Excel Applications for Accounting Principles
4th Edition
ISBN: 9781111581565
Author: Gaylord N. Smith
Publisher: Cengage Learning
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Chapter 24, Problem 1R
To determine
Calculate the total actual cost for the month october.
Expert Solution & Answer
Explanation of Solution
Calculate the total actual cost:
Figure (1)
Formulas:
(Figure 2)
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Students have asked these similar questions
Which of the following would be included in the cost of a product manufactured according to variable costing?
a.direct materials
b.sales commissions
c.interest expense
d.office supply costs
Q) Prepare journal entries for variable and fixed manufacturing overhead costs and variances;write off these variances to cost of goods sold.
Atlanta Systems produces two different products, Product A, which sells for $450 per unit, and Product B, which sells for $800 per
unit, using three different activities: Design, which uses Engineering Hours as an activity driver; Machining, which uses machine hours
as an activity driver; and Inspection, which uses number of batches as an activity driver. The cost of each activity and usage of the
activity drivers are as follows:
Usage by
Product A
Usage by
Product B
Cost
Design (Engineering Hours)
Machining (Machine Hours)
Inspection (Batches)
$ 190,000
$1,800,000
$
108
142
2,160
2,840
160,000
42
38
8
Atlanta manufactures 12,500 units of Product A and 10,200 units of Product B per month. Each unit of Product A uses $100 of direct
materials and $45 of direct labor, while each unit of Product B uşes $140 of direct materials and $75 of direct labor.
Chapter 24 Solutions
Excel Applications for Accounting Principles
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- Required: 1. Assume that the company uses absorption costing. a. Calculate the unit product cost. b. Prepare an income statement for May. 2. Assume that the company uses variable costing. a. Calculate the unit product cost. b. Prepare a contribution format income statement for May.arrow_forward1. If the manufacturer uses variable costing, the inventoriable costs for the fiscal year are 2. Using absorption (full) costing inventoriable costs arearrow_forwardQ.Using the Beverage Mate data as the standard, calculate the direct materials and direct manufacturing labor price and efficiency variances for the Providence and Amherst plants.arrow_forward
- Kamen Manufacturing Co. estimates the following labor and overhead costs for the period: Required: Use the four-variance method for overhead analysis. Calculate the variances for direct labor and overhead. Prove that the overhead variances equal over- or underapplied factory overhead for the period.arrow_forwardRath Company showed the following information for the year: Required: 1. Calculate the standard direct labor hours for actual production. 2. Calculate the applied variable overhead. 3. Calculate the total variable overhead variance.arrow_forwardRibcos labor cost information for making its only product for March is as follows: A. What is the direct labor rate variance? B. What is the direct labor time variance? C. What is the total direct labor variance?arrow_forward
- Breakaway Companys labor information for May is as follows: A. What is the actual direct labor rate per hour? B. What is the standard direct labor rate per hour? C. What was the total standard direct labor cost for May? D. What was the direct labor rate variance for May?arrow_forwardIf variances are recorded in the accounts at the time the manufacturing costs are incurred, what does a debit balance in Direct Materials Price Variance represent?arrow_forwardMulliner Company showed the following information for the year: Required: 1. Calculate the standard direct labor hours for actual production. 2. Calculate the applied variable overhead. 3. Calculate the total variable overhead variance.arrow_forward
- In the variable costing income statement, how are the fixed manufacturing costs reported, and how are the fixed selling and administrative expenses reported?arrow_forwardFor which cost concept used in applying (he cost-plus, approach to product pricing are fixed manufacturing costs, fixed selling and administrative expenses, and desired profit allowed for in determining the markup? A. Total cost B. Product cost C. Variable cost D. Standard costarrow_forwardUse the information provided to answer the questions. All material purchased was used in production. A. What is the standard price paid for materials? B. What is the direct materials quantity variance? C. What is the total direct materials cost variance? D. If the direct materials price variance was unfavorable, what would be the standard price?arrow_forward
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What is variance analysis?; Author: Corporate finance institute;https://www.youtube.com/watch?v=SMTa1lZu7Qw;License: Standard YouTube License, CC-BY