Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
LivingstonCorporation recently implemented a standard cost system. The company's cost accountant has provided the following data to perform a variance analysis for May:
Standard Cost Information
Direct Material Standard Price
$12 Per pound
Standard Quantity Allowed Per Unit
4 pounds per unit
Direct Labor Standard Rate
$7 per hour
Standard Hours allowed Per Unit
0.5 hours per unit
Fixed Overhead Budgeted
$24,000 per month
Normal Level of Production
12,000 units per month
Variable Overhead Application Rate
$1.80 per unit
Fixed Overhead Application Rate
($24,000/12,000units)
$2.00 per unit
Total Overhead Application Rate
3.80 per unit
Actual Cost Information
Cost of Material Purchased & Used
$429,000
Pounds of material Purchased & Used
39,000 pounds
Cost of Direct Labor
$23,100
Hours of Direct Labor
4,200 hours
Cost of Variable Overhead
$17,750
Cost of Fixed Overhead
$24,200
Actual Volume of Production
10,400 units
Compute the following variances. Indicate whether each variance is favorable (F) or unfavorable (U):
(a) Materials price variance: $__________
(b) Materials quantity variance: $__________
(c) Laborrate variance: $__________
(d) Laborefficiency variance: $__________
(e) Overhead spending variance: $__________
(f) Overhead volume variance: $__________
Use the elements of the fraud triangle discussed in the chapter to identify internal control risks that should have influenced KPMG's position.
On March 1, 2010, Freeze Company hires a new employee who will start to work on March 6. The employee will be paid on the last day of each month. Should a journal entry be made on March 6? Why or why not?
presented below and on the next page are the ?nancial statements of rajesh company. rajesh company comparative balance
although you plan to do all of your own manufacturing in the near term you are confident that as volume grows you may
hal-marts inc. has two sales departments equipment andclothing. during february these two departments reported the
On March 1, 2011, Hess retired $400,000 of these bonds at 98 plus accrued interest. What should Hess record as a gain on retirement of these bonds? Ingore taxes.
Identify a publicly held multinational company of your choice. Research its filings to the SEC, particularly the 10-K and 10-Qs. Also, examine its annual report online. Then, answer the following questions
The adjustments are normal for this machine and are not the result of the damages. Compute the cost recorded for this machine.
What is unit manufacturing cost of A &B by using the currentoverhead ? What is unit manufacturing cost of A&B using ABC? isthe cost of A overstated/understated? how? - mathematically explain
in each of the following independent situations indicate the effect on taxable income and e amp p stating the amount of
Hope receives an $18,500 scholarship from State University. The university specifies that $8,500 is for tuition, books, supplies, and equipment, while $10,000 is for room and board. In addition, Hope works part-time at the campus library and earns..
Using the percentage of net sales method. uncollectible accounts expense for the year is $54000, balance of allowance for uncollectible is 18000 creedit befor adjustments what is the balance after adjustments?
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd