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Posted on Jul 28, 2024

plz answer all the questions Chio. In the case of Soriano Company in your Chapter 10 Key Points file, when does the company apply standard

plz answer all the questions

Chio. In the case of Soriano Company in your Chapter 10 Key Points file, when does the company apply standard costs that are specified in the table? Select one: a. Only when the 2017 operation is ended, b. Throughout 2017 c. Only when the 2017 operating budgets are prepared. Chio. At 9,000 direct labor hours, the flexible budget for indirect materials is $27,000. If $28,600 of indirect materials costs are incurred at 9,200 direct labor hours, the flexible budget report should show the following difference for indirect materials: Select one: O a $1.000 favorable O b. $400 favorable. c. $400 unfavorable d. $1,000 unfavorable. Ch10. In the case of Soriano Company in your Chapter 9 Key Points file, when does the company set standard cost table? Select one: O a. When the 2017 operation begins. b. When the 2017 operation is ended. c. All the answers are correct. d. When the 2017 operating budgets are prepared. X W PPTX - 1.8 MB The volume of the standard costs were STANDARD GUANTITY STANDARD PRICE STANDARD CONT ESPER ht per LLO Direct Material 55 per lb. 515 per output unit Direct Lahor 0,5 DLHS 515 per DLL $7.50 per output Production Overhead, FIXED 0.5 DLHS 525 per DLH $12.50 per output $18.000.000 BUDGETED Total Standart Cost per entput unit..... 535 per outpuf unit The Standard Price of us ir direct laber how was compted by SMSX 1.200,00 In todelling and wife FIXED for 2017 12.000.00 IC ASSUME NOW WE ARE AT THE END OF 2017. WE FIND OUR ACTUAL SALES - 1.000.000 UNITS at $50 per unit: PRODUCTION ACCORDINGLY WORKED LESS PRODUCING LUNIININTH THE FINISHED GOODS INVENTORY BEGINNING AT 6.000 UNITS AND ENDING AT IC-1 PREPARE A Standard-Cost. Interim INCOME STATEMENT that is based on the ACTUAL UNITS SOLD), lhat actual costs are not known yet. and assuming that SORIANO applied STANDARD COST to the ACTUAL PRODUCTION UNITS throughout 2017 SORIANO Flexible-Budget CASE SUPPLEMENT 2 for CHAPTER 10 ASSUME NOW WE ARE AT THE END OF 2017. WE FIND OUR ACTUAL SALES = 1,000,000 UNITS AT S50 PER UNIT: and MODUCHO ACCORDINGLY WORKED LESS, PRODUCING 1.000.000 UNITS WITH THE FINISHED GOODS INVENTORY BEGINNING AT 66,000 UNITS AND ENDING AT 66.000 IC-1 PREPARE A standard-cost, INTERIM INCOME STATEMENT THAT IS BASED ON THE ACTUAL UNITS SOLD, AND ASSUMING THAT SORIANO APPLIED STANDARD COST TO THE ACTUAL PRODUCTION UNITS THROUGHOUT 2017, but before actual costs became known. Total Standard Cost applied was $35 per output unit. THE STANDARD-COST INTERIM INCOME STATEMENT FOR 2017 [Before adjusting for Production Volume Variances] Renee 1,000,000 units x WA Sell Price $50.00 Los Sudad Cost of Goods Sold: 1,000,000 units x Unit Standard Co 535 Gross Profit, under Standard cost system 1,000,000 units x (550-535) $50,000,000 (535.000.000 $15,000,000 Les Sloand Administrative Expenses.originally budete S12.000.000 Interim Operating Income, based on Standard-cot Applied to Actual production $2.000.000 1-2 SOWANO WOULD LIKE TO EVALUATE PRODUCTION FUNCTION'S PERFORMANCE TO CONTROL COSTS Tiry pre NK COSTRET. ACTUALITES RODE STANDARD COSES.APPLIED DURING 2017 to call PRODUCTION VOLLE VARANCE LENKE STANDARD COSTS CLIED Diret 000000 x 33 - 100.000 Material Allowed 55 - 50.000 Neden Died 1/600 DESIS DES- LABOR S00.00 Allowed 515 - 17.00.00 7.30 DI One AIXES ORIGINAL BUDGETS 12.CO. Fructe Vic Open Office Le Sundard Cost of Goods Sold: 1,000,000 units Unit Standard Cost 535.1833.000.000) Profil under Standard cost system 1,000,000 units x (550-535) $15,000,000 Le Selling and Administrative Expenses originally budete (512.000.000 Interim Operating