The Valenti Company uses flexible budgeting for cost control. Valenti produced 11,500 units of product during...
The Valenti Company uses flexible budgeting for cost control. Valenti produced 11,500 units of product during October, incurring indirect material costs of $14,100. Valenti’s master budget reflected indirect material costs of $210,600 at a production volume of 156,000 units. What was the indirect material cost variance for October?
Multiple Choice
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$1,500 favorable
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$1,425 favorable
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$3,450 favorable
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$1,500 unfavorable
Homework Answers
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The Valenti Company uses flexible budgeting for cost control.
Valenti produced 11,500 units of product during...
the velocity company uses flexible budgeting for cost control. Velocity made 15,300 units of products during...
the velocity company uses flexible budgeting for cost control. Velocity made 15,300 units of products during March, incurring indirect material costs of $18,000. Its master budget reflected indirect material costs of $480,000 at a production volume of 320,000 units. What was the flexible budget variance for the indirect material costs in March? a. $3890 favorable b. $4,660 unfavorable c. $3,580 unfavorable d. $4,950 favorable
80 + Reset The Valent Company uses flexible budgeting for cost control. Valenti produced 11,400 units...
80 + Reset The Valent Company uses flexible budgeting for cost control. Valenti produced 11,400 units of product during October, incurring Indirect material costs of $14,000. Valenti's master budget reflected indirect material costs of $198,900 at a production volume of 153,000 units. What was the Indirect material cost variance for October? Murple Choice O $1.350 favorable O 5820 favorabo O O $2.575
A company's flexible budget for the range of 30,000 units to 36,000 units of production showed...
A company's flexible budget for the range of 30,000 units to 36,000 units of production showed variable overhead costs of $3.60 per unit and fixed overhead costs of $70,000. The company incurred total overhead costs of $180,100 while operating at a volume of 40,000 units. The total controllable cost variance is Multiple Choice $2,100 unfavorable. $2100 favorable. 33.900 favorable. $6,000 favorable $33.900 unfavorable Hassock Corp. produces woven wall hangings. It takes 4 hours of direct labor to produce a single...
A company's flexible budget for 40,000 units of production showed variable overhead costs of $44,000 and...
A company's flexible budget for 40,000 units of production showed variable overhead costs of $44,000 and fixed overhead costs of $56,000. The company incurred overhead costs of $90,080 while operating at a volume of 32,000 units. The total controllable cost variance is: Multiple Choice $1,120 favorable. $1,120 unfavorable. $9,920 favorable. $9,920 unfavorable. $11,920 favorable.
Assume that in October 2019 the Schmidt Machinery Company (Exhibit 14.1) manufactured and sold 950 units...
Assume that in October 2019 the Schmidt Machinery Company
(Exhibit 14.1) manufactured and sold 950 units for $854 each.
During this month, the company incurred $380,000 total variable
costs and $181,900 total fixed costs. The master (static) budget
data for the month are as given in Exhibit 14.1.
Required:
1. Prepare a flexible budget for the production and sale of 950
units.
2. Compute for October 2019:
a. The sales volume variance, in terms of operating income.
Indicate whether this...
Please answer all questions ASAP! Will rate! 1.A company’s flexible budget for 12,000 units of production...
Please answer all questions ASAP! Will rate! 1.A company’s flexible budget for 12,000 units of production showed sales, $46,800; variable costs, $12,000; and fixed costs, $28,000. The variable costs expected if the company produces and sells 28,000 units is: Multiple Choice $46,800. $74,800. $56,000. $28,000. $12,000. 2. A company provided the following direct materials cost information. Compute the total direct materials cost variance. Standard costs assigned: Direct materials standard cost (417,000 units @ $3.00 / unit) $ 1,251,000 Actual costs:...
Solid Box Fabrications manufactures boxes for workstations. The firm’s standard cost sheet prior to October of...
Solid Box Fabrications manufactures boxes for workstations. The
firm’s standard cost sheet prior to October of the current year and
actual results for October are as follows:
Required information {The following information applies to the questions displayed below.] Solid Box Fabrications manufactures boxes for workstations. The firm's standard cost sheet prior to October of the current year and actual results for October are as follows: Budget Information Standard Price and Variable Fixed Costs per Unit Costs Actual Results October 9,500...
As part of its comprehensive planning and control system, Mopar Company uses a master budget and...
As part of its comprehensive planning and control system, Mopar
Company uses a master budget and subsequent variance analysis. You
are given the following information that pertains to the company’s
only product, XL-10, for the month of December.
Required:
1. Using text Exhibit 14.4 as a guide, complete the missing
parts of the following profit report for December.
2. Based on your completed profit report, determine the dollar
amount, and label (Favorable or Unfavorable) each of the following
variances for...
