Fletcher Company collected the following data regarding production of one of its products. Compute the variable overhead spending variance. Direct labor standard (3.00 hours @ $19.20/hour) Actual direct labor hours Budgeted units Actual finished units produced Standard variable OH rate (3.00 hours @ $13.50/hour) Standard fixed OH rate ($209,300/29,900 units) Actual cost of variable overhead costs incurred Actual cost of fixed overhead costs incurred Multiple Choice $49300 favorable $6,000 favorable $6.000 unfavorable $57.60 per finished unit 87,100 hours 29,900 units 27,900 units $40.50 per finished unit $ 7.00 per unit $ 1,126,750 $ 211,000

Q: The following transactions occurred during December, the first month of operations for Johnson,…

A: In the given case, Total Assets includes both cash and Machinery.

Q: Accounting data of Unser Foods are presented here. Net sales Total assets 2025 $708,180 $661,500…

A: Ratio analysis helps to analyze the financial statements of the company. The management can take…

Q: The following data were taken from the records of Clarkson Company for the fiscal year ended June…

A: Income statement is prepared by the company to ascertain the net profit or net loss made during a…

Q: The equipment is recorded on January 1,2020 at

A: There are two questions but as per our protocol, only first question has been solved. Given in the…

Q: ABC Company has net sales of $500,000 and average accounts receivable of $100,000. Calculate the…

A: An accounting ratio that gauges how successfully and efficiently a business collects its accounts…

Q: What is the payback period for the following set of cash flows? (Do not round intermediate…

A: A payback period is the minimum period in which the amount associated with the initial investment is…

Q: Peanut Company acquired 90 percent of Snoopy Company's outstanding common stock for $270,000 on…

A: An income statement is a financial statement that lists the revenue and expenses of the company.…

Q: ammy's Cosmetics uses a normal costing system and has the following balances at the end of its first…

A: The overhead is applied to the production on the basis of pre-determined overhead rate. The overhead…

Q: Using Excel To Prepare a Cost of Goods Manufactured Schedule and a Partial Income Statement PROBLEM…

A: Cost of goods manufactured - The cost of Goods Manufactured is the total cost incurred for…

Q: Fuller Sporting Goods Corporation makes two types of racquets, tennis and badminton. The company…

A: ACTIVITY BASED COSTING   Activity Based Costing is a Powerful tool for measuring performance.…

Q: Charger Inc. had the following items that require adjusting entries at the end of the year. a.…

A: Lets understand the basics. Adjusting journal entry is required to pass to record correct amount of…

Q: Carla Vista Manufacturing Inc. has the following cost and production data for the month of April.…

A: The equivalent units are calculated on the basis of the percentage of the work completed during the…

Q: What is the accounting treatment for the liquidation of a company? Explain the key steps involved in…

A: Liquidation of a company, also known as winding up, refers to the process of closing down a company…

Q: Carla Vista Manufacturing Inc. has the following cost and production data for the month of April.…

A: Unit costs = Cost incurred / equivalent unit Equivalent units describe how much work has been done…

Q: Brent received 1,000 shares of lowa Corporation stock from his uncle as a gift on July 20, 2020,…

A: Gross income less adjustments to income is known as adjusted gross income (AGI). Your salary,…

Q: Emmett and Sierra formed a partnership dividing income as follows: 1. Annual salary allowance to…

A: Net income refers to an amount that is being earned by a corporation from the business after…

Q: I. During discussions relating to the formation of Kingfisher, Seth mentions that he may be…

A: Calculation of present value of cost associated with current sales of inventory for $96,000:…

Q: July 1 July 3 July 5 July 7 July 10 July 14 July 15 July 19 July 21 July 31 July 31 a Issued 15,000…

A: Journal Entries - Journal Entries are the records of the transactions entered into by the…

Q: a. Interest revenue b. Depreciation expense-Equipment c. Loss on sale of equipment d. Accounts…

A: Income from operations is the amount which is calculated by deducting all expenses and losses from…

Q: T.o.p.i.c.:. .A.L.L.O.W.E.D. .D.E.D.U.C.T.I.O.N.S. .-. .I.n.c.o.m.e. .T.a.x.a.t.i.o.n.…

A: Income taxation in the Philippines allows certain deductions that taxpayers can claim to reduce…

Q: Presented below are data for Cheyenne Corp. Assets, January 1 Liabilities, January 1 Stockholders'…

A: The accounting equation states that assets equal to sum of liabilities and equity.  Assets =…

Q: AT-C Section 315. "Compliance Attestation." allows a practitioner to perform agreed-upon procedures…

A: A professional who offers attestation or assurance services is referred to as a practitioner. These…

Q: The actual cost of a material is $2.33 per produced unit. A Six sigma team develop a productivity…

A: A financial analysis tool used to determine the profitability of possible investments is the…

Q: i don't understand the cash budget

A: Budget is an estimation of future activities in adavnce so that  a business entity or…

Q: How should a change in accounting estimate be recognized and disclosed in the financial statements?

