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Standard Costing and Variances
Assume that your product uses a standard costing system and answer the following:
How would the company go about setting standards for this product? What types of standards would be included?
How would managers of the company use the standard costs?
Assume the company reported the following variances in the most recent period. Can you think of a scenario that would explain each combination of variances?
Unfavorable direct materials price variance, favorable direct materials usage variance, and unfavorable direct materials spending variance.
Favorable direct labor rate variance, unfavorable direct labor efficiency variance, and unfavorable direct labor spending variance.
Unfavorable direct labor efficiency variance and unfavorable variable overhead efficiency variance.
Prepare the journal entries necessary to make the company's book balance of cash equal to the reconciled cash balance as of July 31.
Indirect labor, $6,600; utilities cost, $4,800; and factory depreciation, $9,000. Journalize the entry to record the factory overhead incurred during June.
The cost of food is a mixed cost. Describe what a mixed cost is. Explain briefly why you think the cost of food for the buffet is a mixed cost.
Assuming 4,800,000 copies were made during the year, 2,500,000 for sales and 2,300,000 for administration, calculate the copy department costs allocated to sales and administration.
Why are companies with small levels of inventory generally unconcerned with the choice of variable or absorption costing? Discuss.
For a recent year LOreal reported operating profit of 3,385 (in millions) for its Cosmetics division.
Plotting the data on a graph. Plot cost on the vertical axis and units produced on the horizontal axis. Fit a line to your plotted points by visual inspection
The cost per unit manufactured totaled $11. On the basis of this information, how much cost would the firm anticipate at an activity level of 220,000 units
On January 1, 20Y2, Retained Earnings had a balance of $100,000. Prepare an income statement and statement of stockholders' equity for Laser Corrective Vision
What is the present value of Buyer 1's offer? Sam just won some valuable sculptures in a contest. He wants to sell them and has received.
Compute the ROI for each investment project. Compute the budgeted divisional ROI for each of the four alternatives: The air conditioner investment is made.
there was an unfavorable direct materials quantity variance of $7,000. What was the direct materials price variance for August
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