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The following standard costs were developed for one of the products of Ferrars Company:Standard Cost CardPer UnitMaterials: 4 feet x $14.25 per foot $ 57.00Direct labor: 8 hours x $10 per hour 80.00Variable overhead: 8 direct labor hours x $8 per hour 64.00Fixed overhead: 8 direct labor hours x $12 per hour 96.00Total standard cost per unit $297.00The following information is available regarding the company's operations for the period:Units produced: 11,000Materials purchased: 52,000 feet @ $13.95 per footMaterials used: 40,000 feetDirect labor: 84,000 hours costing $840,000Manufacturing overhead incurred:Variable $756,000Fixed $1,000,000Budgeted fixed manufacturing overhead for the period is $960,000, and the standard fixed overhead rate is based on expected capacity of 80,000 direct labor hours.Required:a. Calculate the materials price variance.b. Calculate the materials usage variance.c. Calculate the direct labor rate variance.d. Calculate the direct labor efficiency variance.e. Calculate the variable manufacturing overhead spending variance.f. Calculate the variable manufacturing overhead efficiency variance.g. Calculate the fixed manufacturing overhead spending variance.h. Calculate the fixed manufacturing overhead volume variance.i. Prepare all necessary journal entries.
Co-ownership incentive scheme or Profit Sharing Schemes The organization permits for ownership whereby the employees are permitted to own a percentage of the shares in the fir
what is the scope of cost accounting?
Methods Required To Allocate Joint Costs 1) Physical/Unit Measure 2) Constant gross margin rate 3) Net realizable value.
Overhead Costs Introduction Overhead costs may be defined like the net cost of indirect materials, indirect expenses and indirect labour. They may happen or be charged to
Accounts Payable or sundry creditors are generally unsecured debts owed through the firm. These are also considered to as payables on open accounts. They may not be evidenced throu
I need project help in Government and nonprofit accounting, can you help me in look out this problems?
A fixed cost is a cost which can't be easily identified or related to a cost per unit or activity of any kind for example a cost which remains constant when production of a service
(i) Describe the difference between the balance sheet and the income statement in financial statements of companies. (ii) Give two examples of intangible assets and two exampl
Amanda Deal, president of XYZ, had recently finished an arduous round of meetings with her financial staff". Those meetings dealt with the details necessary to produce an accurate
Purposes of standard cost accounting connection - suppose you were a management consultant and the client asked you the advantages and disadvantages of using standard costs and cos
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