Myers Corporation has the following data related to direct materials costs for November: actual costs for 5,000 pounds of material at $4.50 per pound; and standard costs for 4,800 pounds of material at $5.10 per pound. What is the direct materials price variance? a.$2,880 unfavorable b.$3,000 unfavorable c.$2,880 favorable d.$3,000 favorable

Q: 12. Which of the following events would not require a journal entry? a Purchase of a one-year…

A: Introduction:- Journal entry is the first step of accounting process. It is used to record business…

Q: 1a. A machine was purchased 4 years ago for $50,00O. The depreciation amount each year was $10,000.…

A: Depreciation charging method includes: Straight-line method Declining balance method…

Q: Q.2- Mr. Abdullah's medical and personal expenses include the following: Particulars Prescription…

A: Medical expenses deduction can be claimed for the medical expenses incurred during the period…

Q: mples where accounting is used as aid in performing the management funct

A: Basic Accounting Concept  Management Information System

Q: Prepare an income statement for Golda’s Clothing Store, a retail operation, for the year ended…

A: The income statement shows the net income calculated by deducting the expenses from the revenues of…

Q: Blunt Company makes credit sales of $21,000 during the month of February 2019. During 2019,…

A: A Journal entry is a primary entry that records the financial transactions initially. The…

Q: In community what are the examples of decisions or questions that can be supported by accounting…

A: Ans. Accounting information helps in decision making in many ways. Some of them are discussed as…

Q: The following account balances were provided by Kate's Consulting Company as of December 31, 2022.…

A: Formula: Net income = Revenues - Expenses.

Q: Pritchett Company reported the followtng year-end data: $ 20,100 8, 500 13,400 24,000 6,800 28,000…

A: The current ratio is calculated by dividing the current assets by the current liabilities of the…

Q: Problems 1. For the year ended December 31, 2017, Casey Company estimated its allowance for…

A: The uncollectible account expense for the year includes uncollectible provisions made during the…

Q: B Company offered a cash rebate of P20 on each P150 package of ballpen sold during the current year.…

A: Rebate expense = No of sold items x Rebate per product x % in mail rebate form

Q: How is the accounting treatment of an event that occurred on the date before the report was…

A: Subsequent events are events occurring after balance sheet but before the issue of financial…

Q: Which is the correct answer? The following information was reported in a cash budget: Beginning…

A: A Cash budget represents an estimate of total cash receipts, payments and expected closing balance…

Q: ration December 31, 2021 Net sales |Cost of goods sold Operating expenses Net operating income Net…

A: Cash flow margin means how efficiently can a company convert its sales into cash. This is a…

Q: Do an income statement for Gonzo’s Tattoo Parlour and Body Piercing for the month ending November…

A: Income statement means a statement in which all revenue and gain are shown on one side and all…

Q: If $310,000 of 7% bonds are issued at 97, the amount of cash received from the sale is a.$331,700…

A: Cash received from the sale of the bonds = Face value of the bonds - Discount on bonds where,…

Q: 1. An increase in revenue is on the credit side hence a decrease in expense is also on the credit…

A: The financial accounting records the transactions in the journal form in the first step.

Q: Q1 (a) Identify each of the following cash items whether it is fixed cost, variable cost, sunk cost,…

A: Based on their nature, Cost can be classified as under: Fixed Variable Semi Variable  Sunk…

Q: A company made an additional (incremental) income of $10,000 during the last week of the year. This…

A: Answer:-  Tax liability definition:- Tax liability is the mount of money owed to tax authorities in…

Q: Lansing, Inc. provides the following information for one of its department's operations for June (no…

A: Solution a: Lansing Inc. Particulars Physical units Equivalent units   Prior Department…

Q: b. What i

A: Given as,

Q: Question 1: How does Ethical reasoning affect both professional judgment and individual judgment…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Required: 1. Prepare the journal entry to record the labor cost if the overtime premium is charged…

A: Overtime premium is the premium which is paid to the labor or the employees for the work or the…

Q: Describe the structure of a bank accepted bill/ bank endorsed bill/bill of exchange. In your…

A: Answer:-  Bill of exchange definition:- A bill of exchange can be defined as a written order that…

Q: $393,110 Use the table of annual $8,252 Рayroll Advertising expenses to calculate the category…

A: Percentage of payroll can be calculated as: = Payroll expenses / Total expenses * 100

