details of the actual and budgeted income and expenses along with the variance is called to as variance report. It shows the difference between actual and estimated financial results.

To determine: Number of units produced during the period.

Answer 7

Chapter 25, Problem 25.9E

(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 difference between cost that is actually incurred and cost which was estimated by the business.

Variance Report: The report which provides the details of the actual and budgeted income and expenses along with the variance is called to as variance report. It shows the difference between actual and estimated financial results.

To determine: Number of units produced during the period.

Answer 8

(b)

To determine

Pounds of raw materials purchased and used during period.

Answer 9

(b)

To determine

Pounds of raw materials purchased and used during period.

Answer 10

(c)

To determine

The actual cost per pound of raw materials.

Answer 11

(c)

To determine

The actual cost per pound of raw materials.

Answer 12

(d)

To determine

The actual direct labor hours worked during the period.

Answer 13

(d)

To determine

The actual direct labor hours worked during the period.

Answer 14

(e)

To determine

The actual rate paid per direct labor hour.

Answer 15

(e)

To determine

The actual rate paid per direct labor hour.

Answer 16

Expert Solution & Answer

Answer 17

Expert Solution & Answer

Answer 18

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Answer 19

Ch. 25 - Prob. 1Q Ch. 25 - 2. (a) Explain the similarities and differences...Ch. 25 - Prob. 3Q Ch. 25 - Prob. 4Q Ch. 25 - Prob. 5Q Ch. 25 - Prob. 6Q Ch. 25 - Prob. 7Q Ch. 25 - Prob. 8Q Ch. 25 - Prob. 9Q Ch. 25 - Prob. 10Q

Pounds of raw materials purchased and used during period.

The actual cost per pound of raw materials.

The actual direct labor hours worked during the period.

The actual rate paid per direct labor hour.

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Chapter 25 Solutions