The Clarkson Company produces engine parts for car manufactur- ers. A new accountant intem at Clarkson has accidentally deleted the company's variance analysis calculations for the year ended December 31, 2017. The following table is what remains of the data. Review Home Insert Page Layout Formulas Data View Performance Report, Year Ended December 31, 2017 2 Flexible-Budget Flexible Budget Sales-Volume Static Budget 120,000 Variances Actual Results Variances 3 130,000 $715,000 515,000 200,000 140,000 $ 60,000 4 Units sold 5 Revenues (sales) 6 Variable costs 7 Contribution margin 8 Fixed costs 9 Operating income $420,000 240,000 180,000 120,000 $ 60,000
Q: Analysis of sales variances to develop strategies to improve its profit position is an ongoing…
A: The question is related to Standard Costing. The Sales margin quantity variance is calculated with…
Q: Krueger Corporation in Washington, D.C., U.S., recently implemented a standard cost system. The…
A: Variance analysis is very important technique of cost accounting in which budegetd or standard costs…
Q: The director of cost management for Odessa Company uses a statistical control chart to help…
A: The question is based on the concept of Cost Accounting.
Q: Materials Variances Assume that Pearle Vision uses standard costs to control the materials in its…
A: Hey, since there are multiple requirements posted, we will answer first three requirements. If you…
Q: Xion Co. budgets a selling price of $80 per unit, variable costs of $35 per unit, and total fixed…
A: SOLUTION- FLEXIBLE BUDGET- IT IS ALSO CALLED VARIABLE BUDGET IS FINANCIAL PLAN OF ESTIMATED REVENUE…
Q: Silicone Engine Inc. produces wrist-worn tablet computers. The company uses Thin Film Crystal (TFC)…
A: Price variance = (Standard price - Actual price) x Actual Qty Quantity variance = (Standard qty -…
Q: During June, the Conchran Manufacturing Company's costing system reported several variances that the…
A: Standard costing is an costing method where it was used to identify variances between actual and…
Q: Sunland Family Instruments makes cellos. During the past year, the company made 6,610 cellos even…
A: Standard labor rate = actual labor rate - 0.50 = 20 - 0.50 = $19.50 per hour
Q: Standard Costs and Operating Performance Measures 33. 357 The following information relates to a…
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Analysis of sales variances to develop strategies to improve its profit position is an ongoing…
A: The answer is stated below:
Q: To calculate the performance report of advertising revenue at the Daily News for March 2021, below…
A: Revenue variance refers to difference between the budgeted and actual revenue. Revenue variance=…
Q: Deems Company’s budgeted fixed factory overhead cost is P50,000 per month plus a variable factory…
A: Budgeted factory overhead = Variable factory overhead + Fixed factory overhead = (18000×P4) +…
Q: Bonita Incasements manufactures protective cases for MP3 players. During November, the company’s…
A: Labor efficiency variance: Labor efficiency variance = (Standard hours - Actual hours ) * Standard…
Q: he following data is for the month of June for the Sylvie Co. Master Budget: Sales of…
A: The variance is the difference between actual and budgeted data of production.
Q: The LM30 Company produces circuits for TV manufacturers. A new accountant intern at LM30 has…
A: The variance is the difference between standard and actual production data. The variance can be…
Q: Total Materials Variance Material Price Variance Material Quantity Variance Total Labor Variance…
A: Variance analysis: The process of evaluating the difference between the actual performance and the…
Q: Manama Company has budgeted its overhead costs for July 2020 as follows: budgeted $26,000 Actual…
A: The question is multiple choice question Required Choose the Correct Option.
Q: Several years ago, Westmont Corporation developed a comprehensive budgeting system for planning and…
A: The variance is the difference between the actual data and standard output of the production. The…
Q: The Terminator Inc. Variance Report For the Month Ended April 30 Actual Planning Budget Results…
A: Variance report is used to find the budgeted and actual figures for incomes and expenses. If…
Q: Using the following data from the records of Starts Inc. for November of the current year, prepare…
A: Since the cost of goods sold given in the question is standard, any favorable direct material,…
Q: Silicone Engine Inc. produces wrist-worn tablet computers. The company uses Thin Film Crystal (TFC)…
A:
Q: Deems Company’s budgeted fixed factory overhead cost is P50,000 per month plus a variable factory…
A: SOLUTION- WORKING NOTE- TOTAL BUDGET OVERHEAD = FIXED BUDGET OVERHEAD +(VARIABLE FACTORY OVERHEAD…
Q: The management accountant of a business is calculating the monthly variances to review and control…
A: Sales volume profit variance is the variance between budgeted units sold and actual units sold with…
Q: The following data were collected by Bemidji Co. for the month of June: Static budget data: Sales…
A: Actual revenue=15000×$45=$675,000
Q: Several years ago, Westmont Corporation developed a comprehensive budgeting system for planning and…
A: Variance analysis: It is the analysis drawn on comparing the budgeted costs with actual costs.
