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The following standard costs were developed for one of the products of Ferrars Company:Standard Cost CardPer UnitMaterials: 4 feet x $14.25 per foot $ 57.00Direct labor: 8 hours x $10 per hour 80.00Variable overhead: 8 direct labor hours x $8 per hour 64.00Fixed overhead: 8 direct labor hours x $12 per hour 96.00Total standard cost per unit $297.00The following information is available regarding the company's operations for the period:Units produced: 11,000Materials purchased: 52,000 feet @ $13.95 per footMaterials used: 40,000 feetDirect labor: 84,000 hours costing $840,000Manufacturing overhead incurred:Variable $756,000Fixed $1,000,000Budgeted fixed manufacturing overhead for the period is $960,000, and the standard fixed overhead rate is based on expected capacity of 80,000 direct labor hours.Required:a. Calculate the materials price variance.b. Calculate the materials usage variance.c. Calculate the direct labor rate variance.d. Calculate the direct labor efficiency variance.e. Calculate the variable manufacturing overhead spending variance.f. Calculate the variable manufacturing overhead efficiency variance.g. Calculate the fixed manufacturing overhead spending variance.h. Calculate the fixed manufacturing overhead volume variance.i. Prepare all necessary journal entries.
a. If you could pick a single source of cash for your business, what would it be? Why? b. How can a business earn large profits but have a small balance in Retained Earnin
Great Pumpkin Farms just given a dividend of $3.50 on its stock. The growth rate in dividends is expected to be a constant 5 percent per year indefinitely. Investors need a 16 pe
Stock control and its Level Management must formulate decisions regarding to the control of stock levels along with a view to minimizing the cost of the company whereas achie
Under the average cost method the average cost of goods held in stock is recalculated after each receipt. An issue after the receipts is made at the recalculated average prices. A
OVERHEAD VARIANCES Unlike labour and direct material, the manufacturing overhead is not completely variable with the level of production. So, standard costs for factory overh
Apportionment of Overheads Apportionment of overheads occurs whereas the net value of an overhead item is shared among more or two cost centers that employ the overheads. Th
The level of activity at which total revenues eqivalent total costs. A point at which there is no profit and no loss.
) Ialani Corp. uses a job order costing system for the yachts it constructs. On September 1, 2010, the company had the following account balance: Raw material inventory 332400 Wo
The next year's budget for Benny, Inc., is given below: Product 1 & 2 Sales $945,000 & 688500 Variable costs 459,900 & 297,000 Fixed costs 300
CVP Analysis in Situations Subject To Change Revenue and Cost will change and also sales volume because of a number of factors involving: a) Increased competition may need
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