Tidewater Wrench Company LLC Variances
Determine variances (the $ amount and F or U) for each of the yellow highlighted lines and words
Income statements for calculations
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updated 021119 TIDEWATER WRENCH COMPANY, LLC TRACKING COST VARIANCES & SALES VARIANCES INITIAL BUDGET INFORMATION Our...
updated 021119 TIDEWATER WRENCH COMPANY, LLC TRACKING COST VARIANCES & SALES VARIANCES INITIAL BUDGET INFORMATION Our initial plan was to make and sell 500 wrenches. We budgeted 2 lbs. of steel for each wrench, and expected to pay $1.50 per pound for the steel. We budgeted $20 per hour for labor, and expected it to take 3 hours to make each tool. Our initial plan was to sell the 500 wrenches for $120 each. We budgeted $8000 for insurance (fixed...
Problem 15-20 Determining sales and variable cost volume variances LO 15-2, 15-3, 15-4 Thornton Publications established...
Problem 15-20 Determining sales and variable cost volume variances LO 15-2, 15-3, 15-4 Thornton Publications established the following standard price and costs for a hardcover picture book that the company produces. $ Standard price and variable costs Sales price Materials cost Labor cost Overhead cost Selling, general, and administrative costs Planned fixed costs Manufacturing overhead Selling, general, and administrative 36.70 8.30 3.70 6.00 7.10 $ 127,000 51,000 Thornton planned to make and sell 35,000 copies of the book. Required: a.-d....
Problem 15-20 Determining sales and variable cost volume variances LO 15-2, 15-3, 15-4 Vernon Publications established...
Problem 15-20 Determining sales and variable cost volume variances LO 15-2, 15-3, 15-4 Vernon Publications established the following standard price and costs for a hardcover picture book that the company produces $ Standard price and variable costs Sales price Materials cost Labor cost Overhead cost Selling, general, and administrative costs Planned fixed costs Manufacturing Overhead Selling general, and administrative 36.60 8.50 3.80 5.50 6.40 $129,000 50.000 Vernon planned to make and sell 31.000 copies of the book. Required: a.-d. Prepare...
A potato chip manufacturer has two packaging lines and wants to determine if the variances differ...
A potato chip manufacturer has two packaging lines and wants to determine if the variances differ between the two lines. They take a sample of n= 15 bags from each line and find the following: s1 = 0.09 ounces s2 = .06 ounces The value of the test statistic is F = 1.5 A) True B) False
Variable Overhead Variances Smith Tax Company considers 6,000 direct labor hours or 300 tax returns its...
Variable Overhead Variances Smith Tax Company considers 6,000 direct labor hours or 300 tax returns its normal monthly capacity. Its standard variable overhead rate is $50 per direct labor hour. During the current month, $250,400 of variable overhead cost was incurred in working 5,500 direct labor hours to prepare 270 tax returns. Determine the following variances, and indicate whether each is favorable or unfavorable: Determine the following variances: Do not use negative signs with any of your answers. Next to...
Problem 8-20A Determining sales and variable cost volume variances LO 8-1, 8-3 Baird Publications established the...
Problem 8-20A Determining sales and variable cost volume variances LO 8-1, 8-3 Baird Publications established the following standard price and costs for a hardcover picture book that the company produces. Standard price and variable costs Sales price $ 36.10 Materials cost 8.90 Labor cost 4.40 Overhead cost 6.00 Selling, general, and administrative costs 6.70 Planned fixed costs Manufacturing overhead $ 126,000 Selling, general, and administrative 52,000 Baird planned to make and sell 24,000 copies of the book. Required: a. -...
E9-5 Calculating Direct Materials and Direct Labor Variances [LO 9-3, 9-4] Crystal Charm Company makes handcrafted...
E9-5 Calculating Direct Materials and Direct Labor Variances [LO 9-3, 9-4] Crystal Charm Company makes handcrafted silver charms that attach to jewelry such as a necklace or bracelet. Each charm is adomed with two crystals of various colors. Standard costs follow: Standard Unit Cost Standard Quantity Standard (Rate) 0.50 oz. $25.00 per oz. 7.00 $0.50 per crystal 2.00 hrs. $14.00 per hr. Silver Crystals Direct labor $12.50 Crystal 3.50 28.00 $14.00 During the month of January, Crystal Charm made 1,550...
The following chart summarizes the direct materials and direct labor variances from November of last year...
The following chart summarizes the direct materials and direct labor variances from November of last year through April of this year (extracted from the report provided by Matt). Standards for each laptop cover are as follows: a. Three feet of direct materials at $7.50 per foot b. Forty-five minutes of direct labor at $14 per hour. Actual Cost Direct Materials (Direct Direct Direct Labor Direct Labor Efficiency Materials Materials Efficiency Rate Direct Labor) Price Variance Variance Month Variance Variance November...
