Ningning Company makes a white liquid substance that is used to cover errors made on printed documents. Ningning expects to use 4 ounces of a chemical known as Fatal per bottle of correction fluid. Fatal expected to cost P0.40 per ounce. Actual materials cost amounted to P 0.46 per ounce. Ningning expected to make and sell 1,000,000 bottles of correction fluid during the period. Actual production amounted to 900,000 bottles and 4,095,000 ounces. The materials usage variance for Fatal is: O P 245,700 unfavorable O P 245,700 favorable P 198,000 unfavorable P 198,000 favorable
Q: Required: 1. Compute the margin. (Round your answer to 2 decimal places.) 2. Compute the turnover. (...
A: Alyeska Services Company 1. Margin for Alyeska Services Company: Margin = (Net Ope...
Q: [The following information applies to the questions displayed below.] Nix'lt Company's ledger on Jul...
A: These are the accounting transactions that are having a monetary impact on the financial statement o...
Q: As a fraud investigator, why you should be concerned about fraud trials as a result of resolving a f...
A: Answer:- Fraud investigator :- Fraud investigator is that person who investigates the alleged fraud...
Q: Mauro Products distributes a single product, a woven basket whose selling price is $30 per unit and ...
A: Break even point = Fixed costs /Contribution margin per unit where, Contribution margin per unit = ...
Q: Prepare Tiker Company's journal entries to record the following transactions and the adjusting entry...
A: Gain on sale of stock investment = Cash - Stock Investments Fair value adjustment is the difference ...
Q: Which of the following is an example of tacit knowledge? [OBJ. 6.2] O An introductory textbook for l...
A: there are generally three types of knowledge involved explicit knowledge is is it articulate, write ...
Q: If accounts receivable is projected to be $800,000 at the beginning of the next operating year and $...
A: The balance of sales made by an entity which is not received in cash or any or its equivalents is sh...
Q: How much are the deductible expenses for temporary business travel away from home?
A: If you travel away from home overnight on business, you can deduct these travel expenses: Airline, ...
Q: 1. Prepare the journal entry to record Tamas Company's issuance of 5,000 shares of $100 par value, 7...
A: Preferred Shares - Preferred Shares are the issued to the preference shareholders. They enjoy prefer...
Q: Raw material = Rp. 150.000 Labor cost = Rp. 60.000 Overhead variable cost = Rp 90.000 Fixed S&A cost...
A: Total variable cost = Rp150,000 + Rp60,000 + Rp90,000 + Rp30,000 ...
Q: True or False? You list the accounts on a Trial Balance in Ledger Order which is Assets, Liabilities...
A: The trial balance is prepared to record the final balance from the ledger accounts.
Q: 9. Suppose that a company gives out $100 cach month for the employee who most follows lean managemen...
A: Lean 7S principles are the 7 words which is used by management to improve the efficiency and effecti...
Q: Prepare journal entries to record each of the following transactions of a merchandising company. The...
A: Journal entry is the first step in recording financial transactions in the books of company. It must...
Q: XYZ Co has two divisions, X and Y. Division X makes a component for washing machines which it can on...
A: Transfer price refers is acknowledged as the price at which one division of an organization transfer...
Q: Tammy is single and owns and operates ABC, LLC. Her LLC (a sole proprietorship) has QBI of $850,000 ...
A: According to the rule, the QBI is limited to below options whichever is lower: (A) 20% of QBI OR (B)...
Q: A machine costing P480,000 is estimated to have a salvage value of 10% of the first cost when retire...
A: Answer) Calculation of Book value at the end of 5 year Year End Depreciation Expense Accumul...
Q: Anita pays 50% of the total cost for her benefits, her employer pays the other 50%. monthly premium ...
A: Total Combined benefit payable = Health premium + Dental Premium = $167.50 +$75.50 = $243 Since Anit...
Q: you to review the two financial statements below and give your analysis of the company’s performance...
A: "Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and ...
Q: . The Supplies account has an $800 debit balance to start the year. Supplies of $2,100 were purchase...
A: Solution: a. The supplies account has a $300 debit balance to start the year. No supplies were pu...
Q: Common stock-$15 par value, 150,000 shares authorized, 65,000 shares issued and outstanding $ 975,00...
A: Stock dividend is the distribution of dividend in the form of stock instead of cash. Generally, comp...
Q: What is the criterion a company uses to decide whether to include an expenditure in the cost of prop...
A: The criterion used by a corporation to determine whether a cost should be included in an asset's cos...
Q: Prepare the December 31 adjusting entry to report these investments at fair value. View transaction ...
A: Solution:- Preparation adjustment entry to report the investments at fair value as follows:- Note:--...
