1. calculate the actual cost versus the budgeted cost of the planning project, which ic now complete. PROJECT BUDGETED COST REVISED BUDGET(BAC) ACTUAL COST COST VARIANCE CV% Planning 195,143 N/A 277,800.0 ........................ ..............
Q: Brave Company maintains a branch in Davao City and makes inventory shipment to its branch at 20%…
A: In case of group entities usually they sell the products to their group with margin. In case of…
Q: Safe Home provides house-sitting for people while they are away on vacation. Some of its customers…
A: Lets understand the basics. There are two type of system follows by the entity which are, (1) Cash…
Q: Which of the following statements regarding capital investments is not true? a.They involve some of…
A: Capital Investment: A corporation will make a capital investment when it buys tangible assets with…
Q: Please view the following video before answering this question. Video Solution: 05.02-PRO10 Click…
A: To derive future value of investment, we need to calculate net present value of total investment and…
Q: Drew Company’s predetermined overhead rate for 2022 is $12.00 per direct labor hour. Drew’s actual…
A: Calculate the amount of any overapplied or underapplied overhead in July:- Underapplied overhead =…
Q: A brand new pick-up truck was bought for Php420,000 downpayment and monthly installments of…
A: Lets understand the basics. When asset is purchased against the some downpayment and monthly…
Q: 1. 2. 3. 4. Investments in land were sold at cost during 2021. Equipment costing $56,640 was sold…
A: Cash Flow Statement : The statement of cash flow is one of the financial statement of…
Q: Shadee Corp. expects to sell 590 sun visors in May and 410 in June. Each visor sells for $21.…
A: Budgeted income statement is the one which is prepared to estimated the budgeted revenues and…
Q: The present worth of a multiyear investment with all positive cash flows (incomes) other than the…
A: Minimum acceptable rate of return (MARR), is the minimum required rate of return or target rate that…
Q: ABC reported a pretax financial income of P6M for the year 2021. Among the items reported in the…
A: Financial income is the net income calculated as per profit and loss account. Taxable income is the…
Q: Company Co. has 1,000 employees and it decides to grant each of the employees 200 share options as…
A: Non-vesting condition determines whether the award holder will get the share-based payment, but does…
Q: The first cost of a Turbo machine is Php 2,000,000 with a salvage value of Php 400,000 at the end of…
A: Constant percentage method :— In this method of depreciation, fixed rate of depreciation is applied…
Q: How about these questions: 1. How much is the balance of Account Receivable at December 31, 2021?…
A: Following is the answer of two questions.
Q: journalise the transaction
A: Promissory notes are instruments designed where the maker of the note (payer) makes a promise to pay…
Q: rest Components makes aircraft parts. The following transactions occurred in July. Purchased…
A: Answer : a. Prepare Journal entries b. Prepare T account
Q: Milano Gallery purchases the copyright on a painting for $480,000 on January 1. The copyright is…
A: Copyright :— A copyright is the Legal Privileges given to Owner to Publish & Sell. Copyright…
Q: Explain how activity-based costing differs from traditional costing systems. Imagine that your local…
A: How activity based costing differs from traditional costing? Answer Basis Traditional Costing…
Q: His total home office expenses are: His net business income based on notes 4 to 6 above is : 7. Paul…
A: 6. Total office expenses = 25% of personal residence Total cost associated with Paul's home is as…
Q: During June, Fraser Company's material purchases amounted to 5,100 pounds at a price of $8.25 per…
A: Variances are the differences between the standard and actual costs of direct material, direct labor…
Q: Item Prior year Current year Accounts payable 8,191.00 7,813.00 Accounts receivable 6,005.00…
A: Balance sheet shows the assets, liabilities and shareholders equity of the company during the…
Q: What characteristics of a plant asset make it different from other assets? Why does GAAP require…
A: Introduction: A plant asset is a group of assets that are used in a manufacturing process, such as a…
Q: Account balances at the end of the period: Fees income 230k, interest income 25k, accrued income…
A: Total expenses :— It is the total sum of expenditures incurred during the period. According to…
Q: Cool Beans is a locally owned coffeeshop that competes with two large coffee chains, Planet Euro and…
A: Cost estimate seems to be important for every project or program in order to accomplish the project…
Q: Yarmouth Company produces a liquid solvent in two departments: Mixing and Finishing. Accounting…
A: Weighted average method is one of the method used in process costing. Under this method, equivalent…
Q: When using the benefit-cost ratio measure of worth (B/C), what benchmark is the calculated ratio…
A: Benefit Cost Ratio :— Benefit Cost Ratio are mostly Used in Capital Budgeting to analyse the Overall…
Q: What is the value of the inventory on August 20 if the last in first out method of evaluation is…
A: Last in First Out (LIFO) is one of the method of valuation of inventory. Under this method, Closing…
Q: For the pay period of 11/16 to 11/30 what would his regular and overtime hours be in the payroll…
A: Exempt employees are defined as employees that are generally exempt or not paid an hourly rate or…
Q: Compute the average days in inventory rounded to the nearest whole day based on the following data:
A: Average days in inventory is calculated to how quickly a company can convert its inventory into…
Q: Lindsey Herrmann has completed the basic format to be used in preparing the statement of cash flows…
A: Cash flow statement includes: Cash flows from operating activities Cash flows from investing…
Q: Beautiful Company sold a set of washing machine and a dryer for a total contract price of P100,000…
A: Performance Obligation :— It is promise to transfer distinct product or services to customers.
