The following data are given for Stringer Company: Budgeted production 930 units Actual production 1,042 units Materials: Standard price per ounce $1.94 Standard ounces per completed unit 12 Actual ounces purchased and used in production 12,879 Actual price paid for materials $26,402 Labor: Standard hourly labor rate $14.40 per hour Standard hours allowed per completed unit 4.4 Actual labor hours worked 5,366.3 Actual total labor costs $81,836 Overhead: Actual and budgeted fixed overhead $1,110,000 Standard variable overhead rate $28.00 per standard labor hour Actual variable overhead costs $150,256 Overhead is applied on standard labor hours. The direct materials quantity variance is O a. 1,416.74 favorable Ob. 1,416.74 unfavorable Oc. 727.50 unfavorable Od. 727.50 favorable

Q: What are the components of Audit Risk? Use the Audit risk equation and briefly explain the…

A: Audit risk means the risk that the auditor gives an inappropriate audit opinion  when the financial…

Q: 3y completing the table given below, and then applying the relevant formulae, determine the linear…

A: As per our protocol we provide solution to the one question only but as you have asked two questions…

Q: Vegas Company has the following unit costs: Variable manufacturing overhead $ 20 Direct materials 25…

A: The contribution margin is calculated as difference between sales revenue and variable cost.

Q: The Trial Balance TBA Limited contained the following accounts (alphabetically) at December 31,…

A: Net profit means the difference between the income and expenses. Financial statement means the…

Q: a. How much was actually spent on labor for the week? b. What are the standard hours for the actual…

A: Solution:- a)Calculation of actual spent on labor for the week as follows under:-

Q: Income statement information for Einsworth Corporation follows: Sales $418,000   Cost of goods sold…

A: Under vertical analysis each item on the line is calculated as percentage of base figure , In case…

Q: every six months, mahmood deposit $800 into an account paying 6% compounded semiannually. find the…

A: Present value (PV) = $800 Rate (r) = 6% or 0.06 Semiannually rate (r) = 0.0.3 (0.06/2) Time (n) = 30…

Q: Lia ITZY has determined that the annual demand for number 6 screws is 100,000 screws. Lia, who works…

A: Solution:- i)Calculation of average inventory as follows under:- Average inventory = EOQ / 2

Q: Problem 14-20A (Static) Preparing a cash budget LO 14-5 Fayette Medical Clinic has budgeted the…

A: The cash budget is prepared to record cash receipts and cash payments during the period and further…

Q: 5. S1: Consolidated statements worksheet elimination of intercompany sales of inventory does affect…

A: Basic Concept of Consolidation of financial Statement.

Q: Štart $1.00 2|3 4|5 89 10 TV Key Assumptions Construction cost ($) Loan ($) Loan interest rate Loan…

A: Net Present Value=(Present Value of Cash Inflows-Present Value of Cash Outflows) IRR is a rate at…

Q: Cash Loan Payable Office Equipment Unearmed Rentals Accrued Salaries Meg Drawing Repair Income…

A: The question is related to calculation of credit balance. The Liabilities, income and capital has…

Q: Carla Vista Company uses a job order cost system and applies overhead to production on the basis of…

A: The finished goods inventory  include the cost of completed jobs during the period. The work in…

Q: Helen started a computer programming business (12/2016), Helen’s Programming Service. The following…

A: The financial statements of the business including income statement, balance sheet are prepared from…

Q: What is the importance accounting standard for the purpose of preparng financial reports,…

A: Accounting standards are the rules and policies which are followed so that the financial statements…

Q: Krueger Corporation manufactures a single product whose selling price is $134 per unit and whose…

A: Formula: Total contribution margin = Sales revenue - variable cost

Q: Current assets $22400 Net income $44500 Stockholders' Current liabilities 13400 66400 equity Average…

A: Formula used: Debt to Assets ratio = Total Liabilities / Total Assets

Q: Patent cost is $ 18000 , life of itis 18 years, calculat the first year amortization expense.

A: Formula: Amortization expense = Asset value / Useful life years

Q: Which of the following best describes the reason that the auditors record their inventory test…

A: Working paper is the document prepared in the process of Audit. Working paper are prepared by…

Q: How is the Non-Controlling Interest displayed in a consolidated balance sheet? a. As a separate…

A: Introduction:- Non-controlling interest occurred in business combination. The parent acquires less…

Q: Ebanks, Brown, and Thomas are partners. They carry on a business jointly as EBT surveyors and share…

A: Income Statement PARTICULARS AMOUNT PARTICULARS AMOUNT Ebanks 475000 Interest on partner's…

Q: ose you de

A: Suppose an equal sum of money is invested in the bank on a recurring basis what would be the future…

Q: Selected information from the separate and consolidated statements of financial position and…

A: The percent of non-controlling interest ownership in S Company as of December 31, 2019.