Q: Deems Company's budgeted fixed factory overhead cost is P50,000 per month plus a variable factory…
A: Formula: Applied factory overhead = Fixed factory overhead + Standard direct labor + Favorable…
Q: LJ Company has the following information for the third quarter of 2018:
A: Standard costing is a tool used in accounting in which the estimates are drawn about the expenses…
Q: The following data are available for the most recent year of operations for Slacker & Sons. The…
A: Sales Activity variance describes the variance of different components of the sales activity. So for…
Q: Deems Company's budgeted fixed factory overhead cost is P50,000 per month plus a variable factory…
A: Formula: Applied factory overhead = Budgeted fixed factory overhead + standard direct labor cost +…
Q: Bobs Consult, uses flexible budgeting for cost review purposes. The company’s master/static budget…
A: Supervisors Salary incurred for September month = $28000 Budgeted Supervisors salaries for the year…
Q: Deems Company’s budgeted fixed factory overhead cost is P50,000 per month plus a variable factory…
A: In two way variance Controllable variance=[Variable absorbed budgeted+Fixed budgeted]-Actual Total…
Q: Deems Company's budgeted fixed factory overhead cost is P50,000 per month plus a variable factory…
A: Formula Flexible budget variance = (Vaeiable budgeted overhead - variable actual…
Q: Deems Company's budgeted fixed factory overhead costs are $50,000 per month plus a variable factory…
A: Formula: Applied factory overhead = Fixed factory overhead + Standard direct labor + Favorable…
Q: Using the following data from the records of Starts Inc. for November of the current year, prepare…
A: Formulas:
Q: Deems Company's budgeted fixed factory overhead cost is P50,000 per month plus a variable factory…
A: Formula: Standard direct labor hour value = Direct labor hours x hourly rate
Q: Results Budget Budget essons 145 140 $ 33,110 $ 32,200 evenue <penses: Instructor wages $ 8,510…
A: A flexible budget performance report is used to compare actual results to the budgeted results…
Q: Calculating the Fixed Overhead Spending and Volume Variances Standish Company manufactures consumer…
A: Standard costing is an method of costing and it was used to identify variances between actual and…
Q: LOFAT Co. uses the two-way variance analysis for overhead performance. The budgeted factory overhead…
A: Factory Overhead Applied: One kind of direct overhead expenditure is called an applied overhead, and…
Q: Q.What are the actual and budgeted selling prices? What are the actual and budgeted variable costs…
A: Calculate budgeted selling price: Budgeted Selling Price = Budgeted Revenues ÷ Budgeted Sales…
Q: The following information is available for Brownstone Products Company for the month of July: Actual…
A: Master budget variance for July=Actual operating income-Budgeted operating income
Q: White Mountain Sled Company manufactures children's snow sleds. The company's performance report for…
A: Formulas for sales price and sales volume variance Sales price variance = AQ * ( ASP - SSP) Sales…
Q: The following data are available for the most recent year of operations for Slacker & Sons. The…
A: given that, sales activity variance is $288,000 F. actually sales units = 161000 units budgeted…
Q: Gleason Guitars produces acoustic guitars. The table below contains budget and actual information…
A: The computation of the table above contains budgets and actual information for the month of June are…
Q: Business Solutions's second-quarter 2020 fixed budget performance report for its computer furniture…
A: Flexible Budget Desk sales 194,040 186,480 / 148*154 Chair sales 32,640 28,560 / 56*64…
Q: Xion Co. budgets a selling price of $80 per unit, variable costs of $35 per unit, and total fixed…
A: >Flexible Budget is prepared as a part of variance analysis where actual cost and revenues are…
Q.Calculate all the required variances. (If your work is accurate, you will find that the total static-
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 2 images
