Question 1

If a company records inventory purchases at standard cost and also records purchase price variances, prepare the journal entry for a purchase of widgets that were bought at $7.45 per unit and have a standard cost of $7.15. The total amount owed to the vendor for this purchase is $33,525.

Accepted Answer

The answer of If a company records inventory purchases at...

Question 2

Define nonfinancial performance measures. What are they used for and what are some common examples?

Accepted Answer

The answer of Define nonfinancial performance measures. What are they...

Question 3

Rosser Company produces a container that requires 4 yards of material per unit. The standard price of one yard of material is $4.50. During the month, 9,500 chairs were manufactured using 37,300 yards of material.​Journalize the entry to record the standard direct materials used in production.

Accepted Answer

The answer of Rosser Company produces a container that requires...

Question 4

Robin Company purchased on account and used 520 pounds of direct materials to produce a product with a 510-pound standard direct materials requirement. The standard materials price is $2.10 per pound. The actual materials price was $2.00 per pound.​Prepare the journal entries to record 
(1) the purchase of the materials and 
(2) the material entering production.

Accepted Answer

The answer of Robin Company purchased on account and used...

Question 5

Robin Company purchased on account and used 500 pounds of direct materials to produce a product with a 520-pound standard direct materials requirement. The standard materials price is $1.90 per pound. The actual materials price was $2.00 per pound.​Prepare the journal entries to record 
(1) the purchase of the materials and 
(2) the material entering production.

Accepted Answer

The answer of Robin Company purchased on account and used...

Question 6

Titus Company purchased on account and used 650 pounds of tomatoes 
(direct materials) to produce a taco sauce with a 635-pound standard direct materials requirement. The standard materials price is $22.40 per pound. The actual price of the tomatoes was $22.20 per pound. Prepare the journal entries to record 
(1) the purchase of the tomatoes and 
(2) the tomatoes entering production. Titus records standards and variances in the general ledger.

Accepted Answer

The answer of Titus Company purchased on account and used...

Question 7

Prepare an income statement for the year ended December 31, through the gross profit for Baxter Company using the following information. Baxter Company sold 8,600 units at $125 per unit. Normal production is 9,000 units. 
(Do not round fixed overhead rate calculation when determining fixed factory overhead volume variance.)

Accepted Answer

The answer of Prepare an income statement for the year...

Question 8

Greyson Company produced 8,300 units of product that required 4.25 standard hours per unit. Determine the fixed factory overhead rate at 27,000 hours, which is 100% of normal capacity, if the favorable fixed factory overhead volume variance is $14,895.

Accepted Answer

The answer of Greyson Company produced 8,300 units of product...

Question 9

Oak Company produces a chair that requires 6 yards of material per unit. The standard price of one yard of material is $7.50. During the month, 8,500 chairs were manufactured, using 48,875 yards.​Journalize the entry to record the standard direct materials used in production.

Accepted Answer

The answer of Oak Company produces a chair that requires...

Question 10

The following information relates to manufacturing overhead for Chapman Company:  ​Compute 
(a) the fixed factory overhead volume variance, 
(b) the variable factory overhead controllable variance, and 
(c) the total factory overhead cost variance.

Accepted Answer

The answer of The following information relates to manufacturing overhead...

Question 11

Using the following information, prepare a factory overhead cost budget for Andover Company where the total factory overhead cost is $75,500 at normal capacity 
(100%). Include capacity at 75%, 90%, 100%, and 110%. Total variable cost is $6.25 per unit and total fixed costs are $38,000. The information is for the month ended August 31. 
(Hint: Determine units produced at normal capacity.)

Accepted Answer

The answer of Using the following information, prepare a factory...

Question 12

A company records inventory purchases at standard cost and also records purchase price variances. Prepare the journal entry for a purchase of 6,000 widgets that were bought at $8.00 and have a standard cost of $8.15.

Accepted Answer

The answer of A company records inventory purchases at standard...

Question 13

The following are inputs and outputs to the help desk:​Operator trainingNumber of calls per dayMaintenance of computer equipmentNumber of operatorsNumber of complaints​Identify whether each is an input or an output to the help desk.

Accepted Answer

The answer of The following are inputs and outputs to...

