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Actual production and sales were 62,900 coffee mugs, actual direct materials usage was 10,000 lbs. at an actual price of $0.17 per lb., actual direct labor usage was 202,000 minutes at a total cost of $30,300, actual overhead cost was $10,000 variable and $30,500 fixed, marketing and administrative costs were $115,000.
Compute the price and efficiency variances for direct materials and direct labor. Journalize the usage of direct materials and the assignment of direct labor, including the related variances. For manufacturing overhead, compute the variable overhead spending and efficiency variances and the fixed overhead spending and volume variances. Journalize the actual manufacturing overhead and the applied manufacturing overhead. Journalize the movement of all production from WIP. Journalize the closing of the manufacturing overhead account. Also, Java intentionally hired more skilled workers in July, how did this decision affect the cost variances? Overall, was the decision wise?
The systems consulting department of Johnson Swimwear designs data collecting, encoding, and reporting systems to fit the needs of other departments within the company. An
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Determine the ending finished goods inventory. What was the cost of indirect labor? What was the amount of factory overhead applied? Determine total manufacturing costs incurred during 2007. What was the cost of good manufactured?
JungleGym, a best-selling toy has a selling price of $15. If the contribution margin ratio is 40% and if the fixed costs are $60,000, how many JungleGyms must the company sell to realize a profit of $450,000?
You're in the job interview and your possible employer asks you to explain the differences between the flexible and static budget and to explain which you would recommend for the small business and why. How would you respond to this potential empl..
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Describe the components of cost-volume-profit analysis. Employ cost-volume-profit analysis and break-even analysis to make business decisions.
Describe the key historical events up to 1900 that have shaped the development of accounting. How do these events support the notion accounting is socially constructed?
To implement target costing for a new product, companies often set up a cross-functional team with members from engineering, marketing, and costing accounting. Why is a cross-functional team desirable when implementing the target costing approach..
Design and Budget Elements of Proposal Paper Select a proposal type and make a 1050- to 1750-word paper selecting one of following elements in budget proposals:
Karen's Cookie Company is considering replacing its giant cookie mixer with the new one. The following data has been compiled to measure the function:
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