Homework Answers
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| Ans 14 | Option D | Profit Center | |||
| Ans 15 | Option D | Normal Standards | |||
| Ans 16 | Option B | Cost of goods sold | |||
| Ans 17 | Option A | Sales order at low level | |||
| Ans 18 | Option C | Production in excess of normal capacity cannot be sold | |||
| Ans 19 | Option D | Price standard and quantity standard | |||
| Ans 20 | Option D | The Mike Choman center for vodka production | |||
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14. A res and authority over costs and revenues is called a(n) a. profit center b....
The responsibility center in which the manager has responsibility and authority over revenues and costs, but...
The responsibility center in which the manager has responsibility and authority over revenues and costs, but not assets, is the Multiple Choice revenue center investment center, profit center. cost center The minimum required rate of return for a project is the: Multiple Choice Ο accounting rate of return. Ο hurdle rate. Ο annual rate of return. Ο internal rate of return.
Jorgensen Corporation uses standard costs with its job order cost accounting system. In January, an order...
Jorgensen Corporation uses standard costs with its job order cost accounting system. In January, an order (Job No. 12) for 1,000 units of Product B was received. The standard cost of one unit of Product B is as follows. 3 pounds at $1.00 per pound Direct materials $3.00 Direct labor 1.50 hour at $10.00 per hour 15.00 2 hours (variable $4.30 per machine hour; fixed $3.30 per machine hour) Overhead 15.20 $33.20 Standard cost per unit Normal capacity for the...
American Hardwood Products uses standard costs in a process cost system. At the end of the curren...
American Hardwood Products uses standard costs in a process cost system. At the end of the current month, the following information is prepared by the company’s cost accountant. Direct Materials Direct Labor Manufacturing Overhead Actual costs incurred $ 90,388 $ 76,196 $ 115,908 Standard costs 84,388 77,696 108,168 Materials price variance (favorable) 2,400 Materials quantity variance (unfavorable) 8,400 Labor rate variance (favorable) 3,000 Labor efficiency variance (unfavorable) 1,500 Overhead spending variance (unfavorable) 3,240 Overhead volume variance (unfavorable) 4,500 The total...
B: C: D: Slick Corporation is a small producer of synthetic motor oil. During May, the...
B:
C:
D:
Slick Corporation is a small producer of synthetic motor oil. During May, the company produced 5,000 cases of lubricant. Eac contains 12 quarts of synthetic oil. To achieve this level of production, Slick purchased and used 16,500 gallons of direct mate cost of $20,449. It also incurred average direct labor costs of $13 per hour for the 4,115 hours worked in May by its productior personnel. Manufacturing overhead for the month totaled $9,569, of which $2,200 was...
I need help with the x's. Please explain how you got those if you can. Thanks
I need help with the x's. Please explain how you got those if
you can. Thanks
QUESTION 5 Partially correct Mark 76.00 out of 89.00 P Flag question Variances, Entries, and Income Statement A summary of Glendale Company's manufacturing variance report for May 2016 follows Direct material Direct labor Variable overhead Fixed overhead Total Standard Costs (9,200 units) Actual Costs (9,200 units) Variances $52,430 $4,590 U 220,100 700 F 50,550 510 F $47,840 220,800 51,060 9,660 $329,360 9,660 5332,740 $3,380...
Exercise 23-16 a-b The Sports Equipment Division of Harrington Company is operated as a profit center....
Exercise 23-16 a-b The Sports Equipment Division of Harrington Company is operated as a profit center. Sales for the division were budgeted for 2020 at $900,000. The only variable costs budgeted for the division were cost of goods sold ($440,000) and selling and administrative ($60,000). Fixed costs were budgeted at $100,000 for cost of goods sold, $90,000 for selling and administrative, and $70,000 for noncontrollable fixed costs. Actual results for these items were: $880,000 408,000 105,000 Sales Cost of goods...
Arena Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. Th...
Arena Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs and any variances are closed directly to Cost of Goods Sold. There is no variable manufacturing overhead. The standard cost card for the company’s only product is as follows: Inputs Standard Quantity or Hours Standard Price or Rate Standard Cost Direct materials 1.2 pounds $ 5.50 per...
Problem 11-6A (Part Level Submission) Jorgensen Corporation uses standard costs with its job order cost accounting system. In January, an order (Job No. 12) for 2,000 units of Product B was receiv...
Problem 11-6A (Part Level Submission) Jorgensen Corporation uses standard costs with its job order cost accounting system. In January, an order (Job No. 12) for 2,000 units of Product B was received. The standard cost of one unit of Product B is as follows. 3 pounds at $1.30 per pound $3.90 Direct materials Direct labor 1.30 hour at $10.00 per hour 13.00 2 hours (variable $4.50 per machine hour; fixed $2.60 per machine hour) 14.20 Overhead $31.10 Standard cost per...
