(3)orhttps://ezto.mheducation.com/ext/map/index.html?_con%3Dcon&external browser%-0&la...SavedeworkExercise 16-36 (Algo) Variable Cost Variances (LO 16-5)Paynesville Corporation manufactures and sells a preservative used in food and drug manufacturing. The company carries noinventories. The master budget calls for the company to manufacture and sell 132,000 liters at a budgeted price of $315 per liter thisyear. The standard direct cost sheet for one liter of the preservative follows.(2 pounds @ $20)(0.5 hours @ $56)Direct materialsDirect labor28Variable overhead is applied based on direct labor hours. The variable overhead rate is $180 per direct-labor hour. The fixed overheadrate (at the master budget level of activity) is $90 per unit. All non-manufacturing costs are fixed and are budgeted at $2.8 million forthe coming year.At the end of the year, the costs analyst reported that the sales activity variance for the year was $942,000 unfavorable.The following is the actual income statement (in thousands of dollars) for the year.Sales revenueLess variable costsDirect materialsDirect laborVariable overhead$40,0384,2183,41010,730$18,358$21,680Total variable costsContribution marginLess fixed costsFixed manufacturing overheadNon-manufacturing costsTotal fixed costs1,21006E009$19,080Operating profitDuring the year, the company purchased 208,000 pounds of material and employed 56,400 hours of direct labor.Required:a. Compute the direct material price and efficiency variances.b. Compute the direct labor price and efficiency variances.c. Compute the variable overhead price and efficiency variances.(For all requirements, enter your answers in whole dollars. Indicate the effect of each variance by selecting "F" for favorable, or"U" for unfavorable. If there is no effect, do not select either option.)a.Direct materials:< Prev3 of 7Next >+66回こF4F7F8目目 ncesDuring the year, the company purchased 208,000 pounds of material and employed 56.400 hours of direct labor.Required:a. Compute the direct material price and efficiency variances.b. Compute the direct labor price and efficiency variances.c. Compute the variable overhead price and efficiency variances.(For all requirements, enter your answers in whole dollars. Indicate the effect of each variance by selecting "F" for favorable, or"U" for unfavorable. If there is no effect, do not select either option.)a.Direct materials:Price varianceEfficiency varianceFb.Direct labor:Price varianceEfficiency varianceFC.Variable overhead:Price varianceEfficiency variance< Prev3 of 7Next >*******....*. A99+

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Description: (3)orhttps://ezto.mheducation.com/ext/map/index.html?_con%3Dcon&external browser%-0&la...SavedeworkExercise 16-36 (Algo) Variable Cost Variances (LO 16-5)Paynesville Corporation manufactures and sells a preservative used in food and drug manufacturi

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Paynesville Corporation manufactures and sells a preservative used in food and drug manufacturing. The company carries no inventories. The master budget calls for the company to manufacture and sell 132,000 liters at a budgeted price of $315 per liter th year. The standard direct cost sheet for one liter of the preservative follows. Direct materials Direct labor (2 pounds @ $20) (0.5 hours @ $56) $40 28

Paynesville Corporation manufactures and sells a preservative used in food and drug manufacturing. The company carries no inventories. The master budget calls for the company to manufacture and sell 132,000 liters at a budgeted price of $315 per liter th year. The standard direct cost sheet for one liter of the preservative follows. Direct materials Direct labor (2 pounds @ $20) (0.5 hours @ $56) $40 28

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter12: Differential Analysis And Product Pricing

Section: Chapter Questions

Problem 12.17E: Variable cost concept of product pricing Based on the data presented in Exercise 12-15, assume that...

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ComplexChem, Inc., produces chemicals for large biotech companies. It has the following data for manufacturing overhead costs during August 2020: LOADING... (Click the icon to view the data.) Requirement Fill in the blanks. Use F for favorable and U for unfavorable: LOADING... (Click the icon to view the table.) (If no variance exists leave the dollar value blank. Label the variance as favorable (F), unfavorable (U) or never a variance (N).) Variable (1) Spending variance (2) Efficiency variance (3) Production-volume variance (4) Flexible-budget variance (5) Underallocated (overallocated) manufacturing overhead Fixed Choose from any list or enter any number in the input fields and then continue to the next question. Data Table…
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Supply Curve Determination. Cornell Pharmaceutical, Inc., and Penn Medical, Ltd., supply generic drugs to treat a wide variety of illnesses. A major product for each company is a generic equivalent of an antibiotic used to treat postoperative infections. Proprietary cost and outputinformation for each company reveals the following relations between marginal cost and output MCC = $10 + $0.004QC (Cornell) MCP = $8 + $0.008QP (Penn) The wholesale market for generic drugs vigorously prices competitive, and neither firm is able to charge a premium for its products. Thus, P = MR in this market. A. Determine the supply curve for each firm. Express price as a function of quantity and quantity as a function of price. (Hint: Set P = MR = MC to find each firm's supply curve.) B. Calculate the quantity supplied by each firm at prices of $8, $10, and $12. What is the minimum price necessary for each individual firm to supply output? C. Assuming these two firms make up the entire industry,…
/review.php?attempt3D2208688cmid%3D185344 Cox Company's direct material costs for the month of January were as follows: Actual unit purchase price $3.60 per kilogram $3,600 Favorable Direct materials price variance Standard quantity allowed for actual production 16,000 kilograms Actual quantity used kilograms What is the direct materials quantity variance for January? Select one: none of these $7,600 F ere to search 直。
Required information Use the following information for the Quick Study below. (Static) [The following information applies to the questions displayed below.] Alvarez Company for the current period shows a $20,000 favorable volume variance and a $60,400 unfavorable controllable variance. Standard overhead applied for the period is $225,000. QS 21-18A (Static) Preparing overhead entries LO P6 Alvarez records standard costs in its accounts. Prepare the journal entry to charge overhead costs to the Work in Process Inventory account and to record any variances View transaction list Journal entry worksheet Record overhead applied to production and overhead variances..
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