Goldman Company reported the following manufacturing overhead variances. (Click the icon to view the overhead variances.)...
Goldman Company reported the following manufacturing overhead variances. (Click the icon to view the overhead variances.) 24. Record the journal entry to adjust Manufacturing Overhead. 25. Was Manufacturing Overhead overallocated or underallocated? 24. Record the journal entry to adjust Manufacturing Overhead. (Prepare a single compound journal entry. Record debits first, then credits. Select the explanation on the last line of the joumal entry table.) Accounts and Explanation Debit Credit Date i Data Table $ Variable overhead cost variance Variable overhead...
Problem 15-20 Determining sales and variable cost volume variances LO 15-2, 15-3, 15-4 Zachary Publications established...
Problem 15-20 Determining sales and variable cost volume
variances LO 15-2, 15-3, 15-4
Zachary Publications established the following standard price
and costs for a hardcover picture book that the company
produces.
Standard price and variable costs
Sales price
$
36.50
Materials cost
8.70
Labor cost
4.20
Overhead cost
5.80
Selling, general, and administrative costs
6.90
Planned fixed costs
Manufacturing overhead
$
129,000
Selling, general, and administrative
51,000
Zachary planned to make and sell 29,000 copies of the book.
Required:
a....
updated 021119 TIDEWATER WRENCH COMPANY, LLC TRACKING COST VARIANCES & SALES VARIANCES INITIAL BUDGET INFORMATION Our initial plan was to make and sell 500 wrenches. We budgeted 2 lbs. of steel for each wrench, and expected to pay $1.50 per pound for the steel. We budgeted $20 per hour for labor, and expected it to take 3 hours to make each tool. Our initial plan was to sell the 500 wrenches for $120 each. We budgeted $8000 for insurance (fixed...
Problem 15-20 Determining sales and variable cost volume variances LO 15-2, 15-3, 15-4 Thornton Publications established the following standard price and costs for a hardcover picture book that the company produces. $ Standard price and variable costs Sales price Materials cost Labor cost Overhead cost Selling, general, and administrative costs Planned fixed costs Manufacturing overhead Selling, general, and administrative 36.70 8.30 3.70 6.00 7.10 $ 127,000 51,000 Thornton planned to make and sell 35,000 copies of the book. Required: a.-d....
Problem 15-20 Determining sales and variable cost volume variances LO 15-2, 15-3, 15-4 Vernon Publications established the following standard price and costs for a hardcover picture book that the company produces $ Standard price and variable costs Sales price Materials cost Labor cost Overhead cost Selling, general, and administrative costs Planned fixed costs Manufacturing Overhead Selling general, and administrative 36.60 8.50 3.80 5.50 6.40 $129,000 50.000 Vernon planned to make and sell 31.000 copies of the book. Required: a.-d. Prepare...
E9-5 Calculating Direct Materials and Direct Labor Variances [LO 9-3, 9-4] Crystal Charm Company makes handcrafted silver charms that attach to jewelry such as a necklace or bracelet. Each charm is adomed with two crystals of various colors. Standard costs follow: Standard Unit Cost Standard Quantity Standard (Rate) 0.50 oz. $25.00 per oz. 7.00 $0.50 per crystal 2.00 hrs. $14.00 per hr. Silver Crystals Direct labor $12.50 Crystal 3.50 28.00 $14.00 During the month of January, Crystal Charm made 1,550...
The following chart summarizes the direct materials and direct labor variances from November of last year through April of this year (extracted from the report provided by Matt). Standards for each laptop cover are as follows: a. Three feet of direct materials at $7.50 per foot b. Forty-five minutes of direct labor at $14 per hour. Actual Cost Direct Materials (Direct Direct Direct Labor Direct Labor Efficiency Materials Materials Efficiency Rate Direct Labor) Price Variance Variance Month Variance Variance November...
Goldman Company reported the following manufacturing overhead variances. (Click the icon to view the overhead variances.) 24. Record the journal entry to adjust Manufacturing Overhead. 25. Was Manufacturing Overhead overallocated or underallocated? 24. Record the journal entry to adjust Manufacturing Overhead. (Prepare a single compound journal entry. Record debits first, then credits. Select the explanation on the last line of the joumal entry table.) Accounts and Explanation Debit Credit Date i Data Table $ Variable overhead cost variance Variable overhead...
Problem 15-20 Determining sales and variable cost volume
variances LO 15-2, 15-3, 15-4
Zachary Publications established the following standard price
and costs for a hardcover picture book that the company
produces.
Standard price and variable costs
Sales price
$
36.50
Materials cost
8.70
Labor cost
4.20
Overhead cost
5.80
Selling, general, and administrative costs
6.90
Planned fixed costs
Manufacturing overhead
$
129,000
Selling, general, and administrative
51,000
Zachary planned to make and sell 29,000 copies of the book.
Required:
a....
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