Horngren's Cost Accounting: A Managerial Emphasis (16th Edition)

16th Edition

ISBN: 9780134475585

Author: Srikant M. Datar, Madhav V. Rajan

Publisher: PEARSON

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Textbook Question

Chapter 7, Problem 7.19MCQ

Atlantic Company has a manufacturing facility in Brooklyn that manufactures robotic equipment for the auto industry. For Year 1, Atlantic collected the following information from its main production line:

Actual quantity purchased	200 units
Actual quantity used	110 units
Units standard quantity	100 units
Actual price paid	$ 8 per unit
Standard price	$ 10 per unit

Atlantic isolates price variances at the time of purchase. What is the materials price variance for Year 1?

1. $400 favorable.
2. $400 unfavorable.
3. $220 favorable.
4. $220 unfavorable.

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Chapter 7, Problem 7.18MCQ

Chapter 7, Problem 7.20MCQ

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Aerotrino produces and sells popular t-shirts. Following is information about its t-shirts for 2014: Selling price $15.00 per t-shirt Variable costs: Production (manufacturing costs) - $3.50 per t-shirt Selling & administration - $1.00 per t-shirt Fixed costs: Production (manufacturing costs) - $1,000,000 per year Selling & administration - $2,000,000 per year During 2014, the company produced 400,000 t-shirts and sold 350,000 of them. Assume that there was no beginning inventory. How much is the net income under variable costing?

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Chapter 7 Solutions

Horngren's Cost Accounting: A Managerial Emphasis (16th Edition)

Ch. 7 - What is the relationship between management by...Ch. 7 - What are two possible sources of information a...Ch. 7 - Distinguish between a favorable variance and an...Ch. 7 - What is the key difference between a static budget...Ch. 7 - Why might managers find a flexible-budget analysis...Ch. 7 - Describe the steps in developing a flexible...Ch. 7 - List four reasons for using standard costs.Ch. 7 - How might a manager gain insight into the causes...Ch. 7 - List three causes of a favorable direct materials...Ch. 7 - Describe three reasons for an unfavorable direct...

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