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Diamond Company produces a chair that requires 5 yds. of material per unit. The standard price of one yard of material is $7.50. During the month, 8,500 chairs were manufactured, using 40,000 yards at a cost of $7.60. Determine the (a) price variance, (b) quantity variance, and (c) cost variance
2- Some items are omitted from each of the following condensed divisional income statements of Willis Inc (8 points):
Division L
Division M
Division N
Sales
$ (1)
$320,000
$580,000
Cost of goods sold
480,000
120,000
$ (5)
Gross profit
$220,000
$ (3)
$180,000
Operating expenses
95,000
160,000
$ (6)
Income from operations
$ (2)
$ (4)
$ 75,000
(a)
Determine the amount of the missing items, identifying them by number.
(b)
Based on income from operations, which division is the most profitable?
3-Delicious Cake Factory normally sells their specialty cake for $22. An offer to buy 100 cakes for $18 per cake was made by an organization hosting a national event in the city. The variable cost per cake is $12. A special decoration per cake will add another $1 to the cost. Determine the differential income or loss per cake from selling the cakes
4-Nite Lite Factory produces two similar products - small lamps and desk lamps. The total plant budget is $800,000 with 640,000 estimated direct labor hours. It is further estimated that small lamp production will have 375,000 direct labor hours and desk lamp production will require 265,000 direct labor hours
Determine the single plant factory overhead rate based on direct labor hours.
How much is the factory overhead cost per unit if each small lamp uses 3 hours per unit?
(c)
How much is the factory overhead cost per unit if each desk lamp uses 2.5 hours per unit?
(d)
How much total factory overhead will be allocated to the small lamp production if 130,000 units are produced during the period?
(e)
How much total factory overhead will be allocated to the desk lamp production if 104,000 are produced during the period?
your company has earnings per share of 4. it has 1 million shares outstanding each of which has a price of 40. you are
Prepare journal entries to record the following transaction: On June 1,2009 Kirby Inc. issued $600,000 6% bonds for $587,640 which includes accrued interest. interest is payable semiannually on February 1 and August 1 with the bonds maturing on Fe..
Dustin and Penny are husband and wife and always have lived in Washington. At the time of Dustin's prior death in 2009, he was insured in the amount of $600,000 with Penny as the designated beneficiary.
1. Relevance versus Faithful Representation. The fair value of the build- ing may provide more relevant information to decision makers, but fair value estimates are not as free from error as historical cost information.
which of the following has the lowest authoritative status but may be useful in assisting the auditor in applying the
dianne company signed a ten-year lease agreement on january 1 2012. the lease requires payments of 5000 per year every
How is accounts receivable turnover computed? How is average collection period computed?
examine the following book-value bal. sheet for university products inc. the preferred stock currently sells for 12.00
Determine the denominators to be used in the calculations of cost per equivalent unit for materials and conversion costs.
The Jefferson Plaza Hotel is a deluxe four star establishment. Late on Friday, it had 10 of its 200 rooms available when the desk clerk received a call from the Riley Hotel.
beginning wip inventory is 900 units completed and transferred out were 3400 units and ending wip inventory is 800
If they are repackaged, at a cost of $15,000, they could be sold to toy stores for $2.50 per unit. What alternative should be chosen, and why?
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