Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following a Selected items are omitted because Fido's dog, Fred, ate some of the cost accounting records. Fido thought they would make 88,000 rolls

image text in transcribed
The following a Selected items are omitted because Fido's dog, Fred, ate some of the cost accounting records. Fido thought they would make 88,000 rolls of wire during the year. 101,000 rolls However, they made They purchased 840,000 pounds of copper to make the wires. They thought they would spend $860,000 for copper to make the 88,000 rolls. They used 1,900,000 pounds of copper to make the wires. The standard quantity in fach roll is 18 pounds of copper. The materials price variance was $25,000 favorable. They had a standard labor rate of $10.50 per hour worked. Before the beginning of the year, they thought that labor should cost them $2,622 They had an unfavorable labor efficiency variance of $250,000. They had a total unfavorable labor flexible budget variance of $160,480. ,000. Total Hours Actually Worked?2 hsues Actual Labor Rate per Hour?2546 Standard Labor Rate per Hour? loS h Labor Price Variance? 21 Labor Sales Volume Variance? 2-3L1 Standard Number of Hours of Labor per Roll? o Total Amount Paid for all Materials Purchased? Standard Price per Pound of Material?_32 Flexible Dollar Budget for Materials? Materials Flexible Budget Variance? Materials Quantity Variance? Materials Sales Volume Variance? MM52 Name of the Dog that ate the records? Required: Compute the missing elements in the report and fill them in the blanks above. Show ALL work on the next page. Page 1

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

Auditing A Practical Approach

Authors: Robyn Moroney, Fiona Campbell, Jane Hamilton

4th Edition

0730382648, 978-0730382645

More Books

Students also viewed these Accounting questions

Question

What is the relationship between orexin and narcolepsy?

Answered: 1 week ago

Question

5. Are my sources compelling?

Answered: 1 week ago