Pokeman Bunch Inc., manufactures Poke Monster figures and has the following data from its operation for...
Pokeman Bunch Inc., manufactures Poke Monster figures and has the following data from its operation for the year just completed. Flexible Budget Actual 1,500 $93,000 Master Budget 1,200 $18,000F $60,000 Units Sales (dollars) Variable cost Contribution Margin Fixed cost Operating income $1,500U $5,000 $ 7,500 The total operating-income variance, to the nearest dollar, is: Multiple Choice o o $500 favorable. O $1,500 unfavorable. o $1,500 favorable. o $2,500 unfavorable. $3,000 favorable.
Comparison of Actual and Budgeted Operating Income EXHIBIT 14.1 SCHMIDT MACHINERY COMPANY Analysis of Operating Income...
Comparison of Actual and Budgeted Operating Income EXHIBIT 14.1 SCHMIDT MACHINERY COMPANY Analysis of Operating Income For October 2019 (1) (2) (3) Variances Actual Operating Income Master (Static) Budget 220U Units 780 1,000 $ 160,400U 100% $639,600 100% Sales $800,000 Variable costs 99.050F 350,950 55 450.000 56 $350,000 Contribution margin $288,650 45% 44% $ 61,350U 150.000 *** 160.650 Fixed costs 25 19 10.650U $128,000 20% $ Operating income $200,000 25% 72,000U *U denotes an unfavorable effect on operating income. *F...
80 + Reset The Valent Company uses flexible budgeting for cost control. Valenti produced 11,400 units of product during October, incurring Indirect material costs of $14,000. Valenti's master budget reflected indirect material costs of $198,900 at a production volume of 153,000 units. What was the Indirect material cost variance for October? Murple Choice O $1.350 favorable O 5820 favorabo O O $2.575
A company's flexible budget for the range of 30,000 units to 36,000 units of production showed variable overhead costs of $3.60 per unit and fixed overhead costs of $70,000. The company incurred total overhead costs of $180,100 while operating at a volume of 40,000 units. The total controllable cost variance is Multiple Choice $2,100 unfavorable. $2100 favorable. 33.900 favorable. $6,000 favorable $33.900 unfavorable Hassock Corp. produces woven wall hangings. It takes 4 hours of direct labor to produce a single...
Assume that in October 2019 the Schmidt Machinery Company
(Exhibit 14.1) manufactured and sold 950 units for $854 each.
During this month, the company incurred $380,000 total variable
costs and $181,900 total fixed costs. The master (static) budget
data for the month are as given in Exhibit 14.1.
Required:
1. Prepare a flexible budget for the production and sale of 950
units.
2. Compute for October 2019:
a. The sales volume variance, in terms of operating income.
Indicate whether this...
Solid Box Fabrications manufactures boxes for workstations. The
firm’s standard cost sheet prior to October of the current year and
actual results for October are as follows:
Required information {The following information applies to the questions displayed below.] Solid Box Fabrications manufactures boxes for workstations. The firm's standard cost sheet prior to October of the current year and actual results for October are as follows: Budget Information Standard Price and Variable Fixed Costs per Unit Costs Actual Results October 9,500...
As part of its comprehensive planning and control system, Mopar
Company uses a master budget and subsequent variance analysis. You
are given the following information that pertains to the company’s
only product, XL-10, for the month of December.
Required:
1. Using text Exhibit 14.4 as a guide, complete the missing
parts of the following profit report for December.
2. Based on your completed profit report, determine the dollar
amount, and label (Favorable or Unfavorable) each of the following
variances for...
Pokeman Bunch Inc., manufactures Poke Monster figures and has the following data from its operation for the year just completed. Flexible Budget Actual 1,500 $93,000 Master Budget 1,200 $18,000F $60,000 Units Sales (dollars) Variable cost Contribution Margin Fixed cost Operating income $1,500U $5,000 $ 7,500 The total operating-income variance, to the nearest dollar, is: Multiple Choice o o $500 favorable. O $1,500 unfavorable. o $1,500 favorable. o $2,500 unfavorable. $3,000 favorable.
Comparison of Actual and Budgeted Operating Income EXHIBIT 14.1 SCHMIDT MACHINERY COMPANY Analysis of Operating Income For October 2019 (1) (2) (3) Variances Actual Operating Income Master (Static) Budget 220U Units 780 1,000 $ 160,400U 100% $639,600 100% Sales $800,000 Variable costs 99.050F 350,950 55 450.000 56 $350,000 Contribution margin $288,650 45% 44% $ 61,350U 150.000 *** 160.650 Fixed costs 25 19 10.650U $128,000 20% $ Operating income $200,000 25% 72,000U *U denotes an unfavorable effect on operating income. *F...
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