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accounting problems with all solutions - 3 problems




Question;Ironwood Company manufactures cast-iron;barbeque cookware. During a recent windstorm, it lost some of its accounting;records. Ironwood has managed to reconstruct portions of its standard cost;system database but is still missing a few pieces of information.;Required;Use the information in the table to;determine the unknown amounts. You may assume that Ironwood does not keep any;raw material on hand.;2. Lamp Light Limited (LLL) manufactures;lampshades. It applies variable overhead on the basis of directlabor hours.;Information from LLL's standard cost card follows;During August, LLL had the following actual;results;Units produced and sold 24,800;Actual variable overhead $9,470;Actual direct labor hours 15,800;Required;Compute LLL's variable overhead rate;variance, variable overhead efficiency variance, and over or under applied;variable overhead.;Variable;Overhead Rate Variance;Variable Overhead;Efficiency Variance;Variable;Overhead Spending Variance;3. Olive Company makes silver belt buckles.;The company's master budget appears in the first column of the table.;Required;Complete the table by preparing Olive's;flexible budget for Rs.5,700, 7,700 and 8,700 units.


Paper#42550 | Written in 18-Jul-2015

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