#### Details of this Paper

##### acct 212 homework 7 chapter23 acct 212 homework 7 chapter23

**Description**

solution

**Question**

Question;acct 212 homework 7 chapter23acct 212 homework 7 chapter23acct 212 homework 7 chapter231.;award:5 out of;5.00 points;Exercise 24-1 Preparation of flexible budgets L.O. P1;Mesa;Company's fixed budget for the first quarter of calendar year 2011 reveals;the following.;Sales;(12,500 units);$;2,637,500;Cost;of goods sold;Direct;materials;$;311,125;Direct;labor;526,000;Production;supplies;332,625;Plant;manager salary;111,125;1,280,875;Gross;profit;1,356,625;Selling;expenses;Sales;commissions;94,000;Packaging;177,625;Advertising;100,000;371,625;Administrative;expenses;Administrative;salaries;161,125;Depreciation?office;equip.;131,125;Insurance;101,125;Office;rent;111,125;504,500;Income;from operations;$;480,500;Prepare;flexible budgets that show variable costs per unit, fixed costs, and three;different flexible budgets for sales volumes of 10,500, 12,500, and 15,500;units. (Input all amounts as positive values.;Round your "Variable amount per unit" to 2 decimal places. Omit;the "$" sign in your response.);2.;award:3 out of;3.00 points;Exercise 24-3 Preparation of a flexible budget performance report L.O.;P1;Cimarron;Company?s fixed budget performance report for July follows. The $653,000;budgeted expenses include $613,820 variable expenses and $39,180 fixed;expenses. Actual expenses include $51,180 fixed expenses.;Fixed Budget;Actual Results;Variances;Sales;(in units);8,700;11,100;Sales;(in dollars);$;870,000;$;1,110,000;$;240,000;F;Total;expenses;653,000;783,600;130,600;U;Income;from operations;$;217,000;$;326,400;$;109,400;F;Prepare;a flexible budget performance report showing any variances between budgeted;results and actual results. List fixed and variable expenses separately. (Input all amounts as a positive value. Indicate;the effect of each variance by selecting "F" for favorable;U" for unfavorable, and "None" for no effect (i.e., zero;variance). Leave no cells blank - be certain to enter "0" wherever;required. Do not round your intermediate calculations and round your final;answers to the nearest dollar amount. Omit the "$" sign in your;response.);eBook LinkView Hint #1;Worksheet;Difficulty: Medium;Exercise 24-3 Preparation of a flexible budget performance report L.O.;P1;Learning Objective: 24-P1 Prepare a flexible budget and interpret a;flexible budget performance report.;3.;award:3 out of;3.00 points;Exercise 24-4 Preparation of a flexible budget performance report L.O.;P1;Daytec;Company?s fixed budget performance report for June follows. The $594,000;budgeted expenses include $450,000 variable expenses and $144,000 fixed;expenses. Actual expenses include $134,000 fixed expenses.;Fixed Budget;Actual Results;Variances;Sales;(in units);8,100;7,000;Sales;(in dollars);$;648,000;$;623,000;$;25,000;U;Total;expenses;594,000;563,000;31,000;F;Income;from operations;$;54,000;$;60,000;$;6,000;F;Prepare;a flexible budget performance report that showing any variances between;budgeted and actual results. List fixed and variable expenses separately. (Indicate the effect of each variance by selecting;F" for favorable, "U" for unfavorable, and;None" for no effect (i.e., zero variance). Input all amounts as;positive values. Do not round intermediate calculations and round final;answers to the nearest dollar amount. Omit the "$" sign in;your response.);eBook LinkView Hint #1;Worksheet;Difficulty: Medium;Exercise 24-4 Preparation of a flexible budget performance report L.O.;P1;Learning Objective: 24-P1 Prepare a flexible budget and interpret a;flexible budget performance report.;4.;award:2 out of;2.00 points;Exercise 24-5 Computation and interpretation of labor variances L.O. P2;After;evaluating Zero Company?s manufacturing process, management decides to;establish standards of 1.5 hours of direct labor per unit of product and $21;per hour for the labor rate. During October, the company uses 5,450 hours of;direct labor at a $119,900 total cost to produce 3,700 units of product. In;November, the company uses 5,300 hours of direct labor at a $113,950 total;cost to produce 3,800 units of product.;(1);Compute;the rate variance, the efficiency variance, and the total direct labor cost;variance for each of these two months. (Input;all amounts as a positive value. Indicate;the effect of each variance by selecting "F" for favorable;U" for unfavorable, and "None" for no effect (i.e., zero;variance). Leave no cells blank - be certain to enter "0" wherever;required. Round your intermediate calculations to 2 decimal places;and round your final answers to the nearest dollar