Q: Prepare the journal entry to record Autumn Company's issuance of 63,000 shares of no-par value commo...
A: For no par value shares issued, there is no discount or premium is recorded as the par value for the...
Q: a company plans to build a new office building in 5 years. How much should they set aside now to acc...
A: Answer 1) Calculation of amount to be set aside today if rate of return is 5% Amount to be invested ...
Q: Type of annuity that is made at the end of each period Perpetuity Annuity Due Ordinary Annuity O Def...
A: Annuity basically refers to the money that is insured by the organization to get each year after the...
Q: A company paid $0.82 in cash dividends per share. Its earn dividend yield equals:
A: In this question, we have to calculate dividend yield which can be calculated by dividing the divide...
Q: The Kwok Company's inventory balance on December 31, 2021, was $200,000 (based on a 12/31/2021 physi...
A: Inventory contains both raw materials utilized in manufacturing and completed commodities ready for ...
Q: payment of a call premium of $10,000. The bonds D,000. We call these bonds prior to maturity on Sept...
A: These are the accounting transactions that are having a monetary impact on the financial statement o...
Q: Assume no other adjusting entries are made during the year. a. Unearned Rent Revenue. The Krug Compa...
A: Unearned Rent Revenue: It is a liability account, with its regular balance on the credit side, while...
Q: What is the carrying amount of the bond investment on December 31, 2021? ( round off final answer)
A: Present Value of Bond = Present Value of Coupon Payments + Present Value of Redemption Value Present...
Q: How much gain from the sale of equipment must be reported in the consolidated income statement of Pe...
A: On January 1, 2021, Pe Inc. purchased Ra Corp. for P1,500,000 for 100% ownership of its common stock...
Q: A machine having a first cost of P60,000 will be retired at the end of 8 years. Depreciation cost is...
A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets ...
Q: Introduction and client background You are an audit senior in Riskam and Co and you are commencing...
A: Audit risk refers to the risk of misstatement identified during planning and willassist the auditor ...
Q: On December 1, Daw Co. accepts a $10,000, 45-day, 6% note from a customer. (1) Prepare the year-end ...
A: Date Account Titles and Explanation Debit Credit Dec'31 Accrued Interest on Note $ 50...
Q: A contract calls for semiannual payments of P40,000 for the the next 10 years and an additional paym...
A: Present value is the current value of the future cash flows at given specified rate. It means what w...
Q: Shadee Corp. expects to sell 560 sun visors in May and 330 in June. Each visor sells for $21. Shadee...
A: The selling and administrative expenses budget is prepared to record the estimated selling and admin...
Q: If a sole proprietor buys a printer for his business, where would the printer be reported on Schedul...
A: It would be reported under the category depreciation (Part 2, number 13 depreciation). No it would n...
Q: A corporation ssued NO shares of ns $5 par value common stock an payment of o $2.600 charge trom es ...
A: Introduction:- Issue of shares 180 Par value per share $5 Total par value of shares = 180 x $5=$900 ...
Q: Record the sale of the equipment under the following three separate cases assuming Garcia sells the ...
A: Solution:- Preparation of journal entries three different cases as follows under:-
Q: Chaz Corporation has taxable income in 2021 of $313,000 for purposes of computing the §179 expense a...
A: Depreciation is the diminution in the worth of the fixed assets due to its over use, obsolescence or...
Q: Common coverage of HMOs include Annual Check-ups, confinements, laboratory fees, doctor's fees and d...
A: HMO stands for Health Maintenance Organization which covers a variety area of services provided to t...
Q: Prepare journal entries to record the events and transactions 1-11 1. Record raw material purchases...
A: In the given question above, we need to make journal entries for the mentioned tranactions. Such ent...
Q: Financial ratio analysis is a widely used tool for assessing the "health" of an organization and ide...
A: Financial ratings are quantitative indicators that distinguish important information from a company'...
Q: What are the three major sections of the CAFR?
A: CAFR is basically stands for Comprehensive Annual Financial Report which basically helps in comprisi...
Q: d. Applied overhead to Jobs 136, 138, and 139. e. Transferred Jobs 136, 138, and 139 to Finished Goo...
A: The total cost is calculated as sum of materials, labor, and applied overhead cost.
Q: Schultz Electronics manufactures two ultra high-definition television models: the Royale which sells...
A: Solution 1: Allocation of overhead and computation of overhead cost per unit - ABC Activity Est...
Q: The unearned rent account has a balance of P36,000. If P4,000 of the P36,000 is unearned at the end ...
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in...
Q: An inventory of supplies showed $1,000 were used up. 2. There was $600 of depreciation on Furniture...
