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Standard Costing and Variances
Assume that your product uses a standard costing system and answer the following:
How would the company go about setting standards for this product? What types of standards would be included?
How would managers of the company use the standard costs?
Assume the company reported the following variances in the most recent period. Can you think of a scenario that would explain each combination of variances?
Unfavorable direct materials price variance, favorable direct materials usage variance, and unfavorable direct materials spending variance.
Favorable direct labor rate variance, unfavorable direct labor efficiency variance, and unfavorable direct labor spending variance.
Unfavorable direct labor efficiency variance and unfavorable variable overhead efficiency variance.
Explain the budgeting process and its importance to a business, identifying the components of different budgets, forecast estimates for inclusion in the budgets.
Prepare a retained earnings statement for the year and Prepare a stockholders' equity section of given case.
Prepare a master budget for the three-month period.
Construct the company's direct labor budget for the upcoming fiscal year, assuming that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced.
Evaluate the Predetermined Overhead Rate
Determine the company's bid if activity-based costing is used and the bid is based upon full manufacturing cost plus 30 percent.
Complete the schedule to compute the pool rates for the different activities.
Prepare Company financial statements
This individual assignment is based on the TerraCycle Inc.
Discuss the ethical issues
Calculate the GDP in Income Approach and Expenditure Approach
A new plant accountant suggested that the company may be able to assign support costs to products more accurately by using an activity based costing system that relies on a separate rate for each manufacturing activity that causes support costs.
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