- Brighter Corporation manufactures and sells two types of decorative lamps, Knox and Ayer. The are available for the year 2017. E (Click the icon to view the information.) Calculate (1) the cost of goods sold budget (label it Schedule 7) (2) the nonmanufacturing c it Schedule 8) and (3) the operating income budget for the year ending December 31, 2017. (1). Begin by calculating (1) the cost of goods sold budget (label it Schedule 7) for the year ending December 31, 2017. Schedule 7: Cost of Goods Sold Budget for the Year Ending December 31, 2017 Data Table Revenues %24 1,039,400 Beginning inventory of finished goods (1-1-2017) 88,440 Ending inventory of finished goods, 12-31-2017 66,780 Direct materials used 417,000 Direct manufacturing labor 120,900 Manufacturing overhead 137,450 Variable marketing costs (5% of revenues) Fixed marketing costs 45,000 Variable distribution costs ($0.50 per cu. ft. for 28,000 cu. ft.) Fixed distribution costs 47,000 Fixed administration costs 78,000 Print…Consider the following June actual ending balances and July 31, 2024 budgeted amounts for Octovios: 1(Click the icon to view the information.) Prepare a budgeted balance sheet for July 31, 2024. (Hint: It may be helpful to trace the effects of each transaction on the accounting equation to determine the ending balance of each account.) Complete the accounting equation for the July operating information. (Use a minus sign or parentheses to enter account reductions and contra asset balances and activity. If an input field is not used in the equation leave it empty; do not enter a zero. Abbreviations used: A/P = Accounts Payable, A/R = Accounts Receivable, Accum. Deprec. = Accumulated Depreciation, Merch. = Merchandise.) Stock- Merch. (Accum. Accounts holders' Cash + A/R + Inventory + Furniture + Deprec.) = Payable + equity…Consider the following June actual ending balances and July 31, 2024 budgeted amounts for Octovios: 1(Click the icon to view the information.) Prepare a budgeted balance sheet for July 31, 2024. (Hint: It may be helpful to trace the effects of each transaction on the accounting equation to determine the ending balance of each account.) Complete the accounting equation for the July operating information. (Use a minus sign or parentheses to enter account reductions and contra asset balances and activity. If an input field is not used in the equation leave it empty; do not enter a zero. Abbreviations used: A/P = Accounts Payable, A/R = Accounts Receivable, Accum. Deprec. = Accumulated Depreciation, Merch. = Merchandise.) Stock- Merch. (Accum. Accounts holders' Cash + A/R + Inventory + Furniture + Deprec.) = Payable + equity…
- Assume Marcella and the board adopted the spreadsheet prepared to forecast operations at 890,000 units (see the spreadsheet provided with this case) as the budget for 2016. At the close of the first six months of 2016, Marcella and the board asked the accountant to prepare an income statement for the first six months of 2016 to show how well the actual data compare to the budgeted data. The board asked to see a concise presentation showing only totals for variable and fixed costs. The analysis presented in Exhibit 2 below was provided for the board. Hanson expects sales and fixed costs to occur uniformly throughout the year. Exhibit 2: Budget Analysis as of June 30, 2016 Budget Actual Variance Sales units 445,000 470,000 Sales $ 1,824,500 $ 1,880,000 $55,500 Variable costs $694,200 $ 742,600 ($48,400)…This is not a graded question R A Chad Associates, a merchandising company, prepares its master budget on a quarterly basis.The following data have been assembled to assist in the preparation of the master budget for thefinal quarter.(a) As of September 30, 2005, the company’s balance sheet showed the following accountbalances:Cash $18 000Accounts receivables 96 000Inventory 25 200Building & equipment (net) 428 200Accounts payable $36 600Capital 380 000Retained earnings 150 800$567 400 $567 400(b) Actual sales for September and budgeted sales for the final quarter are as follows:September (actual) $120 000October 140 000November 170 000December 180 000January 100 000(c) Sales are 20% for cash and 80% on credit. All payments on credit sales are collected inthe month following the sale. The accounts receivable at September 30 are as a result ofSeptember credit sales.(a) The company’s gross profit rate is 40% of sales. The cost of goods sold is 60% of sales.(b) Monthly expenses are…Sunshine Goods Ltd is a revenue maximizing firm that engages in the analysis of variances to provide useful information to management. The company manufactures and sells three (3) products, RG, KC and MG. During July 2019 the following budgeted and actual results were presented to you the management accountant for analysis: Budgeted Results Product Total Sales $ Volume/units Price $ Contribution margin per unit $ Total contribution margin $ RG 585,000 900 650 820 738,000 KC 500,000 500 1,000 850 425,000 MG 300,000 600 500 720 432,000 Total 2,000 1,595,000 Actual Results Product Total Sales $ Volume/units Price $ Contribution margin per unit $ Total contribution margin $ RG 500,000 500 1,000 800 400,000 KC 270,000 300 900 `900 270,000 MG 105,000 350 300 700 245,000 Total 1,150 915,000 Required: Sales margin quantity…
