Principles of Accounting Volume 219th EditionOpenStax Publisher: OpenStax CollegeISBN: 9781947172609
Principles of Accounting Volume 2
Solutions for Principles of Accounting Volume 2
Problem 1MC:
Why does a company use a standard costing system? A. to identify variances from actual cost that...Problem 2MC:
This standard is set at a level that may be reached with reasonable effort. A. ideal standard B....Problem 3MC:
This standard is set at a level that could be achieved if everything ran perfectly. A. ideal...Problem 4MC:
This variance is the difference involving spending more or using more than the standard amount. A....Problem 5MC:
This variance is the difference involving spending less, or using less than the standard amount. A....Problem 6MC:
What are some possible reasons for a material price variance? A. substandard material B. labor rate...Problem 7MC:
When is the material price variance unfavorable? A. when the actual quantity used is greater than...Problem 8MC:
When is the material price variance favorable? A. when the actual quantity used is greater than the...Problem 9MC:
What are some reasons for a material quantity variance? A. building rental charges increase B. labor...Problem 10MC:
When is the material quantity variance favorable? A. when the actual quantity used is greater than...Problem 11MC:
When is the material quantity unfavorable? A. when the actual quantity used is greater than the...Problem 12MC:
What are some possible reasons for a labor rate variance? A. hiring of less qualified workers B. an...Problem 13MC:
When is the labor rate variance unfavorable? A. when the actual quantity used is greater than the...Problem 14MC:
When is the labor rate variance favorable? A. when the actual quantity used is greater than the...Problem 15MC:
What are some possible reasons for a direct labor time variance? A. utility usage decrease B. less...Problem 16MC:
When is the direct labor time variance favorable? A. when the actual quantity used is greater than...Problem 17MC:
When is the direct labor time variance unfavorable? A. when the actual quantity used is greater than...Problem 18MC:
A flexible budget______. A. predicts estimated revenues and costs at varying levels of production B....Problem 19MC:
The variable overhead rate variance is caused by the sum between which of the following? A. actual...Problem 20MC:
The variable overhead efficiency variance is caused by the difference between which of the...Problem 21MC:
The fixed factory overhead variance is caused by the difference between which of the following? A....Problem 22MC:
Which of the following is a possible cause of an unfavorable material price variance? A. purchasing...Problem 23MC:
Which of the following is a possible cause of an unfavorable material quantity variance? A....Problem 24MC:
Which of the following is a possible cause of an unfavorable labor efficiency variance? A. hiring...Problem 25MC:
Which of the following is a possible cause of an unfavorable labor rate variance? A. hiring too many...Problem 4Q:
What is a variance?Problem 5Q:
What causes the material price variance?Problem 6Q:
What causes the material quantity variance?Problem 9Q:
What is the direct labor rate variance?Problem 10Q:
What is the direct labor time variance?Problem 13Q:
How is the total direct labor variance calculated?Problem 14Q:
What causes the variable overhead rate variance?Problem 17Q:
What causes a favorable variance?Problem 18Q:
What causes an unfavorable variance?Problem 1EA:
Moisha is developing material standards for her company. The operations manager wants grade A...Problem 2EA:
Rene is working with the operations manager to determine what the standard labor cost is for a spice...Problem 3EA:
Fiona cleans offices. She is allowed 5 seconds per square foot. She cleans building A, which is 3000...Problem 4EA:
Use the information provided to create a standard cost card for production of one glove box switch....Problem 5EA:
Sitka Industries uses a cost system that carries direct materials inventory at a standard cost. The...Problem 6EA:
Use the information provided to answer the questions. All material purchased was used in production....Problem 7EA:
Dog Bone Bakery, which bakes dog treats, makes a special biscuit for dogs. Each biscuit uses 0.75...Problem 8EA:
Queen Industries uses a standard costing system in the manufacturing of its single product. It...Problem 9EA:
Penny Company manufactures only one product and uses a standard cost system. The following...Problem 10EA:
ThingOne Company has the following information available for the past year. They use machine hours...Problem 11EA:
A manufacturer planned to use $78 of variable overhead per unit produced, but in the most recent...Problem 12EA:
Acme Inc. has the following information available: A. Compute the material price and quantity, and...Problem 13EA:
Acme Inc. has the following information available: A. Compute the material price and quantity, and...Problem 14EA:
Acme Inc. has the following information available: A. Compute the material price and quantity, and...Problem 1EB:
