A5 Volte Corporation produces small electric appliances. The following information is available for the most recentperiod of operations:Standard variable overhead rateActual outputActual direct labor-hours usedStandard direct labor-hoursActual direct labor cost incurredStandard direct labor-hour rateActual variable overhead incurredActual units sold.20,140 unitsVolte never has any work-in-process inventories and began the year with no finished goods inventory.$ 2.55 per direct labor-hour25,150 units34,6001.5 per unitRequired:a. and b. What was the variable overhead price variance and the variable overhead efficiency variance for theperiod?c. Assume that Volte writes off all variances to Cost of Goods Sold. Prepare the entries Volte would make torecord and close out the variances.d. Assume that Volte prorates all variances to appropriate accounts. Prepare the entries Volte would make torecord and close out the variances.Req A and B.$ 829,000$24$ 95,000Complete this question by entering your answers in the tabs below.Req CReq D

Variance analysis is an important part of standard costing. The variance is used to analyze the…

Volte Corporation produces small electric appliances. The following information is available for the most recent period of operations: Standard variable overhead rate Actual output Actual direct labor-hours used Standard direct labor-hours Actual direct labor cost incurred Standard direct labor-hour rate Actual variable overhead incurred Actual units sold 20,140 units Volte never has any work-in-process inventories and began the year with no finished goods inventory. Required: a. and b. What was the variable overhead price variance and the variable overhead efficiency variance for the period? $ 2.55 per direct labor-hour 25,150 units 34,600 1.5 per unit c. Assume that Volte writes off all variances to Cost of Goods Sold. Prepare the entries Volte would make to record and close out the variances. d. Assume that Volte prorates all variances to appropriate accounts. Prepare the entries Volte would make to record and close out the variances. Req A and B $ 829,000 $ 24 $ 95,000 Complete this question by entering your answers in the tabs below. Req C Reg D

Volte Corporation produces small electric appliances. The following information is available for the most recent period of operations: Standard variable overhead rate Actual output Actual direct labor-hours used Standard direct labor-hours Actual direct labor cost incurred Standard direct labor-hour rate Actual variable overhead incurred Actual units sold 20,140 units Volte never has any work-in-process inventories and began the year with no finished goods inventory. Required: a. and b. What was the variable overhead price variance and the variable overhead efficiency variance for the period? $ 2.55 per direct labor-hour 25,150 units 34,600 1.5 per unit c. Assume that Volte writes off all variances to Cost of Goods Sold. Prepare the entries Volte would make to record and close out the variances. d. Assume that Volte prorates all variances to appropriate accounts. Prepare the entries Volte would make to record and close out the variances. Req A and B $ 829,000 $ 24 $ 95,000 Complete this question by entering your answers in the tabs below. Req C Reg D

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter18: Pricing And Profitability Analysis

Section: Chapter Questions

Problem 28P: The following information pertains to Vladamir, Inc., for last year: There are no work-in-process...

