Homework Answers
| Computation of Net Proceeds : | |||
| Cash Received | $ 1,78,900.00 | ||
| Less : Recourse Liability | $ (3,390.00) | ||
| Net Proceeds | $ 1,75,510.00 | ||
| Computation of Gain or Loss : | |||
| Carrying Value | $ 2,42,700.00 | ||
| Net Proceeds | $ 1,75,510.00 | ||
| Loss on sale of receivables | $ 67,190.00 | ||
| Journal Entry : | |||
| Accounts title and explaination | Debit | Credit | |
| Cash | $ 1,78,900.00 | ||
| Loss on sale of receivables | $ 67,190.00 | ||
| Recourse Liability | $ 3,390.00 | ||
| Account Receivable | $ 2,42,700.00 | ||
| (To Record loss on sale of receivables in books of pharoah inc.) | |||
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8-38 Overhead variance, missing information. Consider the following two situations—cases A and B independently. Data refer...
fill in the missing numbers Consider the following data provided for each of the following independent...
fill in the missing numbers
Consider the following data provided for each of the following independent cases. For each case assume that the business uses a standard cost system and a flexible budget to control variable and fixed manufacturing overhead, and applies manufacturing overhead on the basis of direct labour hours. Fill in the blanks for each case, and indicate whether the variances are favourable (F) or unfavourable (U). Phi Company Pho Company Number of labour hours budgeted $10,600 hrs...
Alden Company uses a three-variance analysis for factory overhead variances. Practical capacity i...
Alden Company uses a three-variance analysis for factory overhead variances. Practical capacity is defined as 26 setups and 26,000 machine hours to manufacture 6,500 units for the year. Selected data for 2019 follow Budgeted fixed factory overhead: $ 54,600 178,000 Setup cost Other $232,600 $481,000 Total factory overhead cost incurred Variable factory overhead rate: $ 400 $6.00 30,000 34,500 Per setup Per machine hour Total standard machine hours allowed for the units manufactured Machine hours actually worked Actual total number...
Alden Company uses a three-variance analysis for factory overhead variances. Practical capacity is defined as 34...
Alden Company uses a three-variance analysis for factory overhead variances. Practical capacity is defined as 34 setups and 34,000 machine hours to manufacture 8,500 units for the year. Selected data for 2019 follow: Budgeted fixed factory overhead: Setup cost $ 85,000 Other 186,000 $ 271,000 Total factory overhead cost incurred $ 485,000 Variable factory overhead rate: Per setup $ 400 Per machine hour $ 5.00 Total standard machine hours allowed for the units manufactured 27,000 hours Machine hours actually worked...
Alden Company uses a three-variance analysis for factory overhead variances. Practical capacity is defined as 40...
Alden Company uses a three-variance analysis for factory overhead variances. Practical capacity is defined as 40 setups and 40,000 machine hours to manufacture 8,000 units for the year. Selected data for 2019 follow: Budgeted fixed factory overhead: Setup cost $ 76,800 Other 230,000 $ 306,800 Total factory overhead cost incurred $ 484,000 Variable factory overhead rate: Per setup $ 550 Per machine hour $ 4.00 Total standard machine hours allowed for the units manufactured 28,000 hours Machine hours actually worked...
Alden Company uses a three-variance analysis for factory overhead variances. Practical capacity is defined as 20...
Alden Company uses a three-variance analysis for factory overhead variances. Practical capacity is defined as 20 setups and 20,000 machine hours to manufacture 5,000 units for the year. Selected data for 2019 follow: Budgeted fixed factory overhead: Setup cost $ 57,000 Other 184,000 $ 241,000 Total factory overhead cost incurred $ 491,000 Variable factory overhead rate: Per setup $ 800 Per machine hour $ 6.00 Total standard machine hours allowed for the units manufactured 24,000 hours Machine hours actually worked...
Alden Company uses a three-variance analysis for factory overhead variances. Practical capacity is defined as 28...
Alden Company uses a three-variance analysis for factory
overhead variances. Practical capacity is defined as 28 setups and
28,000 machine hours to manufacture 5,600 units for the year.
Selected data for 2019 follow:
Budgeted fixed factory overhead:
Setup cost
$
84,000
Other
186,000
$
270,000
Total factory overhead cost incurred
$
490,000
Variable factory overhead rate:
Per setup
$
850
Per machine hour
$
5.00
Total standard machine hours allowed for the units
manufactured
25,000
hours
Machine hours actually worked...