Bristol is developing material standards for her company. The operations manager wants grade A...Problem 2EB:
Salley is developing material and labor standards for her company. She finds that it costs $0.55 per...Problem 3EB:
Use the following information to create a standard cost card for production of one photography drone...Problem 4EB:
Mateo makes gizmos. He would like to set up a system to help him manage his business. The gizmos are...Problem 5EB:
Smith Industries uses a cost system that carries direct materials inventory at a standard cost. The...Problem 6EB:
Lizbeth, Inc., makes ice cream. The toffee coffee ice cream takes 4 quarts of cream, 3 cups of...Problem 7EB:
Woodpecker manufactures sawmill equipment. They use a standard Costing system and recognize material...Problem 8EB:
Case made 24,500 units during June, using 32,000 direct labor hours. They expected to use 31,450...Problem 9EB:
Eagle Inc. uses a standard cost system. During the most recent period, the company manufactured...Problem 10EB:
A manufacturer planned to use $45 of variable overhead per unit produced, but in the most recent...Problem 11EB:
Fitzgerald Company manufactures sewing machines, and they produced 2,500 this past month. The...Problem 12EB:
Acme Inc. has the following information available: A. Compute the material price and quantity, and...Problem 13EB:
Acme Inc. has the following information available: A. Compute the material price and quantity, and...Problem 14EB:
Acme Inc. has the following information available: A. Compute the material price and quantity, and...Problem 1PA:
The comptroller wants to set the standards according to a study done by a consulting firm for a...Problem 2PA:
Stan is opening a coffee shop next to Big State University. He knows that controlling his costs will...Problem 3PA:
What makes a variance favorable? Give an example of a favorable variance involving materials. What...Problem 4PA:
April Industries employs a standard costing system in the manufacturing of its sole product, a park...Problem 5PA:
Ed Co. manufactures two types of O rings, large and small. Both rings use the same material but...Problem 6PA:
The Whizbang Company makes a special type of toy. Each top takes 6 ounces of a special material that...Problem 7PA:
Ellis Companys labor information for September is as follows: A. Compute the standard direct labor...Problem 8PA:
Breakaway Companys labor information for May is as follows: A. What is the actual direct labor rate...Problem 9PA:
Power Co.s labor information for June is as follows: A. What was the actual labor rate per hour? B....Problem 11PA:
Reddy Corporation has collected the following data for the month or June: What is the variable...Problem 12PA:
ABC Inc. spent a total of $48,000 on factory overhead. Of this, $28,000 was fixed overhead. ABC Inc....Problem 13PA:
Recompute the variances from the second Acme Inc. exercise using $0.0725 as the standard cost of the...Problem 1PB:
Sameerah is trying to determine the standard hours to make one unit. She has studied the...Problem 2PB:
Carl cleans offices. He has the following buildings to clean every day: building A, which is 12,500...Problem 3PB:
Freidrich is working with the operations manager to determine what the standard material cost is for...Problem 4PB:
A company bought 45,000 pounds of plastic pellets to make DVDs at a cost of $9,900. The standard...Problem 5PB:
Illinois Company is a medium-sized company that makes dresses. During the month of June, 8,575...Problem 6PB:
Corolla Manufacturing has a standard cost for steel of $20 per pound for a product that uses 4...Problem 7PB:
Marymount Company makes one product. In the month of April, it made 3,500 units. Workers were paid...Problem 8PB:
Adam Inc.s records for May include the following information: A. What are Adams standard labor hours...Problem 9PB:
Ribcos labor cost information for making its only product for March is as follows: A. What is the...Problem 10PB:
Use the following standard cost card for 1 gallon of ice cream to answer the questions. Actual...Problem 11PB:
Use the following standard cost card for 1 gallon of ice cream to answer the questions. Actual...Problem 1TP:
How do you balance a firms need to succeed and the need for not asking the workers for perfection?Problem 2TP:
What type of firm would use standard costing? What type of firm would not use standard costing?Problem 4TP:
Is labor a true variable cost?Problem 5TP:
Why would managers use a flexible budget? What information does it provide that a regular budget...Problem 6TP:
Fill in the blanks in the following flexible budget:Browse All Chapters of This Textbook
Chapter 1 - Accounting As A Tool For ManagersChapter 2 - Building Blocks Of Managerial AccountingChapter 3 - Cost-volume-profit AnalysisChapter 4 - Job Order CostingChapter 5 - Process CostingChapter 6 - Activity-based, Variable, And Absorption CostingChapter 7 - BudgetingChapter 8 - Standard Costs And VariancesChapter 9 - Responsibility Accounting And DecentralizationChapter 10 - Short-term Decision Making
Sample Solutions for this Textbook
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