A: The financial statements of the business include the income statement and balance of the firm which ...
Q: Strategy Telecom (ST) made one of the largest single purchase of long-distance telephone time in ST ...
A: Ans. Rp1,200,000
Q: Yin-Yang Corporation is composed of three operating divisions. Overall, the Yin-Yang Corporation has...
A: It is stated that Yin-Yang Corporation evaluates its managers on the basis of return on investment. ...
Variance Analysis
In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.
Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
The materials usage variance for Fatal is:
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Martin Company manufactures a powerful cleaning solvent. The main ingredient in the solvent is a rawmaterial called Echol. Information concerning the purchase and use of Echol follows:Purchase of Echol Echol is purchased in 15-gallon containers at a cost of $115 per container. A discount of2% is offered by the supplier for payment within 10 days, and Martin Company takes all discounts. Shipping costs, which Martin Company must pay, amount to $130 for an average shipment of 100 15-galloncontainers of Echol.Use of Echol The bill of materials calls for 7.6 quarts of Echol per bottle of cleaning solvent. (Each galloncontains four quarts.) About 5% of all Echol used is lost through spillage or evaporation (the 7.6 quartsabove is the actual content per bottle). In addition, statistical analysis has shown that every 41st bottle isrejected at final inspection because of contamination.Required:1. Compute the standard purchase price for one quart of Echol.2. Compute the standard quantity of…North Co manufactures a powerful cleaning solvent. The main ingredient in the solvent is a raw material called Echol. Information concerning the purchase and use of Echol follows: Purchase of Echol. Echol is purchased in 20-quart containers at a cost of $50 per container. A discount of 4% is offered by the supplier for payment within 10 days, and North Co takes all discounts. Shipping costs, which North Co must pay, amount to $400 for an average shipment of 100 20-quart containers of Echol. Use of Echol. The bill of materials calls for 18.0 quarts of Echol per bottle of cleaning solvent. About 10% of all Echol used is lost through spillage or evaporation (the 18.0 quarts above is the actual content per bottle). In addition, statistical analysis has shown that every 51st bottle is rejected at final inspection because of contamination. Please make sure your final answer(s) are accurate to 2 decimal places. a) Compute the standard purchase price for one quart of Echol. Standard purchase…Bandar Industries manufactures sporting equipment. One of the company's products is a football helmet that requires special plastic During the quarter ending June 30, the company manufactured 3,300 helmets, using 2,475 klograms of plastic. The plastic cost the company $18,810. According to the standard cost card, each helmet should require 0.68 kilograms of plastic, at a cost of $8.00 per kilogram. Required: 1. What is the standard quantity of kilograms of plastic (SQ) that is allowed to make 3,300 helmets? 2. What is the standard materials cost allowed (SQ - SP) to make 3,300 helmets? 3. What is the materials spending variance? 4. What is the materials price varlance and the materials quantity variance? (For requirements 3 and 4, indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Do not round intermediote calculations.) 1. Standard quantity of kilograms allowed…
- Bandar Industries manufactures sporting equipment. One of the company's products is a football helmet that requires special plastic. During the quarter ending June 30, the company manufactured 3,200 helmets, using 2,080 kilograms of plastic. The plastic cost the company $15,808. According to the standard cost card, each helmet should require 0.56 kilogram of plastic, at a cost of $8.00 per kilogram. Required: 1. What is the standard quantity of kilograms of plastic (SQ) that is allowed to make 3,200 helmets? 2. What is the standard materials cost allowed (SQ × SP) to make 3,200 helmets? 3. What is the materials spending variance? 4. What are the materials price variance and the materials quantity variance? Note: For requirements 3 and 4, indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Do not round intermediate calculations. 1. Standard quantity of kilograms…Hel Bandar Industries manufactures sporting equipment. One of the company's products is a football helmet that requires special plastic. During the quarter ending June 30, the company manufactured 3,300 helmets, using 2,475 kilograms of plastic. The plastic cost the company $18,810. According to the standard cost card, each helmet should require 0.68 kilograms of plastic, at a cost of $8.00 per kilogram. Required: 1. What is the standard quantity of kilograms of plastic (SQ) that is allowed to make 3,300 helmets? 2. What is the standard materials cost allowed (SQ × SP) to make 3,300 helmets? 3. What is the materials spending variance? 4. What is the materials price variance and the materials quantity variance? (For requirements 3 and 4, indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Do not round intermediate calculations.) 1. Standard quantity of kilograms…es Bandar Industries manufactures sporting equipment. One of the company's products is a football helmet that requires special plastic. During the quarter ending June 30, the company manufactured 3,800 helmets, using 2,888 kilograms of plastic. The plastic cost the company $19,061. According to the standard cost card, each helmet should require 0.70 kilograms of plastic, at a cost of $7.00 per kilogram. Required: 1. What is the standard quantity of kilograms of plastic (SQ) that is allowed to make 3,800 helmets? 2. What is the standard materials cost allowed (SQ x SP) to make 3,800 helmets? 3. What is the materials spending variance? 4. What is the materials price variance and the materials quantity variance? (For requirements 3 and 4, indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Do not round intermediate calculations.) 1. Standard quantity of kilograms…
