Zitrik Corporation manufactured 130,000 buckets during February. The variable a Budgeted 130,000 units 130,000 units 9,700 hours 9,000 hours $5.10 Actual Production Machine-hours Variable overhead cost per machine-hour $5.00 What is the actual variable overhead cost? O A. $48,500 O B. $663,000 O C. $49,470 O D. $650,000
Q: The information provided by ABC Manufacturing Corp. disclosed the following: INC
A: As per the provisions of BIR the corporate tax rate for domestic…
Q: 27) Under the corporate form of business organization, A) stockholders wishing to sell their…
A: Stockholders are holders of shares who are considered the owners of the shares of the company. They…
Q: Please answer the number 2 problem. Thank you!
A: There are two type of cash balances that is being maintained in business. One is cash balance as per…
Q: Nicanor, the Chief Financial Officer of ABC Corporation was given a car by his employer. The cost of…
A: Lets understand the basics. Fringe benefit tax is a tax paid on the non cash benefit provided to the…
Q: A company reported the following information on December 31, 2021: Preference share, P100 par…
A: Total shareholders' equity is the amount of funds of the shareholders outstanding in the statement…
Q: S1: Taxation and power of Eminent Domain may be exercised simultaneously. S2: Taxation and Police…
A: Taxes are one of the liability or obligation which needs to be paid out by the business or…
Q: MDS, Inc. owns 100% of PH Co. On January 5 of the current year, MDS sold machinery to PH at a gain.…
A: MDs owns 100% shares of PH, so gain on sale of machinery should be excluded in the consolidated…
Q: True or False: Borrowing and repaying debt principal does not impact net worth. Select one: O True…
A: Introduction: The net worth of a firm is that the total of its assets minus its liabilities as…
Q: Which of the following statements is true about conting consideration under the revised PFRS 3? O…
A: Contingent consideration Contingent consideration must be measured at fair value at the time of the…
Q: Which financial statement reflects the summary of the changes in owner’s equity (beginning owner's…
A: Balanced sheet will present balance of all assets, all liabilities and owners equity.
Q: a) Prepare the absorption costing and marginal costing income statements for 1st quarter, 2021 b)…
A: a) Income Statement under absorption costing method for the first quarter: Particulars Amount…
Q: The normal balance of an account is the side of the account (either the debit side or the credit…
A: Every account has a normal balance of a positive value. Assets positive value is debit side.…
Q: ribution Ann receives cash $1,800, and land in which the as $25,000. s on the distribution?
A: Partner's basis in case of liquidating distribution must be reduced to zero in all the cases. In…
Q: 1. A company was incorporated in 2020 and was authorized to issue 100,000 P100 par ordinary…
A: Shareholders Capital It is important that to prepare the shareholders equity section of the balance…
Q: Required: 1. Basic earnings per share 2. Diluted earnings per share
A: EPS is the earnings per share paid to the shareholders of the entity.
Q: (The following information applies to the questions displayed below.) At the beginning of the year,…
A:
Q: In translating a foreign subsidiary's financial statements, which exchange rates does the current…
A: Introduction:- As per U.S. GAAP the current rate method is required for translating (assets and…
Q: How much is the taxable income if the taxpayer is an ordinary partnership and opted for OSD? Group…
A:
Q: Gene and Dixie, husband and wife (ages 35 and 32), bc gross income of $95,000 in 2017, and they are…
A: IRA contribution limitations and eligibility are determined by your modified adjusted gross income,…
Q: On January 4, 2021, Jonathan Company purchased 75% interest in Monica Corporation for P300,000.…
A:
Q: Actual Dividends paid to shareholders of a Regular (O Corporation result in Double Taxation.…
A: As per our guidelines we provide solution to the one question only and you have asked two multiple…
Q: Wynn Farms reported a net operating loss of $180,000 for financial reporting and tax purposes in…
A: 1. Net Operating loss carryback Amount Rate of Tax Tax Recorded as Carried back - 2017 $0 30%…
Q: On May 12, 2020, calendar year Corp. A purchased residential real estate (apartment complex) at a…
A: MACRS Depreciation : Basis: $200,000 Recovery Period: 27.50 years Depreciation Method- Straight Line…
Q: Annual depreciation on equipment at Charmed, Inc.is $2,100. The adjusting entry to record one…
A:
Q: Before posting business transactions to the ledger, we first enter the business transaction in a…
A: The accounting is a process to classify the transactions, record the transactions of the business,…
Q: Balance Sheet Jack and Jill Corporation's year-end 2018 balance sheet lists current assets of…
A: Introduction: The number of assets remaining in a company after all liabilities have been resolved…
Q: Explain how accounting principles are used to analyze a business’s financial health, What accounting…
A: Introduction: Financial analysis based on accounting standards entails both analysis and…
Q: of exercise. The following are the share prices: January 1, 2021 100…
A: Under share appreciation rights, any increase in price of shares above the agreed price is…
Q: uidating distribution Ann receives cas nip's basis was $1,800, and land in which ber interest was…
