User Account

All Pages

Boss company standard cost accounting system recorded

Assignment Help Managerial Accounting
Reference no: EM13908687

Boss Company's standard cost accounting system recorded this information from its December operations. 

Standard direct materials cost . . . . . . . . . . . . . . . . . . . . . . . $100,000
Direct materials quantity variance (unfavorable) . . . . . . . . 3,000
Direct materials price variance (favorable) . . . . . . . . . . . . . 500
Actual direct labor cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90,000
Direct labor efficiency variance (favorable) . . . . . . . . . . . . 7,000
Direct labor rate variance (unfavorable) . . . . . . . . . . . . . . . 1,200
Actual overhead cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 375,000
Volume variance (unfavorable) . . . . . . . . . . . . . . . . . . . . . . 12,000
Controllable variance (unfavorable) . . . . . . . . . . . . . . . . . . . 9,000

Required: 

1. Prepare December 31 journal entries to record the company's costs and variances for the month. (Do not prepare the journal entry to close the variances.) Analysis Component: 

2. Identify the areas that would attract the attention of a manager who uses management by exception. Explain what action(s) the manager should consider.

Reference no: EM13908687

Questions Cloud

How would you judge effectiveness of your regression model : If you were to run a regression with dog weight as the dependent variable, choose an appropriate set of independent variables and report your proposed regression equation. How would you judge the effectiveness of your regression model
What value would you assign to the company : Furthermore, at the end of the five years, she expects the company's payout rate to increase from its present 30% up to 50%. What value would you assign to the company?
Implement simple global constant identifiers : Implement simple global constant identifiers - Generate the correct machine code instruction to load a constant value into a register when a constant IDENT in the factor rule is recognised.
Write down the forecast of next periods earnings : Write down the forecast of next period's earnings if Earnings are a mean reverting process with no trend or cycle and Earnings are a mean reverting process with a trend but not a cycle.
Boss company standard cost accounting system recorded : Boss Company's standard cost accounting system recorded this information from its December operations.
How earnings be forecast if there was a strong relationship : How would earnings be forecast if there was a strong relationship between the firm's earnings and the industry's and economy's earnings?
Kryll company set the following standard unit costs : Kryll Company set the following standard unit costs for its single product.
What tax rate would make the law of one price hold : Assume the data shown below. What tax rate would make the law of one price hold? Assume that the capital gains tax is one-half the ordinary income tax.
What is the duration of the bond : What is the duration of the bond? If the yield curve remains unchanged, what is the bond's duration in three years? In five years? In eight years?

Reviews

Write a Review

Managerial Accounting Questions & Answers

  Explain the prerequisites necessary for accounting control

Identify and explain the prerequisites necessary for accounting control and analyse the difficulties that might be experienced in achieving them.

  Target costing-unit cost

Calcutron Company is contemplating introducing a new type of calculator to complement its existing line of scientific calculators.

  Type your homework question here like help me understand

type your homework question here like help me understand this chemistry profinkler residential treatment facility

  Product costing- traditional and activity

Determine total product cost per unit for each product using an activity based costing system. Use the number of units as the cost driver for each activity.

  Exercise 1johnson enterprises uses a computer to handle its

exercise 1johnson enterprises uses a computer to handle its sales invoices. lately business has been so good that it

  Determine company bs operating profit for scenario

Suppose Company B sold 10 percent more units during the year than it did according to table. Determine Company B's operating profit for this scenario.

  What will happen to money demand over time

What will happen to money demand over time and if the Fed leaves the money supply unchanged. what will hap-pen to the interest rate over time?

  Calculate the approximate equivalent annual percentage cost

Calculate the approximate equivalent annual percentage cost of a discount of 2%, which reduces the time taken by credit customers to pay from 70 days to 30 days.

  Absorption costing net operating income last year

what would be the overall margin on the order - What was the absorption costing net operating income last year?

  What was indiana corporations net operating income

What was Indiana Corporation's net operating income for the year using variable costing - Manufacturing costs and selling and administrative expenses for the year were as follows:

  Describing activity-based costing

What is generally true regarding overhead allocation to high-volume products versus low-volume products under the traditional costing system?

  Compute the selling price of the bonds

Compute the selling price of the bonds under the three different options and indicate what option would be the best, and support your answer.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd