ACC-350 Module 4 Topic 4 Assignment Please complete the following exercises and/or problems from the textbook E23-16 E23-19 E23-20 CP23-36
Please complete the following exercises and/or problems from the textbook:
Prepare your answers in an Excel workbook, using one worksheet per exercise or problem.
Save your workbook using the filename LastnameFirstinitial.ACC350.T# where the # represents the topic number. For example, John Doe would submit assignment #5 using the following name: DoeJ.ACC350.T5.
You are not required to submit this assignment to Turnitin.
Click here to Find All Assignments for ACC-350 Course Didn’t find your answers? Don’t worry we are here to help you! Ask Questions
E23-16 Preparing a flexible budget performance report
Stenback Pro Company managers received the following incomplete performance report:
|STENBACK PRO COMPANY|
|Flexible Budget Performance Report|
|For the Year Ended July 31, 2014|
|Actual Flexible Budget Flexible Sales Static|
|Results Variance Budget Volume|
|Units 39,000 (a) 39,000 3,000 F (g)|
|Sales Revenue $218,000 (b) $218,000 $27,000 F (h)|
|Variable Expenses 84,000 (c) 81,000 10,000 U (i)|
|Contribution Margin $134,000 (d) 137,000 17,000 F (j)|
|Fixed Expenses 108,000 (e) 101,000 0 (k)|
|Operating Income $ 26,000 (f) $36,000 17,000 F (l)|
Complete the performance report. Identify the employee group that may deserve praise and the group that may be subject to criticism. Give your reasoning.
E23-19 Calculating materials and labor variances
Great Fender, which uses a standard cost accounting system, manufactured 20,000 boat fenders during 2014, using 144,000 square feet of extruded vinyl purchased at $1.05 per square foot. Production required 420 direct labor hours that cost $13.50 per hour. The direct materials standard was 7 square feet of vinyl per fender, at a standard cost of $1.10 per square foot. The labor standard was 0.025 direct labor hour per fender, at a standard cost of $12.50 per hour.
Compute the cost and efficiency variances for direct materials and direct labor.
E23-20 Computing overhead variances
Review the data from Great Fender given in Exercise E23-19. Consider the following additional information
|Static budget variable overhead $ 5,500
Static budget fixed overhead $ 22,000
Static budget direct labor hours 550 hours
Static budget number of units 22,000 units
Great Fender allocates manufacturing overhead to production based on standard direct labor hours. Great Fender reported the following actual results for 2014: actual variable overhead, $4,950; actual fixed overhead, $23,000.
- Compute the overhead variances for the year: variable overhead cost variance, variable overhead efficiency variance, fixed overhead cost variance, and fixed overhead volume variance.
- Explain why the variances are favorable or unfavorable
P23-36 Calculating materials and labor variances and preparing journal entries
This continues the Davis Consulting, Inc. situation from Problem P22-56 of Chapter 22. Assume Davus gas created a standard cost card for each job, Standard direct materials include14 software packages a cost of $900 per package. Standard direct labor costs per job include 90 hours at $120 per hour. Davis plans on completing 12 jobs during March 2013. Actual direct materials costs for March included 90 software packages at a total cost of $81,450. Actual direct labor costs included 100 hours per job at an average rate of $125 per hour. Davis completed all 12 jobs in March.
- Calculate direct materials cost and efficiency variances.
- Calculate direct labor cost and efficiency variances.
- Prepare journal entries to record the use of both materials and labor for March for the company.
Course: ACC-350 Managerial Accounting
School: Grand Canyon University