Answer:
$1,482 unfavorable
Explanation:
Calculation to determine the variable overhead flexible-budget variance
Using this formula
Variable overhead flexible-budget variance=Variable overhead spending variance Unfavorable + Variable overhead efficiency variance Unfavorable
Let plug in the formula
Variable overhead flexible-budget variance=$1,300 (U) + $182 (U)
Variable overhead flexible-budget variance= $1,482 (U)
Therefore the variable overhead flexible-budget variance is $1,482 unfavorable
Being costly due to high salaries and moving costs of managers
Answer:
1. Accrued
2. $2 Million
3. $2 Million
4. Dr Loss product recall (Expense) $2 Million
Cr Liability product recall (Liability) $2 Million
Explanation:
1. Yes, Based on the information given this loss contingency should be accrued reason been that all the necessary requirement are met and secondly the loss is tend to be probably and lastly the said amount can be estimated which is why the recorded liability is accrued.
2. The loss that Sound Audio should report in its 2011 income statement is $2 Million
3. The liability that Sound Audio should report in its 2011 balance sheet would also be $2 Million
4.Preparation of any journal entry needed
Dr Loss product recall (Expense) $2 Million
Cr Liability product recall (Liability) $2 Million
Answer: Wikis application
Explanation: Wiki would be the most appropriate application for the team as it is a collaborative web site that is used to collect and organize the content revised by its users. Wikis is also a user friendly application and is easy to use. As a team we can use it to as a common platform where we can report our daily work done so it helps to better balance the workload.
