A company has set a new policy of acquiring materials from a second hand auction because it is cheaper than market price. Upon further investigations you have discovered that the materials from the auction are lower than the normal standard.
Q: Following is a summary of costs and other data for the period ended September 30: Products Units…
A: Joint costs can be allocated on the basis of the Net Realizable Value. In this method, the net…
Q: Quick Fix-It Corporation was organized at the beginning of this year to operate several car repair…
A: The shareholders' equity shows the net worth of the business. This amount belongs to the equity…
Q: The allowance for credit losses account has an opening balance of R4 500. The policy requires the…
A: A journal entry in accounting is a record of a financial transaction that documents the debit and…
Q: Compute debt and equity ratio for the current year and one year ago. (2) Compute debt-to-equity…
A: Ratio analysis is the type of analysis done through the preparation of ratios with the elements of…
Q: 2. Below are balance sheet and income statement data for Yu Simon Company. Note: For the balance…
A: Cash Flow Statement - Cash Flow Statement includes inflow and outflow cash during the financial…
Q: Alpine Thrills Ski Company recently expanded its manufacturing capacity. The firm will now be able…
A: BREAKEVEN POINT Break Even means the volume of production or sales where there is no profit or loss.…
Q: Wildhorse Enterprises issued 8%, 8-year, $3,250,000 par value bonds that pay interest annually on…
A: Issue Price=Present Value of Face Value + Present Value of Interest Expense. Interest expense =…
Q: Larkspur Golt Inc. was formed on July 1, 2024, when Matt Magilke purchased the Old Master Golf…
A: A balance sheet is an accounting report that shows a corporation's assets liabilities, and…
Q: Faceoff, Inc. identified the following selected transactions that occurred during the year ended…
A: Activities related to investing and finance that don't involve cash include transactions when a…
Q: 12. Lucia Company has set the following standard cost per unit for direct materials and direct…
A: Hi student Since there are multiple questions, we will answer only first question. Variance…
Q: Accounts Debit Credit Cash $ 11,400 Accounts Receivable 144,000…
A: Financial Statements - Financial Statement includes Income Statement, Statement of Retained Earnings…
Q: MOSS COMPANY Selected Balance Sheet Information 2020 At December 31 Current assets Cash Accounts…
A: The cash flow statement is an important financial statement that provides critical information about…
Q: onfirmation of accounts receivable is a presumptively mandatory audit procedure. In performing this…
A: Confirmation of accounts receivable is an audit procedure that involves obtaining external…
Q: Factory Overhead Cost Variance Report Feeling Better Medical Inc., a manufacturer of disposable…
A: factory overhead controllable variance is the difference between the actual variable overhead costs…
Q: [The following information applies to the questions displayed below.] On January 1, 2024, Splash…
A: The bond is issued on a preimum if the coupon rate of the bond is higher than the market interest…
Q: Current Attempt in Progress Headland Corporation made the following cash purchases of securities…
A: Journal Entry is the primary step to record the transaction in the books of accounts. The increase…
Q: Below is the balance sheet for Glucose Control Company as of Dec. 31, 2022. The company had an EBIT…
A: Market value added (MVA) is a statistic that illustrates the difference between the market value of…
Q: What would go on my Income Statement?