Q: Exercise 10-14 Ordinary repairs, extraordinary repairs, and betterments LO C3 Oki Company pays…
A: The costs incurred on fixed assets to increase the productivity or useful life of asset, are…
Q: Warner Company's year-end unadjusted trial balance shows accounts receivable of $118,000, allowance…
A: The process of recording business transactions in the books of accounts for the first time is…
Q: Which of the following statements is correct? Question 1 options: a Some intangible assets have…
A: Intangible Assets: These are the assets that do not have any physical presence in real but have…
Q: Required 1 Required 2 Journalize the above transactions in the accounts receivable subsidiary…
A: Introduction: Journal entries serve as the essential building blocks that provide answers to those…
Q: Sponge Co. incurred research and development costs in 20x1 as follows: Equipment acquired for use…
A: Research and Development costs: The costs of deliberately obtaining new information and transforming…
Q: Sunland Company plans to sell 11000 lawn chairs during May, 6700 in June, and 11000 during July. The…
A: Production - Production budget is the part of master budget. It is computed by following formula -…
Q: Required: (a) Appraise the decision usefulness of FIFO versus weighted average method, based on the…
A: This problem requires the comparison of the First-in, First-out inventory and the weighted average…
Q: Explain how a possible conflict between neutrality and prudence could arise and how the conflict…
A: Neutrality and Prudence are two characteristics of reliability of accounting information. Neutrality…
Q: If the required direct materials purchases are 31500 pounds, the direct materials required for…
A: Ending Inventory :— Ending inventory is the value of goods still available for sale and held by a…
Q: Peachtree Company uses sales journal, purchases journal, cash receipts journal, cash payments…
A: Purchase Journal A customized journal used by businesses to track all credit purchases is called a…
Q: Vaughn Manufacturing uses flexible budgets. At normal capacity of 15000 units, budgeted…
A: Solution: Budgeted variable overhead = $90,000 Budgeted nos of units = 15000 units Budgeted variable…
Q: Co. bought a patent from Backo Corp. on January 1, 20x4, for ₱180,000. An independent consultant…
A: The patents have useful economic life and they are amortized over the period of economic life and…
Q: Calculate the dollar amount of each type of service that the company must provide in order to break…
A: Two lines of Services : 1. Oil Change related Services 2. Break repair services Particulars Sales…
Q: QUESTION 21 Algoma Incorporated has a capital structure which is based on 25 % debt, 15 % preferred…
A: NPV = Net present value (NPV) is the difference between the present value of cash inflows and the…
Q: Provide the mandatory information to be included in a tax invoice under the Sales Tax Act 2018.…
A: Introduction: A sales tax is a consumption tax imposed by the government on the sale of goods and…
Q: The following data are taken from the financial statements of Colby Company. Accounts receivable…
A: Introduction: Financial records are written records that describe or attest to firm transactions. In…
Q: Why is the identification of favorable and unfavorable variances so important to a company? How can…
A: Introduction: Every business creates Standard Costs for a range of goods and services. It uses these…
Q: Sales (3,100 units) Cost of goods sold: Cost of goods manufactured (3,700 units) Inventory, April 30…
A: The income statement can be prepared using various methods as variable costing and absorption…
Q: QUESTION 4 B. Using audit sampling, a subset of the population is selected for testing to derive…
A: Here below given the details of the Audit sampling and elements which are associated with the…
Q: A household has the following statistics related to Balance Sheet and annual Cash Flow: Balance…
A: Total operating percentage of a household indicates how much of total income is spent over its…
1. calculate the actual cost versus the budgeted cost of the planning project, which ic now complete.
