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Alvino Corporation Manufactures One Product

question 110

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Alvino Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs and any variances are closed directly to Cost of Goods Sold. There is no variable manufacturing overhead.
The standard cost card for the company's only product is as follows:
Alvino Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs and any variances are closed directly to Cost of Goods Sold. There is no variable manufacturing overhead. The standard cost card for the company's only product is as follows: The standard fixed manufacturing overhead rate was based on budgeted fixed manufacturing overhead of $70,000 and budgeted activity of 14,000 hours. During the year, the company completed the following transactions: a. Purchased 32,200 kilos of raw material at a price of $7.80 per kilo. The materials price variance was $22,540 F. b. Used 30,480 kilos of the raw material to produce 27,800 units of work in process. The materials quantity variance was $850 F. c. Assigned direct labor costs to work in process. The direct labor workers (who were paid in cash) worked 18,260 hours at an average cost of $20.50 per hour. The direct labor rate variance was $9,130 U. The labor efficiency variance was $24,000 F. d. Applied fixed overhead to the 27,800 units in work in process inventory using the predetermined overhead rate multiplied by the number of direct labor-hours allowed. Actual fixed overhead costs for the year were $59,500. Of this total, -$22,500 related to items such as insurance, utilities, and indirect labor salaries that were all paid in cash and $82,000 related to depreciation of manufacturing equipment. The fixed manufacturing overhead budget variance was $10,500 F. The fixed manufacturing overhead volume variance was $27,300 F. e. Completed and transferred 27,800 units from work in process to finished goods. f. Sold (for cash) 29,000 units to customers at a price of $31.90 per unit. g. Transferred the standard cost associated with the 29,000 units sold from finished goods to cost of goods sold. h. Paid $101,000 of selling and administrative expenses. i. Closed all standard cost variances to cost of goods sold. To answer the following questions, you will need to record transactions a through i in the worksheet below. This worksheet is similar to the worksheets in your text except that it has been split into two parts to fit on the page. PP&E (net) stands for Property, Plant, and Equipment net of depreciation. -The ending balance in the PP&E (net) account will be closest to: A) $700,300 B) $580,500 C) $677,800 D) $595,800 The standard fixed manufacturing overhead rate was based on budgeted fixed manufacturing overhead of $70,000 and budgeted activity of 14,000 hours.
During the year, the company completed the following transactions:
a. Purchased 32,200 kilos of raw material at a price of $7.80 per kilo. The materials price variance was $22,540 F.
b. Used 30,480 kilos of the raw material to produce 27,800 units of work in process. The materials quantity variance was $850 F.
c. Assigned direct labor costs to work in process. The direct labor workers (who were paid in cash) worked 18,260 hours at an average cost of $20.50 per hour. The direct labor rate variance was $9,130 U. The labor efficiency variance was $24,000 F.
d. Applied fixed overhead to the 27,800 units in work in process inventory using the predetermined overhead rate multiplied by the number of direct labor-hours allowed. Actual fixed overhead costs for the year were $59,500. Of this total, -$22,500 related to items such as insurance, utilities, and indirect labor salaries that were all paid in cash and $82,000 related to depreciation of manufacturing equipment. The fixed manufacturing overhead budget variance was $10,500 F. The fixed manufacturing overhead volume variance was $27,300 F.
e. Completed and transferred 27,800 units from work in process to finished goods.
f. Sold (for cash) 29,000 units to customers at a price of $31.90 per unit.
g. Transferred the standard cost associated with the 29,000 units sold from finished goods to cost of goods sold.
h. Paid $101,000 of selling and administrative expenses.
i. Closed all standard cost variances to cost of goods sold.
To answer the following questions, you will need to record transactions a through i in the worksheet below. This worksheet is similar to the worksheets in your text except that it has been split into two parts to fit on the page. PP&E (net) stands for Property, Plant, and Equipment net of depreciation.