Q: egarding the confirmation of accounts payable is true?   Group of answer choices The confirmation of…

A: it is important to understand the client account payable and account receivable valences in order to…

Q: BEGINNING SUPPLIES OF XASG WAS $ 5632 ENDING SUPPLIES BALANCE ON DECEMBER 31 IS $ 256 PURCHASES MADE…

A: Formula used: Supplies expense = Beginning supplies + Net purchases of the year - Ending supplies…

Q: What is the definition of analytical procedures? What is timing of analytical procedures in a…

A: The audit procedure indicates the stages and programs of an audit performed by the auditor to obtain…

Q: The adjusted trial balance of ZZZ Corp. on December 31, 2021 includes the following account…

A: Total value of share capital held by a company includes both ordinary and preference share capital.

Q: Oa. 4. 4. 6 4. O b. 10 232

A: Basic accounting Method used in excel Formula of Count if

Q: Prepare an amortization schedule for the first 3 payments (in $) of a $66,000 mortgage at 5% for 20…

A: Present Value Annuity Factor=1-1+rate-timerate

Q: From the following particulars calculate earnings of a worker under hasley and Rowan plan. 1)…

A: As per Rowan plan, total earnings is as follows: Total wage = Time taken x time rate + time saved /…

Q: Lighter Incorporated planned and manufactured 440,000 units of its single product in 2022, its first…

A: The question is based on the concept of cost accounting. Sales amount can be calculated by making…

Q: On January 1, 2020, Shangrila Company borrowed P2, at an interest rate of 12% specifically for the…

A: Concept of borrowing Cost Accounting for fixed assets

Q: to unrelated customers. In preparing consolidated statements for Thomas Company and Subsidiary James…

A: Here James is a subsidiary company and Thomas is a holding company. James buys goods from Thomas,…

Q: Find the monthly payment (in $) and the total interest (in $) for a mortgage of $48,000 at 5% for 40…

A: Monthly payment = P x r x (1 + r)n/[(1 + r)n - 1] where, Principal (P) = 48,000 Monthly interest…

Q: Determine the net income attributable to P Corporation using the information below:

A: Intercompany sales mean that sales are made by one company of the group of companies to the other…

Q: yer identificati

A: Other Current assets

Q: 2. National Beverages company estimated the sales as follows Al Dahirah ( in units ) Al Batinah (In…

A: Total estimated sales in units= Soft drinks+ Mineral water = 200000+250000+50000+80000 = 580000…

Q: Patent cost is $ 18000 , life of it is 18 years, calculat the first year amortízation expense.

A: Formula used: Amortization expense per year = Patent cost / Useful life

Q: Data for the two departments of Kimble & Pierce Company for June of the current fiscal year are as…

A: Equivalent Units of Production: It is the number of completed units of an item that a company could…

Q: The ABC Company has two processing departments. All direct materials are added in Department 1 at…

A: Equivalent units means where the some opening and closing work in progress are not fully completed…

Q: Suppose that all bonds have $1,000 of face value. The current prices of zero coupon bonds are as…

A: Answer:- a Price of a three-year bond with 8 % annual coupon payment is $793.83. Note:-  Computation…

Q: Required:1. Compute the ROI and the margin and turnover ratios for each year for the…

A: Margin refers to the operating income expressed as a percentage of sales.

Q: Closing Entries (Net Income) Use the following partial listing of T accounts to complete this…

A: The closing entries are prepared at year end to close the temporary accounts of the business at year…

Q: The auditor should test for unrecorded retirements of properties by _______________. This procedure…

A: The question is related to Auditing and it is of verification of properties.

Q: Determine the percent of noncontrolling interest ownership in S Company as of December 31, 2019.

A: Non-controlling interest of a company is the non-controlling interest over which the acquired…

Q: What is the purpose of the valuation allowance?

A: Valuation allowances are one of these nuances that let companies estimate the future benefits of…

Q: The following data were gathered to use in reconciling the bank account of Crystal Company: Balance…

A: Bank reconciliation consists of reconciling balance as per bank books to adjusted bank balance and…

Q: The profitability and financial position of a firm can be judged to be improving, or det competitors…

A: In business there is need of comparing with other similar companies so that better valuation can be…

Q: 2. If HHC has $1,100 cash, $400 of government Treasury bills purchased four months ago, and $770 of…

A: Cash and Cash equivalents Cash and cash equivalents refer to those items that are either in the form…

Q: amount of the inventory that S Company purchased from P Company in the December 31, 2019…

A: As per the given information in the above question we must determine the carrying amount of the…

Master Budget

A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making. 

Sales Budget and Selling

A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.