Income, based on Standard-couts Applied to Actual production $3.000.000 - ONIANO WOULD LIKE TO EVALUATE PRODUCTION FUNCTION'S PERFORMANCE TO CONTROL COSTS THE COST BUDGET has the ACTUAL UNITS PRODUCED STANDARD COSTS APPLIED DURING 2017 to calculate PRODUCTION VOLUME VARIANCE STOL BUIT STANDARD COSTS APPLIED De 1.000.000 100 x 35) Maria ... the Alle 55 - SIK...000 Noce $15.000.000 Directions 1 SD15) LADOR DE Allow 1557.500.000 No difference 57.500,000 Pred 1.000.000 units XDR525- 10003125 IX. TRIGINAL BUDGET, SK00002.500.000 vor 512.500.000 Production Volume Variance The FIXED production overhead was expected to incur $15,000,000 de complication in ONLY APPLID 512.00.000 The pic of 2.500.000 ACTUAL.pdaction 0.000 till stay TED.20.000 200.000 The fixed overhead standard cost $12.50 per unit was under-applied for the 200,000 units of production shortfall 512.50 x 200,000 under-production - $2,500,000 of Production Volume Variance (U). An ADJUSTED interim income statement follows SORIANO Flexible-Budget CASE SUPPLEMENT 2 for CHAPTER 10 1C-2 SORIANO WOULD LIKE TO EVALUATE PRODUCTION FUNCTIONS PERFORMANCE TO CONTROL COSTS. YOU'RE ASKED TO: PREPARE A FLEXIBLE COST BUDGET based on the actual units produced COMPARE IT TO THE STANDARD COSTS APPLIED DURING 2017. calculating the PRODUCTION VOLUME VARIANCE $2.5 million Unfavorable 3. The prepare the ADJUSTED INTERIM INCOME STATEMENT before actual costs are known. The Solution follows. THE ADJUSTED INTERIM INCOME STATEMENT FOR 2017 Revenue 1,000,000 WA Sell Price $50.00 550,000,000 Lou Standard COGS: 1,000,000 units x Tutal Standard Cost 35 From the FLEXIBLE BUDGET Apared the date of the pods and Production Overhead FIXED per original budget per period - 515.000.000 Standard colo5DLEX S25 applied to 1.000.000 SIR SO0.000 Production Volume Variance ... 652.500.000 La Adottfor she favorable Production Volume Variance 152.500.000 Around Interim Gross Profit $12.500,000 Low Selling and Administrative Expenses, FIXED originally budgeted 512.000.000 Open Office Chio. In the case of Soriano Company in your Chapter 10 Key Points file, when does the company apply standard costs that are specified in the table? Select one: a. Only when the 2017 operation is ended, b. Throughout 2017 c. Only when the 2017 operating budgets are prepared. Chio. At 9,000 direct labor hours, the flexible budget for indirect materials is $27,000. If $28,600 of indirect materials costs are incurred at 9,200 direct labor hours, the flexible budget report should show the following difference for indirect materials: Select one: O a $1.000 favorable O b. $400 favorable. c. $400 unfavorable d. $1,000 unfavorable. Ch10. In the case of Soriano Company in your Chapter 9 Key Points file, when does the company set standard cost table? Select one: O a. When the 2017 operation begins. b. When the 2017 operation is ended. c. All the answers are correct. d. When the 2017 operating budgets are prepared. X W PPTX - 1.8 MB The volume of the standard costs were STANDARD GUANTITY STANDARD PRICE STANDARD CONT ESPER ht per LLO Direct Material 55 per lb. 515 per output unit Direct Lahor 0,5 DLHS 515 per DLL $7.50 per output Production Overhead, FIXED 0.5 DLHS 525 per DLH $12.50 per output $18.000.000 BUDGETED Total Standart Cost per entput unit..... 535 per outpuf unit The Standard Price of us ir direct laber how was compted by SMSX 1.200,00 In todelling and wife FIXED for 2017 12.000.00 IC ASSUME NOW WE ARE AT THE END OF 2017. WE FIND OUR ACTUAL SALES - 1.000.000 UNITS at $50 per unit: PRODUCTION ACCORDINGLY WORKED LESS PRODUCING LUNIININTH THE FINISHED GOODS INVENTORY BEGINNING AT 6.000 UNITS AND ENDING AT IC-1 PREPARE A Standard-Cost. Interim INCOME STATEMENT that is based on the ACTUAL UNITS SOLD), lhat actual costs are not known yet. and assuming that