{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-29T01:27:31-04:00", "answer_date": "2024-06-29 01:27:31", "is_docs_available": null, "is_excel_available": null, "is_pdf_available": null, "count_file_available": 0, "main_page": "student_question_view", "question_id": "4439049", "url": "\/study-help\/questions\/answer-the-questions-below-1-budgeting-involves-establishing-specific-4439049", "question_creation_date_js": "2024-06-29T01:27:31-04:00", "question_creation_date": "Jun 29, 2024 01:27 AM", "meta_title": "[Solved] Answer the questions below. 1. Budgeting | SolutionInn", "meta_description": "Answer of - Answer the questions below. 1. Budgeting involves ________. establishing specific goals executing plans to achieve the | SolutionInn", "meta_keywords": "answer,questions,below,1,budgeting,involves,establishing,specific,goals,executing,plans,achieve", "question_title_h1": "Answer the questions below. 1. Budgeting involves ________. establishing specific goals executing plans to achieve the goals periodically comparing actual results with the goals All", "question_title": "Answer the questions below. 1. Budgeting involves ________. establishing specific goals executing", "question_title_for_js_snippet": "Answer the questions below 1 Budgeting involves establishing specific goals executing plans to achieve the goals periodically comparing actual results with the goals All of these choices are correct 2 Budgeting affects all of the following managerial functions except planning directing controlling None of these choices are correct Answer the questions below 1 The differences between actual and standard costs are called variances cost profit quantity volume 2 A favorable cost variance results when, choose the best option below actual cost is greater than standard cost at actual volumes actual cost is less than standard cost at actual volumes actual cost is equal to standard cost at actual volumes actual cost is greater than standard cost at budgeted volumes StandardProduct Cost, Direct Materials Variance Condiments Company uses standards to control its materials costs Assume that a batch of ketchup (2,900 pounds) has the following standards Standard Quantity Standard Price Whole tomatoes 4,800lbs $ 0 36per lb Vinegar 270gal $ 2 20per gal Corn syrup 23gal $ 8 00per gal Salt 108lbs $ 2 00per lb The actual materials in a batch may vary from the standard due to tomato characteristics Assume that the actual quantities of materials for batch K 111 were as follows 5,000 lbs of tomatoes 259 gal of vinegar 24 gal of corn syrup 107 lbs of salt a Determine the standard unit materials cost per pound for a standard batch If required, round amounts to the nearest cent Ingredient Standard Cost per Batch Whole tomatoes $ Vinegar $ Corn syrup $ Salt $ Total $ Standard unit materials cost per pound $ b Determine thedirect materials quantity variancefor batch K 111 If required, round amounts to the nearest cent Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number Ingredient Materials Quantity Variance Favorable Unfavorable Whole tomatoes $ Vinegar $ Corn syrup $ Salt $ Total direct materials quantity variance $ Direct Labor Variances The following data relate to labor cost for production of 3,800 cellular telephones Actual 2,540 hrs at $13 9 Standard 2,500 hrs at $14 1 a Determine the direct laborrate variance, direct labortime variance, and total direct laborcost variance Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number Rate variance $ FAVORABLE UNFAVORABLE Time variance $ FAVORABLE UNFAVORABLE Total direct labor cost variance $ FAVORABLE UNFAVORABLE b The employees may have been less experienced or poorly trained, thereby resulting in a (higher or lower) labor rate than planned The lower level of experience or training may have resulted in (more or less) efficient performance Thus, the actual time required was (more or less) than standard ", "question_description": "

Answer the questions below.<\/p>

<\/p>

1.<\/strong>Budgeting involves ________.<\/p>

  1. establishing specific goals<\/li>
  2. executing plans to achieve the goals<\/li>
  3. periodically comparing actual results with the goals<\/li>
  4. All of these choices are correct.<\/li> <\/ol>

    <\/strong><\/p>

    <\/p>

    <\/p>

    2.<\/strong>Budgeting affects all of the following managerial functions except ________.<\/p>

    1. planning<\/li>
    2. directing<\/li>
    3. controlling<\/li>
    4. None of these choices are correct.<\/li> <\/ol>

      <\/p>

      Answer the questions below.<\/p>

      <\/p>

      1.<\/strong>The differences between actual and standard costs are called __________ variances.<\/p>

      1. cost<\/li>
      2. profit<\/li>
      3. quantity<\/li>
      4. volume<\/li> <\/ol>

        <\/strong><\/p>

        <\/p>

        <\/p>

        2.<\/strong>A favorable cost variance results when, choose the best option below.<\/p>

        1. actual cost is greater than standard cost at actual volumes.<\/li>
        2. actual cost is less than standard cost at actual volumes.<\/li>
        3. actual cost is equal to standard cost at actual volumes.<\/li>
        4. actual cost is greater than standard cost at budgeted volumes.<\/li> <\/ol>