| PROJECT | BUDGETED COST | REVISED BUDGET(BAC) | ACTUAL COST | COST VARIANCE | CV% |
| Planning | 195,143 | N/A | 277,800.0 | ........................ | .............. |
Step by step
Solved in 3 steps
- True or false a. The direct materials budget shows the number of units that are to be produced during a budget period. (……….)b. A budget specifies how resources will be acquired and used during a given period of time. (……….)Budgeted sales revenue ............................................................................$205,000Actual manufacturing overhead ..............................................................340,000Budgeted machine hours (based on practical capacity) ..................10,000Budgeted direct-labor hours (based on practical capacity) .......... 20,000Budgeted direct-labor rate .........................................................................$ 14Budgeted manufacturing overhead .......................................................$364,000Actual machine hours ......................................................................................11,000Actual direct-labor hours ..............................................................................18,000Actual direct-labor rate ...................................................................................... $ 15 Refer to the data given above for Oneida Restaurant Supply Company. Prepare a journal entry to add to…Use the following for the next five questions: The following data is given for the Walker Company: Budgeted production...............................................1,000 unitsActual production........................................................980 units Materials: Standard price per lb.......................................................$2.00 Standard pounds per completed unit....................................12 Actual pounds purchased and used in production.........11,800 Actual price paid for materials......................................$23,000 Labor: Standard hourly labor rate....................................$14 per hour Standard hours allowed per completed unit.........................4.5 Actual labor hours worked................................................4,560 Actual total labor costs..................................................$62,928 The direct labor effeciency variance is:…
- Roland Inc. has provided the following budgeted data: Sales .................................. 20,000 units Selling price ...................... p100 per unit Variable expense ............... P70 per unit Fixed expense .................... P450,000 What is the company's margin of safety as a percentage of sales? How many units would the company have to sell in order to have a net operating income equal to 5% of total sales peso?Pro Fender, which uses a standard cost system, manufactured 20,000 boat fenders during 2018, using 142,000 square feet of extruded vinyl purchased at $1.35 per square foot. Production required 410 direct labor hours that cost $15.50 per hour. The direct materials standard was seven square feet of vinyl per fender, at a standard cost of $1.40 per square foot. The labor standard was 0.023 direct labor hour per fender, at a standard cost of $14.50 per hour. Read the requirement. Begin with the cost variances. Select the required formulas, compute the cost variances for direct materials and direct labor, and identify whether each variance is favorable (F) or unfavorable (U). (Abbreviations used: AC = actual cost; AQ = actual quantity; FOH = fixed overhead; SC = standard cost; SQ = standard quantity.) Formula Variance Direct materials cost variance %3D Direct labor cost variance Select the required formulas, compute the efficiency variances for direct materials and direct labor, and…4. Budget at completion (BAC) Assessment date Expenditures Planned value (PV) Earned value (EV) - Actual cost (ACI End of project Time after project start a. Explain the above diagram regarding the project details. What is the status of the project at the assessment date (Time 4 after project start)? Explain with reference to Cost Variance and Schedule Variance. b. What can be done to improve in the project from this point onwards?
- Q1.Prepare the revenues budget. Q2. Use the revenues budget to: a. Find the budgeted allocation rate for marketing costs. b. Find the budgeted number of deliveries and allocation rate for distribution costs.Flexible budget for selling and administrative expenses for a service company Social Media Inc. uses flexible budgets that are based on the following data: Sales commissions ............................................................ 15% of sales Advertising expense .......................................................... 20% of sales Miscellaneous administrative expenses ........................... $7,000 per month plus 10% of sales Office salaries expense ..................................................... $35,000 per month Customer support expenses ............................................. $11,000 per month plus 18% sales Research and development expense ................................ $35,000 per month Prepare a flexible selling and administrative expenses budget for June 2016 for sales volume $400,000, $500,000 and $600,000.Assume that the following are the data acquired: Consumption ……………… 200M Imports …………………50M Investment ………………. 55M Deflator ………………..1.20 Government Spending....…..120M Population …………….100M Exports ………………………. 80M Compute for the Nominal GDP.
- Which budget activity at the start of each year is set as "zero"?Select one:a. Incremental Budgetingb. Zero based budgetingc. Activity based budgetingd. Base budgetingQ.Calculate the budgeted total costs and cost per unit for each product line.1.7 The selling price of Product X is set at £250 for each unit and sales for next year are expected to be 500 units. A return of 30% on the investment of £150,000 in Product X will be required in next year. What is the target cost for each unit of Product X? Select one alternative: O £175 O £100 O £90 O £160