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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?
What are some of the nonfinancial measures provided by managerial accounting to assist managers in the decision-making process?
Each gallon of Old Guard, a popular aftershave lotion, requires 3 ounces of ocean scent. Budgeted production of Old Guard for the first three quarters of 2013 is:
Your CFO, in her initial work, needs to decide whether to set up a job order costing system or a process type costing system. She has asked you to make a recommendation based on the following information.
Comment on the employ of functional versus absorption income statement. Explain the differences in presentation and employ of each type of income statement. Describe the contribution margin concept or computation and when to use the information.
Oasimi Company, which has only one product, has provided following data concerning its most recent month of operations: Find out the unit product cost for the month under variable costing?
What are some of the different types of budgets? Explain in detail one kind of budget covered in the text. Explain what the budget is employed for and what information it provides the business.
Collect and examine two newspaper or magazine articles relation to management accounting issues. The analysis must include:
Pick a product you are familiar with or interested in. What product liability issues arise for that product? What measures can management take to prevent these product liability problems from arising? How can they minimize legal risk involving the..
What is full costing? Define and compare job order costing and activity-based costing.
When using a normal costing system, manufacturing overhead is applied using the ______________ manufacturing overhead rate and the _______________ quantity of allocation base.
What percentage of gross domestic product does spending for federal programs represent? What percentage does state and local government spending represent?
During the period, actual sales totaled 58,000 units. Prepare a variance report to show the difference between the master budget and the flexible budget.
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