- Bandar Industries manufactures sporting equipment. One of the company’s products is a football helmet that requires special plastic. During the quarter ending June 30, the company manufactured 3,900 helmets, using 2,262 kilograms of plastic. The plastic cost the company $17,191. According to the standard cost card, each helmet should require 0.51 kilograms of plastic, at a cost of $8.00 per kilogram. Required: 1. What is the standard quantity of kilograms of plastic (SQ) that is allowed to make 3,900 helmets? 2. What is the standard materials cost allowed (SQ × SP) to make 3,900 helmets? 3. What is the materials spending variance? 4. What is the materials price variance and the materials quantity variance? (For requirements 3 and 4, indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Do not round intermediate calculations.)Shalom Company manufactures and sells Peace products. During the year, the company estimated for the production and sale of 15,000 units of Peace products. Each unit requires 1.50 kilos of direct material at a cost of P8 per pound. It takes 15 minutes to manufacture each unit of Peace product at a cost of P0.18 per minute. At the end of the current year, Shalom had produced and sold 16,000 Peace products for P50 per unit. The actual costs for direct materials and direct labor were P179,200, and P44,800, respectively. In your flexible budget performance report, identify the difference between budgeted and actual costs and indicate as favorable or unfavorable. Format should be: 8,000 F or 8,000 UF No need to indicate if the amount is positive or negative. direct materialsBandar Industries manufactures sporting equipment. One of the company's products is a football helmet that requires special plastic. During the quarter ending June 30, the company manufactured 3,400 helmets, using 2,584 kilograms of plastic. The plastic cost the company $17,054. According to the standard cost card, each helmet should require 0.69 kilogram of plastic, at a cost of $7.00 per kilogram. Required: 1. What is the standard quantity of kilograms of plastic (SQ) that is allowed to make 3,400 helmets? 2. What is the standard materials cost allowed (SQx SP) to make 3,400 helmets? 3. What is the materials spending variance? 4. What are the materials price variance and the materials quantity variance? Note: For requirements 3 and 4, indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Do not round intermediate calculations. 1. Standard quantity of kilograms…
- Shalom Company manufactures and sells Peace products. During the year, the company estimated for the production and sale of 15,000 units of Peace products. Each unit requires 1.50 kilos of direct material at a cost of P8 per pound. It takes 15 minutes to manufacture each unit of Peace product at a cost of PO.18 per minute. At the end of the current year, Shalom had produced and sold 16,000 Peace products for P50 per unit. The actual costs for direct materials and direct labor were P179,200, and P44,800, respectively. In your flexible budget performance report, identify the difference between budgeted and actual costs and indicate as favorable or unfavorable. Format should be: 8,000 F or 8,000 UF No need to indicate if the amount is positive or negative.Shalom Company manufactures and sells Peace products. During the year, the company estimated for the production and sale of 15,000 units of Peace products. Each unit requires 1.50 kilos of direct material at a cost of P8 per pound. It takes 15 minutes to manufacture each unit of Peace product at a cost of PO.18 per minute. At the end of the current year, Shalom had produced and sold 16,000 Peace products for P50 per unit. The actual costs for direct materials and direct labor were P197,200, and P42,300, respectively. In your flexible budget performance report, identify the difference between budgeted and actual costs and indicate as favorable or unfavorable. Format should be: 8,000 F or 8,000 UF No need to indicate if the amount is positive or negative. total prime costsBandar Industries manufactures sporting equipment. One of the company's products is a football helmet that requires special plastic. During the quarter ending June 30, the company manufactured 3,600 helmets, using 2,376 kilograms of plastic. The plastic cost the company $18,058. According to the standard cost card, each helmet should require 0.58 kilograms of plastic, at a cost of $8.00 per kilogram. Required: 1. What is the standard quantity of kilograms of plastic (SQ) that is allowed to make 3,600 helmets? 2. What is the standard materials cost allowed (SQ * SP) to make 3,600 helmets? 3. What is the materials spending variance? 4. What is the materials price variance and the materials quantity variance? (For requirements 3 and 4, indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Do not round intermediate calculations.) 1. Standard quantity of kilograms…