Prepare a performance report for the period based on actual production. If an amount box does not require an entry, enter "0". Enter a favorable variance as a negative amount, and a afavorable variance as a positive amount. If an amount is zero, enter "0" and choose "Not applicable" from the dropdown list. Healthy Pet Company Performance Report - Overhead For the Current Year Actual Budgeted Variance nits produced 190,000 x 160,000 x V Not applicable roduction unit: Maintenance 81,300 80,750 550 V Unfavorable Power 18,700 18,800 100 X Favorable Indirect labor 143,600 142,200 V 1,400 V Unfavorable Rent 39,000 39,000 v V Not applicable
Q: On May 1, Shilling Company sold merchandise in the amount of $5,800 to Anderson, with credit terms o...
A: Under Gross Method, Sales are recorded at the invoice amount and the cash discount is recorded when ...
Q: Dunkin, Inc. reported revenues of $150,000 and expenses of $70,000 in each of its first three years ...
A: The effect of the difference between the income tax reported in the books as per GAPP and the income...
Q: Weinsterin Inc. produces chemicals for large biotech companies. It has the following data for manufa...
A:
Q: Shapes 9. You and your spouse purchased a home 5 years ago for $110,000. The home was financed by pa...
A: Equity in Home: Equity is the distinction between what one owes on their home loan and what their ho...
Q: Prepare a revised balance sheet given the available information, Assume that the accumulated depreci...
A: Statement of financial position refers to a statement which provides a brief summary of the company’...
Q: On October 1, 2021, Neon Company purchased a P2,000,000 face value 10% debt instrument paying a tota...
A: A profit and loss statement is a financial statement that shows a company's income and expenses over...
Q: What would be the payback period for the machine? What would be the net present value?
A: Cost of the Machine 360000 Life 6 years Salvage Value Zero SLM For Depreciation Ann...
Q: issues are often encountered in declining executive compensation
A: Executive compensation refers to the compensation for executive officers of a company.
Q: Ali Mamat Enterprise Trial Balance as at 31 December 2019 Debit (RM) Credit (RM) 190,576 Particulars...
A: Formula: Net income = Revenues - Expenses
Q: Expenses paid in advance indicates 1-Expenses not yet paid. 2- Expenses will be paid in future. 3- E...
A: Expense paid in advance is to be recognized as an asset in balance sheet. It is amount paid without...
Q: A specific model of computer servers are being sold by Company A for $26,700 each, offering trade di...
A: Solution:- Given, Computer servers sold by Company A = $26,700 Offering trade discounts = 8% and 5% ...
Q: Which county would charge the lower property tax? O County A O County B What is the annual savings? ...
A: Property tax is assessed by multiplying the Fair market value of the property with tax rate and divi...
Q: Account DR Cash $40,000 A/R 20,000 Rent Exp 12,000 Dividends 5,000 Sales Return 8,000 Wage Exp 15,00...
A: The income statement is one of the financial statements of the business which tells about the profit...
Q: You are given the following information relating to Exodus Trading: Gross profit rate based on cost...
A: Cost of Goods Sold = Cost of Goods Available for Sale in 2022 - Merchandise Inventory as on Dec 31, ...
Q: Borrowings that are contracted to be paid after 36 months us classified as non-current liabilities S...
A: Borrowings - Borrowings is the amount borrowed from the lender for some specific purpose to be repai...
Q: Proposed Pricing for two models under consideration Selling Price $299.00 Base $399.00 Deluxe Variab...
A: Lets understand the basics. Break even point is a point at which no profit/no loss condition arise. ...
Q: avid Wallace, Olena Dunn, and Danny Lin were partners in a commercial architect firm and showed the ...
A: The running of a partnership business in accordance with the stipulated law prescribed on it. There ...
Q: Company sells a product for $90.00 per unit. Variable costs are $50 per unit, and fixed costs are $1...
A: calculation of contribution margin ratio are as follows
Q: 1. Prepare a journal entry for each of the following transactions. a) Miracle Body Corporation sells...
A: A journal entry records a business transaction in the accounting system for an organization. Every...
Q: Prepare Statement of Comprehensive Income and Statement of Financial Position as at 31 Dec 2021.
A: We are given the trial balance of Zombie Berhad as on 31st Dec 2021 along with some additional infor...
Q: xercise 20-14 (Algo) Warranty expense [LO20-4] Woodmier Lawn Products introduced a new line of comme...
A: Entries are used to record financial transactions. To generate a journal entry, you enter transactio...
Q: Depreciation OMR 12000 Net Profit OMR 148000 The following accounts decreased during 2020 Accounts r...
A: Introduction: Statement of cash flows: All cash in and out flows are shown in cash flow statements. ...
Q: E16.16 (LO 4) (Weighted-Average Ordinary Shares) Portillo SA uses a calendar year for financial repo...
