(1) Concept introduction: Discrepancy (variance) analysis is the measurable examination of the variation between real and intended performance. This analysis is used to preserve control over a business. Journal entries of the company’s costs and discrepancy (variance) for the month of December.

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Answer 1

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Chapter 8, Problem 6PSA

To determine

(1)

Concept introduction:

Discrepancy (variance) analysis is the measurable examination of the variation between real and intended performance. This analysis is used to preserve control over a business.

Journal entries of the company’s costs and discrepancy (variance) for the month of December.

To determine

(2)

Management by exception is the exercise of probing the financial and working results of a business, and only bringing issues to the notice of management if the results correspond to significant differences from the forecasted or ordinary amount.

To explain:

Action manager considers who uses Management by exception. Also, identify the variances used by them.

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Indira Products has provided the following data for the month of August: a. The balance in the Finished Goods inventory account at the beginning of the month was $65,000 and at the end of the month was $29,500. b. The cost of goods manufactured for the month was $210,000. c. The actual manufacturing overhead cost incurred was $71,800 and the manufacturing overhead cost applied to Work in Process was $75,200. d. The company closes out any underapplied or overapplied manufacturing overhead to the cost of goods sold. What is the adjusted cost of goods sold that would appear on the income statement for August?

Answer 2

Question

Chapter 8, Problem 6PSA

To determine

(1)

Concept introduction:

Discrepancy (variance) analysis is the measurable examination of the variation between real and intended performance. This analysis is used to preserve control over a business.

Journal entries of the company’s costs and discrepancy (variance) for the month of December.

To determine

(2)

Management by exception is the exercise of probing the financial and working results of a business, and only bringing issues to the notice of management if the results correspond to significant differences from the forecasted or ordinary amount.

To explain:

Action manager considers who uses Management by exception. Also, identify the variances used by them.

Expert Solution & Answer

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Answer 3

Question

Chapter 8, Problem 6PSA

To determine

(1)

Concept introduction:

Discrepancy (variance) analysis is the measurable examination of the variation between real and intended performance. This analysis is used to preserve control over a business.

Journal entries of the company’s costs and discrepancy (variance) for the month of December.

To determine

(2)

Management by exception is the exercise of probing the financial and working results of a business, and only bringing issues to the notice of management if the results correspond to significant differences from the forecasted or ordinary amount.

To explain:

Action manager considers who uses Management by exception. Also, identify the variances used by them.

Expert Solution & Answer

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Answer 4

Question

Chapter 8, Problem 6PSA

To determine

(1)

Concept introduction:

Discrepancy (variance) analysis is the measurable examination of the variation between real and intended performance. This analysis is used to preserve control over a business.

Journal entries of the company’s costs and discrepancy (variance) for the month of December.

To determine

(2)

Management by exception is the exercise of probing the financial and working results of a business, and only bringing issues to the notice of management if the results correspond to significant differences from the forecasted or ordinary amount.

To explain:

Action manager considers who uses Management by exception. Also, identify the variances used by them.

Expert Solution & Answer

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Answer 5

Chapter 8, Problem 6PSA

To determine

(1)

Concept introduction:

Discrepancy (variance) analysis is the measurable examination of the variation between real and intended performance. This analysis is used to preserve control over a business.

Journal entries of the company’s costs and discrepancy (variance) for the month of December.

To determine

(2)

Management by exception is the exercise of probing the financial and working results of a business, and only bringing issues to the notice of management if the results correspond to significant differences from the forecasted or ordinary amount.

To explain:

Action manager considers who uses Management by exception. Also, identify the variances used by them.

Answer 6

Chapter 8, Problem 6PSA

To determine

(1)

Concept introduction:

Discrepancy (variance) analysis is the measurable examination of the variation between real and intended performance. This analysis is used to preserve control over a business.

Journal entries of the company’s costs and discrepancy (variance) for the month of December.

Answer 7

Chapter 8, Problem 6PSA

To determine

(1)

Concept introduction:

Discrepancy (variance) analysis is the measurable examination of the variation between real and intended performance. This analysis is used to preserve control over a business.

Journal entries of the company’s costs and discrepancy (variance) for the month of December.

Answer 8

To determine

(2)

Management by exception is the exercise of probing the financial and working results of a business, and only bringing issues to the notice of management if the results correspond to significant differences from the forecasted or ordinary amount.

To explain:

Action manager considers who uses Management by exception. Also, identify the variances used by them.

Answer 9

To determine

(2)

Management by exception is the exercise of probing the financial and working results of a business, and only bringing issues to the notice of management if the results correspond to significant differences from the forecasted or ordinary amount.

To explain:

Action manager considers who uses Management by exception. Also, identify the variances used by them.

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 8 - Prob. 1MCQ Ch. 8 - Prob. 2MCQ Ch. 8 - Prob. 3MCQ Ch. 8 - A Company’s standard for a unit of its single...Ch. 8 - Prob. 5MCQ Ch. 8 - Prob. 1DQ Ch. 8 - Prob. 2DQ Ch. 8 - Prob. 3DQ Ch. 8 - Prob. 4DQ Ch. 8 - Prob. 5DQ

(1) Concept introduction: Discrepancy (variance) analysis is the measurable examination of the variation between real and intended performance. This analysis is used to preserve control over a business. Journal entries of the company’s costs and discrepancy (variance) for the month of December.

Solution Summary: The author explains that management by exception is the exercise of probing the financial and working results of a business, and only bringing issues to the notice of management.

Concept explainers

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(1)

Concept introduction:

Discrepancy (variance) analysis is the measurable examination of the variation between real and intended performance. This analysis is used to preserve control over a business.

Journal entries of the company’s costs and discrepancy (variance) for the month of December.

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Chapter 8 Solutions