Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

QUESTION 7 Kalloway Farms uses a standard costing system and makes applesauce using apples. During the month of April, Kalloway management budgeted to make 34,000

image text in transcribed
image text in transcribed
QUESTION 7 Kalloway Farms uses a standard costing system and makes applesauce using apples. During the month of April, Kalloway management budgeted to make 34,000 jars of applesauce. The standard cost for an apple was 10 cents and the standard allowance was to use 3 apples for each jar of applesauce. Actual results for April were as follows: Number of Apples purchased and used in production = 100,000 apples Price paid for the apples $11,000 Calculate the Materials Price Variance for the month. $1,000 Unfavorable $1,000 Favorable $89,000 Favorable $1,100 Unfavorable 10 30 40 5 6 7 8r 9 10 110 120 13 14 24 15 25 26 160 170 18 27 28 29 19 30 31 20 32 33 34 35 36 37 38 39 47 40 41 42 43 QUESTION 9 5.7 pol Which of the following does NOT accurately describe an advantage of bottom up budgeting? Bottom up budgeting more effectively gathers information from all parts of the organization. Bottom up budgeting encourages employees to participate in the budgeting process. Bottom up budgeting encourages greater communication throughout all levels of the organization. Bottom up budgeting is more closely connected to the goals and initiatives of the top management of the organization. 5.7 polni QUESTION 10 Genent Industries, Inc. (GII), developed standard costs for materials and for labor. In 2019, GIl estimated the following standard costs for one of their major products, the 30-gallon heavy-duty plastic container Budgeted quantity Budgeted price Direct materials 0.30 pounds $20 per pound Direct labor 0.20 hours $12 per hour During July, Gil purchased 1,000 pounds of materials at a cost of $19,000 and used 625 labor hours at an average wage of $11.75 per hour. Calculate the price Variance for materials Save AA Click Save and Submit to save and submit. Click Save All Answers to sou all answers. dis W

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

Financial Accounting Fundamentals

Authors: John J. Wild

8th Edition

1260728609, 9781260728606

More Books

Students also viewed these Accounting questions

Question

Determine salary expense for August 2011. LO.1

Answered: 1 week ago