A:
Q: Equity equals to a) Capital b) Retained Earnings c) Difference between assets and liabilities d) Pe...
A: As per IFRS 9 Financial instruments standard an equity is an residual interest in company assets af...
Q: EXHIBIT 1 Account Balances June 30 $ 21,315 26,505 2,202 157,950 5,928 29,250 585,000 390,000 66,660...
A: Balance Sheet June 01, XXX ASSETS Current Assets Accounts Receivable $ ...
Q: May the taxpayer's liability to pay tax be a subject of set-off? Why?
A: May the taxpayer's liability to pay tax be a subject of set-off? Why?
Q: A Swiss Interior Company produces and sells lamps that are sold usually all year round. The company ...
A: Lets understand the basics. Break even point is a point at which there is no profit/no loss conditio...
Q: The formula "(Sales Revenue – Cost of Goods Sold) + Sales Revenue" produces:
A: The income statement represents the net profit or net loss of the company that is calculated by dedu...
Q: National Construction agreed to construct a building for Berninger Corp with construction beginning ...
A: Solution: Under percentage of completion method of long term construction contracts, revenue is reco...
Q: First Time Corporation conducted an IPO, issuing 2 million common shares with a par value of P0.25 t...
A: Calculation of equity account and market capitalization end of first year are as follows
Q: Accounting Walmart leases equipment to Staples on Jan 1, 2020. The lease is appropriately recorded a...
A: Solution Computation of the present value of minimum lease payment- Year Annual lease rent Year ...
Q: Sam and Devon agree to go into business together selling college-licensed clothing. According to the...
A: Calculation of devon income are as follows.
Q: You are given the following information relating to Exodus Trading: Gross profit rate based on cost...
A: W.N.1: Calculation of Credit Sales in 2022: Cost of Sales = Cost of goods available for ...
Q: For the current year, the maximum percentage of social security benefits which might be included In ...
A: The question is related to Social Security benefit.
Q: On January 2, 2018, Indian River Groves began construction of a new citrus processing plant. The aut...
A: One of three methods for analysing your company's inventory stock is to use the weighted average cos...
Q: The following information was extracted from the financial statements working papers file for year e...
A: A balance sheet is a representation of an individual's personal or corporation's financial balances ...
Q: Randy established a trust, reserving in himself the power to terminate the trust if he is not satisf...
A: Here in this scenario Randy establish the trust and reserves himself power to terminate the trust w...
Q: A company has the following budgeted and actual cost data for manufacturing 2,000 Product X units: D...
A: Calculation of gross profit for 15 product are as follows
Q: Mercury Company has only one inventory pool. On December 31, 2021, Mercury adopted the dollar-value ...
A: computation of inventory using LIFO method are as follows
Q: At the start of the year, the balance on Sara's capital account was $55.689. During the year Sara ma...
A: Lets understand the basics. For calculating ending balance of capital account, we will need to use b...
Q: On July 1, 2021, Dreeben Company acquired P600,000 (face value), 10%, P1,000 bonds at 99 plus accrue...
A: As Given in the question Dreeben Company purchased P 600,000 (face value) at 10%, P 1,000 bonds at ...
Q: A number of issues are faced in the area of financial reporting. Select four issues that you conside...
A: Solution Financial reporting is used to disclose the financial information and performance of a comp...
Q: Glassica, Inc. is a manufacturer of lead crystal glasses. The standard direct materials quantity is ...
A: Material efficiency variance = Standard price × [Actual quantity - Standard quantity]
Q: Umbrella Corporation is owned by Annie and Bobby. The Corporation was formed by Annie and Bobby in 2...
A: S Corporation: A S corporation, otherwise called a S subchapter, alludes to a kind of company that m...
Q: The element of financial performance is a) © Accounts payable. b)© Capital. © Sales revenue. d) @ ...
A: Financial performance is a measure of how well a particular company is performing during a particula...
Q: Bible Community of the Philippines, Inc. (BCPI)is registered with the Securities and Exchange Commis...
A: Solution Business tax or more commonly known as Vat . It is levied on the value or added on certain...
Q: How would the carrying value on the amortization table will be computed when an interest-bearing not...
A: The carrying value on the amortization table will be computed when an interest-bearing note collecti...
Q: Which of the following is part of the payments system of the economy? A. currency B. demand deposits...
A: A payment system is any mechanism that settles banking transactions by transferring monetary value. ...
Q: Part 3 of the previously attached question, Thank you for helping! Zing Cell Phone Company entered ...
A: The journal keeps the record for day to day transactions of the business on regular basis. The jour...
Q: 1. Cash balance according to the company's records at August 31, $17,100. 2. Cash balance according ...
A: Introduction: Bank Reconciliation statement: To reconcile the difference between Cash and pass book ...
