Please help me with all answers thanku LargeSmall3 feet at $0.20 per foot 1.25 feet at $0.20 per foot1 at $0.021 at $0.02RubberConnectorAt the beginning of the month, Ed Co. bought 26,000 feet of rubber for $7,150. The company made 3,000 large O rings and 4,000 small O rings. The company used14,600 feet of rubber.A. What are the direct materials price variance, the direct materials quantity variance, and the total direct materials cost variance? Enter all amounts as positive numbers.If required round your answers to two decimal places.✔Unfavorable✔Unfavorable✔UnfavorableDirect materials price varianceDirect materials quantity varianceTotal direct materials cost variance3:42B. If they bought 11,000 connectors costing $230, what would the direct materials price variance be for the connectors? Round your intermediate calculations tothree decimal places.Direct materials price variance f10 X UnfavorableC. If there was an unfavorable direct materials price variance of $120, how much did they pay per foot for the rubber? Round your answer to two decimal places.Actual price t

Direct material price variance Std price- Actual Price) * Actual Qty

B. If they bought 11,000 connectors costing $230, what would the direct materials price variance be for the connectors? Round your intermediate calculations to three decimal places. Direct materials price variance 10 X Unfavorable

B. If they bought 11,000 connectors costing $230, what would the direct materials price variance be for the connectors? Round your intermediate calculations to three decimal places. Direct materials price variance 10 X Unfavorable

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter3: Cost-volume-profit Analysis

Section: Chapter Questions

Problem 1PB: A company sells mulch by the cubic yard. Grade A much sells for $150 per cubic yard and has variable...

See similar textbooks

Related questions

Q: Find the present value of $675 due in the future under each of the following conditions. Do not…

A: The time value of money (TVM) is a concept in finance that refers to the idea that money available…

Q: Washington Mutual was a US Bank which went bankrupt at the end of 2008 due to a number of risk…

A: Credit risk refers to the possibility of loss due to a borrower's failure to repay a loan or fulfill…

Q: Problem 6-8 Identification (IAA) Identify the principle or concept that is most clearly violated by…

A: Based on the question the accounting principal are given below :

Q: On September 1, Bridgeport Ltd. purchased $76,200 of five-year, 8% bonds for $67,584, resulting in…

A: Although, only part d is asked but here part a,b and c is also answered to give a complete answer…

Q: 2. Using the following structure, indicate the effects (accounts, amounts, and+for increase and-for…

A: Lets understand the basics. As per balance sheet equation, total assets are always equal to total…

Q: Problem 8-34 (LO 8-1, 8-2) Kelvin owns and lives in a duplex. He rents the other unit for $790 per…

A: For tax purposes, Schedule A records the expenses related to mortgage or home loan interest, state…

Q: Eddy's Fishing Hole has the following transactions related to its top-selling Shimano fishing reel…

A: Ending inventory is the amount of inventory that an entity has, at the end of the period. It is…

Q: THE FOLLOWING IS A TRIAL BALANCE EXTRACTED FROM WASIKE TRADERS IN THE MONTH OF DECEMBER 2015.…

A: Trade is the act of purchasing and reselling products or services with the intention of making a…

Q: During 2014, North Dakota Company issued $1,000,000 in long-term bonds at 96 , repaid $150,000 of…

A: Cash Flows Statement Is One Of Three Major Financial Statement. Cash Flows From Financing Activities…

Q: The following selected information pertains to Text Company, Direct materials, P62,500, indirect…

A: Conversion costs means costs incurred to convert raw material into finished goods in the business.…

Q: The transactions of Spade Company appear below. a. K. Spade, owner, invested $19,750 cash in the…

A: Trial balance is the statement which is prepared by the entity for the purpose of summarizing the…

Q: Adjusting entry for Prepaid Insurance Windy Saloons purchased a 3 year insurance policy on 1st…

A: Prepaid insurance is a type of asset that represents the cost of insurance premiums paid in advance…

Q: The following balance sheet information (in $ millions) comes from the Annual Report to Shareholders…