A: As per IAS 8 Accounting policies, changes in accounting estimates and errors an accounting estimate…

Q: The table below is Rebecca Minkoff's budgeted sales: April May June July August $458,000 $466,000…

A: First of all, we, we should separate the cash and credit sales for each month. Cash sales are…

Q: Subject: acounting When a company has a simple capital structure, it reports both basic and diluted…

A: Earnings per Share - Earnings per share is an Income earned by the organization to the common…

Q: Required Information [The following Information applies to the questions displayed below.] Forten…

A: Cash flow statement :— It is one of the financial statement that shows change in cash and cash…

Q: The Dinkle and Frizell Dental Clinic provides both preventive and orthodontic dental services. The…

A: A budget is a forecast of revenue and expenses for a certain future period of time that is generally…

Q: Danner Company expects to have a cash balance of $47.250 on January 1, 2020. Relevant monthly budget…

A: The cash budged is prepared for the future, and the cash budget is prepared based on estimates. The…

Q: On 31 December 20x1, AAA Ltd acquired 70% equity interest in BBB Ltd by paying a consideration of…

A: Non controlling interest is minority shareholders interest. Goodwill is difference between…

Q: Crane had 11,000 shares of 3%, $8 par value preferred stock and 63,000 shares of $0.50 par value…

A: The dividend is declared to the shareholders from the retained earnings of the business. The…

Q: Examining the recent financial statements of McLelland Clothing, Inc., you note the following:…

A: Ratio Analysis Is a Method Of  Analysis Of The Company's Liquidity, Profitability By Comparing The…

Q: James has OOOO Statement of Account Billing Cycle: May 1-31 May 1 $259.28 May 9 O$315.55 $320.36…

A: Average daily balance refers to the method used for calculating the amount of interest to be charged…

Q: On January 1, 2021, Winn Heat Transfer leased office space under a three-year lease agreement. The…

A: The method that businesses employ to record the financial impact of their leases is known as lease…

Q: Halep Inc. borrowed $39,070 from Davis Bank and signed a 1-year note payable stating the interest…

A: The time value of money is a concept that elaborates that the worth of the money changes if same…

Q: Required: 1. How should this lease be classified by Mid-South Urologists Group and by Physicians'…

A: A financial lease is the amount of lease which allows an enterprise for having a withholding control…

Q: Which of the following is an element of the journal entry to account for a purchase of merchandise…

A: The journal entry for sales is recorded after computing the sales tax included in such sales. The…

Q: Question 4 of 7 Sage Hill Company reports the following costs and expenses in May Direct labor Sales…

A: MANUFACTURING OH Manufacturing OH are Those Factory Overhead Cost which is Indirectly Associates…

Q: concept of materiality in accounting an

A: The concept of materiality is an important principle in accounting and auditing that considers the…

Q: Ehler Corporation sells rock-climbing products and also operates an indoor climbing facility for…

A: The journal entries are prepared to record the transactions on regular basis. The accrued interest…

Q: The controller of Sonoma Housewares Inc. instructs you to prepare a monthly cash budget for the next…

A: The cash budget is prepared after preparing the schedule for cash collection and a schedule for cash…

Q: Make the necessary journal entries to complete the quasi-organization, adjusting the capital…

A: It has been given in the question that board of directors has implement a quasi-reorganization and…

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

A: The revenue and spending variance is the difference between the actual and flexible budget data. The…

Q: What are the disclosure requirements for a correction of an accounting error?

A: An accounting error refers to a mistake or inaccuracy in financial records, statements, or reporting…

Q: Required: 1. 2. Prepare a traditional income statement. Prepare a contribution format income…

A: Cost of goods sold = (Beginning Inventory + Purchases - Ending Inventory) = $24,000 + $180,000 -…

Q: With the following transactions, determine the Cost of Good Sold for a Manufacturing plant. A $7000…

A: Total manufacturing costs :— It is the total cost incurred in the manufacturing of product during…

Q: Option 1: Purchase the pizza oven with payments of $11,100 made semi-annually for 3 years. The…

A: We have to calculate the present value of annuity payments under two different options available in…

Q: Waddell Company had the following balances in its accounting records as of December 31, Year 1:…

A: Written documents called financial statements describe an entity's operations and financial…

Q: Required: 1. Assuming that Bowser Company uses a FIFO perpetual inventory system to maintain its…

A: Valuation of inventory is the crucial aspect in the year-end closure of books of accounts to…

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.