Please only answer one's with RED x's. Thank you!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Use the following information for Problems 9-67 through 9-69: Ladan Suriman, controller for Healthy Pet Company, has been instructed to develop a flexible budget for overhead costs. The company produces two types of dog food. BasicDiet is a standard mixture for healthy dogs. SpecialDiet is a reduced protein formulation for older dogs with health problems. The two dog foods use common raw materials in different proportions. The company expects to produce 80,000 bags of each product during the coming year. BasicDiet requires 0.20 direct labor hour per bag, and SpecialDiet requires 0.30 direct labor hour per bag. Ladan has developed the following fixed and variable costs for each of the four overhead items: Problem 9-67 Overhead Budget for a Particular Level of Activity Refer to the information for Healthy Pet Company above. Required: 1. Calculate the total direct labor hours required for the production of 80,000 bags of BasicDiet and 80,000 bags of SpecialDiet. 2. Prepare an overhead budget for the expected activity level (calculated in Requirement 1) for the coming year.Use the following information for Problems 9-67 through 9-69: Ladan Suriman, controller for Healthy Pet Company, has been instructed to develop a flexible budget for overhead costs. The company produces two types of dog food. BasicDiet is a standard mixture for healthy dogs. SpecialDiet is a reduced protein formulation for older dogs with health problems. The two dog foods use common raw materials in different proportions. The company expects to produce 80,000 bags of each product during the coming year. BasicDiet requires 0.20 direct labor hour per bag, and SpecialDiet requires 0.30 direct labor hour per bag. Ladan has developed the following fixed and variable costs for each of the four overhead items: Problem 9-69 Performance Report Based on Actual Production Refer to the information for Healthy Pet Company on the previous page. Assume that Healthy Pet actually produced 100,000 bags of BasicDiet and 90,000 bags of SpecialDiet. The actual overhead costs incurred were as follows: Required: 1. Calculate the number of direct labor hours budgeted for actual production of the two products. 2. Prepare a performance report for the period based on actual production. 3. CONCEPTUAL CONNECTION Based on the report, would you judge any of the variances to be significant? Can you think of some possible reasons for the variances?Ladan Suriman, controller for Healthy Pet Company, has been instructed to develop a flexible budget for overhead costs. The company produces two types of dog food. BasicDiet is a standard mixture for healthy dogs. SpecialDiet is a reduced protein formulation for older dogs with health problems. The two dog foods use common raw materials in different proportions. The company expects to produce 80,000 bags of each product during the coming year. BasicDiet requires 0.20 direct labor hour per bag, and SpecialDiet requires 0.30 direct labor hour per bag. Ladan has developed the following fixed and variable costs for each of the four overhead items: Overhead Item Fixed Cost Variable Rate per DirectLabor Hour Maintenance $ 57,250 $0.50 Power 0.40 Indirect labor 43,500 2.10 Rent 39,000 Assume that Healthy Pet actually produced 100,000 bags of BasicDiet and 90,000 bags of SpecialDiet. The…
- At Soothing Serums, Inc., Division A produces a lotion base that is purchased by customers who add additional ingredients to create their own skin care products. Soothing Serums has decided to create a new Division B that would add some ingredients and allow Soothing Serums to enter the skin care market themselves. Division A has the capacity to produce 30,000 gallons of lotion base per month and the variable cost of each gallon is $35. Currently, Division A sells approximately 25,000 gallons of lotion base each month to customers for $47 per gallon. If they were to create Division B, it would need to purchase 15,000 gallons of lotion base per month from Division A. Division A would not realize any savings in variable costs from selling the lotion base to Division B instead of selling to outside customers. From Division A's standpoint, the lowest acceptable transfer price would be: Multiple Choice $43.00 per unit $47.00 per unit $20.00 per unit $35.00 per unitLadan Suriman, controller for Healthy Pet Company, has been instructed to develop a flexible budget for overhead costs. The company produces two types of dog food. BasicDiet is a standard mixture for healthy dogs. SpecialDiet is a reduced protein formulation for older dogs with health problems. The two dog foods use common raw materials in different proportions. The company expects to produce 80,000 bags of each product during the coming year. BasicDiet requires 0.20 direct labor hour per bag, and SpecialDiet requires 0.30 direct labor hour per bag. Ladan has developed the following fixed and variable costs for each of the four overhead items: Overhead Item Fixed Cost Variable Rate per DirectLabor Hour Maintenance $ 57,250 $0.50 Power 0.40 Indirect labor 43,500 2.10 Rent 39,000 Required: 1. Calculate the total direct labor hours required for the production of 80,000 bags of…Stenback manufactures coffee mugs that it sells to other companies for customizing with their own logos. Stenback prepares flexible budgets and uses a standard cost system to control manufacturing costs. The standard unit cost of a coffee mug is based on static budget volume of 60,200 coffee mugs per month: Direct Materials (0.2 lbs @ $0.25 per lb) $0.05 Direct Labor (3 minutes @ $0.10 per minute) 0.30 Manufacturing Overhead: Variable (3 minutes @ $0.06 per minute) $0.18 Fixed (3 minutes @ $0.13 per minute) 0.39 0.57 Total Cost per Coffee Mug $0.92 a.There were no beginning or ending inventory balances. All expenditures were on account. b.Actual production and sales were 62,900 coffee mugs. c. Actual direct materials usage was 10,000 lbs. at an actual cost of $0.17 per lb. d. Actual direct labor usage was 202,000 minutes at a total cost of $24,240. e. Actual overhead cost was $10,100 variable and $30,800 fixed. f. Selling and administrative costs were $131,000. Select the…