Alvino Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs and any variances are closed directly to Cost of Goods Sold. There is no variable manufacturing overhead. The standard cost card for the company's only product is as follows: The standard fixed manufacturing overhead rate was based on budgeted fixed manufacturing overhead of $70,000 and budgeted activity of 14,000 hours. During the year, the company completed the following transactions: a. Purchased 32,200 kilos of raw material at a price of $7.80 per kilo. The materials price variance was $22,540 F. b. Used 30,480 kilos of the raw material to produce 27,800 units of work in process. The materials quantity variance was $850 F. c. Assigned direct labor costs to work in process. The direct labor workers (who were paid in cash) worked 18,260 hours at an average cost of $20.50 per hour. The direct labor rate variance was $9,130 U. The labor efficiency variance was $24,000 F. d. Applied fixed overhead to the 27,800 units in work in process inventory using the predetermined overhead rate multiplied by the number of direct labor-hours allowed. Actual fixed overhead costs for the year were $59,500. Of this total, -$22,500 related to items such as insurance, utilities, and indirect labor salaries that were all paid in cash and $82,000 related to depreciation of manufacturing equipment. The fixed manufacturing overhead budget variance was $10,500 F. The fixed manufacturing overhead volume variance was $27,300 F. e. Completed and transferred 27,800 units from work in process to finished goods. f. Sold (for cash) 29,000 units to customers at a price of $31.90 per unit. g. Transferred the standard cost associated with the 29,000 units sold from finished goods to cost of goods sold. h. Paid $101,000 of selling and administrative expenses. i. Closed all standard cost variances to cost of goods sold. To answer the following questions, you will need to record transactions a through i in the worksheet below. This worksheet is similar to the worksheets in your text except that it has been split into two parts to fit on the page. PP&E (net) stands for Property, Plant, and Equipment net of depreciation. -The ending balance in the PP&E (net) account will be closest to: A) $700,300 B) $580,500 C) $677,800 D) $595,800 Alvino Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs and any variances are closed directly to Cost of Goods Sold. There is no variable manufacturing overhead. The standard cost card for the company's only product is as follows: The standard fixed manufacturing overhead rate was based on budgeted fixed manufacturing overhead of $70,000 and budgeted activity of 14,000 hours. During the year, the company completed the following transactions: a. Purchased 32,200 kilos of raw material at a price of $7.80 per kilo. The materials price variance was $22,540 F. b. Used 30,480 kilos of the raw material to produce 27,800 units of work in process. The materials quantity variance was $850 F. c. Assigned direct labor costs to work in process. The direct labor workers (who were paid in cash) worked 18,260 hours at an average cost of $20.50 per hour. The direct labor rate variance was $9,130 U. The labor efficiency variance was $24,000 F. d. Applied fixed overhead to the 27,800 units in work in process inventory using the predetermined overhead rate multiplied by the number of direct labor-hours allowed. Actual fixed overhead costs for the year were $59,500. Of this total, -$22,500 related to items such as insurance, utilities, and indirect labor salaries that were all paid in cash and $82,000 related to depreciation of manufacturing equipment. The fixed manufacturing overhead budget variance was $10,500 F. The fixed manufacturing overhead volume variance was $27,300 F. e. Completed and transferred 27,800 units from work in process to finished goods. f. Sold (for cash) 29,000 units to customers at a price of $31.90 per unit. g. Transferred the standard cost associated with the 29,000 units sold from finished goods to cost of goods sold. h. Paid $101,000 of selling and administrative expenses. i. Closed all standard cost variances to cost of goods sold. To answer the following questions, you will need to record transactions a through i in the worksheet below. This worksheet is similar to the worksheets in your text except that it has been split into two parts to fit on the page. PP&E (net) stands for Property, Plant, and Equipment net of depreciation. -The ending balance in the PP&E (net) account will be closest to: A) $700,300 B) $580,500 C) $677,800 D) $595,800
-The ending balance in the PP&E (net) account will be closest to:

Identify the role of biological and environmental factors in determining body weight and obesity.
Understand the health risks associated with obesity and overweight, including cardiovascular diseases and diabetes.
Comprehend the tools and methods for assessing body weight and fat, including BMI and its limitations.
Acknowledge the impact of food variety and consumption patterns on weight gain and health.

Definitions:

Quantity Supplied

The quantity of a commodity that producers are willing and able to sell at a particular price over a specified period of time.

Equilibrium

The state of the market when supply and demand are equal, ensuring stable prices.

Equilibrium Quantity

Equilibrium Quantity is the quantity of goods or services that is supplied and demanded at the equilibrium price, where the quantity supplied equals the quantity demanded in a market.

Increase in Supply

A situation in which the quantity of a good or service that producers are willing and able to offer for sale rises, holding all else equal.

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