Acme Inc. has the following information available: Actual price paid for material $0.90 Standard price for material $0.80 Actual quantity purchased and used in production 100 Standard quantity for units produced 130 Actual labor rate per hour $14 Standard labor rate per hour $17 Actual hours 200 210 Standard hours for units produced A. Compute the material price and quantity, and the labor rate and efficiency variances. Enter all amounts as Material price variance Material quantity variance Labor rate variance

Q: The following data were included in a recent Mango, Inc. annual report ($ in millions):   In milli...

A: The fixed assets turnover ratio is calculated as net sales divided by average fixed assets. Fixed as...

Q: Greek Manufacturing Company produces and sells a line of product that are sold usually all year roun...

A: Calculation of all necessary requirement are as follows.

Q: Dexter company manufaturing costd were as follows: Direct material and Direct Labor P 100,000 Depr...

A: The manufacturing overhead consists of total Indirect costs incurred for the production. The manufac...

Q: Penny Company manufactures only one product and uses a standard cost system. The following informati...

A: Direct Labor Variance: Direct labor cost variation is defined as the difference between the standard...

Q: 4. On December 31, the adjusted trial balance of XYZ Company shows the following selected data. Acco...

A: Lets understand the basics. There are two types of accounts. One is temporary accounts and second on...

Q: 88,000     $9,408,000   Less: Direct fixed costs   1,200,000     960,00

A: Contribution margin ratio   The contribution margin ratio is calculated as the percentage differen...

Q: Billing department Collections Bill of lading Shipping documents Collection agency Positive Assume t...

A: The question is related to Auditing and is of fill in the blanks with the appropriate word. 

Q: You decide to borrow money from your parents for down payment without interest. Decide on your down ...

A: Down payment is the payment of money which are required at the time of making any purchases like the...

Q: Actual Costing Production Cost, Unit Cost, Net Income and Inventories 2. CABADBARAN CORP., produces ...

A: Using throughput costing method, the direct materials cost is treated a variable cost and other manu...

Q: On January 01, 2021, EFG Company had 100,000 P50 par value ordinary shares outstanding. In addition,...

A: Shares: Shares represents the company's ownership in stock comprising of both common and preference ...

Q: The following cost have been estimated based on sales of 30,000 units Direct materias P300,000 (100...

A: Contribution margin = Total sales - Total variable costs where, Total variable costs = Direct materi...

Q: On January 01, 2021, EFG Company had 100,000 P50 par value ordinary shares outstanding. In addition,...

A: Diluted earnings per share includes the amount which are available for the shareholders per share, a...

Q: From the following data, you are required to calculate- 1)P/V Ratio  2) Break even sales with the ...

A: The ratio which shows the proportion of fixed expenses and profit in total sales figure is called as...

Q: A credit sale of $3,600 is made on July 15, terms 2/10, n/30, on which a return of $200 is granted o...

A: Sale Sale refers to the transaction between seller and buyer where the buyer agrees to pay for the t...

Q: ABC Company accounted for noncurrent assets using the cost model. On December 31, 2021, the entity c...

A: As per IFRS 5, an asset held for sale is not depreciation rather it should be valued at fair value l...

Q: ance corporation has the following shareholders equity accounts reference share 10%, par 50 issued a...

A: Cumulative prefrence share : These are the shares on which dividend is payable for all the year for ...

Q: Gelbart Company manufactures gas grills. Fixed costs amount to $20,688,000 per year. Variable costs ...

A: Contribution per unit = Selling price per unit - Variable cost per unit Break-even point ( in units ...

Q: 20Y7 Dec. 7. Received from Unitarian Clothing and Bags Co., on account, a $60,000, 60-day, 7% note d...

A: Interest = Amount of notes receivables * Rate of interest * number of days / 360 Number of days from...

Q: An invoice of OMR 15000 with the terms 6/10, 3/15, n/30 is dated on June 15. The goods are received ...

A: Given: OMR 15000 invoice terms 6/10, 3/15, n/30 dated 15 June. June 23, such goods were received. B...

Q: b. Prepare a variable costing income statement for the three products. Enter a net loss as a negativ...

A: A variable costing income statement is one of which all variable exp are deducted from revenue to ar...

Q: The following items were deduced from the accounting records of JC Company’s income statement for th...

A: "We’ll answer the first question since the exact one wasn’t specified. Please submit a new question ...

Q: At the beginning of the year, Cazenovia, Inc. entered into a five-year lease for equipment that was ...

A: Explanation:   REQUIRED:   What is the total expense if straight-line amortization is used for the l...

Q: Explain how bushfire calamities may affect a bank's loan portfolio. Carefully consider direct and in...

A: The loan portfolio seems to be the total value of all loans given by the bank to persons and compani...

Q: A customer of Mutare paid for merchandise originally purchased on account with a check thathas been ...

