E7-24 (similar to) Question Help The Putnam Company produces engine parts for car manufacturers. A new accountant intern at Putnam has accidentally deleted the company's variance analysis calculations for the year ended December 31, 2020. The following table is what remains of the data. (Click the icon to view the data. i Requirements - Read the requirements. Requirement 1. Calculate all the re Begin with the flexible budget colum balance, make sure to enter "0" in th Actual Results 102 Units sold Revenues (sales) $ 693 1. Calculate all the required variances. (If your work is accurate, you will find that the total static-budget variance is $0.) 2. What are the actual and budgeted selling prices? What are the actual and budgeted variable costs per unit? 3. Review the variances you have calculated and discuss possible causes and potential problems. What is the important lesson learned here? Print Done $0.) ble (U). (For variances with a $0 earest whole dollar.) Choose from any list or enter any number in the input fields and then click Check Answer. 8 parts remaining Clear All Check Answer ? E7-29 (similar to) The Seneca Corporation manufactures lamps. It has set up the following standards per finished unit for direct materials and direct manufacturing labor: (Click the icon to view the standards.) The number of finished units budgeted for January 2020 was 9,830; 9,700 units were actually produced. (Click the icon to view actual data.) Question Help Assume that there was no beginning inventory of either direct materials or finished units. During the month, materials purchased amounted to 98,300 lb., at a total cost of $506,245. Input price variances are isolated upon purchase. Input-efficiency variances are isolated at the time of usage. Read the requirements. Requirement 1. Compute the January 2020 price and efficiency variances of direct materials and direct manufacturing labor. Let's begin by calculating the actual input at the budgeted price. (Round your answers to the nearest whole dollar.) Direct materials (purchases) Direct materials (usage) Actual input Budgeted price = Direct manufacturing labor Enter any number in the edit fields and then click Check Answer. 7 parts remaining = || _|| ___|| Cost Clear All Check Answer ? Score: 0 of 1 pt E7-29 (similar to) 2 of 2 (0 complete) The Seneca Corporation manufactures lamps. It has set up the following standards per finished unit for direct materials and direct manufacturing labor: (Click the icon to view the stand The number of finished units budget were actually produced. (Click the icon to view actual da i Requirements HW Score: 0%, 0 of 2 pts Question Help Assume that there was no beginning inventory of either direct materials or finished units. During the month materials purchased amounted to 98,300 lb., are isolated upon purchase. ime of usage. at 1. Requirement 1. Compute the Janua Compute the January 2020 price and efficiency variances of direct materials and direct manufacturing labor. 2. Prepare journal entries to record the variances in requirement 1. Let's begin by calculating the actual 3. Comment on the January 2020 price and efficiency variances of Seneca Corporation. 4. Direct materials (purchases) Direct materials (usage) Direct manufacturing labor Why might Seneca calculate direct materials price variances and direct materials efficiency variances with reference to different points in time? Enter any number in the edit fields and then CHICK CHECK ANSWET. 7 parts remaining Print Done Clear All Check Answer ? E7-29 (similar to) The Seneca Corporation manufactures lamps. It has set up the following standards per finished unit for direct materials and direct manufacturing labor: (Click the icon to view the standards.) The number of finished units budgeted for were actually produced. (Click the icon to view actual data.) Requirement 1. Compute the January 20 Let's begin by calculating the actual input Jenuer 2020 was a 20.0.700 unite i Standards Question Help Assume that there was no beginning inventory of either direct materials or finished units. During the month, materials purchased amounted to 98,300 lb., at a total cost of $506,245. Input price variances are isolated upon purchase. Input-efficiency variances are isolated at the time of usage. Act Direct materials: 10 lb. at $5.00 per lb. Direct manufacturing labor: 0.5 hour at $29 per hour $ 50.00 14.50 Direct materials (purchases) Direct materials (usage) Direct manufacturing labor Enter any number in the edit fields and then click Check Answer. parts 7 remaining Print Done Clear All Check Answer ? The Putnam Company produces engine parts for car manufacturers. A new accountant intern at Putnam has accidentally deleted the company's variance analysis calculations for the year ended December 31, 2020. The following table is what remains of the data. (Click the icon to view the data.) Read the requirements. Requirement 1. Calculate all the required variances. (If your work is accurate, you will find that the total static-budget variance is $0.) Begin with the flexible budget columns, then the sales volume variance column. Label each variance as favorable (F) or unfavorable (U). (For variances with a $0 balance, make sure to enter "0" in the appropriate field. If the variance is zero, do not select a label. Round your answers to the nearest whole dollar.) Units sold Revenues (sales) Actual Results Flexible-Budget Variance 102,000 693,600 Flexible Budget Choose from any list or enter any number in the input fields and then click Check Answer. parts 8 Pemaining Clear All Check Answer ? E7-29 (similar to) The Seneca Corporation manufactures lamps. It has set up the following standards per finished unit for direct materials and direct manufacturing labor: (Click the icon to view the standards.) The number of finished units budgeted for Janu were actually produced. (Click the icon to view actual data.) Requirement 1. Compute the January 2020 pri Let's begin by calculating the actual input at the Actual inp i Actual Data Question Help Assume that there was no beginning inventory of either direct materials or finished units. During the month, materials purchased amounted to 98,300 lb., at a total cost of $506,245. Input price variances are isolated upon purchase. ated at the time of usage. Actual results in January 2020 were as follows: Direct materials: 96,500 lb. used Direct manufacturing labor: 4,800 hours $ 147,600 g labor. Direct materials (purchases) Direct materials (usage) Direct manufacturing labor Enter any number in the edit fields and then click Check Answer. 7 parts remaining Print Done Clear All Check Answer ?