A: The balance sheet represents the financial position of the business with assets and liabilities on a…

Q: Sheridan Company sells its product for $10900 per unit. Variable costs per unit are: manufacturing,…

A: Varible costing method :— Under this method, product cost includes direct material, direct labour…

Q: equirements: . Using the high-low method, and based upon the data collected: (a) estimate the…

A: Introduction: - High-low method is one of the techniques that is used to separate fixed and…

Q: How do excessive inventories affect the following financial statements; Income Statement, Balance…

A: Financial statements are documents that provide information about a company's financial performance,…

Q: The year-end balance sheet of Ft. Smith Products includes the following stockholders’ equity section…

A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for…

Q: Requirements: a) State why this should be classified as a finance lease. b) Prepare the lease…

A: a) This lease should be classified as a finance lease because it meets at least one of the following…

Q: Prepare a reconciliation of Lambda's taxable income before special deductions with its book income.…

A: It is a tax form used by corporations and partnerships to reconcile the financial statement income…

Q: a) State why this should be classified as a finance lease b) Prepare the lease schedule. Use online…

A: The lease should be classified as a finance lease because it meets at least one of the following…

Q: Create your own company describing the nature of the company and what it provides (should be…

A: Journal Entry The purpose of providing the journal entry to enter the required transaction into…

Q: 86. Link Co. purchased machinery that cost $3,000,000 on January 4, 2022. The entire cost was…

A: Formula : Amount Depreciation on machine = (Cost - Residual value) / useful life

Q: Rimas Corporation reported pretax book income of $1,360,000. Included in the computation were…

A: In simple terms, a company's total income refers to the total amount of money that the company has…

Q: e costs bution margin 496,540 $174,460 253,110 $175,890 749,650 350,350

A: Answer : Break even point in $ : Break even point in $ = Fixed cost / Contribution margin ratio…

Q: 38. A Cash-flow break-even analysis add the following factors beyond the accounting break-even…

A: Break-even analysis is a financial tool used by businesses to determine the point at which their…

Q: 8153 Preparing a consolidated income statement Obj. 4 For the year ended December 31, 2012, the…

A: Financial statements that jointly aggregate a parent business and its subsidiaries are known as…

Q: Flexible Factory produces watches in Vancouver. The original (static) budget and actual results for…

A: Flexible budget variance :— It is the difference between flexible budget and actual results.…

Q: Blossom Electronix sells computer tablets and MP3 players. The business is divided into two…

A: Sales Mix Percentage :— It is the percentage of sale of individual product to total sales.…

Q: Factory Overhead Cost Budget Toot Sweet Candy Company budgeted the following costs for anticipated…

A: Solution: Factory overhead cost Budget : Amount $ Amount $ Variable factory overhead cost :…

Q: In 2020, Schultz manufactured 25,000 units of the Royale and 10,000 units of the Majestic. The…

A: Activity rate :— It is the rate used to allocate manufacturing overhead to cost object under…

Q: Aviatrix Avionics makes three types of radios for small aircraft—Model A, Model B, and Model C.…

A: Manufacturing costs are those which are involved in the process of production. It includes the…

Q: TipTop Flight School offers flying lessons at a small municipal airport. The school's owner and…

A: The standard budget prepared for the period is compared with actual results to find out the…

Q: Assume that a newly implemented ABC system concludes that the number of orders placed is the best…

A: If for order filling activity cost driver is - No.of orders placed we have to allocate the total…

Q: The difference between debt and equity in an entity's statement of financial position is not easily…

Q: Rita owns a sole proprietorship in which she works as a management consultant. She maintains an…

A: Adjusted Gross Income (AGI) is a measure of your total income earned from all sources, such as…

Q: 5. Expected Value SDA Company prepared the following probability distribution describing the…

A: Expected return= R1P1+ R2P2….+ RnPn Where , R= expected return on that scenario P= probability of…

Q: Refer to the following data and description, 1. calculate the break even points in both unit sales…

A: Answer to Question 1:- To calculate the break-even point in both unit sales and dollar sales, we can…

Q: n regards to current annual report and balance sheet of PepsiCo, what are some major items you…

A: The latest annual report for PepsiCo is available for the year ended 2021. This corresponds to the…

Q: You withdrew $21218 from your line of credit 3.5 years ago at an interest rate of 4% compounded…

A: FUTURE VALUE Future Value is the value of Current asset as on any future date. Future Value =…

Q: Following are the transactions of a new company called Pose-for-Pics. August 1 M. Harris, the owner,…

A: Trial balance is the statement prepared by the entity for the purpose of summarizing the balances of…

Q: repare the journal entry to record the sale of the Bilby shares during 2023. (Credit account titles…

A: Gain on sale of short-term investments = Sale value - Fair value

Q: Problem 7-5A (Static) Analyzing and journalizing notes receivable transactions LO C2, C3, P4 The…

A: Interest is the income earned by the issuer of the notes on the account. Interest is calculated on…

Q: Alyssa's 2022 taxable income exceeds $170,050 and thus she is required to phase out her QBI…

A: As per IRS provisions, some qualified individuals and trusts, and estates may be entitled to a…

Q: Recast the above income statement on the accrual basis in conformity with generally accepted…

A: We have, Service revenue(collected) = $311,600 Service revenue(not collected yet) = $32,800…

Q: Ruiz Company provides the following budgeted sales for the next four months. The company wants to…

A: A production budget is a financial plan that outlines the expected quantity and cost of goods to be…

Q: Prepare journal entries to record the May 4 purchase and the May 3 and 16 sales. (Credit account…

A: A perpetual inventory system is a way to continuously and in-the-moment monitor inventory levels.…

Q: A firm has common stock of $100, paid-in surplus of $300, total liabilities of $500, current assets…

A: Shareholders' equity represents the residual value of a company's assets after deducting its…

Q: $671,000 496,540 $174.460 $429,000 253,110 $175,890

A: Answer : Weighted average contribution margin ratio : Weighted average contribution margin ratio =…

Q: Write up the accounts in the books of D. Gough to record the following transactions: 2021 June 1…

A: For accounting purposes, journal entries are used to record the transactions that take place in the…

Q: o not give solution in image form

A: Journal Entry - Journal entry is the recording of business transaction in books of account, this is…

Question

Please help me with all answers thanku

Large
Small
3 feet at $0.20 per foot 1.25 feet at $0.20 per foot
1 at $0.02
1 at $0.02
Rubber
Connector
At the beginning of the month, Ed Co. bought 26,000 feet of rubber for $7,150. The company made 3,000 large O rings and 4,000 small O rings. The company used
14,600 feet of rubber.
A. What are the direct materials price variance, the direct materials quantity variance, and the total direct materials cost variance? Enter all amounts as positive numbers.
If required round your answers to two decimal places.
✔Unfavorable
✔Unfavorable
✔Unfavorable
Direct materials price variance
Direct materials quantity variance
Total direct materials cost variance
3:42
B. If they bought 11,000 connectors costing $230, what would the direct materials price variance be for the connectors? Round your intermediate calculations to
three decimal places.
Direct materials price variance f
10 X Unfavorable
C. If there was an unfavorable direct materials price variance of $120, how much did they pay per foot for the rubber? Round your answer to two decimal places.
Actual price t

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

A company produces two products. E and F in batches of 100 units. The production and cost data are: The company can only perform 12,000 set-ups each period yet there is unlimited demand for each product. What is the differential profit from producing product E instead of product F for the year? A. $216,000 B. $204,000 C. $12,000 D. $54,000
What is the conversion cost to manufacture insulated travel cups if the costs are: direct materials, $17,000; direct labor, $33,000; and manufacturing overhead, $70,000? A. $16,000 B. $50,000 C. $103,000 D. $120000
A company sells mulch by the cubic yard. Grade A much sells for $150 per cubic yard and has variable costs of $65 per cubic yard. The company has fixed expenses of $15,000 per month. In August, the company sold 240 cubic yards of Grade A mulch. A. Calculate the contribution margin per unit for Grade A mulch. B. Calculate the contribution margin ratio of the Grade A mulch. C. Prepare a contribution margin income statement for the month of August.
Company A wants to earn $5,000 profit in the month of January. If their fixed costs are $10,000 and their product has a per-unit contribution margin of $250, how many units must they sell to reach their target income? A.20 B. 40 C. 60 D. 120
XYZ Inc. sells a single product for $30 per unit. Variable production costs are $18 per unit. Fixed overhead costs amount $20,000 per month. Variable selling costs are $3 per unit. Fixed selling costs are $4,000 per month. Last month, the company produced 10,000 units and sold 8,000 units. What is the company’s margin of safety? a. $160,000 b. $80,000 c. $40,000 d. $20,000
4. For each following activity, determine the amount of value-added and non-value-added costs. a. The company keeps 7 days of materials inventory on hand to avoid shutdowns due to materials shortages. Carrying costs are $50,000 per day. b. A time-and-motion study revealed that it should take 10 minutes to produce a product that now takes 50 minutes to produce. Labor is $18 per hour. c. Warranty work costs the firm $500,000 per year. Warranty costs for the industry average $100,000 per year.
23.AA Mouse, Inc. makes a special mouse for computers. Each mouse sells for Php 25 and annual production and sales are as 120,000 units. Cost of each mouse are as follows: Direct Material Php6.00, Direct Labor 3.00, Variable Overhead 0.80, Variable Selling expenses Php 2.2, and Total Fixed Overhead Cost Php 589,550.00. Calculate the unit contribution margin in pesos. 24.Based on the facts of AA Mouse, Inc. What is the contribution margin ratio for the product? 25.Based on the facts of AA Mouse, Inc. How many mice must the company sell if it desires to earn Php 996,450 in before-tax profits?
23. FGM Limited produces nail brushes for domestic use. It sells 80,000 in a year. Raw materials cost P0.15 per brush and other variable cost per year P48,000. Fixed costs amount to P60,000. What is the total cost per unit. P0.75 P1.35 P1.50 P1.00
MIKAS, Inc. sells and installs furnaces for P3,000 per furnace. The following cost formula relates to last year's operations at MIKAS: Y = P125,000 + P1,800XIf MIKAS sold and installed 500 furnaces last year, what was its total contribution margin last year? 600,000 475,000 900,000 1,025,000
QUESTION 1 Bock Ltd. makes 200 wooden kitchen chairs every month and sells them for GHe50 each. Fixed month overheads are GHe3.00 and thestandard cost of one chair is as follows: GHe Materials 15 Direct labour 8 Variable overheads 7 Required: 1.Calculate for one month 2. The variable cost of one chair b. the breaker en point 3. The profit if 200 chairs are sold 4. The number of chairs sold to give profit of GHe4,000
1. A company produced 40,000 units at a total cost of $35,000 in May. In June the company produced 100,000 units at a total cost of $125,000. What is the variable cost per unit? a) $0.67 b) $1.50 c) $2.50 d) $1.75 2. clarks Ltd uses the following cost function: Y = $7000 + $8.50X. If the number of units produced in a month is 200, what would be the total cost? a) $7,170 b) $7008.50 c) $8,700 d) $7,800 3. All of the following is an advantage of FIFO, EXCEPT: a) Stock values are easy to calculate b) It is acceptable for tax purposes c) Values are based upon prices actually paid for stock d) In a period of inflation there is a tendency for stocks to be issue at a cost lower than the current market value 4.
Q1. Jassim Compagny is producing only one product. Two types of direct materials are used to produce this product: direct material type A and direct material type B. The estimated data for Jassim Compagny is as following: Sales $90,000 Costs: Direct materials type A $40,000 Hourly employees 15,000 Manager’s salary 10,000 Direct materials type B 5,000 Marketing 10,000 Total Costs 80,000 Budgeted pretax profit $ 10,000 Compute the revenues needed to achieve a target after-tax income of $30,000. The income tax rate is 20%. What is the margin of safety in revenue?