Plymouth Corporation (a U.S.company)began operations on September 1, 2011, when the owner borrowed $250,000 to establish the business.Plymouth then had the following import and export transactions with unaffiliated Chinese companies:
Required:
1.What were Sales in the September month-end income statement?
2.What was the COGS associated with these sales?
3.What is the Accounts Receivable balance in the balance sheet at September 30, 2011?
4.What is the Inventory balance in the balance sheet at September 30, 2011?
5.What is the Exchange gain or loss that will be reported for the month of September?
Definitions:
Labor Rate Variance
The difference between the actual cost of direct labor and the expected (or standard) cost, based on the standard hours worked and standard labor rate.
Variable Overhead Rate Variance
The difference between the actual variable overhead incurred and the expected variable overhead based on standard cost.
Materials Price Variance
The difference between the actual cost of raw materials and the standard or expected cost, multiplied by the quantity of materials purchased.
Variable Overhead Rate Variance
The difference between the actual variable overhead incurred and the expected (or budgeted) variable overhead based on a standard rate.
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