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Antikron Company produces rubber seals used in the aerospace industry. Standards call for 4 pounds of material at $3.50 per pound for each seal. The standard cost for labor is .6 hours at $21 per hour. Standard overhead is $8 per unit. For the year 2012, expected production is 120,000 seals with fixed overhead of $120,000 and variable overhead of $7 per seal. During 2012, a total of 110,000 seals were produced. The company purchased 450,000 pounds of material for $1,665,000.Production required 435,000 pounds of material. The cost of direct labor incurred was $1,452,000 with an actual average wage rate of $22 per hour. Actual overhead for the year was $955,000.
Required:
a. Determine the standard cost per seal.
b. Calculate the material, labor, and overhead variances.
c. Prepare a summary of the variances, and indicate which variances should be investigated.
Discussion #4: Internal Controls The following is an excerpt from a conversation between two sales clerks, Craig Rice and Jill Allen. Craig and Jill are employed by Ogden Electronics, a locally owned and operated electronics retail store.
Compute the break-even point in dollars for 2014 and compute the contribution margin under each of the alternative courses of action.
As a result of the Sarbanes-Oxley Act of 2002, managerial accounting reports must now comply with generally accepted accounting principles (GAAP).
Compare bottom-line financial results of using the fixed budget and flexible budget if volumes (a) increase by 10% or (b) decrease by 10%.
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Sixty percent of the customers of a fast food chain order the whopper, French fries and a drink. If a random sample of 15 register receipts is selected, what is the probability that 10 or more will show that the above three food items were ordered?
Determine the cost per equivalent unit for direct materials and for conversion costs using the weighted-average method.
Compute the amount of ending inventory using (1) FIFO, (2) LIFO, and (3) weighted average.
at Cadmia service , the cashier collects checks and cash from customer and the junior accountant records the transaction the journal entries and bank reconciliatins.the treasurer signs check and approves contract.
Calculate the activity rate for the purchase order activity. Break the activity into fixed and variable components. Compute the total activity availability, and break this into activity usage and unused activity.
ProChem manufactures aspirin in a process operation. Details on production activity follow.
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