- Rouse manufactures coffee mugs that it sells to other companies for customizing with their own logos. Rouse prepares flexible budgets and uses a standard cost system to control manufacturing costs. The standard unit cost of a coffee mug is based on static budge volume of 59,700 coffee mugs per month:Maizy Industries is a producer of baby products. They manufacture two main products: spit-up rags and blankets. The company currently allocates manufacturing overhead to production at a rate of $5.00 per direct labor hour. In order to gain a better understanding of how its products consume overhead resources, the company is considering using activity-based costing for internal planning and decision-making purposes. Two activities have been identified as generating 80% of the total budgeted manufacturing overhead. Information related to the two activities is as follows: Activity Machine Setup Inspection Cost Pool $100,000 $80,000 Cost Driver Activity Level 305 Setups 1,000 Inspection Hours The remaining overhead is attributable to general factory costs and will continue to be allocated based on direct labor hours. If one of the company's products requires 50 setups, 500 inspection hours, and 10,000 direct labor hours, is the product being overcosted or undercosted by the traditional…Palladium Inc. produces a variety of household cleaning products. Palladium's controller has developed standard costs for the following four overhead items: Overhead Item Total Fixed Cost Variable Rate per Direct Labor Hour Maintenance $86,000 $0.20 Power $0.45 Indirect Labor $140,000 $2.10 Rent $35,000 Next year, Palladium expects production to require 88,000 direct labor hours. Prepare an overhead budget for the expected level of direct labor hours for the coming year.
- Marvel Parts, Inc., manufactures auto accessories. One of the company’s products is a set of seat covers that can be adjusted to fit nearly any small car. The company has a standard cost system in use for all of its products. According to the standards that have been set for the seat covers, the factory should work 1,000 hours each month to produce 2,000 sets of covers. The standard costs associated with this level of production are: Total Per Setof Covers Direct materials $ 41,400 $ 20.70 Direct labor $ 8,000 4.00 Variable manufacturing overhead (based on direct labor-hours) $ 3,400 1.70 $ 26.40 During August, the factory worked only 1,050 direct labor-hours and produced 2,400 sets of covers. The following actual costs were recorded during the month: Total Per Setof Covers Direct materials (7,500 yards) $ 48,000 $ 20.00 Direct labor $ 10,080 4.20 Variable manufacturing overhead $ 5,040 2.10 $ 26.30 At…Annie's Homemade prepares a direct materials budget for its ice cream base, which is the foundational component of all ice cream flavors. It includes ingredients such as whole milk, heavy cream, and sugar that provide a "blank canvas" for creating create specific flavors. The company buys ice cream base from a supplier for $62 per case, each of which contains two 2.5-gallon bladders. Each 2.5- gallon bladder produces an average of 80 servings of ice cream. The company always maintains ending inventories equal to 20% of next quarter's production needs. The estimated quarterly production (in servings) for next year are as follows: Quarter 1 13, 200 Quarter 2 20,000 Budgeted production in servings Required: Prepare a direct materials budget by quarter and in total for next year. Required production in servings Servings per case Number of cases needed to meet production Add desired ending inventory in cases Total cases needed Less beginning inventory in cases Cases to be purchased Cost per…Annie's Homemade prepares a direct materials budget for its ice cream base, which is the foundational component of all ice cream flavors. It includes ingredients such as whole milk, heavy cream, and sugar that provide a "blank canvas" for creating create specific flavors. The company buys ice cream base from a supplier for $62 per case, each of which contains two 2.5-gallon bladders. Each 2.5- gallon bladder produces an average of 80 servings of ice cream. The company always maintains ending inventories equal to 20% of next quarter's production needs. The estimated quarterly production (in servings) for next year are as follows: Budgeted production in servings Required: Quarter 1 13,200 Quarter 2 20,000 Quarter 3 30,000 Quarter 4 15,200 Prepare a direct materials budget by quarter and in total for next year. Required production in servings Servings per case Number of cases needed to meet production Add beginning inventory in cases Total cases needed Less desired ending inventory in…