SORIANO applied STANDARD COST to the ACTUAL PRODUCTION UNITS throughout 2017 SORIANO Flexible-Budget CASE SUPPLEMENT 2 for CHAPTER 10 ASSUME NOW WE ARE AT THE END OF 2017. WE FIND OUR ACTUAL SALES = 1,000,000 UNITS AT S50 PER UNIT: and MODUCHO ACCORDINGLY WORKED LESS, PRODUCING 1.000.000 UNITS WITH THE FINISHED GOODS INVENTORY BEGINNING AT 66,000 UNITS AND ENDING AT 66.000 IC-1 PREPARE A standard-cost, INTERIM INCOME STATEMENT THAT IS BASED ON THE ACTUAL UNITS SOLD, AND ASSUMING THAT SORIANO APPLIED STANDARD COST TO THE ACTUAL PRODUCTION UNITS THROUGHOUT 2017, but before actual costs became known. Total Standard Cost applied was $35 per output unit. THE STANDARD-COST INTERIM INCOME STATEMENT FOR 2017 [Before adjusting for Production Volume Variances] Renee 1,000,000 units x WA Sell Price $50.00 Los Sudad Cost of Goods Sold: 1,000,000 units x Unit Standard Co 535 Gross Profit, under Standard cost system 1,000,000 units x (550-535) $50,000,000 (535.000.000 $15,000,000 Les Sloand Administrative Expenses.originally budete S12.000.000 Interim Operating Income, based on Standard-cot Applied to Actual production $2.000.000 1-2 SOWANO WOULD LIKE TO EVALUATE PRODUCTION FUNCTION'S PERFORMANCE TO CONTROL COSTS Tiry pre NK COSTRET. ACTUALITES RODE STANDARD COSES.APPLIED DURING 2017 to call PRODUCTION VOLLE VARANCE LENKE STANDARD COSTS CLIED Diret 000000 x 33 - 100.000 Material Allowed 55 - 50.000 Neden Died 1/600 DESIS DES- LABOR S00.00 Allowed 515 - 17.00.00 7.30 DI One AIXES ORIGINAL BUDGETS 12.CO. Fructe Vic Open Office Le Sundard Cost of Goods Sold: 1,000,000 units Unit Standard Cost 535.1833.000.000) Profil under Standard cost system 1,000,000 units x (550-535) $15,000,000 Le Selling and Administrative Expenses originally budete (512.000.000 Interim Operating Income, based on Standard-couts Applied to Actual production $3.000.000 - ONIANO WOULD LIKE TO EVALUATE PRODUCTION FUNCTION'S PERFORMANCE TO CONTROL COSTS THE COST BUDGET has the ACTUAL UNITS PRODUCED STANDARD COSTS APPLIED DURING 2017 to calculate PRODUCTION VOLUME VARIANCE STOL BUIT STANDARD COSTS APPLIED De 1.000.000 100 x 35) Maria ... the Alle 55 - SIK...000 Noce $15.000.000 Directions 1 SD15) LADOR DE Allow 1557.500.000 No difference 57.500,000 Pred 1.000.000 units XDR525- 10003125 IX. TRIGINAL BUDGET, SK00002.500.000 vor 512.500.000 Production Volume Variance The FIXED production overhead was expected to incur $15,000,000 de complication in ONLY APPLID 512.00.000 The pic of 2.500.000 ACTUAL.pdaction 0.000 till stay TED.20.000 200.000 The fixed overhead standard cost $12.50 per unit was under-applied for the 200,000 units of production shortfall 512.50 x 200,000 under-production - $2,500,000 of Production Volume Variance (U). An ADJUSTED interim income statement follows SORIANO Flexible-Budget CASE SUPPLEMENT 2 for CHAPTER 10 1C-2 SORIANO WOULD LIKE TO EVALUATE PRODUCTION FUNCTIONS PERFORMANCE TO CONTROL COSTS. YOU'RE ASKED TO: PREPARE A FLEXIBLE COST BUDGET based on the actual units produced COMPARE IT TO THE STANDARD COSTS APPLIED DURING 2017. calculating the PRODUCTION VOLUME VARIANCE $2.5 million Unfavorable 3. The prepare the ADJUSTED INTERIM INCOME STATEMENT before actual costs are known. The Solution follows. THE ADJUSTED INTERIM INCOME STATEMENT FOR 2017 Revenue 1,000,000 WA Sell Price $50.00 550,000,000 Lou Standard COGS: 1,000,000 units x Tutal Standard Cost 35 From the FLEXIBLE BUDGET Apared the date of the pods and Production Overhead FIXED per original budget per period - 515.000.000 Standard colo5DLEX S25 applied to 1.000.000 SIR SO0.000 Production Volume Variance ... 652.500.000 La Adottfor she favorable Production Volume Variance 152.500.000 Around Interim Gross Profit $12.500,000 Low Selling and Administrative Expenses, FIXED originally budgeted 512.000.000 Open Office