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beks73 [17]
3 years ago
7

Overhead Application, Overhead Variances, Journal EntriesPlimpton Company produces countertop ovens. Plimpton uses a standard co

sting system. The standard costing system relies on direct labor hours to assign overhead costs to production. The direct labor standard indicates that two direct labor hours should be used for every oven produced. The normal production volume is 100,000 units. The budgeted overhead for the coming year is as follows:Fixed overhead $760,000Variable overhead 446,000**At normal volume.Plimpton applies overhead on the basis of direct labor hours.During the year, Plimpton produced 97,000 units, worked 196,000 direct labor hours, and incurred actual fixed overhead costs of $770,400 and actual variable overhead costs of $437,580.Required:1. Calculate the standard fixed overhead rate and the standard variable overhead rate. Round your answers to the nearest cent. Use rounded answers in the subsequent computations.Standard fixed overhead rate $ per direct labor hourStandard variable overhead rate $ per direct labor hour2. Compute the applied fixed overhead and the applied variable overhead. Use the application rates from part (1) in your calculations.Fixed $Variable $What is the total fixed overhead variance?$ UnfavorableWhat is the total variable overhead variance?$ Unfavorable3. Break down the total fixed overhead variance into a spending variance and a volume variance.Spending Variance $ UnfavorableVolume Variance $ Unfavorable4. Compute the variable overhead spending and efficiency variances.Spending Variance $ UnfavorableEfficiency Variance $ Unfavorable5. Now assume that Plimpton’s cost accounting system reveals only the total actual overhead. In this case, a three-variance analysis can be performed. Using the relationships between a three- and four-variance analysis, indicate the values for the three overhead variances.Volume variance $ UnfavorableVariable overhead efficiency variance $ UnfavorableSpending variance $ UnfavorableFeedback6. Prepare journal entries (1) to apply overhead to production, (2) to record the actual overhead costs incurred, (3) to record the variable and fixed overhead variances, and (4) to close the variance accounts at the end of the year. Assume variances are closed to Cost of Goods Sold. If an amount box does not require an entry, leave it blank or enter "0".

Business
1 answer:
kari74 [83]3 years ago
3 0

Complete Question:

The first two files attached contain the complete question

Answer:

Other file shows a step by step solution as follows

answer 1

answer2 etc

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which factors should be considered in the process of determining an advertising budget? (choose every correct answer.)
Alex_Xolod [135]

The factors that should be considered in the process of determining an advertising budget are Firms must understand how advertising will help them meet objectives and Advertising spending will fluctuate over the course of the product life cycle.

A budget for advertising is money set aside by a business to promote its products and services. Conducting market research, having ad creatives created and produced, promoting through print, digital, and social media, launching advertising campaigns, etc. are all examples of promotional activities.

Any marketing activity a business wishes to engage in requires some financial investment. The advertising budget is crucial for this reason. It aids in comprehending the goals. Costs aid in strategy development and profit generation by raising total sales.

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The complete question is:

which factors should be considered in the process of determining an advertising budget? (choose every correct answer.)

A) Firms must understand how advertising will help them meet objectives.

B) The budget should be uniform for all products within the firm.

C) The budget should be relatively uniform throughout the product's life.

D) Advertising spending will fluctuate over the course of the product life cycle.

E) Advertising spending should depend on the previous year's sales volume.

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1 year ago
Henry conducted a survey on an ad done by his company. In the survey, he asked people to evaluate the ad and state whether they
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Street Runner Engine Shop uses a job order cost system to determine the cost of performing engine repair work. Estimated costs a
KiRa [710]

Answer:

$8.20/Direct Labor hours

Explanation:

Cost of performing engine repair work = Shop and repair equipment depreciation + Shop supervisor salaries + Shop property taxes + Shop supplies

Cost of performing engine repair work = $40,000 + $133,000  + $22,000 + $10,000

Cost of performing engine repair work = $205,000

Direct Labor Hours = Direct Labor/Direct Labor rate

Direct Labor Hours = 500,000/$20 per hour

Direct Labor Hours = 25,000 hours

Predetermined shop overhead rate per direct labor hour = $205,000 / 25,000 Hours = $8.20/Direct Labor hours

5 0
3 years ago
Prepare a December 31, 2020, balance sheet for Long Print Shop from the following: cash, $50,000; accounts payable, $38,000; mer
Bumek [7]

Answer:

                                   <u>Long Print Shop</u>

         <u>Balance sheet for the year ended December 31, 2020</u>

                                                         Amount in $                       Amount in $

<u>Assets</u>

<u>Non-current asset</u>

Equipment                                                                                     20,000

<u>Current assets</u>

Merchandise inventory                      14,000

Cash                                                     50,000

Total current asset                                                                        <u>64,000</u>

Total assets                                                                                  <u>84,000</u>

<u>Liabiities</u>

Accounts payable                                                                         <u>38,000</u>

Total liabilities                                                                             <u> 38,000</u>

<u>Equity</u>

Capital                                                                                            <u>46,000</u>

Total equity                                                                                   <u>46,000</u>

Total liabilities and equity                                                            <u>84,000</u>

Explanation:

The accounting equation shows the relationship between the elements of a balance sheet which are assets liabilities and equity. This may be expressed mathematically as

Assets = Liabilities + Equity

While assets include fixed assets, cash, inventories, account receivables etc, liabilities include accounts payable, loans payable, accrued expenses etc.

Equity which represents the amount owed to the owners of the business includes retained earnings (which is the accumulation of the net income/loss over the years less dividends paid) and common shares.

5 0
3 years ago
Power Drive Corporation designs and produces a line of golf equipment and golf apparel. Power Drive has 100,000 shares of common
Inessa [10]

Answer:

i am sorry i do not know

Explanation:

sorry

6 0
3 years ago
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