A: The question is related to financial statement. Financial statements basically includes income…
Q: Computing Subsequent Carrying Amount of Patents In January of Year 1, Ford Co. purchased a patent…
A: Straight line method of depreciation is the most common method of depreciating assets and…
Q: Helen Garland, MD, opened a medical practice. The business completed the following transactions Jul…
A: Cash Account - A cash account is an account that represented all the cash receipts and cash…
Q: A company is considering replacing an old piece of machinery, which cost $601,500 and has $349,900…
A: Sunk cost is the cost which is already incurred and cannot be recovered. Sunk cost is an irrelevant…
Q: Based on the chart below, classify each of the costs as variable, fixed or mixed. State how you came…
A: Variable cost is the one which changes with the change in the level of activity or production. Fixed…
Q: Total costs for July in Roasting Department Total equivalent units Cost per equivalent unit Costs…
A: The cost of production report is the report which is used for process costing system. The cost of…
Q: Johnson's industry purchased a metal working late for 32,000. This item will be used for business…
A: MACRS { modified accelerated cost recovery system } is mainly used in the U.S. for tax purposes…
Q: ! Required information [The following information applies to the questions displayed below.] On…
A: BOND Bond is a Financial Securities which is Generally Issued by the Corporation's, Government…
Q: 1. Each unit requires 3 pounds of direct materials, which cost $6 per pound. The company's policy is…
A: Budgeting is a process of estimation of future income and expenditure for a particular period of…
Q: On January 1, Ruiz Company issued bonds as follows: Face Amount: Number of Years: Stated Interest…
A: Bond refers to the financial instruments issued by the government for raising funds to the…
Q: The management of Carla Vista Inc. asks your help in determining the comparative effects of the FIFO…
A: Inventor Valuation methods: The process for determining an organization's overall inventory value at…
Q: RJM Enterprises is a manufacturer of consumer electronics products. The industry is very…
A: Variance analysis is one of the approach management use to evaluate the performance and know the the…
Q: The Foundational 15 (Algo) (LO6-1, LO6-2, LO6-3, LO6-4, LO6-5) [The following information applies to…
A: Using absorption costing, the gross profit is calculated as difference between sales and cost of…
Q: CVP Drill #10 Shultz Company sells slides for $400 each. If the company's fixed costs total…
A: Break- even point is the point where there is no profit or loss. If we sell anything beyond this…
Q: number 2 The following errors occurred in posting from a two-column journal: A credit of $4,960…
A: "Since you have asked multiple questions, we will solve first question for you. If you want any…
Q: Asahi USA, Inc., based in Denver, Colorado, is a subsidiary of a Japanese company manufacturing…
A: Lets understand the basics. Direct material price variance is a variance between the rate at which…
Q: Sales are $2.54 million in 2023, $2.64 million in 2024, and $2.44 million in 2025. What is the…
A: Change in amount from 2023 to 2024 = sales in 2024 - sales in 2023 = $2.64 - $2.54 = $0.10…
Q: Exercise 5-3 The Dec. 31, 2020 balance sheet of Sto. Tomas Company is presented below. These are the…
A: Balance sheet is the financial statement which is prepared by the entity for the purpose of…
Q: Shadyside Insurance Company manages a medical insurance program for its clients. Employees of client…
A: Let's arrange the given amounts: For every 150,000 claims processed ever: No. of Supervisor = 1. No.…
Q: Sheridan Company purchased 70 Rinehart Company 5%, 10-year $1.000 bonds on January 1, 2022, for…
A: A journal entry is a record of a business transaction in your business books. In double-entry…
Q: LO 10-2 10.5 Projecting Revenues, Cost of Goods Sold, and Inventory. Use the following hypothetical…
A: In accounting, the technique of predicting future financial results based on past financial data and…
Q: Tish Corporation produces a part used in the manufacture of one of its products. The unit product…
A: Financial advantage / disadvantage is the difference between relevant cost of making and relevant…
Q: The following data concerning the retail inventory method are taken from the financial records of…
A: Inventory management involves the tracking, monitoring, and control of inventory levels to ensure…
Q: Exercise 10-16A (Algo) Straight-line amortization for bonds issued at a discount LO 10-4 On January…
A: Journal entries are used to record accounting transactions in chronological order under double entry…
Q: Outdoor Living Manufacturers uses 1,000 units of a product per year. Its fixed cost is $28 per…
A: Economic order quantity (EOQ): EOQ is the ideal quantity of units that a company would like to…
Q: Lily Corporation manufactures a single product. The standard cost per unit of product is shown…
A: The material variation is the discrepancy between the actual cost of direct materials and their…
Q: Problem 11-8A (Algo) Prepare an income statement using operating cash flow information-indirect and…
A: The income statement is prepared to record the revenue and expenses of the current period. The cash…
Q: On January 1, Year 1, Hardy Company had a balance of $102,500 in its Common Stock account. During…
A: Cash Flow from Financing Activities - Cash Flow from Financing activity is the section from Cash…
