> Continuing Problem P23-35 Calculating materials and labor variances and preparing journal entries This continues the Daniels Consulting situation from Problem P22-57 of Chapter 22. Assume Daniels has created a standard cost card for each job. Standard direct materials per job include 10 software packages at a cost of $900 per package. Standard direct labor costs per job include 105 hours at $100 per hour. Daniels plans on completing 12 jobs during March 2018 Actual direct materials costs for March included 90 software packages at a total cost of $81,450. Actual direct labor costs included 110 hours per job at an average rate of $107 per hour. Daniels completed all 12 jobs in March. Requirements 1. Calculate direct materials cost and efficiency variances. 2. Calculate direct labor cost and efficiency variances. 3. Prepare journal entries to record the use of both materials and labor for March for the company. > Continuing Problem P22-57 Preparing a financial budget This problem continues the Daniels Consulting situation from Problem P21-63 of Chapter 21. Assume Daniels Consulting began January with $12,000 cash. Management forecasts that cash receipts from credit customers will be $52,000 in January and $55,000 in February. Projected cash payments include equipment purchases ($16,000 in January and $40,400 in February) and selling and administrative expenses ($6,000 each month). Daniels's bank requires a $23,000 minimum balance in the firm's checking account. At the end of any month when the account balance falls below $23,000, the bank automatically extends credit to the firm in multiples of $5,000. Daniels borrows as little as possible and pays back loans each month in $1,000 increments, plus 12% interest on the entire unpaid principal. The first payment occurs one month after the loan. Requirements 1. Prepare Daniels Consulting's cash budget for January and February 2018. 2. How much cash will Daniels borrow in February if cash receipts from customers that month total $30,000 instead of $55,000? > Continuing Problem P23-35 Calculating materials and labor variances and preparing journal entries This continues the Daniels Consulting situation from Problem P22-57 of Chapter 22. Assume Daniels has created a standard cost card for each job. Standard direct materials per job include 10 software packages at a cost of $900 per package. Standard direct labor costs per job include 105 hours at $100 per hour. Daniels plans on completing 12 jobs during March 2018 Actual direct materials costs for March included 90 software packages at a total cost of $81,450. Actual direct labor costs included 110 hours per job at an average rate of $107 per hour. Daniels completed all 12 jobs in March. Requirements 1. Calculate direct materials cost and efficiency variances. 2. Calculate direct labor cost and efficiency variances. 3. Prepare journal entries to record the use of both materials and labor for March for the company. > Continuing Problem P22-57 Preparing a financial budget This problem continues the Daniels Consulting situation from Problem P21-63 of Chapter 21. Assume Daniels Consulting began January with $12,000 cash. Management forecasts that cash receipts from credit customers will be $52,000 in January and $55,000 in February. Projected cash payments include equipment purchases ($16,000 in January and $40,400 in February) and selling and administrative expenses ($6,000 each month). Daniels's bank requires a $23,000 minimum balance in the firm's checking account. At the end of any month when the account balance falls below $23,000, the bank automatically extends credit to the firm in multiples of $5,000. Daniels borrows as little as possible and pays back loans each month in $1,000 increments, plus 12% interest on the entire unpaid principal. The first payment occurs one month after the loan. Requirements 1. Prepare Daniels Consulting's cash budget for January and February 2018. 2. How much cash will Daniels borrow in February if cash receipts from customers that month total $30,000 instead of $55,000
