The following materials standards have been established for a particular product: Standard quantity per unit of output Standard price The following data pertain to operations concerning the product for the last month: Multiple Choice Actual materials purchased Actual cost of materials purchased Actual materials used in production Actual output The direct materials purchases variance is computed when the materials are purchased. What is the materials quantity variance for the month? O O O $5,859 U 4.8 pounds $13.60 per pound $6,800 U $15,797 U 5,400 pounds $63,280 4,900 pounds 740 units

Q: Waterway Company has the following two notes receivable at May 31, 2024, its fiscal year end: 1.…

A: Interest on notes receivable is the amount of money earned by an entity as a return on the note…

Q: Roller Inc. purchased a plant and the land on which the plant was located for a total of $300,000…

A: Fair Market Value: It refers to the price at which a product is expected to be sold in the open…

Q: Sparky Corporation uses the weighted-average method of process costing. The following information is…

A: Conversion cost is the cost of direct labor and overheads. It includes the overheads incurred on the…

Q: On March 20, Vaughn's petty cash fund of $108 is replenished when the fund contains $15 in cash and…

A: The petty cash fund is established to maintain the cash balance for day to day transactions of the…

Q: Jason Anderson had been allocating MOH costs to his products using a single plant-wide rate of…

A: PREDETERMINED OVERHEAD RATEPredetermined rate means an indirect cost rate.Predetermined overhead…

Q: Required information [The following information applies to the questions displayed below.] Trio…

A: ABSORPTION COSTINGAbsorption Costing is a Cost Management Accounting method in which all costs…

Q: Evanson Company expects to produce 580,000 units during the year. Monthly production is expected to…

A: A flexible budget is a budget that adjusts to the activity or volume levels of a company.

Q: Keyser Corporation, which has only one product, has provided the following data concerning its most…

A: The gross profit is calculated as the difference between the sales and cost of goods sold. The…

Q: Cost of Goods Sold, Cost of Goods Manufactured Woodfall Company has the following information for…

A: According to the question given, we need to compute the cost of goods manufactured.The cost of goods…

Q: On April 30, Year 1, Tilton Products purchased machinery for $44,000. The useful life of this…

A: Depreciation is the reduction in value of asset over the life of the asset. Under 150% declining…

Q: Skysong Golf Inc. was formed on July 1, 2024, when Matt Magilke purchased the Old Master Golf…

A: As per IFRS/IAS 38 Intangible asset, is an asset which doesn't have physical existence. It includes…

Q: Amy and Brian were investigating the acquisition of a tax accounting business, Bottom Line…

A: Merger refers to the process of uniting two or more than two organizations. In this process, one…

Q: Functional Ingredients Consumer Markets Performance Materials

A: For businesses, sales margin is an essential metric that aids in evaluating pricing tactics,…

Q: Peyton Company has hired you to prepare financial statements for the year ended December 31, 2023.…

A: According to the question given, we need to prepare the income statement and balance sheet..Income…

Q: Required information [The following information applies to the questions displayed below.] Vanishing…

A: T-Accounts are the T-shaped ledgers that are used to post all the journal entries. After recording…

Q: chine's net present value. (PV of $1. EV of $1. PVA of $1. all present value factors to 4 decimal…

A: NET PRESENT VALUENet Present Value is one of the Important Capital Budgeting Technique. Net Present…

Q: Current Attempt in Progress You are asked to prepare the following adjusting entries for Sandra's…

A: Adjusting entries are prepared by management to ensure the accrual basis accounting system. These…

Q: The manufacturing overhead budget for Bramble Company contains the following items. Variable costs…

A: Total cost is the amount of cost incurred by the entity on the making and selling of the goods. It…

Q: Question list Question 1 Question 2 Question 3 O Question 4 O Question 5 Question 6 Requirements K…

A: Variance analysis evaluates the difference between the actual results of the performance with…

Q: Hamilton Company uses a periodic inventory system. At the end of the annual accounting period,…

A: The inventory can be valued using various methods as FIFO, LIFO and average method. FIFO stands for…

Q: Assume that Pearle Vision uses standard costs to control the materials in its made-to-order…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: What is the adjusting entry?

