FINANCIAL ACCT-CONNECT
8th Edition
ISBN: 9781266627903
Author: Wild
Publisher: INTER MCG
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Exercise 16-44 (Algo) (Appendix used in requirement [b]) Variable Cost Variances (LO 16-5, 7)
Rankin Fabrication reports the following information with respect to its direct materials:
Actual quantities of direct materials used
Actual costs of direct materials used.
Standard price per unit of direct materials.
Flexible budget for direct materials.
Rankin Fabrication holds no materials inventories.
35,500 gallons
$ 201,680
$ 5.79
$ 213,100
Required:
a. Compute the direct material price and efficiency variances.
b. (Appendix) Prepare the journal entries to record the purchase and use of the direct materials using standard costing.
Direct materials price variance
Direct materials efficiency variance
Complete this question by entering your answers in the tabs below.
Required A Required B
Compute the direct material price and efficiency variances.
Note: Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not
select either…
8. How does Aritzia recognize revenue if a product is purchased on-line and will either be delivered or picked up by the customer at the store? need ans in txt form
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[The following information applies to the questions displayed below.]
Clopack Company manufactures one product that goes through one processing department called Mixing. All raw
materials are introduced at the start of work in the Mixing Department. The company uses the weighted-average method
of process costing. Its Work in Process T-account for the Mixing Department for June follows (all forthcoming questions
pertain to June):
June 1 balance
Materials
Direct labor
Overhead
June 30 balance
Debit
Work in Process-Mixing Department
View transaction list
Credit
27,000 Completed and transferred to
Finished Goods
151, 100
95,500
113,000
The June 1 work in process inventory consisted of 4,400 units with $14,100 in materials cost and $12,900 in conversion
cost. The June 1 work in process inventory was 100% complete with respect to materials and 60% complete with respect
to conversion. During June, 36,900 units were started into production. The June 30 work in process…
Chapter 4 Solutions
FINANCIAL ACCT-CONNECT
Ch. 4 - Prob. 1DQCh. 4 - In comparing the accounts of a merchandising...Ch. 4 - Prob. 3DQCh. 4 - Prob. 4DQCh. 4 - How does a company that uses a perpetual inventory...Ch. 4 - Distinguish between cash discounts and trade...Ch. 4 - What is the difference between a sales discount...Ch. 4 - Prob. 8DQCh. 4 - Prob. 9DQCh. 4 - Prob. 10DQ
Ch. 4 - Prob. 11DQCh. 4 - Prob. 12DQCh. 4 - Refer to the income statement for Samsung in...Ch. 4 - Refer to the income statement of Samsung in...Ch. 4 - Buyers negotiate purchase contracts with...Ch. 4 - Enter the letter for each term in the blank space...Ch. 4 - Prob. 2QSCh. 4 - Prob. 3QSCh. 4 - Compute the amount to be paid for each of the four...Ch. 4 - Prepare journal entries to record each of the...Ch. 4 - Prob. 6QSCh. 4 - Prepare journal entries to record each of the...Ch. 4 - Prob. 8QSCh. 4 - Prob. 9QSCh. 4 - Prob. 10QSCh. 4 - Accounting for shrinkage—perpetual system P3...Ch. 4 - Prob. 12QSCh. 4 - Prob. 13QSCh. 4 - Prob. 14QSCh. 4 - Prob. 15QSCh. 4 - Prob. 16QSCh. 4 - Prob. 17QSCh. 4 - Prob. 18QSCh. 4 - Prob. 19QSCh. 4 - Prob. 20QSCh. 4 - Prob. 21QSCh. 4 - Prob. 22QSCh. 4 - Prob. 23QSCh. 4 - Prob. 1ECh. 4 - Prob. 2ECh. 4 - Prob. 3ECh. 4 - Prob. 4ECh. 4 - Prob. 5ECh. 4 - Prob. 6ECh. 4 - Prob. 7ECh. 4 - Prob. 8ECh. 4 - Prob. 9ECh. 4 - Prob. 10ECh. 4 - Prob. 11ECh. 4 - Prob. 12ECh. 4 - Prob. 13ECh. 4 - Prob. 14ECh. 4 - Interpreting a physical count error as inventory...Ch. 4 - Prob. 16ECh. 4 - Prob. 17ECh. 4 - Prob. 18ECh. 4 - Recording sales, purchases and discounts: buyer...Ch. 4 - Prob. 20ECh. 4 - Prob. 21ECh. 4 - Prob. 22ECh. 4 - Prob. 23ECh. 4 - Prob. 1PSACh. 4 - Prepare journal entries to record the following...Ch. 4 - Prob. 3PSACh. 4 - Prob. 4PSACh. 4 - Prob. 5PSACh. 4 - Prob. 6PSACh. 4 - Prob. 1PSBCh. 4 - Prepare journal entries to record the following...Ch. 4 - Prob. 3PSBCh. 4 - Prob. 4PSBCh. 4 - Prob. 5PSBCh. 4 - Prob. 6PSBCh. 4 - Prob. 4SPCh. 4 - Prob. 1BTNCh. 4 - Prob. 2BTNCh. 4 - Prob. 3BTNCh. 4 - Prob. 4BTNCh. 4 - Prob. 5BTNCh. 4 - Prob. 7BTNCh. 4 - Prob. 8BTNCh. 4 - Prob. 9BTN
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- Wincome statement projections ert Design Layout References Mailings Review View Times New R.. 11 - A- A- AaBbCcDdEe AaBbCcDdEe AaBbCcD B U - abe X, x2 A - O A Normal No Spacing Heading 1 To keep up-to-date with security updates, fixes, and improvements, choose Check for Updates. Company Dhas the following information: Revenue Cost of Goods Sold- Gross Profit- Total operating costs- Operating Income- -150,000,000 -81,825,000 -68,175,000 47,625,000 -20,550,000 Interest Income-- -290,000 -800,000 Interest Expense- Pre-Tax income-- Таx (21%)--- Net Income--- -20,040,000 --4,208,400 -15,831,600 Share outstanding-- Share outstanding for diluted -11,000,000 -12,200,000 Cash- A/R (avg collect Period-30 days) Inventory (Days Inv. Held = 40) Other- Total Current Asset- -11,917,808 --8,967,123 -5,000,000 PP&E--- Less Accumulated Depreciation- Net PP&E- -50,000,000 -10,000,000 -40,000,000 Total current liability 13,842,466 -21,842,466 Total Liabilities--- a. What is the cash amount? b. what is the…arrow_forwardQUESTION 3 Which of the following financial statement line items would be found on a manufacturer's financial statement but not on a merchandiser or service company's? (Select all that apply.) O Cost of Goods Sold O Finished Goods Inventory O Raw Materials Inventory Work-in-process Inventoryarrow_forwardRequirement 3: Either print a copy of your worksheet or make a copy of the worksheet in your workbook before proceeding. You will need to refer back to this worksheet. Change the percentage completion with respect to conversion for the beginning inventory from 25% to 35%, but keep everything the same as in Requirement 2. The data area of your worksheet should now look like this: A 1 Chapter 5: Applying Excel 2 3 4 Data Beginning work in process inventory: Units in process 5 6 7 8 9 10 Conversion cost 11 Units started into production during the period 12 Costs added to production during the period: 13 Materials cost 14 Conversion cost Completion with respect to materials Completion with respect to conversion Costs in the beginning work in process inventory: Materials cost 15 Ending work in process inventory: 16 Units in process 17 Completion with respect to materials Completion with respect to conversion 18 $ $ Equivalent units of production for materials B 700 % 35 % 7,674 11,749…arrow_forward
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