          <\/p>

          StandardProduct Cost, Direct Materials Variance<\/p>

          <\/p>

          Condiments Company uses standards to control its materials costs. Assume that a batch of ketchup (2,900 pounds) has the following standards:<\/p>

          <\/p>

          Standard Quantity<\/strong> Standard Price<\/strong><\/p>

          <\/p>

          Whole tomatoes 4,800lbs. $ 0.36per lb.<\/p>

          <\/p>

          Vinegar 270gal. $ 2.20per gal.<\/p>

          <\/p>

          Corn syrup 23gal. $ 8.00per gal.<\/p>

          <\/p>

          Salt 108lbs. $ 2.00per lb.<\/p>

          <\/p>

          The actual materials in a batch may vary from the standard due to tomato characteristics. Assume that the actual quantities of materials for batch K-111 were as follows:<\/p>

          <\/p>

          5,000 lbs. of tomatoes<\/p>

          <\/p>

          259 gal. of vinegar<\/p>

          <\/p>

          24 gal. of corn syrup<\/p>

          <\/p>

          107 lbs. of salt<\/p>

          <\/p>

          a.<\/strong>Determine the standard unit materials cost per pound for a standard batch. If required, round amounts to the nearest cent.<\/p>

          <\/p>

          Ingredient<\/strong> Standard Cost per Batch<\/strong><\/p>

          <\/p>

          Whole tomatoes $ ___________________<\/p>

          <\/p>

          Vinegar $ ___________________<\/p>

          <\/p>

          Corn syrup $ ___________________<\/p>

          <\/p>

          Salt $ ___________________<\/p>

          <\/p>

          Total $ ___________________<\/p>

          <\/strong><\/p>

          <\/strong>Standard unit materials cost per pound $ ___________________<\/p>

          <\/p>

          b.<\/strong>Determine thedirect materials quantity variancefor batch K-111. If required, round amounts to the nearest cent. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.<\/p>

          <\/p>

          Ingredient<\/strong> Materials Quantity Variance<\/strong> Favorable\/Unfavorable<\/strong><\/p>

          <\/p>

          Whole tomatoes $___________________ ___________________<\/p>

          <\/strong><\/p>

          Vinegar $___________________ ___________________<\/p>

          <\/p>

          Corn syrup $___________________ ____________________<\/p>

          <\/p>

          Salt $___________________ ____________________<\/p>

          <\/p>

          Total direct materials quantity variance<\/p>

          $____________________ _____________________<\/p>

          <\/p>

          <\/p>

          Direct Labor Variances<\/p>

          <\/p>

          The following data relate to labor cost for production of 3,800 cellular telephones:<\/p>

          <\/p>

          Actual: 2,540 hrs. at $13.9<\/p>

          <\/p>

          Standard: 2,500 hrs. at $14.1<\/p>

          <\/p>

          a.<\/strong>Determine the direct laborrate variance, direct labortime variance, and total direct laborcost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.<\/p>

          <\/strong><\/p>

          Rate variance $_____________________ __________________________ FAVORABLE\/UNFAVORABLE<\/p>

          <\/p>

          <\/strong><\/p>

          <\/p>

          Time variance $_____________________ __________________________FAVORABLE\/UNFAVORABLE<\/p>

          <\/p>

          <\/p>

          Total direct labor cost variance $ _________________________ ________________________FAVORABLE\/UNFAVORABLE<\/p>

          <\/p>

          b.<\/strong>The employees may have been less-experienced or poorly trained, thereby resulting in a_________________ (higher or lower)<\/strong><\/p>

          <\/p>

          labor rate than planned. The lower level of experience or training may have resulted in_______________ (more or less)<\/strong><\/p>

          <\/p>

          efficient performance. Thus, the actual time required was_______________ (more or less)<\/strong><\/p>

          <\/p>

          than standard.<\/p>", "transcribed_text": "", "related_book": { "title": "Intermediate Accounting", "isbn": "470964731, 978-0470964736, 978-0470161012", "edition": "9th Canadian Edition, Volume 2", "authors": "Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield.", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/516.jpg", "uri": "\/textbooks\/intermediate-accounting-9th-canadian-edition-volume-2-516", "see_more_uri": "" }, "free_related_book": { "isbn": "0071458913", "uri": "\/textbooks\/six-sigma-financial-tracking-and-reporting-measuring-project-performance-and-p-and-l-impact-1st-edition-9780071458917", "name": "Six Sigma Financial Tracking And Reporting Measuring Project Performance And P And L Impact", "edition": "1st\u00a0Edition" }, "question_posted": "2024-06-29 01:27:31", "see_more_questions_link": "\/study-help\/questions\/business-human-resource-management-2020-May-22", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/solve-prob.-11-by-considering-complements", "description": "Solve Prob. 11 by considering complements", "stars": 3 }, { "url": "\/study-help\/psychology\/3-investigate-opportunities-for-gaining-research-experience-some-departments-of-1980632", "description": "3. 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