A: The insurance expense adjustment entry accounts for the portion of insurance that has been used up…

Q: Superlor Developers sells lots for residential development. When lots are sold, Superior recognizes…

A: Deferred tax liability is the amount of tax liability imposed on difference between accounting…

Q: Strawberry Fields purchased a tractor at a cost of $38,000 and sold it two years later for S24,500.…

A: Depreciation expense :— It is the allocation of depreciable cost of asset over the estimated useful…

Q: Required information [The following information applies to the questions displayed below] Matt and…

A: As per the IRS if the filing status of taxpayer is single, Married, Filing separately then standard…

Q: Season tickets for the Sunland are priced at $420 and include 21 home games. An equal amount of…

A: Unearned Sales Revenue means money received from the customer in advance for the service which is…

Q: Vanishing Games Corporation (VGC) operates a massively multiplayer online game, charging players a…

A: Unadjusted Trial Balance is the trial balance before making adjustments. When a company enters all…

Q: QUESTION 5 Which one of the following events which occur after the reporting date of a company but…

A: According to HKAS 10, following are the objectives of this standard:1. Adjustment of events that…

Q: a) Complete the table b) Record the above transactions in the appropriate ledger accounts. (You are…

A: Lets understand the basics.Journal entries are required to make to record event and transaction in…

Q: Darby Company, operating at full capacity, sold 103,400 units at a price of $120 per unit during the…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Company incurs these expenditures in purchasing a truck: cash price $46,000, accident insurance…

A: The truck's price serves as a the total sum of money that the business spent to acquire, license,…

Q: Sheridan Company receives a three-year, $9,200, zero-interest-bearing note, and the related present…

A: When a bond is issued or purchased below its face, the bond is said to be issued or purchased at a…

Q: The Long Term Care Plus Company has two service departments - actuarial and premium rating, and two…

A: The reciprocal method is an algebraic method that considers the inter-service departments' cost…

Q: Problem 13-18 (LO. 2) Penguin Corporation (a cash basis, calendar year taxpayer) recorded the…

A: a)Gross income: $440,000Less: operating expenses: $81,432Taxable income before dividends received…

Q: Question 4 of 4 Current Attempt in Progress Ivanhoe Company provides you with the following balance…

A: CURRENT RATIOCurrent Ratio is the ratio between current assets & current liabilities. Current…

Q: Required (a) Should Brackley Co. accept the order or not? (b) If Brackley Co. had no spare capacity…

A: (a) To determine whether Brackley Co. should accept the order or not, we will perform a contribution…

Q: Pharoah Company has a factory machine with a book value of $90,800 and a rema A new machine is…

A: DIFFERENTIAL ANALYSISDifferential analysis is a decision-making method that examines the net effects…

Q: Assume that a company provided the following statement of cash flows (all sales are on account):…

A: The cash flow statement is prepared to record the cash flow from various activities during the…

Q: incorrect

A: When a note payable is issued, the borrowing entity is legally obligated to return the borrowed…

Q: Divisional Income Statements and Return on Investment Analysis E.F. Lynch Company is a diversified…

A: Profit margin is calculated by dividing operating income by sales. Operating income is the…

Q: Crane Company expects to produce 58,000 units of product XLA during the current year. Budgeted…

A: The flexible budget is prepared for the actual level of production and on the basis of the standard…

Q: The production of Job ACE went much better than planned. In fact, there was a fair amount of good,…

A: Journal entry records the accounting transactions of a business in a journal book. All the business…

Q: Portsmouth Company makes upholstered furniture. Its only variable cost is direct materials. The…

A: CVP analysis is a management accounting technique that helps businesses understand the relationship…

Q: 11 keeps getting wrong, even I put 1.3

A: The ratio is the technique used by the prospective investor or an individual or strategist to read…

Q: Post Delivery Service acquired at book value 80 percent of the voting shares of Script Real Estate…

A: Consolidation -Consolidated financial statements are the overall group's financial statements that…

Q: Myriad Solutions, Incorporated issued 12% bonds, dated January 1, with a face amount of $480 million…

A: Note: As per our guidelines only the first question shall be answered.Bond: It is one of the types…

Q: Exercise 11-46 (Algo) Net Realizable Value Method with By-Products (LO 11-3, 5) Denver Fabricators…

A: The Joint cost allocation is a method that will assign the total common cost of producing multiple…

Q: Establish one tax planning advantage and one tax planning disadvantage of the TCJA for an S-Corp.

A: The objective of the question is to identify one tax planning advantage and one tax planning…

Q: E9-8 Sales Gross Profit Beginning Inventory Net Purchases Cost of goods sold Sales ret & allow…

A: The missing figures which are required to be computed have to be ascertained as per the accounting…

Q: The following data are for Trendy Fashion Apparel: Line Item Description North South Sales volume…

A: MARGINAL COSTING INCOME STATEMENTMarginal Costing Income Statement is One of the Important Cost…

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.