Reconstructing standard-cost information
Course:- Managerial Accounting
Reference No.:- EM1349711

Assignment Help
Assignment Help >> Managerial Accounting

Part of your company's accounting database was destroyed when Godzilla attacked the city. You have been able to gather the following data from your files. Reconstruct the remaining information using the available data. All of the raw material purchased during the period was used in production. (Hint: It is helpful to solve for the unknowns in order indicated by the letters in the following table.

Direct Material Direct Labor
Standard price or rater per unit of input $16/lb e
Standard quantity per unit of output c f
Actual quantity used per unit of output a 3.5 hours
Actual price or rate per unit of input $14/lb $21/hour
Actual output 20,000 units 20,000 units
Direct-material price variance $120,000 F -
Direct-material quantity variance b -
Total of direct-material variances $40,000 -
Direct-labor rate variance - d
Direct-labor efficiency variance - $200,000 F
Total of direct-labor variances - $130,000F

Put your comment

Ask Question & Get Answers from Experts
Browse some more (Managerial Accounting) Materials
Calculate the cash flow budget for Empire Enterprises for the 2016 year, on a quarterly basis.  All revenue and expense items have been provided.  Complete all necessary cal
Accounting for Management Problem Solving Assignment. Prepare a worksheet outlining the transactions of BEST Resources Ltd in June 2016. Ignore tax. (Your worksheet should in
Now combine the setup and packing activities into one cost pool and repeat the assignment using the number of setups as the driver. Explain why the cost assigned to each pro
Suppose my utility function for asset position x is givenby u(x)  ln x.a Am I risk-averse, risk-neutral, or risk-seeking?b I now have $20,000 and am considering the following
Are manufacturing overhead costs fixed, variable, or mixed? Explain and graph Renkas Industries' manufacturing overhead costs against DL hours. Use Excel or graph by hand.
A new plant accountant suggested that the company may be able to assign support costs to products more accurately by using an activity based costing system that relies on a se
Prepare an income statement for the year ended December 31, 20X6, by using direct costing and prepare an income statement for the year ended December 31, 20X6, by using absorp
First, how might you determine if the medication affected children? Second, speculate what factors you might have to address that may not have been considered during the initi