FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Required: 1. Total materials cost variance2. Materials price variancearrow_forwardThis is the length of time it takes to initiate and complete a finished product. O a. Fiscal year O b. Accounting year c. Production cycle Od. Short-term QUESTION 21 Costs that remain constant even with changes in production level. O a. Variable costs O b. Start-up costs O c. Semi-variable costs O d. Fixed costs QUESTION 22 The challenge of budgeting is to determine what will change and what will stay the same. O True False QUESTION 23 The numbers on tax returns (cash basis) are the same as the number we use to manage a department (accrual basis). O True O False QUESTION 24 A pattern of change over several time periods which can help us make estimates for the future is a. a gap. Ob. a fixed cost. Oc. a transformation. d. a trend.arrow_forwardFix the redarrow_forward
- Material Material Actual Standard Actual Standard Price Usage Total Supplier Price Price Quantity Quantity Var Var Variance Current $7.50 $7.50 25,000 24,240 $0 Alternative #1 $7.35 $7.50 25,500 24,240 $0 Alternative #2 $7.58 $7.50 24,400 24,240 $0 Standard Quantity is 2.02 components Quantity produced is 12,000 You are a plant manager and have been approached by your purchasing manager about swapping out one of your suppliers. The manager has identified a vendor who will supply a key component at a 2% discount to your current supplier. At the same time, the supervisor of the group approaches you to indicate that the current supplier is not consistently meeting tolerances. The supervisor suggests a second vendor who promises better quality. You decide to run three batches, each with a different component. Results are in the table above. Task 1 Calculate the Material Price Variance for each component. Task 2 Calculate the Material Usage Variance for each component. Task 3 Based on the…arrow_forwardWhat is the DM Quantity Variance, given the following info: Actual Costs = 4,600 lbs. at $5.50 Standard Costs = 4,500 lbs. at $6.00 Group of answer choices $600.00 favorable $550.00 favorable $600.00 unfavorable $550.00 unfavorablearrow_forwardK The following direct materials variance computations are incomplete = $5.400 U Price variance Efficiency variance = ?U Flexible budget variance 5? (52-54)×10 800 kg (?-10 200 kg)x54 Requirement 1. Fill in the missing values and identify the flexible budget variance as favourable or unfavourable in the first computation the missing value is the (Enter the amount as a positive number. Round your answers to the nearest whole number) In the second computation the first missing value is the The flexible budget variance is This variance is ats (Round your answer to the nearest cent) Ap The second missing value is the ▼ats F (Enter the amount as a positive nember. Round your answers to the nearest whole number) Time Remaining:02:51:45 Nextarrow_forward
- ssarrow_forward--/1 Question 5 View Policies Current Attempt in Progress If the materials price variance is $3900 F and the materials quantity and labor variances are each $3000 U, what is the total materials variance? O $3000 U O $3900 F O $4350 U O $900 F hp 12 f10 fg 144 18 f7 f6 f5 4+arrow_forwardsarrow_forward
- Part B is neededarrow_forwardCan't figure out sales volume variance, please show work.arrow_forwardOriole Company's actual results reveal that it was profitable in the sale of its star product: a high-end spot-cleaning vacuum for upholstery. But it was not nearly as profitable as management had hoped. Oriole's actual income statement and master budget income statement are as follows. In order to keep the focus on product costs, SG&A costs were omitted. Units sold Revenues Variable costs DM DL Variable-MOH Contribution margin Fixed-MOH Operating income DM DL Input Variable-MOH Actual Results Fixed-MOH 10,000 $1,670,000 560,500 216,000 Here are the company's standard cost cards for each product cost. 130,500 763,000 306,000 $457,000 Quantity Standards 3.0 yards 1.6 hours 1.6 hours. Flexible Budget 1.6 hours Price Standards $18.00 per yard $11.00 per hour $7.50 per hour $15.50 per hour Master Budget 12,000 $2,076,000 648,000 211,200 144,000 1,072,800 297,600 $775,200 Standard Cost per Unit $54.00 $17.60 $12.00 $24.80arrow_forward
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