FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Concept explainers

The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can resu…
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the a…
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately…
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial repor…
Question

Having trouble with prior chapter work still and we are moving on to another chapter.

Becton Labs, Inc., produces varlous chemical compounds for Industrial use. One compound, called Fludex, Is prepared using an elaborate distilling process. The company has developed standard costs for one unit of Fludex, as follows: Standard Quantity or Hours 2.40 ounces Standard Price Standard or Rate $27.00 per ounce Direct materials Cost $ 64.80 Direct labor 0.60 hours $12.00 per hour 7.20 Variable manufacturing overhead 0.60 hours $ 3.50 per hour 2.10 Total standard cost per unit $ 74.10 During November, the followlng activity was recorded related to the production of Fludex: a. Materials purchased, 13,000 ounces at a cost of $330,200. b. There was no beglnning Inventory of materlals; however, at the end of the month, 2,850 ounces of materlal remalned In ending Inventory. C. The company employs 20 lab technicians to work on the production of Fludex. During November, they each worked an average of 160 hours at an average pay rate of $11.00 per hour. d. Varlable manufacturing overhead Is assigned to Fludex on the basls of direct labor-hours. Varlable manufacturing overhead costs during November totaled $6,000. e. During November, the company produced 4,200 units of Fludex. Required: 1. For direct materlals: a. Compute the price and quantity varlances. b. The materlals were purchased from a new supplier who Is anxlous to enter Into a lohg-term purchase contract. Would you recommend that the company sign the contract? 2 For direct labor. a. Compute the rate and efficlency varlances. b. In the past, the 20 techniclans employed In the production of Fludex consisted of 7 senlor techniclans and 13 assistants. During November, the company experimented with fewer senior techniclans and more assistants In order to reduce labor costs, Would you recommend that the new labor mix be continued? 3. Compute the varlable overhead rate and efficlency varlances. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Reg 2A Req 2B Req 3 For direct materials, compute the price and quantity variances. (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.) Materials price variance Materials quantity variance Reg 1A Req 1B >
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Transcribed Image Text:Becton Labs, Inc., produces varlous chemical compounds for Industrial use. One compound, called Fludex, Is prepared using an elaborate distilling process. The company has developed standard costs for one unit of Fludex, as follows: Standard Quantity or Hours 2.40 ounces Standard Price Standard or Rate $27.00 per ounce Direct materials Cost $ 64.80 Direct labor 0.60 hours $12.00 per hour 7.20 Variable manufacturing overhead 0.60 hours $ 3.50 per hour 2.10 Total standard cost per unit $ 74.10 During November, the followlng activity was recorded related to the production of Fludex: a. Materials purchased, 13,000 ounces at a cost of $330,200. b. There was no beglnning Inventory of materlals; however, at the end of the month, 2,850 ounces of materlal remalned In ending Inventory. C. The company employs 20 lab technicians to work on the production of Fludex. During November, they each worked an average of 160 hours at an average pay rate of $11.00 per hour. d. Varlable manufacturing overhead Is assigned to Fludex on the basls of direct labor-hours. Varlable manufacturing overhead costs during November totaled $6,000. e. During November, the company produced 4,200 units of Fludex. Required: 1. For direct materlals: a. Compute the price and quantity varlances. b. The materlals were purchased from a new supplier who Is anxlous to enter Into a lohg-term purchase contract. Would you recommend that the company sign the contract? 2 For direct labor. a. Compute the rate and efficlency varlances. b. In the past, the 20 techniclans employed In the production of Fludex consisted of 7 senlor techniclans and 13 assistants. During November, the company experimented with fewer senior techniclans and more assistants In order to reduce labor costs, Would you recommend that the new labor mix be continued? 3. Compute the varlable overhead rate and efficlency varlances. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Reg 2A Req 2B Req 3 For direct materials, compute the price and quantity variances. (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.) Materials price variance Materials quantity variance Reg 1A Req 1B >
Becton Labs, Inc., produces varlous chemical compounds for Industrial use. One compound, called Fludex, Is prepared using an elaborate distilling process. The company has developed standard costs for one unit of Fludex, as follows: Standard Quantity or Hours Standard Price Standard or Rate $27.00 per ounce Cost Direct materials 2.40 ounces $ 64.80 Direct labor 0.60 hours $12.00 per hour 7.20 Variable manufacturing overhead 0.60 hours $ 3.50 per hour 2.10 Total standard cost per unit $ 74.10 During November, the following activity was recorded related to the production of Fludex: a. Materials purchased, 13,000 ounces at a cost of $330,200. b. There was no beglnning Inventory of materlals; however, at the end of the month, 2,850 ounces of material remalned In ending Inventory. c. The company employs 20 lab techniclans to work on the production of Fludex. During November, they each worked an average of 160 hours at an average pay rate of $11.00 per hour. d. Varlable manufacturing overhead Is assigned to Fludex on the basis of direct labor-hours. Varlable manufacturing overhead costs during November totaled $6,000. e. During November, the company produced 4,200 units of Fludex. Required: 1. For direct materlals: a. Compute the price and quantity vartances. b. The materlals were purchased from a new suppller who Is anxlous to enter Into a long-term purchase contract. Would you recommend that the company sign the contract? 2 For direct labor: a. Compute the rate and efficlency varlances. b. In the past, the 20 techniclans employed in the production of Fludex consisted of 7 senlor techniclans and 13 assistants. During November, the company experimented with fewer senlor techniclans and more assistants In order to reduce labor costs. Would you recommend that the new labor mix be continued? 3. Compute the varlable overhead rate and efficlency varlances. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 2A Req 2B Req 3 For direct Ilabor, compute the rate and efficiency variances. (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.) Labor rate variance Labor efficiency variance < Req 1B Req 2B >
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Transcribed Image Text:Becton Labs, Inc., produces varlous chemical compounds for Industrial use. One compound, called Fludex, Is prepared using an elaborate distilling process. The company has developed standard costs for one unit of Fludex, as follows: Standard Quantity or Hours Standard Price Standard or Rate $27.00 per ounce Cost Direct materials 2.40 ounces $ 64.80 Direct labor 0.60 hours $12.00 per hour 7.20 Variable manufacturing overhead 0.60 hours $ 3.50 per hour 2.10 Total standard cost per unit $ 74.10 During November, the following activity was recorded related to the production of Fludex: a. Materials purchased, 13,000 ounces at a cost of $330,200. b. There was no beglnning Inventory of materlals; however, at the end of the month, 2,850 ounces of material remalned In ending Inventory. c. The company employs 20 lab techniclans to work on the production of Fludex. During November, they each worked an average of 160 hours at an average pay rate of $11.00 per hour. d. Varlable manufacturing overhead Is assigned to Fludex on the basis of direct labor-hours. Varlable manufacturing overhead costs during November totaled $6,000. e. During November, the company produced 4,200 units of Fludex. Required: 1. For direct materlals: a. Compute the price and quantity vartances. b. The materlals were purchased from a new suppller who Is anxlous to enter Into a long-term purchase contract. Would you recommend that the company sign the contract? 2 For direct labor: a. Compute the rate and efficlency varlances. b. In the past, the 20 techniclans employed in the production of Fludex consisted of 7 senlor techniclans and 13 assistants. During November, the company experimented with fewer senlor techniclans and more assistants In order to reduce labor costs. Would you recommend that the new labor mix be continued? 3. Compute the varlable overhead rate and efficlency varlances. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 2A Req 2B Req 3 For direct Ilabor, compute the rate and efficiency variances. (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.) Labor rate variance Labor efficiency variance < Req 1B Req 2B >
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