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Volte Corporation produces small electric appliances. The following information is available for the most recent period of operations: Standard variable overhead rate Actual output Actual direct labor-hours used Standard direct labor-hours $ 839,000 Actual direct labor cost incurred i Standard direct labor-hour rate: Actual variable overhead incurred Actual units sold $ 26 97,500 $ 20,280 units. Volte never has any work-in-process inventories and began the year with no finished goods inventory. Required: a. and b. What was the variable overhead price variance and the variable overhead efficiency variance for the period? c. Assume that Volte writes off all variances to Cost of Goods Sold. Prepare the entries Volte would make to record and close out the variances. d. Assume that Volte prorates all variances to appropriate accounts. Prepare the entries Volte would make to record and close out the variances. Complete this question by entering your answers in the tabs below. Req A and B $…
Bonita Company produced 10,200 units during the past year but sold only 8,700 of the units. The following additional information is also available: Direct materials used Direct labour incurred Variable manufacturing overhead Fixed manufacturing overhead Fixed selling and administrative expenses Variable selling and administrative expenses $88,740 34,170 22,440 46,410 (a) 69,400 10,200 There was no work in process inventory at the beginning of the year. Bonita did not have any beginning finished goods inventory either. Calculate Bonita Company's finished goods inventory cost on December 31 under variable costing. (Round per unit calculations to 2 decimal places, e.g. 15.25 and final answer to 0 decimal places, e.g. 125.)
Jax Incorporated reports the following data for its only product. The company had no beginning finished goods inventory and it uses absorption costing. Sales price Direct materials Direct labor Variable overhead Fixed overhead $ 56.60 per unit $ 9.60 per unit $ 7.10 per unit $ 11.60 per unit $ 910,800 per year 1. Compute gross profit assuming (a) 66,000 units are produced and 66,000 units are sold and (b) 92,000 units are produced and 66,000 units are sold. 2. By how much would the company's gross profit increase or decrease from producing 26,000 more units than it sells? Complete this question by entering your answers in the tabs below. es Required 1 Required 2 Compute gross profit assuming (a) 66,000 units are produced and 66,000 units are sold and (b) 92,000 units are produced and 66,000 units are sold. (a) 66,000 Units Produced and 66,000 (b) 92,000 Units Produced and 66,000 Units Sold Units Sold Sales $ 3,735,600 $ 5,207,200 Cost of goods sold 2,838,000 3,514,400 Gross profit $…
Jax Incorporated reports the following data for its only product. The company had no beginning finished goods inventory and it uses absorption costing. Sales price $ 57.50 per unit Direct materials $ 10.50 per unit Direct labor $ 8.00 per unit Variable overhead $ 12.50 per unit Fixed overhead $ 1,237,500 per year 1. Compute gross profit assuming (a) 75,000 units are produced and 75,000 units are sold and (b) 110,000 units are produced and 75,000 units are sold.2. By how much would the company’s gross profit increase or decrease from producing 35,000 more units than it sells?
arded ed Krepps Corporation produces a single product. Last year, Krepps manufactured 26,160 units and sold 20,900 units. Production costs for the year were as follows: Mc Graw Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Sales totaled $971,850 for the year, variable selling and administrative expenses totaled $108,680, and fixed selling and administrative expenses totaled $190,968. There was no beginning inventory. Assume that direct labor is a variable cost. Under variable costing, the company's net operating income for the year would be: Multiple Choice O $32,086 lower than under absorption costing. $ 188,352 $ 112,488 $ 224,976 $ 470,880 O $32,086 higher than under absorption costing. O $94,680 lower than under absorption costing.
Jax Incorporated reports the following data for its only product. The company had no beginning finished goods inventory and it uses absorption costing Sales price Direct materials Direct labor $ 56.40 per unit $9.40 per unit $6.90 per unit $11.40 per unit $844,800 per year Variable overhead Fixed overhead 1. Compute gross profit assuming (a) 64,000 units are produced and 64,000 units are sold and (b) 88,000 units are produced and 64,000 units are sold. 2. By how much would the company's gross profit increase or decrease from producing 24,000 more units than it sells? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute gross profit assuming (a) 64,000 units are produced and 64,000 units are sold and (b) 88,000 units are produced and 64,000 units are sold 1 rces (a) 64,000 Units Produced and $4,000 Units Sold (b) 55.000 Units Produced and 64,000 Units Sold Sales Cost of goods sold Gross profit Required 2 >
XYZ Company had the following information for the year: Direct materials used OMR 110,000 Direct labor incurred (5,000 hours) OMR 150,000 Actual manufacturing overhead incurred OMR 166,000 The Company used a predetermined overhead rate of OMR 30 per direct labor hour for the year. Assume the only inventory balance is an ending Work in Process Inventory balance of OMR 17,000. What was cost of goods manufactured? O a. None of the given answer is correct O b. OMR 393,000 Oc OMR 363,000 O d. OMR 383,000 O e. OMR 418,000 NEXT PAGE REVIOUS PAGE ACCT2121 Origin Co #general-chat- a Spotify Free
Jax Incorporated reports the following data for its only product. The company had no beginning finished goods inventory and it uses absorption costing. Sales price$ 58.00per unitDirect materials$ 11.00per unitDirect labor$ 8.50per unitVariable overhead$ 13.00per unitFixed overhead$ 1,440,000per year 1. Compute gross profit assuming (a) 80,000 units are produced and 80,000 units are sold and (b) 120,000 units are produced and 80,000 units are sold. 2. By how much would the company’s gross profit increase or decrease from producing 40,000 more units than it sells?
XYZ Company had the following information for the year: Direct materials used OMR 110,000 Direct labor incurred (4,000 hours) OMR 150,000 Actual manufacturing overhead incurred OMR 166,000 The Company used a predetermined overhead rate of OMR 30 per direct labor hour for the year. Assume the only inventory balance is an ending Work in Process Inventory balance of OMR 17,000. What was cost of goods manufactured? O a. None of the given answer is correct Ob. OMR 418,000 Oc. OMR 383,000 O d. OMR 393,000
Camile Company has no beginning and ending inventories, and reports the following data about its only product: Direct materials used $100,000 Direct labor $80,000 Fixed indirect manufacturing $50,000 Fixed selling and administrative $220,000 Variable indirect manufacturing $20,000 Variable selling and administrative $75,000 Selling price(per unit) $84 Units produced and sold 10,000 Camile Company uses the absorption approach to prepare the income statement. What is the product cost per unit? A) $20 B) $25 C) $27.50 D) $32.50
DEF Co., which has only one product, has provided the following data concerning its most recent month of operations: Selling price Units in beginning inventory Units produced Units sold Units in ending inventory Variable costs per unit: Direct materials Direct labour Variable manufacturing overhead Variable selling and administrative Fixed costs: Fixed manufacturing overhead Fixed selling and administrative $130 0 7,400 7,100 80 $25 $45 $5 $6 $195,500 $105,500 Required: a) What is the unit product cost for the month under variable costing? b) What is the unit product cost for the month under absorption costing? c) Prepare an income statement for the month using the contribution format and the variable costing method. d) Prepare an income statement for the month using the absorption costing method. e) Reconcile the variable costing and absorption costing operating incomes for the month.
Barkoff Enterprises, which uses the high-low method to analyze cost behavior, has determined that machine hours best explain the company's utilities cost. The company's relevant range of activity varies from a low of 600 machine hours to a high of 1,200 machine hours, with the following data being available for the first six months of the year: Month Utilities Machine Hours January 9,600 890 February 9,260 810 March 9,850 900 April 10,260 1,010 May 10,732 1,040 June 10,050 990 The fixed utilities cost per month for Barkoff is: Multiple Choice $3,440. $4,076. $4,436. • $4,776. None of the answers is correct