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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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In a reorder point problem where both demand and lead time are variable, demand averages 200 units per day with a daily variance
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Answer:

~ 1561.235

Explanation:

Given :

Z=1.645

d = 200\ \\variance =64

Standard deviation can be determined by the \sqrt{variance }

Standard deviation=SD

=\sqrt{64}\ =\ 8

LT = 6\

σ = 8

Now using the formula

R\ =\ d \ *\ LT\ +Z\ \sqrt{LT^{2}\ +SD^{2} \ +\ d\ \sigma\ ^{2}  } \\\\Putting\  the\  respective\  value\  we\  get \\R=200 * 6 + 1.645\sqrt{6 * 8^2 + 200 *1^2}

R=1561.235

~ 1561.235

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3 years ago
Harry loves both hot dogs and hamburgers. He receives about the same satisfaction from eating one hamburger as he does from eati
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Answer:

Harry loves both hot dogs and hamburgers. He receives about the same satisfaction from eating one hamburger as he does from eating one hot dog, and the two goods fill the same need in Harry's life. The price of hot dogs has been extremely volatile for the past several years, and this year is no exception Hot dog prices decreased tremendously this month Assuming hot dogs and hamburgers are substitutes for Harry, what is the effect on Harry's demand for hamburgers due to the decrease in the price of hot dogs?

There will be a movement down along his demand curve

Explanation:

Reason behind the decrease in demand curve for hamburger would be as a result of decrease in the price of hot dog which would increase the demand since they could be substituted for each other because of their benefits; hence, the demand curve for hamburger would be decreased or mov e down

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The chart gives prices and output information for the country of Utopia. Use this information to calculate real and nominal GDP
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REAL GDP 2016 = $3,700

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Explanation:

To calculate the Nominal and Real GDPs we use the following formulas,

Nominal GDP = Sum of (Current Year Price x Current Year Quantity)

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We make the assumption that 2017 is the base year so calculating would be,

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Now seeing as 2017 is the base year, it's nominal and real GDPs will be the same.

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I included the details part of question so it is clearer.

If you have need any clarification do react or comment.

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