Compute the number of quarts of oil used for 980 oil changes (standard quantity).

Question

The December 31, 2021, balance sheet of Chen, Incorporated, showed long-term debt of $1,420,000, $144,000 in the common stock account, and $2,690,000 in the additional paid-in surplus account. The December 31, 2022, balance sheet showed long-term debt of $1,620,000, $154,000 in the common stock account and $2,990,000 in the additional paid-in surplus account. The 2022 income statement showed an interest expense of $96,000 and the company paid out $149,000 in cash dividends during 2022. The firm’s net capital spending for 2022 was $1,000,000, and the firm reduced its net working capital investment by $129,000. What was the firm's 2022 operating cash flow, or OCF?

Answer 1

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Chapter 9, Problem 1CE

1.

To determine

Compute the number of quarts of oil used for 980 oil changes (standard quantity).

2.

To determine

Compute the number of direct labor hours used for 980 oil changes (standard hours).

3.

To determine

Calculate the new standard quantities if 970 oil changes in June instead of 980 and indicate the calculated standard quantities of oil and direct labor hours be higher or lower than the amounts calculated in Requirement 1&2.

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The December 31, 2021, balance sheet of Chen, Incorporated, showed long-term debt of $1,420,000, $144,000 in the common stock account, and $2,690,000 in the additional paid-in surplus account. The December 31, 2022, balance sheet showed long-term debt of $1,620,000, $154,000 in the common stock account and $2,990,000 in the additional paid-in surplus account. The 2022 income statement showed an interest expense of $96,000 and the company paid out $149,000 in cash dividends during 2022. The firm’s net capital spending for 2022 was $1,000,000, and the firm reduced its net working capital investment by $129,000. What was the firm's 2022 operating cash flow, or OCF?

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Answer 2

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Chapter 9, Problem 1CE

1.

To determine

Compute the number of quarts of oil used for 980 oil changes (standard quantity).

2.

To determine

Compute the number of direct labor hours used for 980 oil changes (standard hours).

3.

To determine

Calculate the new standard quantities if 970 oil changes in June instead of 980 and indicate the calculated standard quantities of oil and direct labor hours be higher or lower than the amounts calculated in Requirement 1&2.

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Chapter 9, Problem 1CE

1.

To determine

Compute the number of quarts of oil used for 980 oil changes (standard quantity).

2.

To determine

Compute the number of direct labor hours used for 980 oil changes (standard hours).

3.

To determine

Calculate the new standard quantities if 970 oil changes in June instead of 980 and indicate the calculated standard quantities of oil and direct labor hours be higher or lower than the amounts calculated in Requirement 1&2.

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Answer 4

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Chapter 9, Problem 1CE

1.

To determine

Compute the number of quarts of oil used for 980 oil changes (standard quantity).

2.

To determine

Compute the number of direct labor hours used for 980 oil changes (standard hours).

3.

To determine

Calculate the new standard quantities if 970 oil changes in June instead of 980 and indicate the calculated standard quantities of oil and direct labor hours be higher or lower than the amounts calculated in Requirement 1&2.

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Answer 7

Chapter 9, Problem 1CE

1.

To determine

Compute the number of quarts of oil used for 980 oil changes (standard quantity).

2.

To determine

Compute the number of direct labor hours used for 980 oil changes (standard hours).

3.

To determine

Calculate the new standard quantities if 970 oil changes in June instead of 980 and indicate the calculated standard quantities of oil and direct labor hours be higher or lower than the amounts calculated in Requirement 1&2.

Answer 8

Chapter 9, Problem 1CE

1.

To determine

Compute the number of quarts of oil used for 980 oil changes (standard quantity).

Answer 9

Chapter 9, Problem 1CE

1.

To determine

Compute the number of quarts of oil used for 980 oil changes (standard quantity).

Answer 10

2.

To determine

Compute the number of direct labor hours used for 980 oil changes (standard hours).

Answer 11

2.

To determine

Compute the number of direct labor hours used for 980 oil changes (standard hours).

Answer 12

3.

To determine

Calculate the new standard quantities if 970 oil changes in June instead of 980 and indicate the calculated standard quantities of oil and direct labor hours be higher or lower than the amounts calculated in Requirement 1&2.

Answer 13

3.

To determine

Calculate the new standard quantities if 970 oil changes in June instead of 980 and indicate the calculated standard quantities of oil and direct labor hours be higher or lower than the amounts calculated in Requirement 1&2.

Answer 14

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Ch. 9 - Discuss the difference between budgets and...Ch. 9 - What is the quantity decision? The pricing...Ch. 9 - Why is historical experience often a poor basis...Ch. 9 - Prob. 4DQ Ch. 9 - How does standard costing improve the control...Ch. 9 - The budget variance for variable production costs...Ch. 9 - Explain why the direct materials price variance is...Ch. 9 - The direct materials usage variance is always the...Ch. 9 - The direct labor rate variance is never...Ch. 9 - Prob. 10DQ

Compute the number of quarts of oil used for 980 oil changes (standard quantity).

Solution Summary: The author calculates the number of quarts of oil used for 980 oil changes (standard quantity).

Compute the number of quarts of oil used for 980 oil changes (standard quantity).

Compute the number of direct labor hours used for 980 oil changes (standard hours).

Calculate the new standard quantities if 970 oil changes in June instead of 980 and indicate the calculated standard quantities of oil and direct labor hours be higher or lower than the amounts calculated in Requirement 1&2.

Chapter 9 Solutions