I have a question<br><br> I dont know I was just wondering

MILLS ALLOCATES MANUFACTURING OVERHEAD TO PRODUCTION BASED ON STANDARD DIRECT LABOR HOURS. MILLS REPORTED THE FOLLOWING ACTUAL R

tekilochka [14]

Answer:

1. Compute the variable overhead cost and efficiency variances and fixed overhead cost and volume variances.

variable overhead cost variance = $1,000 unfavorable
variable efficiency variance = -$1,200 favorable
fixed overhead costs = $1,500 unfavorable
fixed overhead volume variance = -$100 favorable

2. EXPLAIN (as best you can) why the variances are favorable or unfavorable. Based on cost and efficiency budget standards.

variable overhead cost variance is unfavorable because actual variable overhead costs per unit are higher than budgeted.
variable efficiency variance is favorable because the company used less direct labor hours than budgeted to produce a higher amount of units (1,600 vs. 2,000).
fixed overhead costs are unfavorable because total fixed overhead costs were much higher than budgeted, but most of this variance can be explained by higher output.
fixed overhead volume variance are favorable because a higher volume was produced using less hours than budgeted.

Explanation:

Static budget variable overhead $1,200

Actual variable overhead $4,000

Static budget fixed overhead $1,600

Actual fixed overhead $3,100

Static budget direct labor hours 800 hours

Actual direct labor hours 1,600

Static budget number of units 400 units

Actual units produced 1,000

Standard direct labor hours 2 hours per unit

Actual direct labor hours 1.6 per unit

standard variable rate = $1,200 / 400 units = $3 per unit

actual variable rate = $4,000 / 1,000 units = $4 per unit

standard fixed rate = $1,600 / 800 hours = $2 per hour

actual fixed rate = $3,100 / 1,600 hours = $1.9375 per hour

variable overhead cost variance = actual costs - (standard rate x actual units) = $4,000 - ($3 x 1,000) = $1,000 unfavorable

variable efficiency variance = (actual hours x standard rate) - (standard hours x standard rate) = (1,600 × $3) − (2,000 x $3) = $4,800 - $6,000 = -$1,200 favorable

fixed overhead costs = actual overhead costs - budgeted overhead costs = $3,100 - $1,600 = $1,500 unfavorable

fixed overhead volume variance = (actual fixed rate x actual hours) - (standard rate x actual hours) = ($1.9375 x 1,600) - ($ x 1,600) = $3,100 - $3,200 = -$100 favorable

5 0

4 years ago

Allocating a transaction price to multiple performance obligations includes which of the following steps: Consolidate the compon

rjkz [21]

Answer:

The best measure of fair value is what the good or service could be sold for on a standalone basis (standalone selling price).

Explanation:

A performance obligation can be defined as a promise made in a contractual agreement by a seller or service provider to provide goods and services to a customer. This obligation exists only if a customer can benefit from the goods or services provided.

Allocating a transaction price to multiple performance obligations includes;

The best measure of fair value is what the good or service could be sold for on a standalone basis (standalone selling price).

7 0

3 years ago

The Oakland Mills Company has disclosed the following financial information in its annual reports for the period ending March 31

Dmitry [639]

Answer:

The cash flows to investors from operating activity is $402,126.25

Explanation:

For computing the cash flow from operating activity, first, we have to compute the net income which is shown below:

= Sales - cost of goods sold - depreciation expense - interest expense - income tax expense

where,

The income tax expense equals to

= (Sales - cost of goods sold - depreciation expense - interest expense) × income tax rate

= $1,430,000 - $816,000 - $175,000 - $89,575) × 35%

= $122,298.75

The other items values would remain the same

Now put these values to the above formula

So, the value would equal to

= $1,430,000 - $816,000 - $175,000 - $89,575 - $122,298.75

= $227,126.25

Now the cash flow from operating activity equals to

= Net income + depreciation expense

= $227,126.25 + $175,000

= $402,126.25

3 0

3 years ago

Community colleges provide training for some careers in public safety.

vivado [14]

Answer: True

Explanation:

Public safety simply means the protection of the public or the safeguarding of people from disasters, crimes, and every other potential threats and dangers.

It should be noted that public safety I the responsibility of every government in the United States, and some community colleges provide training for some careers in public safety.

Therefore, the answer is true.

7 0

3 years ago

A. A plan for mass casualty incidents should include protective actions to reduce vulnerabilities, response actions to minimize

DedPeter [7]

Answer: When an organization is planning for mass casualty incidents, an effective approach is to request law enforcement personnel to develop a separate plan for mass casualty incidents for the organization

Explanation:

A Mass Casualty Incident refers to an overwhelming event, which leads to more patients at a time than what the available resources can easily manage such that it requires additional assistance.

A plan for mass casualty incidents should include protective actions that will be used to reduce vulnerabilities, response actions to minimize negative consequences, and post incident actions to promote community recovery.

A partnership approach to planning for mass casualty incidents is important as it helps in ensuring that the plans for your organization are compatible with those of the agencies that would respond if an incident occurred.

It's also vital to customize your emergency plan to reflect the risks, realities, and resources that characterize the local area and your own organization.

The false statement is "When an organization is planning for mass casualty incidents, an effective approach is to request law enforcement personnel to develop a separate plan for mass casualty incidents for the organization". This isn't true.

5 0

3 years ago

I have a question I dont know I was just wondering