Discuss brief explanation of possible cause of each variance

Assignment Help Financial Accounting
Reference no: EM132663385

Topper Toys has developed a new toy called the Brain buster. The company has a standard cost system to help control costs and has established the following standards for the Brain buster toy.

Direct material: 8 diodes per day at $ 0.30 per diode
Direct labor: 0.6 hours per toy at $14 per hour
During the august, the company produced 5,000 Brain buster toys. Production data on the toy for August follow.
Direct material: 7,000 diodes were purchased at cost of $0.28 per diode. 20,000 of these diodes were still in inventory at the end of month.
Direct labor: 3,200 direct labor hours were worked at a cost $48,000

Required:

Problem 1. Compute the following variances for August

  1. Direct material price and quantity variance
  2. Direct labor rate and efficiency variance

Problem 2. Discuss brief explanation of the possible causes of each variance.

Reference no: EM132663385

Questions Cloud

Footprinting or digital reconnaissance : What "FOOTPRINTING" (or digital reconnaissance) is and how you would go about gathering the information you need to determine the location of a recently stolen
Demonstrate the variances for august : Demonstrate the variances for August. During the august, the company produced 5,000 Brain buster toys. Production data on the toy for August follow.
Most common business software application : We learned that e-mail is a major area of focus for information governance (IG) efforts, and has become the most common business software application
How is your application going to generate business value : How is your application going to generate business value? Does this application create/help you maintain competitive advantage? How?
Discuss brief explanation of possible cause of each variance : Direct material: 8 diodes per day at $ 0.30 per diode. Direct labor: 0.6 hours per toy at $14.Discuss brief explanation of the possible causes of each variance.
What is the cost to license nessus for one year : As part of your Vulnerability Management project last week, you analyzed a report on a Windows system within the company network vulnerable to the MS17-010.
Find what maximum amount perfume division willing to pay : Perfumes Ltd has two divisions: the Perfume Division and Bottle Division. What is the maximum amount Perfume Division would be willing to pay for the bottles?
Explain and backup your responses with facts and examples : Briefly respond to all the following questions. Make sure to explain and backup your responses with facts and examples. This assignment should be in APA format.
Interaction techniques applied in many interfaces : Direct manipulation is one of the five main interaction techniques applied in many interfaces.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd