Elder furnishes the following information for the year. Standard: Material for 70 kgs finished products =100 kg Price of the material=1 per kg Actual: Output =210,000 kg Material used=280,000 kg Cost of material=252,500 Find material usage, price and cost variances.

Q: MC32 Jade Company spent P200,000 on research and development cost for an invention during 2014. On…

A: Research and development cost are expensed in the year they incurred and are not capitalized. The…

Q: The City placed a sculpture of a woman holding a child over her head in Hawrelak Park. During a…

A: Modification Rights- Any current or prospect legislation which operates to differ an obligation or…

Q: On January 2, 2021, Power Company acquired 90% of the outstanding shares of Solar Inc. at book…

A:

Q: Modern Movables Corporation is a Virginia-based manufacturer of furniture. In a recent quarter, it…

A: A cash flow statement indicates cash inflow and cash outflow information of a particular time…

Q: An examination of Hutton Corporation’s accounting records indicates that all receivables are being…

A: Journal entry is the act of recording the financial transaction in table format which have the debit…

Q: Tamarisk, Inc. issues 9,400 shares of $106 par value preferred stock for cash at $110 per share.…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: monopoly, arguing that its costs would go down to a marginal cost of 20. Would the…

A: In business finance, mergers and acquisition are activities in which the ownership of companies,…

Q: Given the following data, calculate product cost per unit under absorption costing. dir labor:…

A: Formula: Product cost under Absorption costing:  = Direct materials + direct labor + Variable…

Q: which of the following transactions will result in the increase and decrease in liability? a.…

A: Liability is increased when the amount is borrowed when the liability is paid it is decreased by…

Q: chased 1,200 of the 100,000 outstanding shares of M 0 commission. total earnings for the period are…

A: Baston Co purchased 1,200 shares of Micheal Corp that has 100,000 outstanding shares . Baston Co…

Q: Given the following data, calculate product cost per unit under absorption costing. dir labor.…

A: The cost per unit can be calculated by dividing total cost by total unit produced.

Q: EEE, Filipino, residing in Toronto, made the following donations during the calendar year 2020:…

A: Answer:-  Donation tax definition:- Donation can be defined as something that is given to charity to…

Q: Wig Creations Company supplies wigs and hair care products to beauty salons throughout Texas and the…

A: Solution 1: In order to compute number of days past due for each customer, we should subtract due…

Q: ORANGE Company and its divisions are engaged solely in manufacturing. The following data pertain to…

A: Reporting segments are the one which the entity reports to compare the division performance for…

Q: inge pumps often fail due to adherence of fluid to the ceramic piston which results to  seal damage.…

A: Concept of Present value of cash flow Calculation of present value of Lost Production Cost To…

Q: Familiarization of investment types. Identify keywords if it is; Deposit Fund Bond Stock Property 1.…

A: In this question, we have some investment types such as deposits, funds, bonds, stocks, and…

Q: The presumptive input tax may be claimed as a credit against output tax by  the following taxpayers,…

A: The question is related to taxation.

Q: Toys R Us Company had the following unit costs: Direct materials $20 Direct labor 10 Variable…

A: Additional profit (loss) = (Special selling price per unit - Relevant cost per unit) x no. of units…

Q: Question 2 Ordering costs are those incurred every time an order is placed such as clerical costs…

A: When goods are ordered there is cost involved in it and the cost involved in ordering the goods is…

Q: Sunland Corporation was organized on January 1, 2022. It is authorized to issue 9,600 shares of 8%,…

A: The journal keeps the record for day to day transactions of the business on regular basis.

Q: Currency $150 billion Bank reserves $400 billion Checkable deposits $1,200 billion Time deposits…

A: Monetary base: The monetary base indicates the total amount of money is in circulation in the hands…

Q: Currently, a company can produce 60 units per hour of a particular product. During this hour, move…

A: Cost of goods manufactured:   The cost of goods manufactured is the cost incurred by the company in…

Q: and various method

A: A reduction in the value of the asset after the useful years of life is known as depreciation. There…

Q: How much is the VAT payable as at January 31, 2020?

