Chapter 3, Problem 25P

Horngren's Financial & Managerial Accounting: The Managerial Chapters,  8th Edition E-M:8-18 Defining the benefits of setting cost standards and calculating materials and labor variancesColton, Inc. produced 1,000 units of the company’s product in 2025. The standard quantity allowed of direct materials was three yards of cloth per unit at a standard cost of $1.05 per yard. The accounting records showed that 2,600 yards of cloth were used and the company paid $1.10 per yard. Standard time was two direct labor hours per unit at a standard rate of $16.00 per direct labor hour. Employees worked 1,400 hours and were paid $15.50 per hour. Requirements1.What are the benefits of setting cost standards?   2. Calculate the direct materials cost variance and the direct materials efficiency variance as well as the direct labor cost and efficiency variances.   2. DM Eff. Var. $420 F

From Horngren's Financial & Managerial Accounting: The Managerial Chapters,  8th Edition E-M:8-16 Preparing a flexible budget performance report. Complete the performance report.                                        ARVIN COMPANY       Flexible Budget Performance Report       For the Year Ended July 31, 2025         Actual Results Flexible Budget Var   Flexible Budget Sales Vol Variance Static Budget       Units                    39,000    a             39,000                    3,000   g     Sales Revenue  $            218,000    b   $    218,000  $            27,000   h     Variable Expenses                    84,000    c             81,000                 10,000   i     Contribution Margin  $            134,000    d   $    137,000  $            17,000   j     Fixed Expenses                 108,000    e          101,000                              -     k     Operating Income  $               26,000    f   $       36,000  $            17,000   l…

I need help answering the following question below for my class discussion.  After taking Managerial Accounting, you like the discipline and the potential it presents for your future career advancement, so you take the Certified Management Accountant exam and pass it with flying colors. To get my career going, I am  considering starting a consulting business, advising other enterprises on managerial accounting related issues (internal controls, how to organize the responsibility centers and how to evaluate them, automate their system to track managerial data including production costs, how to set up the budgeting system and how to control costs, etc.). To organize my consulting business, I need to  look up on the form of business to organize my consulting firm under. Specifically, I want to consider the form of business from the perspectives of liability (including mutual agency), taxes, control. Which form of business should I choose?  justifing my choice and being creative with my…