amount.Omit the;$" sign in your response.);rev: 12_15_2012;eBook LinkView Hint #1;Worksheet;Difficulty: Medium;Exercise 24-5 Computation and interpretation of labor variances L.O.;P2;Learning Objective: 24-P2 Compute materials and labor variances.;Exercise 24-7A Computation and interpretation of overhead spending;efficiency, and volume variances L.O. P3;[The following information applies to;the questions displayed below.];Sonic;Company set the following standard costs for one unit of its product for;2011.;Direct;material (16 Ibs. @ $3.10 per Ib.);$;49.60;Direct;labor (12 hrs. @ $7.30 per hr.);87.60;Factory;variable overhead (12 hrs. @ $1.60 per hr.);19.20;Factory;fixed overhead (12 hrs. @ $0.46 per hr.);5.52;Standard;cost;$;161.92;The;$2.06 ($1.60 + $0.46) total overhead rate per direct labor hour is based on;an expected operating level equal to 75% of the factory's capacity of 47,000;units per month. The following monthly flexible budget information is also;available.;Operating Levels (% of capacity);70%;75%;80%;Budgeted;output (units);32,900;35,250;37,600;Budgeted;labor (standard hours);394,800;423,000;451,200;Budgeted;overhead (dollars);Variable;overhead;$;631,680;$;676,800;$;721,920;Fixed;overhead;194,580;194,580;194,580;Total;overhead;$;826,260;$;871,380;$;916,500;During;the current month, the company operated at 70% of capacity, employees worked;371,800 hours, and the following actual overhead costs were incurred.;Variable;overhead costs;$;586,180;Fixed;overhead costs;203,708;Total;overhead costs;$;789,888;Section Break;Difficulty: Medium;Exercise 24-7A Computation and interpretation of overhead spending;efficiency, and volume variances L.O. P3;Learning Objective: 24-P3 Compute overhead variances.;5.;award:2 out of;2.00 points;Exercise 24-7 Part 1;1.;Compute;variable overhead spending and efficiency variances. (Input all amounts as a positive value. Indicate the effect;of each variance by selecting "F" for favorable, "U" for;unfavorable, and "None" for no effect (i.e., zero variance). Leave;no cells blank - be certain to enter "0" wherever required. Omit;the "$" sign in your response.);eBook LinkView Hint #1;Worksheet;Difficulty: Medium;Exercise 24-7 Part 1;Learning Objective: 24-P3 Compute overhead variances.;6.;award:2 out of;2.00 points;Exercise 24-7 Part 2;2.;Compute;Fixed overhead spending and volume variances. (Input all amounts as a positive value. Indicate the effect of each;variance by selecting "F" for favorable, "U" for;unfavorable, and "None" for no effect (i.e., zero variance). Leave;no cells blank - be certain to enter "0" wherever required. Omit;the "$" sign in your response.);eBook LinkView Hint #1;Worksheet;Difficulty: Medium;Exercise 24-7 Part 2;Learning Objective: 24-P3 Compute overhead variances.;7.;award:1 out of;1.00 point;Exercise 24-7 Part 3;3.;Compute;controllable variance. (Input all amounts as;a positive value. Indicate the effect of each variance by selecting;F" for favorable, "U" for unfavorable, and;None" for no effect (i.e., zero variance). Leave no cells blank -;be certain to enter "0" wherever required. Omit the "$;sign in your response.);eBook LinkView Hint #1;Worksheet;Difficulty: Medium;Exercise 24-7 Part 3;Learning Objective: 24-P3 Compute overhead variances.;8.;award:2 out of;2.00 points;Exercise 24-8 Computation and interpretation of materials variances L.O.;P2;BTS;Company made 4,400 bookshelves using 22,400 board feet of wood costing;$273,280. The company?s direct materials standards for one bookshelf are 10;board feet of wood at $12 per board foot.;(1);Compute;the direct materials variances incurred in manufacturing these bookshelves. (Input all amounts as a positive value. Indicate;the effect of each variance by selecting "F" for favorable;U" for unfavorable, and "None" for no effect (i.e., zero;variance). Leave no cells blank - be certain to enter "0" wherever;required. Round your intermediate calculations to 2 decimal places and final;answers to the nearest dollar amount. Omit the "$" sign in your;response.);eBook LinkView Hint #1;Worksheet;Difficulty: Medium;Exercise 24-8 Computation and interpretation of materials variances;L.O. P2;Learning Objective: 24-P2 Compute materials and labor variances.;9.;award:3 out of;3.00 points;Exercise 24-9A Materials variances recorded and closed L.O. P4;BTS;Company made 7,900 bookshelves using 89,900 board feet of wood costing;$539,400. The company?s direct materials standards for one bookshelf are 13;board feet of wood at $6.10 per board foot. BTS Company records standard;costs in its accounts and its material variances in separate accounts when it;assigns materials costs to the Goods in Process Inventory