A: Given as, Received amount= $3,000, Inventory Partnership basis= $1,800, Land partnership basis=…
Q: A company has purchases a new machine for $7,500, and the machine is expected to have a residual…
A: Introduction: Depreciation: Decreasing value of fixed assets over its useful life period called as…
Q: A company reported the following information on December 31, 2021: Preference share, P100 par…
A: Shareholders equity is the net worth of the company which is calculated by subtracting total…
Q: Double-entry accounting requires that debits must always equal ____________. Group of answer choices…
A: Solution: Double entry accounting system is the accounting system which ensures that every financial…
Q: On August 1, 2021, Reliable Software began developing a software program to allow individuals to…
A: Introduction:- The following basic information as follows under:- We needs to record development…
Q: Break-Even Sales Under Present and Proposed Conditions Howard Industries Inc., operating at full…
A: As per the guidelines, only three subparts are allowed to be solved. Please resubmit the question…
Q: Which of the following items has no effect on the Accumulated Adjustments Account (AAA) of an S…
A: Cost of goods sold- The cost of goods sold is the cost of producing the goods that a business sells.…
Q: A project has a NPV of 15,000 when the cutoff rate is 10%. The annual cash flows are 20,505 on an…
A: Profitability index is used to see the attractiveness of investment or a project. It is also written…
Q: 10 In a liquidating distribution Ann receives cash of $3,000, inventory in which the partnership's…
A: A corporation is liquidated by selling its assets and using the proceeds to pay creditors &…
Q: What is a business owned by one individual called and the easiest legal form of business to organize…
A: Solution: Limited liability company, partnership and corporation needs more than one individual to…
Q: True or False: Borrowing money and repaying debt results in changes in Net Worth.
A: Net worth is the difference between the assets and liabilities of the company. When the assets are…
Q: A company estimates that a certain piece of machinery will have to be replaced in five years' time…
A:
Q: 1. How many shares of treasury stock are owned? fill in the blank 1 shares 2. What was the…
A: Since you have posted a multi-part question, we will solve the first first 3 sub-parts for you. For…
Q: Exchange differences arising from the translation of financial statements of a foreign operation…
A: When company has subsidiary in the foreign country than the assets and liabilities are to be…
Q: On January 1, 2018, RRR Partnership entered into liquidation. The partners' capital balances on this…
A: The partnership comes into existence when two or more persons agree to do the business and further…
Q: On January 1, 2020, Blue company purchased X company for P25 Million. At such date, X Company had…
A: Answer:- Definition of meaning:- Goodwill is a kind of an intangible asset generally related with…
Q: . X assigned his partnership shares to Y. X did not get the consent from the other partners but he…
A: Comment- We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: In 2021, Dan Davis, age 85 and single, received Social Security benefits of $14,000, dividend and…
A: Social Security Benefit: It is the benefit which an individual get at the time or retirement or for…
Q: 3.8 Cookie Light, Inc. normally produces 12,000 bottles of its product soda light. The following…
A: "Since you have asked multiple questions, we will solve first question for you. If you want any…
Q: kindly post the solution to the question thanks
A: Total cost of the product comprises of material cost, direct labor cost, variable as well as fixed…
Q: What will you tell them?
A: A partnership is a form of business where two or more persons come together to start a new venture…
Q: On December 31, 2021, the Bobo company presented the following information: Ordinary share capital,…
A: Cost Value of Property, plant and equipment: P8,000,000 Book Value of Property, plant and equipment:…
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.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Crystal Pools estimates overhead will utilize 250,000 machine hours and cost $750,000. It takes 2 machine hours per unit, direct material cost of $14 per unit, and direct labor of $20 per unit. What is the cost of each unit produced?A company estimates its manufacturing overhead will be $750,000 for the next year. What is the predetermined overhead rate given the following independent allocation bases? Budgeted direct labor hours: 60,000 Budgeted direct labor expense: $1,500,000 Estimated machine hours: 100,000Steeler Towel Company estimates its overhead to be $250,000. It expects to have 100,000 direct labor hours costing $2,500,000 in labor and utilizing 12,500 machine hours. Calculate the predetermined overhead rate using: A. Direct labor hours B. Direct labor dollars C. Machine hours