Question 14

Using the following information, prepare a factory overhead cost budget for Jacob Company where the total factory overhead cost is $206,500 at normal capacity 
(100%). Include capacity at 60%, 80%, 100%, and 120%. Total variable cost is $15.25 per unit, and total fixed costs are $54,000. The information is for the month ended October 31. 
(Hint: Determine units produced at normal capacity.)

Accepted Answer

The answer of Using the following information, prepare a factory...

Quiz 22: Evaluating Variances From Standard Costs

If a company records inventory purchases at standard cost and also records purchase price variances, prepare the journal entry for a purchase of widgets that were bought at $7.45 per unit and have a standard cost of $7.15. The total amount owed to the vendor for this purchase is $33,525.

Define nonfinancial performance measures. What are they used for and what are some common examples?

Rosser Company produces a container that requires 4 yards of material per unit. The standard price of one yard of material is $4.50. During the month, 9,500 chairs were manufactured using 37,300 yards of material.Journalize the entry to record the standard direct materials used in production.

Greyson Company produced 8,300 units of product that required 4.25 standard hours per unit. Determine the fixed factory overhead rate at 27,000 hours, which is 100% of normal capacity, if the favorable fixed factory overhead volume variance is $14,895.

Oak Company produces a chair that requires 6 yards of material per unit. The standard price of one yard of material is $7.50. During the month, 8,500 chairs were manufactured, using 48,875 yards.Journalize the entry to record the standard direct materials used in production.

The following information relates to manufacturing overhead for Chapman Company: Compute (a) the fixed factory overhead volume variance, (b) the variable factory overhead controllable variance, and (c) the total factory overhead cost variance.

A company records inventory purchases at standard cost and also records purchase price variances. Prepare the journal entry for a purchase of 6,000 widgets that were bought at $8.00 and have a standard cost of $8.15.

The following are inputs and outputs to the help desk:Operator trainingNumber of calls per dayMaintenance of computer equipmentNumber of operatorsNumber of complaintsIdentify whether each is an input or an output to the help desk.

Quiz 22: Evaluating Variances From Standard Costs

If a company records inventory purchases at standard cost and also records purchase price variances, prepare the journal entry for a purchase of widgets that were bought at $7.45 per unit and have a standard cost of $7.15. The total amount owed to the vendor for this purchase is $33,525.

Define nonfinancial performance measures. What are they used for and what are some common examples?

Rosser Company produces a container that requires 4 yards of material per unit. The standard price of one yard of material is $4.50. During the month, 9,500 chairs were manufactured using 37,300 yards of material.​Journalize the entry to record the standard direct materials used in production.

Greyson Company produced 8,300 units of product that required 4.25 standard hours per unit. Determine the fixed factory overhead rate at 27,000 hours, which is 100% of normal capacity, if the favorable fixed factory overhead volume variance is $14,895.

Oak Company produces a chair that requires 6 yards of material per unit. The standard price of one yard of material is $7.50. During the month, 8,500 chairs were manufactured, using 48,875 yards.​Journalize the entry to record the standard direct materials used in production.

The following information relates to manufacturing overhead for Chapman Company: ​Compute (a) the fixed factory overhead volume variance, (b) the variable factory overhead controllable variance, and (c) the total factory overhead cost variance.

A company records inventory purchases at standard cost and also records purchase price variances. Prepare the journal entry for a purchase of 6,000 widgets that were bought at $8.00 and have a standard cost of $8.15.

The following are inputs and outputs to the help desk:​Operator trainingNumber of calls per dayMaintenance of computer equipmentNumber of operatorsNumber of complaints​Identify whether each is an input or an output to the help desk.

Rosser Company produces a container that requires 4 yards of material per unit. The standard price of one yard of material is $4.50. During the month, 9,500 chairs were manufactured using 37,300 yards of material.Journalize the entry to record the standard direct materials used in production.

Oak Company produces a chair that requires 6 yards of material per unit. The standard price of one yard of material is $7.50. During the month, 8,500 chairs were manufactured, using 48,875 yards.Journalize the entry to record the standard direct materials used in production.

The following information relates to manufacturing overhead for Chapman Company: Compute (a) the fixed factory overhead volume variance, (b) the variable factory overhead controllable variance, and (c) the total factory overhead cost variance.

The following are inputs and outputs to the help desk:Operator trainingNumber of calls per dayMaintenance of computer equipmentNumber of operatorsNumber of complaintsIdentify whether each is an input or an output to the help desk.