A: Vat payable amount is the amount which requires to be paid to the government or tax authority which…

Q: The following information is available to reconcile Branch Company's book balance of cash with its…

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…

Q: Question 4 Based on the following information provided by Max Trading Company on December 31, 200C,…

A: Net income can be calculated as: = Net Sales - Cost of goods sold + Other Income - Other expenses -…

Q: Pharoah Corp. has the following beginning-of-the-year present values for its projected benefit…

A: Introduction The corridor is equal to 10% of the higher between Projected Benefit Obligation and…

Q: Allyna and Allysa are partners with capital balances of P 480,000 and P 240,000. Their profit and…

A: Part 4 -  Journal Entry to record admission-   Cash                    360,000 Allyana, Capital…

Q: The following are the inventories for the years 2019, 2020, and 2021 for Parry Company:

A: The income statement prepared by the company's management can be used to identify the organization's…

Q: 10. If a company has current assets of $230,000 and current liabilities of $100,000 the amount of…

A: Formula: Working capital = Current Assets - Current liabilities

Q: See& On December 2. Coley Corp acouired J00 shares ofs $2 par value common stock for $21esch On…

A: Treasury stocks are repurchased shares of the company.The firm has the power to re issue these…

Q: Q/ Here are the inventory records for AT Co for the month of Mar. Date Account nameQuantity Unit…

A: Inventory is one of the current asset of the business reported in the balance sheet. It includes…

Q: A zero coupon bond will be worth $15,000 when it matures and redeemed after 10 years. How much would…

A: This question requires us to calculate Present Value of a zero coupon bond which will be worth $…

Q: Do you believe that primary commodities like electricity, gasoline, telecommunications should be run…

A: Monopoly:   It is a type of market system under which there is only one seller of the goods and…

Q: In the long run, the long-run average cost curve _____, whereas in the very long run, the long-run…

A: a. none of the above

Q: Exercise 12-15 (Algorithmic) (LO. 4) In 2021, Ivanna, who has three children under age 13, worked…

A: The child and dependent care credit are related to the deduction for expenses of dependent children…

Q: La Barte Company manufactures commuter bicycles from recycled materials. The following data for July…

A:

Q: Inman Construction Company is considering selling excess machinery with a book value of $284,000…

A: The differential analysis is prepared to compare the two different alternatives available with…

Q: 1. Calculate the missing information for the purchase. Item Selling Price Sales Tax Rate Sales Tax…

A: Tax refers to the amount charged by the government on individuals, partnership firms, HUF’s or any…

Q: ABC Company budgeted the following production in units for the second quarter of the year: April…

A: Budget means the expected value for future. Raw material means the goods which is processed to make…

Q: Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near…

A: Every spending variation should be compared to the assumptions that were utilized to create the…

Q: Prepare the journal entry required to adjust Jenbright's ending inventory from a FIFO to a…

A: Adjusted for change in Inventory valuation Method

Q: We discussed the fact that most companies develop and document a capitalization policy regarding…

A: The answer is stated below:

Q: Why are special revenue funds restricted and what would happen if they were used for other purposes?

A: As the special revenue fund is a special revenue that are specific or specified to a project in…

Q: Tomatsui Company provided the following annual data: Sales P3,500,000 Cost of Sales P2,275,000…

A: Incase of calculation of minimum cash balance there is a simple way to calculate exactly how much…

Q: Which of the following statements is true regarding the calculation of a C corporation's taxable…

A: Here discuss about the treatment of taxable income for the C corporation and the details which are…

Q: each 10 November Purchased 410 units of stock @ £40 each 23 December Sold 100 units of stock @ £75…

A: a) Month opening stock Purchases Sales Closing stock  July   150x20 =3000   150x20 =3000…

Q: 8. Central Drug Store carries a variety of health and beauty aids, including elastic ankle braces.…

A: Budgets are the forecasts or estimates for future period of time. It means quantitative form of…

Q: Brush Company engaged in the following transactions at the beginning of 2019: 1. Prepare the journal…

A: A journal entry is being used to record any business transaction in a company's accounting records.…

Q: Solano Company has sales of $740.000, cost of goods sold of $490,000, other operating expenses of…

A: Return on investment = Net profit/Average invested assets Investment turnover = Net sales/Average…

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.