- In the Forming Department, the variable overheads is £200,900 and the fixed overheads is £401,800. The Machine time required and available at Forming Department is 98,000 hours. Assume that each Product A requires 4 machine hours at Forming Department, what is the total overheads cost per unit for Product A? Question 5 Answer a. £8.53/unit b. £24.6/unit c. £6.15/unit d. £16.4/unitHanderson Corporation makes a product with the following standard costs: Standard Quantity Standard Price or or Hours 8.5 kilos Rate Direct materials $46.00 r kilo $ 20.00 per hour $ 6.00 per hour Direct labor 0.4 hours Variable overhead 0.4 hours The company reported the following results concerning this product in August. Actual output 3,200 units 29,030 kilos 31,600 kilos 1,160 hours $ 195,920 $ 22,736 $ 7,540 Raw materials used in production Purchases of raw materials Actual direct labor-hours Actual cost of raw materials purchases Actual direct labor cost Actual variable overhead cost The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is cor purchased. The labor efficiency variance for August is:Direct materials per unit Direct labor per unit Variable overhead per unit Variable selling and administrative expenses $80 per unit $60 per unit $25 per unit $50 per unit $100,000 Fixed overheads Fixed selling and administrative expenses $300,000 If the company produced and sold 50,000 units of Product M during the year, then the total period cost under variable costing would be: a. $8,250,000 b. $2,900,000 c. $2,800,000 d. $2,750,000
- What are the actual hours worked? Hing Performance Measures 355 1,400 b. a. 1,402 c. 1,598 d. 27. The Sta. Ana Company has a budgeted normal monthly capacity of 5,000 labor hours with a standard production of 4,000 units at this capacity. Standard costs are: 1,600 Materials Labor Factory overhead at normal 2 kilos at P1.00 hour P8.00 per сараcity: Fixed expenses Variable P5.000.00 expenses PL.50 per labor hour During September, actual factory overhead totaled PI1,250, and 4,500 labor hours cost P33,750. Production during the month was 3,500 units using 7,200 kilos of materials at a cost of P1.02 per kilo. The materials price variance during September was: P1,440 unfavorable. b. P204 favorable. d. P3,440 unfavorable. None of the above. a. e. c. P140 favorable. 28. Refer to Question No. 27. The labor efficiency variance was: d. P62.50 favorable. a. P2,250 unfavorable. None of the above. b. P1,000 unfavorable. P2,187.50 favorable. e. с. 29. Leia Company's direct-labor costs for the month…Production costs incurred in the manufacture of 2,400 units of a product in a period are: $ Direct costs 19,680 Variable overheads 3,120 Fixed overheads 14,640 What would be the expected total cost of manufacturing 2,300 units of the product in a period? $35,880 $36,490 $36,620 $37,310Your company manufactures three products. Alpha. Beta and Gamma. The following information refers to next month: Alpha Beta Gamma Sales demand 50 150 200 Raw materials units GH¢ 100 GH¢ 150 GH¢ 80 Direct labor hours units 5 10 2 Fixed overheads units GH¢ 30 GH¢ 60 GH¢ 12 Direct labor is paid at GHc3.00 per hour. Variable overhead is equal to 10% of the cost of materials. Fixed overheads are absorbed to the products at the rate of 200% of the total direct labor cost. The selling price is calculated by doubling the prime cost (total direct cost) Required: 1.Calculate the contribution per unit for each product and rank them 2. Using the ranking from the previous answer in (1). prepare a forecast of the profit for each product and in total for next month if only 1,650 direct labor hours are available
- Your company manufactures three products. Alpha. Beta and Gamma. The following information refers to next month: Alpha Beta Gamma Sales demand 50 150 200 Raw materials units GH¢ 100 GH¢ 150 GH¢ 100 Direct labor hours units 5 10 2 Fixed overheads units GH¢ 30 GH¢ 60 GH¢ 12 Direct labor is paid at GHc3.00 per hour. Variable overhead is equal to 10% of the cost of materials. Fixed overheads are absorbed to the products at the rate of 200% of the total direct labor cost. The selling price is calculated by doubling the prime cost (total direct cost) Required: 1. Calculate the contribution per unit for each product and rank them 2. Using the ranking from the previous answer in (1). prepare a forecast of the profit for each product and in total for next month if only 1.650 direct labor hours are availableYour company manufactures three products. Alpha. Beta and Gamma. The following information refers to next month: Alpha Beta Gamma Sales demand 50 150 200 Raw materials units GH¢ 100 GH¢ 150 GH¢ 100 Direct labor hours units 5 10 2 Fixed overheads units GH¢ 30 GH¢ 60 GH¢ 12 Direct labor is paid at GHc3.00 per hour. Variable overhead is equal to 10% of the cost of materials. Fixed overheads are absorbed to the products at the rate of 200% of the total direct labor cost. The selling price is calculated by doubling the prime cost (total direct cost) Required: 1. Calculate the contribution per direct labor hour for each product and rank them. 2. Using the ranking from the previous answer in (1). prepare a forecast of the profit for each product and in total for next month if only 1.650 direct labor hours are available.Task 6. The following are consumed for the production of one unit: ➤ 18 kg of material A (price 1 € / kg and 3 m²) material B (price 2 € / m²) Direct labour per unit of product Estimated (planned) variable overheads per year Responsibility centre 14,000, € 1: Direct labour 70,000 h ===== ===== Responsibility centre 21 000, € Responsibility centre 1: 20 hours; rate 0,30€/h Responsibility centre 2: 30 hours; rate 0,50€/h Calculates: 1. variable production costs per unit 2. unit cost of production 3. full cost of one unit 2: Direct labour 180 000 h Estimated (planned)fixed overheads and general operating expenses per year Production costs - 100,000 € Selling expenses -30 000 € Administration expenses -15 000 €