Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need help for questions 1-10. Please show work and answers for all questions. 1.) Lander Corporation used the following data to evaluate their current

image text in transcribed

I need help for questions 1-10. Please show work and answers for all questions.

image text in transcribed 1.) Lander Corporation used the following data to evaluate their current operating system. The company sells items for$18 each and used a budgeted selling price of $18 per unit. Actual Budgeted Units sold 41,000 units 40,000 units Variable costs $164,000 $156,000 Fixed costs $46,000 $48,000 What is the staticminusbudget variance of variable costs? A. $8000 unfavorable B. $4000 favorable C. $2000 favorable D. $6000 unfavorable 2.) Contrafic Corporation used the following data to evaluate its current operating system. The company sells items for$21 each and used a budgeted selling price of $21 per unit. Actual Budgeted Units sold 180,000 units 185,000 units Variable costs $1,080,000 $1,295,000 Fixed costs $ 800,000 $ 775,000 What is the staticminusbudget variance of revenues? A.$105,000 unfavorable B.$8,000 favorable C.$105,000 favorable D.$8,000 unfavorable 3.) Domose Inc. planned to use $150 of material per unit but actually used $147 of material per unit, and planned to make1,100 units but actually made 900 units. The salesminusvolume variance for materials is ________. A.$29,400 unfavorable B.$2,700 unfavorable C.$30,000 favorable D.$2,700 favorable 4.) Domose Inc. planned to use $150 of material per unit but actually used $147 of material per unit, and planned to make1,100 units but actually made 900 units. The flexibleminusbudget variance for materials is ________. A.$3,300 unfavorable B.$3,300 favorable C.$2,700 favorable D.$2,700 unfavorable 5.) Genent Company manufactures tires. Some of the company's data was misplaced. Use the following information to replace the lost data: Actual Results 495,000 $185,150 (C) $36,430 Flexible Budget Variances Units sold Revenues $4,400 F Variable costs $880 U Fixed costs $3,770 F Operating income $78,060 (D) What is the total salesminusvolume variance (E)? A.$4,140 favorable B.$14,960 favorable C.$14,960 unfavorable D.$7,290 unfavorable Flexible SalesminusVolume Budget Variances 495,000 (A) $6,160 U $69,780 $10,300 F $40,200 0 $70,770 (E) Static Budget 453,750 (B) $88,080 $40,200 $66,630 6.) Genent Company manufactures tires. Some of the company's data was misplaced. Use the following information to replace the lost data: Actual Flexible Budget Flexible SalesminusVolume Static Results Variances Budget Variances Budget Units sold 495,000 495,000 453,750 Revenues $185,150 $4,400 F (A) $6,160 U (B) Variable costs (C) $880 U $69,780 $10,300 F $88,080 Fixed costs $36,430 $3,770 F $40,200 0 $40,200 Operating income $78,060 (D) $70,770 (E) $66,630 What are the actual variable costs (C)? A.$54,080 B.$72,800 C.$70,660 D.$62,640 7.) Standard labor rate is $8 per hour. Standard labor allowed per unit is 0.6 hours. Actual cost per labor hour is $7.5 and actual labour hour per unit is 0.7 hours. What is the standard labor cost per output unit? A.$4.8 B.$5.6 C.$4.5 D.$5.25 8.) Animent Industries, Inc. (AII), developed standard costs for direct material and direct labor. In 2015, AII estimated the following standard costs for one of their major products, the 10minusgallon plastic container. Budgeted quantity Budgeted price Direct materials 0.10 pounds $60 per pound Direct labor 0.05 hours $30 per hour During June, AII produced and sold 20,000 containers using 1,900 pounds of direct materials at an average cost per pound of $64 and 1,000 direct manufacturing laborminushours at an average wage of $30.50 per hour. The direct material price variance during June is ________. A.$1,600 unfavorable B.$7,600 unfavorable C.$1,600 favorable D.$500 favorable 9.)Animent Industries, Inc. (AII), developed standard costs for direct material and direct labor. In 2015, AII estimated the following standard costs for one of their major products, the 10minusgallon plastic container. Budgeted quantity Budgeted price Direct materials 0.10 pounds $60 per pound Direct labor 0.05 hours $30 per hour During June, AII produced and sold 20,000 containers using 1,900 pounds of direct materials at an average cost per pound of $64 and 1,000 direct manufacturing laborminushours at an average wage of $30.50 per hour. The direct manufacturing labor efficiency variance during June is ________. A.$125 unfavorable B.$500 favorable C.$1,600 unfavorable D.$0 10.) Which of the following statements is true of benchmarking? A. It fails to help to improve organizational performance as benchmarking data does not provide insight into why costs or revenues differ across companies. B. It is difficult to ensure that the benchmark numbers are comparable due to the existence of differences across companies. C. It considers four major business aspects such as financial, customer, internal business processes, and learning and growth. D. It is a systematic approach of optimizing business processes

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Modern Advanced Accounting in Canada

Authors: Hilton Murray, Herauf Darrell

8th edition

1259087557, 1057317623, 978-1259087554

More Books

Students also viewed these Accounting questions

Question

Wear as little as possible

Answered: 1 week ago

Question

Be relaxed at the hips

Answered: 1 week ago