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34kurt
1 year ago
15

The difference between the standard cost of a product and its actual cost is called a variance.

Business
1 answer:
-Dominant- [34]1 year ago
7 0

The difference between the standard cost of a product and its actual cost is called a cost variance. Therefore the statement is true.

<h3>What is the objective of variance?</h3>

Changing across all of the pieces of information in a data set, variance is a measurement of distribution. It enables us to estimate how far away a set of factors are from each other.

To describe the variation or difference between the standard cost of a product and its actual cost the use of cost variance is done. It is utilized to estimate the financial performance of any project.

Therefore, the statement is True.

Learn more about Variance, here:

brainly.com/question/16269880

#SPJ1

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The units of an item available for sale during the year were as follows:
ioda

Answer:

                             FIFO            LIFO              Weighted Average

Inventory cost =  $167,700      $145,600     $157,800

Explanation:

a) Data and Calculations:

Jan. 1       Inventory     1,000 units at $120  $120,000     $120,000

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July 21    Purchases    1,500 units at $136    204,000      500,000

Nov. 23  Purchases     1,125 units at $140     157,500      657,500

Dec. 31   Total units   5,000                        $657,500

Dec. 31   Inventory      1,200

Dec. 31   Units sold    3,800

Inventory cost by:

FIFO ( first-in, first-out method)

July 21    Purchases         75 units at $136  $10,200

Nov. 23  Purchases     1,125 units at $140   157,500

Dec. 31   Inventory      1,200                       $167,700

LIFO (last-in, first-out method)

Jan. 1       Inventory     1,000 units at $120   $120,000

Feb. 17    Purchases      200 units at $128      25,600

Dec. 31   Inventory      1,200                       $145,600

Weighted-Average Cost Method

Total cost of goods available/Total units available  for sale

= $657,500/5,000

= $131.50 per unit

Inventory cost = $157,800 ($131.50 * 1,200)

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Answer:

Explanation:

(A) The preparation of the  bank reconciliation statement on July 31, 2017 is presented in the spreadsheet. Kindly find the attachment below:  

(B) The journal entries are shown below:

Cash A/c Dr $2,576

   To Accounts receivable $,2576

(Being cash is collected)

Bank service charges expense A/c Dr $51

      To Cash A/c                                  $51

(Being bank service charges paid)

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