MANAGERIAL ACCOUNTING ACCT 2302 >IC<
5th Edition
ISBN: 9781259690440
Author: Wild
Publisher: MCG CUSTOM
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Chapter 8, Problem 8SP
(This serial problem began in Chapter 1 and continues through most of the book if previous chapter segment were not completed the serial problem can begin at this point. It is helpful but not necessary to use the working papers that accompany the book.)
Business Solutions’s second quarter 2016 fixed budget performance report for its computer furniture operations follows. The $156,000 budgeted expenses include $108,000 in variable expenses for desks and $18,000 in variable expenses for chairs, as well as $30,000 fixed expenses. The actual expenses include $31,000 fixed expenses. Prepare a flexible budget performance report that shows any variances between budgeted results and actual results. List fixed and variable expenses separately.
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Several years ago, Westmont Corporation developed a comprehensive budgeting system for planning and control purposes. While departmental supervisors have been happy with the system, the factory manager has expressed considerable dissatisfaction with the information being generated by the system.
A report for the company's Assembly Department for the month of March follows:
Assembly DepartmentCost ReportFor the Month Ended March 31
Actual Results
Planning Budget
Variances
Machine-hours
25,000
30,000
Variable costs:
Supplies
$ 6,300
$ 6,900
$ 600
F
Scrap
18,200
19,500
1,300
F
Indirect materials
57,800
66,000
8,200
F
Fixed costs:
Wages and salaries
65,500
63,000
2,500
U
Equipment depreciation
93,000
93,000
0
Total cost
$ 240,800
$ 248,400
$ 7,600
F
After receiving a copy of this cost report, the supervisor of the Assembly Department stated, “These reports are super. It makes me feel really good to see how well things are going in my…
Several years ago, Westmont Corporation developed a comprehensive budgeting system for planning and control purposes. While departmental supervisors have been happy with the system, the factory manager has expressed considerable dissatisfaction with the information being generated by the system.
A report for the company's Assembly Department for the month of March follows:
Assembly DepartmentCost ReportFor the Month Ended March 31
Actual Results
Planning Budget
Variances
Machine-hours
15,000
20,000
Variable costs:
Supplies
$ 8,700
$ 9,300
$ 600
F
Scrap
29,400
31,500
2,100
F
Indirect materials
86,600
102,000
15,400
F
Fixed costs:
Wages and salaries
75,100
71,000
4,100
U
Equipment depreciation
101,000
101,000
0
Total cost
$ 300,800
$ 314,800
$ 14,000
F
After receiving a copy of this cost report, the supervisor of the Assembly Department stated, “These reports are super. It makes me feel really good to see how well things are going in my…
The Fantasy Gifts Company, a maker of Holiday novelties, needs your help immediately. The company's accountant resigned without leaving adequate records or explanations for what she did. In reviewing the records, you find the following information for May:
Materials Purchased
Materials Used
21,000 units
15,500 units
You find a copy of the budget which shows that materials were budgeted at $0.50 per unit. You know that the materials price variance is recorded at the time of purchase and you find some handwritten notes among the accountant's work papers, which indicate the following:
Materials price variance
Materials efficiency variance
$ 210 F
$ 650 F
What was the total standard cost of direct materials allowed during May?
Multiple Cholce
$6,958
$8.232
$7,100
$8.400
Chapter 8 Solutions
MANAGERIAL ACCOUNTING ACCT 2302 >IC<
Ch. 8 - Prob. 1MCQCh. 8 - Prob. 2MCQCh. 8 - Prob. 3MCQCh. 8 - A Company’s standard for a unit of its single...Ch. 8 - Prob. 5MCQCh. 8 - Prob. 1DQCh. 8 - Prob. 2DQCh. 8 - Prob. 3DQCh. 8 - Prob. 4DQCh. 8 - Prob. 5DQ
Ch. 8 - Prob. 6DQCh. 8 - Prob. 7DQCh. 8 - Prob. 8DQCh. 8 - Prob. 9DQCh. 8 - Prob. 10DQCh. 8 - Prob. 11DQCh. 8 - Prob. 12DQCh. 8 - Prob. 13DQCh. 8 - Prob. 14DQCh. 8 - Prob. 15DQCh. 8 - Prob. 16DQCh. 8 - Prob. 1QSCh. 8 - Prob. 2QSCh. 8 - Prob. 3QSCh. 8 - Prob. 4QSCh. 8 - Prob. 5QSCh. 8 - Prob. 6QSCh. 8 - Managers use management by exception for control...Ch. 8 - Tercer report the following on one of its...Ch. 8 - Prob. 9QSCh. 8 - Materials cost variances P2 Juan Company’s output...Ch. 8 - The following information describes a companys...Ch. 8 - Prob. 12QSCh. 8 - Fogel Co. expects 116,000 units for the year. The...Ch. 8 - AizPro Corp, reports the following for November....Ch. 8 - Refer to information in QS 8-14. Compute the...Ch. 8 - Prob. 16QSCh. 8 - A Preparing overhead entries P5 Refer to the...Ch. 8 - Mosaic Company applies overhead using machine...Ch. 8 - Refer to the information from QS 8-18. Compute the...Ch. 8 - Farad, Inc., specializes in selling used SUVs....Ch. 8 - In a recent year, BMW sold 216,944 of its 1 series...Ch. 8 - JPAK Company manufactures and sells mountain...Ch. 8 - Prob. 2ECh. 8 - Prob. 3ECh. 8 - Prob. 4ECh. 8 - Prob. 5ECh. 8 - Prob. 6ECh. 8 - Prob. 7ECh. 8 - Exercise 21-8 Standard unit cost; total variance...Ch. 8 - Prob. 9ECh. 8 - Prob. 10ECh. 8 - Prob. 11ECh. 8 - Prob. 12ECh. 8 - Prob. 13ECh. 8 - Refer to Exercise 8-13. Hart Company records...Ch. 8 - Prob. 15ECh. 8 - After evaluating Null Companys manufacturing...Ch. 8 - Prob. 17ECh. 8 - Prob. 18ECh. 8 - Exercise 21-19 Computation of total overhead rate...Ch. 8 - Prob. 20ECh. 8 - Prob. 21ECh. 8 - Prob. 22ECh. 8 - Prob. 23ECh. 8 - Phoenix Companys 2015 master budget included the...Ch. 8 - Prob. 2PSACh. 8 - Prob. 3PSACh. 8 - Prob. 4PSACh. 8 - Prob. 5PSACh. 8 - Prob. 6PSACh. 8 - Tohono Companys 2015 master budget included the...Ch. 8 - Refer to the information in Problem 8-1B. Tohono...Ch. 8 - Prob. 3PSBCh. 8 - Prob. 4PSBCh. 8 - Prob. 5PSBCh. 8 - Problem 21-6BA Materials, labor, and overhead...Ch. 8 - (This serial problem began in Chapter 1 and...Ch. 8 - Prob. 1BTNCh. 8 - Prob. 2BTNCh. 8 - Prob. 3BTNCh. 8 - The reason we use the words favorable when...Ch. 8 - Prob. 5BTNCh. 8 - Prob. 6BTNCh. 8 - Prob. 7BTNCh. 8 - Prob. 8BTNCh. 8 - Prob. 9BTN
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