- Sunshine Goods Ltd is a revenue maximizing firm that engages in the analysis of variances to provide useful information to management. The company manufactures and sells three (3) products, RG, KC and MG. During July 2019 the following budgeted and actual results were presented to you the management accountant for analysis: Budgeted Results Product Total Sales $ Volume/units Price $ Contribution margin per unit $ Total contribution margin $ RG 585,000 900 650 820 738,000 KC 500,000 500 1,000 850 425,000 MG 300,000 600 500 720 432,000 Total 2,000 1,595,000 Actual Results Product Total Sales $ Volume/units Price $ Contribution margin per unit $ Total contribution margin $ RG 500,000 500 1,000 800 400,000 KC 270,000 300 900 `900 270,000 MG 105,000 350 300 700 245,000 Total 1,150 915,000 Required: Sales margin price…Dear Bartleby, can you please help with "calculations for cost of goods sold/operating expenses occured in the following problem, for March, April, May and June, thank you. Following are the budgeted income statements for the second quarter of 2019 for SeaTech Inc.: April May June Sales $ 112,000 $ 136,000 $ 152,000 Cost of goods sold* 76,800 91,200 100,800 Gross profit $ 35,200 $ 44,800 $ 51,200 Operating expenses† 17,600 20,000 21,600 Operating income $ 17,600 $ 24,800 $ 29,600 *Includes all product costs (i.e., direct materials, direct labor, and manufacturing overhead).†Includes all period costs (i.e., selling, general, and administrative expenses).The company expects about 40% of sales to be cash transactions. Of sales on account, 65% are expected to be collected in the first month after the sale is made, and 35% are expected to be collected in the second month after sale. Depreciation,…Revenue and production budgets. (CPA, adapted) The Chen Corporation manufactures and sells two products: Thingone and Thingtwo. In July 2016, Chen’s budget department gathered the following data to prepare budgets for 2017:
- Flexible budget, working backward. The Clarkson Company produces engine parts for car manufacturers. A new accountant intern at Clarkson has accidentally deleted the company’s variance analysis calculations for the year ended December 31, 2017. The following table is what remains of the data.Do not provide solution in imge format. and also do not provide plagarised content otherwise i dislike. The management of Mecca Copy, a photocopying center located on University Avenue, has compiled the following data to use in preparing its budgeted balance sheet for next year.CashEnding Balances ?Accounts receivable$ 8,700Supplies inventory$ 5,100Equipment$ 37,000Accumulated depreciation$ 15,000 $ 2,400Accounts payableCommon stock$ 5,0007Retained earningsThe beginning balance of retained earnings was $34,000, net income is budgeted to be $18,700, and dividends are budgeted to be $5,200.Required:Prepare the company's budgeted balance sheet. (Amounts to be deducted should be indicated by a minus sign.The following information relates to a department of I. Graham Standard Costs and Operating Performance Measures Standard Costs and Operating Performance Measures 33. 357 Company for the fourth quarter 2018: Actual total overhead (fixed plus variable) Budget formula... Total overhead application rate... Spending variance Volume variance... P178,500 P110,000 plus PO.50 per hour P1.50 per hour P8,000 unfavorable P5,000 favorable ..... The total overhead variance is divided into three variances: spending, efficiency, and volume. What were the actual hours worked in this department during the quarter? 110,000 b. a. 137,000 153,000 с. 121,000 d. Refer to Question no. 33. What were the standard hours ailowed for good output in this department during the quarter? 105,000 b. 34. 120,000 115,000 a. C. 106,667 d. 35. Refer to Question no. 33. Each unit takes five hours to manufacture, and the selling price is P4.50 per unit. Based on the overhead budget fermula, how many units must be sold to…