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This question is on variance analysis in managerial or cost accounting. More specifically, it asks for computations of direct material price variance, direct material efficiency or usage variance, the flexible budget variance, and determining whether the variances are favorable or unfavorable.
Needham Company uses normal costing in its job-costing system. Partially completed T-accounts and additional information for Needham for 2008 are as follows:
Procter & Gamble Company is a Cincinnati-based company that produces household products under brand names such as Gillette, Bounty, Crest, Folgers, and Tide. The company's 2006 income statement showed the following (in millions):
Projected Sales is the budgeting technique to aid companies project the budget for future term. What takes place if this figure is significantly wrong?
The job costing system of Johnsons custom shop has five activities which are employed as indirect cost pools
Why is variable costing not allowed for financial reporting purposes?
Why would a business like UPS or eBay be concerned with looking at contribution margin by market segment? Can you recognize kinds of market segments?
What would be some particular examples of advantages and disadvantages of job order costing?
Phonetronix is the small manufacturer of telephone and communications devices. Recently, company management decided to investigate the profitability of cellular phone production. They've three different proposals to evaluate.
Ocean Waverunners plans to manufacture 20,000 units, 24,000 units, and 30,000 units, respectively, in October, November, and December. Make a direct-material buys budget for October in parts and dollars.
CollegePak Company produced and sold 60,000 units throughout the year just ended at an average price of $20 per unit. Variable manufacturing costs were $8 per unit, and variable marketing costs were $4 per unit sold.
Recognize tools for changing the budget and describe the process. Do you think this process is proper, or do you think it lets changes to be made without proper oversight?
What is the effect of target costing and value engineering on the use of variances?
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