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:
E23-16
E23-19
E23-20
CP23-36
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.
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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 |
| Variance Budget |
| 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.
Requirements
- 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.
Requirements
- 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
- 13/10/2019
- 60