Q: Catch, Inc., is a designer and manufacturer of backpacks and purses. The equipment must be switched…
A: Activity based costing is a system of cost allocation which is based on the actual consumption of…
Q: You have just been hired by FAB Corporation, the manufacturer of a revolutionary new garage door…
A: The variance is the difference between the actual data and standard output of the production. The…
Q: Depreciation by Two Methods A computer system acquired on January 1 at a cost of $35,000 has an…
A: Depreciation refers to the amount of expense which ais charged on the fixed asset for its usage…
Q: Flint Enterprises had the following sales, cost, and production information for April: Units…
A: A method of accounting for manufacturing expenses called "absorption costing" allocates both the…
Q: Problem 15-56 (LO 15-4) Determine the amount of taxable dividend, nontaxable distribution, and…
A: Taxable dividend= dividend paid out from the E&P. Non taxable distribution= dividend in excess…
Step by step
Solved in 3 steps
- Which of the following is NOT a use of CVP (Cost-Volume-Profit) analysis? a.what is the impact on the break-even point of an increase or decrease in fixed costs b.how many units must be sold to break even c.the identification of price and efficiency variances d.the ability to conduct sensitivity analysis of cost or price changesplease guve the the accurate answers only please What is the labor efficiency variance? answer: ??????? since it is unfavorable What is the variable overhead efficiency variance? answer: ?????????? since its unfavorable What is the variable overhead rate variance? answer:??????????? since it is unfavorableWhen is the direct labor time variance favorable? A. when the actual quantity used is greater than the standard quantity B. when the actual quantity used is less than the standard quantity C. when the actual price paid is greater than the standard price D. when the actual price is less than the standard price
- Optimal replacement interval is negatively correlated with which of the following? a. First cost b. Operating and maintenance cost c. MARR d. None of the above.1.What is the labor rate variance ( indicate the effect of each variance by selecting "f" for favorable, U for unfavorable, and None for no effect and round your final answer to the nearest whole number) 2. What is the variable overhead efficiency variance ? ( indicate the effect of each variance by selecting "f" for favorable, U for unfavorable, and None for no effect and round your final answer to the nearest whole number) 3. what is the variable overhead rate variance?In the cost equation TC = F + VX, “V” is best described as the: Multiple Choice intercept of the cost equation. total costs that do not vary with changes in the activity level. activity level used to estimate the dependent variable. slope of the cost equation.
- 7. Which of the following charts best represent total variable costs? For each chart, the line represents the cost behavior pattern, the vertical axis represents costs, and the horizontal axis represents total volume, (A) Your answer is (B) (C) (D) Explain your answer: 8. Which of the following is NOT a cost estimation method? A) High-low cost estimation B) Scatter diagrams C) Least-square regressions D) CVP analysis Your answer is Explain your answer: 9. Assume a local Cost Cutters provides cuts, perms, and hairstyling services. Annual fixed costs are $120,000, and variable costs are 40 percent of sales revenue. Determine its break-even point in sales dollars. A) $250,000 B) $200,000 c) $240,000 D) $360,000 Your answer is Explain your answer:Please calculate the change in operating income due to cost leadership. Label each component as to whether the amount has a favorable effect on operating income or unfavorable effect. (Label each variance as favorable (F) or unfavorable (U).Which of the following is not an assumption of the basiceconomic-order quantity model?A. quantity discounts are availableB. ordering or setup costs are constantC. lead time is constantD. annual demand is constant and know
- Exercise 16-36 (Algo) Variable Cost Variances (LO 16-5) Paynesville Corporation manufactures and sells a preservative used in food and drug manufacturing. The company carries no inventories. The master budget calls for the company to manufacture and sell 122,000 liters at a budgeted price of $240 per liter this year. The standard direct cost sheet for one liter of the preservative follows. (2 pounds @ $15) (0.5 hours @ $46) Direct materials $30 Direct labor 23 Variable overhead is applied based on direct labor hours. The variable overhead rate is $130 per direct-labor hour. The fixed overhead rate (at the master budget level of activity) is $65 per unit. All non-manufacturing costs are fixed and are budgeted at $2.3 million for the coming year. At the end of the year, the costs analyst reported that the sales activity variance for the year was $732,000 unfavorable. The following is the actual income statement (in thousands of dollars) for the year. Sales revenue $28,138 Less variable…From the standpoint of cost control, why is the FIFO method superior to the weighted-averagemethod? Is it possible to monitor cost trends using the weighted-average method?R-squared is a measure of a. The spurious relationship between cost and activity b. The fxed cost component C The variable cost per unit activity d. How well the regression line accounts for the changes in the dependent variable