account.;(1);Show;the journal entry that both charges the direct materials costs to the Goods;in Process Inventory account and records the materials variances in their;proper accounts. (Do not round your;intermediate calculations. Omit the "$" sign in your response.);(2);Assume;that BTS?s material variances are the only variances accumulated in the;accounting period and that they are immaterial. Prepare the adjusting journal;entry to close the variance accounts at period-end. (Do not round your intermediate calculations. Omit the;$" sign in your response.);eBook LinkView Hint #1;Worksheet;Difficulty: Medium;Exercise 24-9A Materials variances recorded and closed L.O. P4;Learning Objective: 24-P4 Appendix 24A-Prepare journal entries for;standard costs and account for price and quantity variances.;10.;award:1.60 out of;2.00 points;Exercise 24-10 Computation of total overhead rate and total overhead;variance L.O. P3;Earth;Company expects to operate at 60% of its productive capacity of 52,000 units;per month. At this planned level, the company expects to use 26,000 standard;hours of direct labor. Overhead is allocated to products using a;predetermined standard rate based on direct labor hours. At the 60% capacity;level, the total budgeted cost includes $65,000 fixed overhead cost and;$291,200 variable overhead cost. In the current month, the company incurred;$314,000 actual overhead and 31,457 actual labor hours while producing 37,900;units.;(1);Compute;its overhead application rate for total overhead. (Round your answers to 2 decimal places. Omit the;$" sign in your response.);(2);Compute;its total overhead variance. (Input the;amount as positive value. Indicate;the effect of each variance by selecting "F" for favorable;U" for unfavorable, and "None" for no effect (i.e., zero;variance). Leave no cells blank - be certain to enter;0" wherever required. Round your intermediate calculations to;two decimal places and final answer to the nearest dollar amount. Omit;the "$" sign in your response.);eBook LinkView Hint #1;Worksheet;Difficulty: Medium;Exercise 24-10 Computation of total overhead rate and total overhead;variance L.O. P3;Learning Objective: 24-P3 Compute overhead variances.;1.;award:2 out of;2.00 points;Exercise 24-11 Computation of volume and controllable overhead variances;L.O. P3;Earth;Company expects to operate at 80% of its productive capacity of 51,000 units;per month. At this planned level, the company expects to use 30,600 standard;hours of direct labor. Overhead is allocated to products using a;predetermined standard rate based on direct labor hours. At the 80% capacity;level, the total budgeted cost includes $61,200 fixed overhead cost and;$306,000 variable overhead cost. In the current month, the company incurred;$330,000 actual overhead and 23,250 actual labor hours while producing 31,000;units.;(1);Compute;the overhead volume variance. (Input the;amount as positive value. Indicate the effect of each variance by;selecting "F" for favorable, "U" for unfavorable, and;None" for no effect (i.e., zero variance). Leave no cells blank -;be certain to enter "0" wherever required. Round your hours per;unit to 2 decimal places. Omit the "$" sign in your response.);(2);Compute;the overhead controllable variance.(Input the;amount as positive value. Indicate the effect of each variance by;selecting "F" for favorable, "U" for unfavorable, and;None" for no effect (i.e., zero variance). Leave no cells blank -;be certain to enter "0" wherever required. Round your hours per;unit to 2 decimal places. Omit the "$" sign in your response.);eBook LinkView Hint #1;Worksheet;Difficulty: Medium;Exercise 24-11 Computation of volume and controllable overhead;variances L.O. P3;Learning Objective: 24-P3 Compute overhead variances.;12.;award:2 out of;2.00 points;Exercise 24-12 Computing and interpreting sales variances L.O. A1;Comp;Wiz sells computers. During May 2011, it sold 600 computers at a $700 average;price each. The May 2011 fixed budget included sales of 650 computers at an;average price of $660 each.;(1);Compute;the sales price variance and the sales volume variance for May 2011. (Input all amounts as a positive value. Indicate the effect;of each variance by selecting "F" for favorable, "U" for;unfavorable, and "None" for no effect (i.e., zero variance). Leave;no cells blank - be certain to enter "0" wherever required. Omit;the "$" sign in your response).;eBook LinkView Hint #1;Worksheet;Difficulty: Medium;Exercise 24-12 Computing and interpreting sales variances L.O. A1;Learning Objective: 24-A1 Analyze changes in sales from expected;amounts.

Paper#45395 | Written in 18-Jul-2015

Price :*$27*