Ance Analysis (20 points) Henry Hawkins Industries (HHI) manufactures a plastic swimming pool at ...
ance Analysis (20 points) Henry Hawkins Industries (HHI) manufactures a plastic swimming pool at its Batavia plant. The plant has been experiencing problems as shown by its October contribution format income statement below: Budgeted Actual Sales (7,000 pools) Variable expenses: S255,000 255,000 Cost of goods sold Selling expenses 85,4 15,000 104,590 15,000 Total variable expenses Contribution margin Fixed expenses: 154,600 135,410 64,000 Manufacturing overhead Selling and administration79,000 64,000 79 Total fixed expenses Net operating income (loss) $11,600 Contains direct materials,...
Standard material cost per unit of product is 0.5 pounds at $7.40 per pound, and standard...
Standard material cost per unit of product is 0.5 pounds at
$7.40 per pound, and standard direct labor cost is 1.5 hours at
$13.00 per hour. The total actual materials cost represents 4,900
pounds purchased at $7.70 per pound. Total actual labor cost
represents 14,200 hours at $12.60 per hour. According to standards,
variable overhead rate is applied at $0.70 per direct labor hour
(based on a normal capacity of 15,000 direct labor hours or 10,000
units of product). Assume...
The responsibility center in which the manager has responsibility and authority over revenues and costs, but not assets, is the Multiple Choice revenue center investment center, profit center. cost center The minimum required rate of return for a project is the: Multiple Choice Ο accounting rate of return. Ο hurdle rate. Ο annual rate of return. Ο internal rate of return.
Jorgensen Corporation uses standard costs with its job order cost accounting system. In January, an order (Job No. 12) for 1,000 units of Product B was received. The standard cost of one unit of Product B is as follows. 3 pounds at $1.00 per pound Direct materials $3.00 Direct labor 1.50 hour at $10.00 per hour 15.00 2 hours (variable $4.30 per machine hour; fixed $3.30 per machine hour) Overhead 15.20 $33.20 Standard cost per unit Normal capacity for the...
B:
C:
D:
Slick Corporation is a small producer of synthetic motor oil. During May, the company produced 5,000 cases of lubricant. Eac contains 12 quarts of synthetic oil. To achieve this level of production, Slick purchased and used 16,500 gallons of direct mate cost of $20,449. It also incurred average direct labor costs of $13 per hour for the 4,115 hours worked in May by its productior personnel. Manufacturing overhead for the month totaled $9,569, of which $2,200 was...
I need help with the x's. Please explain how you got those if
you can. Thanks
QUESTION 5 Partially correct Mark 76.00 out of 89.00 P Flag question Variances, Entries, and Income Statement A summary of Glendale Company's manufacturing variance report for May 2016 follows Direct material Direct labor Variable overhead Fixed overhead Total Standard Costs (9,200 units) Actual Costs (9,200 units) Variances $52,430 $4,590 U 220,100 700 F 50,550 510 F $47,840 220,800 51,060 9,660 $329,360 9,660 5332,740 $3,380...
Exercise 23-16 a-b The Sports Equipment Division of Harrington Company is operated as a profit center. Sales for the division were budgeted for 2020 at $900,000. The only variable costs budgeted for the division were cost of goods sold ($440,000) and selling and administrative ($60,000). Fixed costs were budgeted at $100,000 for cost of goods sold, $90,000 for selling and administrative, and $70,000 for noncontrollable fixed costs. Actual results for these items were: $880,000 408,000 105,000 Sales Cost of goods...
Problem 11-6A (Part Level Submission) Jorgensen Corporation uses standard costs with its job order cost accounting system. In January, an order (Job No. 12) for 2,000 units of Product B was received. The standard cost of one unit of Product B is as follows. 3 pounds at $1.30 per pound $3.90 Direct materials Direct labor 1.30 hour at $10.00 per hour 13.00 2 hours (variable $4.50 per machine hour; fixed $2.60 per machine hour) 14.20 Overhead $31.10 Standard cost per...
ance Analysis (20 points) Henry Hawkins Industries (HHI) manufactures a plastic swimming pool at its Batavia plant. The plant has been experiencing problems as shown by its October contribution format income statement below: Budgeted Actual Sales (7,000 pools) Variable expenses: S255,000 255,000 Cost of goods sold Selling expenses 85,4 15,000 104,590 15,000 Total variable expenses Contribution margin Fixed expenses: 154,600 135,410 64,000 Manufacturing overhead Selling and administration79,000 64,000 79 Total fixed expenses Net operating income (loss) $11,600 Contains direct materials,...
Standard material cost per unit of product is 0.5 pounds at
$7.40 per pound, and standard direct labor cost is 1.5 hours at
$13.00 per hour. The total actual materials cost represents 4,900
pounds purchased at $7.70 per pound. Total actual labor cost
represents 14,200 hours at $12.60 per hour. According to standards,
variable overhead rate is applied at $0.70 per direct labor hour
(based on a normal capacity of 15,000 direct labor hours or 10,000
units of product). Assume...
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