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!
Portland Company's Ironton Plant produces precast ingots for industrial use. Carlos Santiago, who was recently appointed general manager of the Ironton Plant, has just been handed the plant's contribution format income statement for October. The statement is shown below:
Mr. Santiago was shocked to see the loss for the month, particularly because sales were exactly as budgeted. He stated, "I sure hope the plant has a standard cost system in operation. If it doesn't, I won't have the slightest idea of where to start looking for the problem."
The plant does use a standard cost system, with the following standard variable cost per ingot:
Purchased 20,200 pounds of materials at a cost of $2.85 per pound. There were no raw materials in inventory at the beginning of the month.
Used 15,000 pounds of materials in production. (Finished goods and work in process inventories are insignificant and can be ignored.)
Incurred a total variable manufacturing overhead cost of $10,260 for the month. A total of 2,700 machine-hours was recorded.
Direct materials price and quantity variances. (Input all amounts as positive values. Leave no cells blank - be certain to enter "0" wherever required. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Omit the "$" sign in your response.)
Direct labor rate and efficiency variances. (Input all amounts as positive values. Leave no cells blank - be certain to enter "0" wherever required. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Omit the "$" sign in your response.)
Variable overhead rate and efficiency variances. (Input all amounts as positive values. Do not round your intermediate calculations. Leave no cells blank - be certain to enter "0" wherever required. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Omit the "$" sign in your response.)
Summarize the variances that you computed in (1) above by showing the net overall favorable or unfavorable variance for October. (Input the amount as a positive value. Leave no cells blank - be certain to enter "0" wherever required. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Omit the "$" sign in your response.)
Pick out the two most significant variances that you computed in (1) above. (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer.)
bonniwell corporation has two divisions the delta division and the alpha division. the delta division has sales of
youre trying to save to buy a new 210000 ferrari. you have 50000 today that can be invested at your bank. the bank pays
In connection with the issue of bonds at a premium or a discount, what does the term carrying value of bonds mean? What would the carrying value be at maturity date?
income statement and balance sheet data for virtual gaming systems are provided below. virtual gaming systems income
9,000 units were in process at the beginning of the month and were 40% complete. 8,000 units were in process at the end of the month, and were 70% complete. The company uses weighted average process costing.
What are the steps of the accounting cycle? Why is it necessary to make adjusting entries at the end of each accounting period? What would happen if all of the steps of the accounting cycle were not completed in a specific accounting period?
The current interest rate is 10 percent, what is the current market price of the bond?
Suppose the government decides to increase taxes by $30 billion in order to increase SocialSecurity benefits by the same amount. How will this combined tax-transfer policy affect aggregatedemand at current prices?
What are the relative roles of fraud theory, evidence, expert opinion, and a court case in fraud investigations?
Question: Should this managerial reporting of standard variance practice be permitted to continue? If not why and what affects does this accounting practice have on the company and its investors?
write down a 700- to 1050-word summary of teams discussion about ifrs v. gaap based on your team collaborative
will you please summarize this mission statement of aicpasthe aicpas mission is to provide members with resources
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