Hamilton, Inc. produces chemicals for large biotech companies. If has the following data for manufacturing overhead...
Hamilton, Inc. produces chemicals for large biotech companies. If has the following data for manufacturing overhead costs during August 2017. Variable Fixed Actual costs incurred $30,500 $14,500 Costs allocated to products 27,000 14,800 Flexible budget -- 16,000 Actual input x budgeted rate 31,200 --- ( If no variance exists leave the dollar value blank. Label the variances as a favorable (F), unfavorable (U) or never a variance (N) ) Fill in the blanks. Variable Fixed 1. Spending variance ...
Alden Company uses a three-variance analysis for factory overhead variances. Practical capacity is defined as 32...
Alden Company uses a three-variance analysis for factory overhead variances. Practical capacity is defined as 32 setups and 32,000 machine hours to manufacture 6,400 units for the year. Selected data for 2019 follow: $ 102,400 174,000 $276,400 $496,000 Budgeted fixed factory overhead: Setup cost Other Total factory overhead cost incurred Variable factory overhead rate: Per setup Per machine hour Total standard machine hours allowed for the units manufactured Machine hours actually worked Actual total number of setups Actual number of...
ABC Company has the following standards and flexible budget data: Standard Variable Overhead Rate $5.40 Per...
ABC Company has the following standards and flexible budget data: Standard Variable Overhead Rate $5.40 Per direct labour hour Standard quantity of direct labor $1.80 hours per unit of output Budgeted fixed overhead rate $100,000 Budgeted Output 25,000 units Standard Variable Overhead $10.80 per unit Standard Fixed Overhead $3.60 per unit Actual Results for November are given below: Actual Output 30,000 units Actual variable overhead $360,000 Actual Fixed Overhead $106,000 Actual Direct Labor 56,000 hours REQUIRED: A) Variable manufacturing overhead...
Ecocomfort Corporation manufactured 3000 coolers during October. The following variable overhead data relates to October: Calculate...
Ecocomfort Corporation manufactured 3000 coolers during October. The following variable overhead data relates to October: Calculate the variable overhead flexible-budget variance. Variable overhead spending variance $ 1280 unfavorable Variable overhead efficiency variance $192 unfavorable Budgeted machine hours allowed for actual output 607 machine hours Actual cost per machine hour $26 Budgeted cost per machine hour $24
fill in the missing numbers
Consider the following data provided for each of the following independent cases. For each case assume that the business uses a standard cost system and a flexible budget to control variable and fixed manufacturing overhead, and applies manufacturing overhead on the basis of direct labour hours. Fill in the blanks for each case, and indicate whether the variances are favourable (F) or unfavourable (U). Phi Company Pho Company Number of labour hours budgeted $10,600 hrs...
Alden Company uses a three-variance analysis for factory overhead variances. Practical capacity is defined as 26 setups and 26,000 machine hours to manufacture 6,500 units for the year. Selected data for 2019 follow Budgeted fixed factory overhead: $ 54,600 178,000 Setup cost Other $232,600 $481,000 Total factory overhead cost incurred Variable factory overhead rate: $ 400 $6.00 30,000 34,500 Per setup Per machine hour Total standard machine hours allowed for the units manufactured Machine hours actually worked Actual total number...
Alden Company uses a three-variance analysis for factory
overhead variances. Practical capacity is defined as 28 setups and
28,000 machine hours to manufacture 5,600 units for the year.
Selected data for 2019 follow:
Budgeted fixed factory overhead:
Setup cost
$
84,000
Other
186,000
$
270,000
Total factory overhead cost incurred
$
490,000
Variable factory overhead rate:
Per setup
$
850
Per machine hour
$
5.00
Total standard machine hours allowed for the units
manufactured
25,000
hours
Machine hours actually worked...
Alden Company uses a three-variance analysis for factory overhead variances. Practical capacity is defined as 32 setups and 32,000 machine hours to manufacture 6,400 units for the year. Selected data for 2019 follow: $ 102,400 174,000 $276,400 $496,000 Budgeted fixed factory overhead: Setup cost Other Total factory overhead cost incurred Variable factory overhead rate: Per setup Per machine hour Total standard machine hours allowed for the units manufactured Machine hours actually worked Actual total number of setups Actual number of...
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