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Diano4ka-milaya [45]
2 years ago
13

Mauritiana uses standard costing for her shawls. She expects that a typical shawl should take 4 hours to​ produce, and the stand

ard wage rate is $ 10.00 per hour. An average shawl uses 12 skeins of wool. Marina shops around for good​ deals, and expects to pay $ 3.30 per skein. Mauriona uses a​ just-in-time inventory​ system, as she has clients tell her what type and color of wool they would like her to use. For the month of​ April, Mauriona​'s workers produced 200 shawls using 784 hours and 3 comma 360 skeins of wool. Mauriona bought wool for $ 10 comma 420 ​(and used the entire​ quantity), and incurred labor costs of $ 8 comma 100Calculate the price and efficiency variances for the wool and the price and efficiencyvariances for direct manufacturing labor.2. Record the journal entries for the variances incurred.
Business
1 answer:
PSYCHO15rus [73]2 years ago
7 0

Answer:

Instructions are listed below.

Explanation:

Giving the following information:

She expects that a typical shawl should take 4 hours to​ produce, and the standard wage rate is $ 10.00 per hour. An average shawl uses 12 skeins of wool. Marina shops around for good​ deals, and expects to pay $ 3.30 per skein.

For ​ April, Mauriona​'s workers produced 200 shawls using 784 hours and 3,360 skeins of wool. Mauriona bought wool for $ 10,420 ​(and used the entire​ quantity), and incurred labor costs of $ 8,100.

1)

Direct material price variance= (standard price - actual price)*actual quantity

Actual price= 3.10

Direct material price variance= (3.3 - 3.10)*3,360= $672 favorable

Direct material quantity variance= (standard quantity - actual quantity)*standard price

Direct material quantity variance= [(12*200) - 3,360]*3.3= $3,168 unfavorable

Direct labor efficiency variance= (SQ - AQ)*standard rate

Direct labor efficiency variance= [(4*200) - 784]*10= $160 favorable

Direct labor price variance= (SR - AR)*AQ

Direct labor price variance= (10 - 10.33)*784= 258.72 unfavorable

2)

Work in process                                        7,924                      

Direct material quantity variance            3,168

Direct material price variance                                        672

Material inventory                                                           10,420          

Work in process              8,000

Direct labor price variance       260

Direct labor efficiency variance              160

Wages payable                                      8,100

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Prior to adjustment at August 31, Salary Expense has a debit balance of $322,200. Salaries owed but not paid as of the same date
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Explanation:

The Journal entry is shown below:-

a. Salary Expense Dr,             $2,550

          To salaries payable                $2,550

(Being accrual of salary is recorded)

b. Income summary Dr,           $324,750

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In 2016, Teller Company sold 3,000 units at $600 each. Variable expenses were $420 per unit, and fixed expenses were $270,000. T
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Answer:

1500

Explanation:

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The formula for calculating break even points = F / (P - V)

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$270,000 / ($600 - $420) = 1500

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Assume that an employee of a FINRA member firm opens a securities account at another FINRA member firm. If requested, the employ
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Answer:

C) confirmations and account statements

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3 0
3 years ago
Static Budget Actual Units 5,000 5,100 Sales revenue $60,000 $58,650 Variable manufacturing costs $15,000 $16,320 Fixed manufact
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Answer:

$700 favorable

Explanation:

Calculation to determine what The total sales-volume variance for operating income for the month of July would be

First step is to calculate the of contribution per unit using this formula

Contribution Margin per unit

=Sales− Variable manufacturing costs−Variable marketing and administrative expense/units

Let plug in the formula

Contribution Margin per unit=$60,000−$15,000−$10,000/5,000units

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Now let calculate the total sales-volume variance using this formula

Total sales volume variance

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Let plug in the formula

Total sales volume variance=5,100units−5,000units×$7

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