Examlex

Solved

Alvino Corporation Manufactures One Product

question 110

Multiple Choice

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:

Definitions:

Public Speaking

The act of delivering a speech or presentation in front of a live audience with the goal of informing, persuading, or entertaining.

Developmental Psychologists

Professionals who study the cognitive, emotional, and social development of individuals throughout their lifespan.

Personality Psychology

A branch of psychology that studies personality and its variation among individuals.

Hub Field

An essential or central area of activity, interest, or expertise that acts as a focal point for surrounding developments or connections.

Related Questions

Q8: The ending balance in the Finished Goods

Q68: Magno Cereal Corporation uses a standard cost

Q114: Warrenfeltz Incorporated makes a single product--a cooling

Q149: Pittman Framing's cost formula for its supplies

Q167: Under absorption costing, a portion of fixed

Q304: Doby Corporation makes a product with the

Q333: Westby Urban Diner is a charity supported

Q343: The variable overhead efficiency variance for July

Q454: What is the variable overhead efficiency variance

Q459: The spending variance for manufacturing overhead in