A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized i...

Q: On April 1, 2017 the Reba Company purchased 10%, $800,000 bonds of the Trading Up Company at par plu...

A: When any bonds are purchased at par plus accrued interest then the total amount paid included the ac...

Q: Considering the information shown on the financial statements,revenue could be calculated as: A.Cas...

A: Introduction:- The following financial statements used as follows under:- Balance sheet. Income sta...

Q: Break-Even in Units and Sales Dollars, Margin of Safety Drake Company produces a single product. La...

A: Contribution margin per unit = Contribution margin / Number of units Contribution margin ratio = Con...

Q: nning Medical Clinic has budgeted the following cash flows. January $105,000 February $111,000 March...

A: Cash budget is the budget which represent cash inflows and disbursements during a particular period ...

Q: hour at each level of activity. c. Tom’s employees usually work 350 direct labor hours per month. Th...

A: A flexible budget refers to the form of the budget which reflects different volumes of sales and the...

Q: (Future value of an annuity and annuity​ payments) You are trying to plan for retirement in 12 ​year...

A:     Saving Account   $       2,10,000 Stocks  $       3,50,000 Annual deposit in saving acco...

Q: Melissa Company, which was organized in January 2020, recorded the following transactions during the...

A: In this question, we compute: a. Prepare an entry as of December 31, 2020, to reclassify the ite...

Q: Please select the correct answer “Communication” a.is when a department is willing to prepare a bu...

A: Communication is the mutual exchange of information between the sender and receiver. Communication i...

Q: Enter the following transactions, completing the double entry in the books for the month of May 20

A: These are the accounting transactions that are having a monetary impact on the financial statement o...

Q: The following are several transactions for Halpin Advertising Company.a. Purchased $1,000 of supplie...

A: Revenue and costs are recognized and documented as they occur under accrual accounting, but cash bas...

Q: A mortgage loan should be fully repaid in 48 monthly installment of Rp5 million. If the loas is Rp20...

A: The formula of loan amortization: Loan amortization = Total installment - outstanding balances * ( r...

Q: Required: 1. Indicate the effects of each transaction on the accounting equation. (Enter decreases t...

A: Solution:- Given, New delivery purchased = $58,000 Sales tax = $4,900 Paid cash on van = $14,000 Due...

Q: 8. In any transaction, the total peso amounts of debits must equal the total peso amounts of credits...

A: 8. In the Double Entry System, in any transaction total of debits always equals to total of credits....

Q: Finish the Income Statement and Balance Sheet using the data provided, and calculate the final total

A: An income statement is a financial report that indicates the revenue and expenses of a business. It ...

Q: Schylar Pharmaceuticals, Inc., plans to sell 120,000 units of antibiotic at an average price of $18 ...

A: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get...

Q: On January 1, 2020, High Shots issued $250,000 of 11% ten-year bonds at 104. Issuance costs amounted...

A: Retirement of bonds occurs when the company repurchases its own issued bonds.

Q: You have decided to buy a car. The car cost RM 50 Q00 You are taking a loan from a bank with the int...

A: Calculation of installment price = Loan Amount/ PVA(3%,5 years) = 40000/55.6523 = $ 718.74    

Q: n - Equipment (300,000) Goodwill 30,000 All items of property, plant and equipment are measured ...

A: Impairment loss refers to the sum value of money which carrying value or the cash developing unit en...

Q: AA and BB are parthers who have capital of P600,000 and P480,000 sharing profits in the ratio of 3:2...

A: Admission of a Partner   Methods for accounting for admission of a new partner - 3 methods: Bonus me...

Q: The following cost have been estimated based on sales of 30,000 units Direct materias P300,000 (100...

A: Variable overhead = P250,000 x 50% = P125,000 Variable S&A = P150,000 x 30% = P45,000

Q: prding to the tex check all of the fo nples that are types of informativ ech. ow to negotiate a bett...

A: The answer has been mentioned below.

Q: Based on the following information, which of the following is closest to days' sales outstanding? •R...

A: The number of days in receivable indicates the total days between trade sale and the payment receive...

Q: Purchased office equipment for cash Php65,000. a. Debit Office Equipment, Credit Cash b. Debit Off...

A: The golden rule of accounting says that, if assets come in then it should be debited, and if assets ...

Q: A company purchased a computer system on January 1, 2021 for S 1,600,00 and sold it one year later o...

A: journal entry to record depreciation are as follows

Q: iv. Degree of operating leverage. Estimated percentage increase and decrease in net operating income...

A: iv. Degree of Operating Leverage = Contribution Margin / Operating Profit v. Estimated % Change in O...

Q: The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 20...

A: Inventory cost by the average cost method=Ending Inventory Units×Total Cost Goods Available for Sale...

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance. 

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.