Q: What are the annual payments necessary to pay a $1,000,000, 12-year loan if the loan rate is 8 %?…

A: Annual payment necessary to pay off the loan is calculated with the help of present value of annuity…

Q: 18. The appropriate WACC of a firm is 6.43%. With risk-free rate of 4%, market return of 8%…

A: GIVEN    The appropriate WACC of a firm is 6.43% With risk-free rate of 4 % market return of 8%…

Q: ls in the month of purchase, 25% of a month's purchase of direct materials is paid in the month…

A: Accounting for Budget Control, Budgeting  Material Purchase Budget  Accounts Payable Budget

Q: 16.0n October 17, Conrad Beauty Supplies bought $42,000 of goods with terms of 1/10, n/30. One-half…

A: Under gross method, sales are recorded at Full value. Under Net method, sales are recorded at…

Q: Prince Rupert company manufactures product A. B, C and D. Data for the year ended Dec 31, 2021, is…

A:

Q: On October 1, 2020 Sheffield Corp. issued 6%, 10-year bonds with a face value of $8010000 at 104.…

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

Q: Identify each of the following cash items whether it is fixed cost, variable cost, sunk cost,…

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

Q: er. (N. Melumad, adapted) Gormley Precision Tools makes cutting tools for metalworking operations.…

A: Operating income refers to the concept which evaluates how much a company's revenue will result in…

Q: On March 1, 2021 Aika and Jill formed a partnership with Aika contributing P900,000 cash and Jill…

A: Journal entry is the primary step to record transaction in the books of account. It has debit and…

Q: Explain or illustrate before-tax cost of debt and after-tax cost of debt. 5. What are the…

A: The equity source and debt source of financing is considered to be important in capital structure.…

Q: On January 1, 2021, Anna Company sold a piece of equipment to Banana Company with a cost of…

A: Basic Accounting Concept  Sales of Assets in exchange of Note receivable Amortization of Loan…

Q: New Gadgets, Incorporated, currently pays no dividend but is expected to pay its first annual…

A: The price of the stock at the end of 6 years is given by: =Dividend at the end of year 7/(Required…

Q: .All of the following affect the owner’s equity except

A: given   All of the following affect the owner’s equity except is

Q: The following information is for Ivanhoe Company in September. 1. Cash balance per bank, September…

A: A reconciliations statement that compares the cash balance on a company's balance sheet to the…

Q: D6) Describe and explain the matters which the remuneration committee should consider when preparing…

A: Remuneration- Remuneration is the whole amount paid to an employee. It may contain a salary or…

Q: Determine John's AGI using the following information: Wages 50,000 Interest income 2,000 Dividend…

A: Adjusted gross income: It implies to the gross income of an individual after subtracting for all the…

Q: 24. A building that cost P120,000 has accumulated depreciation of P50,000.  The book value of the…

A: Book value of asset is the carrying amount of asset , i.e. cost of asset less accumulated…

Q: The cost of direct materials transferred into the Rolling Department of Kraus Company is $393,600.…

A: The actual objects that are constructed into a product are referred to as direct materials. A…

Q: 6.The purpose of the ledger is to   a. Chronologically record the day’s transactions. b. Keep a…

A: A ledger is the summarized information from journal.

Q: Company sold 80,000 sold reversible shirts under a new sales promotional program during the year.…

A: Estimated number of unreedemed coupons = (total number of units sold x estimated percentage of…

Q: REQUIRED: a. Assume that Terry's carrying value for the field is $300 million. Determine whether…

A: Terry Company has aa 100% interest in the field of Texas. The field needs to be tested for…

Q: A family friend has asked your help in analyzing the operations of three anonymous companies…

A: Formulas: Net operating income = Average operating assets x ROI Dollar amount = Average operating…

Q: The following information is given to you relating to the operations of PrincehallCorporation: The…

A: Formulas: Gross margin = Net sales - Cost of sales  Income from operations = Gross margin - Total…

Q: Required information [The following information applies to the questions displayed below.] Following…

A: Notes Receivable - Notes Receivables is the amount given to the borrower for the fixed rate of…

Q: 25.Adjusting entries   a. Bring asset and liability accounts to correct balances. b. Assign revenues…

A: Adjusting entries are generally required and entered at the end of the financial year to ensure that…

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.