Question
In: Accounting
Required information [The following information applies to the questions displayed below.] Hart Company made 3,260 bookshelves...
Required information
[The following information applies to the questions
displayed below.]
Hart Company made 3,260 bookshelves using 22,260 board feet of wood
costing $298,284. The company's direct materials standards for one
bookshelf are 8 board feet of wood at $13.30 per board foot.
AQ = Actual Quantity
SQ = Standard Quantity
AP = Actual Price
SP = Standard Price
(1) Compute the direct materials price and
quantity variances and classify each as favorable or
unfavorable.
(2) Hart applies management by exception by
investigating direct materials variances of more than 5% of actual
direct materials costs. Which direct materials variances will Hart
investigate further?
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Required information [The following information applies to the questions displayed below.] Hart Company made 4,900 bookshelves...
Required information
[The following information applies to the questions displayed
below.]
Hart Company made 4,900 bookshelves using 22,000 board feet of wood
costing $261,800. The company's direct materials standards for one
bookshelf are 5 board feet of wood at $11.80 per board foot.
(1) Compute the direct materials price and
quantity variances incurred in manufacturing these
bookshelves.
AQ = Actual Quantity
SQ = Standard Quantity
AP = Actual Price
SP = Standard Price
Required information [The following information applies to the questions displayed below.] Laker Company reported the...
Required information
[The following information applies to the questions
displayed below.]
Laker Company reported the following January purchases and sales
data for its only product.
Date
Activities
Units Acquired at Cost
Units sold at Retail
Jan.
1
Beginning inventory
185
units
@
$
11.00
=
$
2,035
Jan.
10
Sales
145
units
@
$
20.00
Jan.
20
Purchase
100
units
@
$
10.00
=
1,000
Jan.
25
Sales
125
units
@
$
20.00
Jan.
30
Purchase
270
units...
Required information [The following information applies to the questions displayed below.] Laker Company reported the...
Required information
[The following information applies to the questions
displayed below.]
Laker Company reported the following January purchases and sales
data for its only product.
Date
Activities
Units Acquired at Cost
Units sold at Retail
Jan.
1
Beginning inventory
235
units
@
$
16.00
=
$
3,760
Jan.
10
Sales
200
units
@
$
25.00
Jan.
20
Purchase
180
units
@
$
15.00
=
2,700
Jan.
25
Sales
190
units
@
$
25.00
Jan.
30
Purchase
390
units...
Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a...
Required information
[The following information applies to the questions
displayed below.]
Warnerwoods Company uses a perpetual inventory system. It entered
into the following purchases and sales transactions for
March.
Date
Activities
Units Acquired at Cost
Units Sold at Retail
Mar.
1
Beginning
inventory
100
units
@ $50.00 per
unit
Mar.
5
Purchase
400
units
@ $55.00 per unit
Mar.
9
Sales
420
units
@ $85.00 per unit
Mar.
18
Purchase
120
units
@ $60.00 per unit
Mar.
25...
Required information [The following information applies to the questions displayed below.] Cascade Company was started on...
Required information
[The following information applies to the questions
displayed below.]
Cascade Company was started on January 1, Year 1, when it
acquired $164,000 cash from the owners. During Year 1, the company
earned cash revenues of $94,300 and incurred cash expenses of
$69,500. The company also paid cash distributions of $9,500.
Required
Prepare a Year 1 income statement, capital statement (statement
of changes in equity), balance sheet, and statement of cash flows
under each of the following assumptions. (Consider...
Required information [The following information applies to the questions displayed below.] Rooney Company is a retail...
Required information [The following information applies to the
questions displayed below.] Rooney Company is a retail company that
specializes in selling outdoor camping equipment. The company is
considering opening a new store on October 1, year 1. The company
president formed a planning committee to prepare a master budget
for the first three months of operation. As budget coordinator, you
have been assigned the following tasks. Required October sales are
estimated to be $240,000, of which 40 percent will be...
Required information [The following information applies to the questions displayed below.] Cascade Company was started on...
Required information
[The following information applies to the questions
displayed below.]
Cascade Company was started on January 1, Year 1, when it
acquired $168,000 cash from the owners. During Year 1, the company
earned cash revenues of $96,300 and incurred cash expenses of
$61,800. The company also paid cash distributions of $12,000.
Required
Prepare a Year 1 income statement, capital statement (statement of
changes in equity), balance sheet, and statement of cash flows
under each of the following assumptions. (Consider...
Required information [The following information applies to the questions displayed below.] Cascade Company was started on...
Required information
[The following information applies to the questions
displayed below.]
Cascade Company was started on January 1, Year 1, when it
acquired $168,000 cash from the owners. During Year 1, the company
earned cash revenues of $96,300 and incurred cash expenses of
$61,800. The company also paid cash distributions of $12,000.
Required
Prepare a Year 1 income statement, capital statement (statement of
changes in equity), balance sheet, and statement of cash flows
under each of the following assumptions. (Consider...
Required information [The following information applies to the questions displayed below.] Laker Company reported the...
Required information
[The following information applies to the questions
displayed below.]
Laker Company reported the following January purchases and sales
data for its only product.
Date
Activities
Units Acquired at Cost
Units sold at Retail
Jan.
1
Beginning inventory
175
units
@
$
10.00
=
$
1,750
Jan.
10
Sales
135
units
@
$
19.00
Jan.
20
Purchase
130
units
@
$
9.00
=
1,170
Jan.
25
Sales
140
units
@
$
19.00
Jan.
30
Purchase
275
units...
Required information [The following information applies to the questions displayed below.] Packard Company engaged in the...
Required information
[The following information applies to the questions
displayed below.]
Packard Company engaged in the following transactions during
Year 1, its first year of operations: (Assume all transactions
are cash transactions.)
1) Acquired $1,800 cash from the issue of common stock.
2) Borrowed $1,270 from a bank.
3) Earned $1,450 of revenues.
4) Paid expenses of $420.
5) Paid a $220 dividend.
During Year 2, Packard engaged in the following transactions:
(Assume all transactions are cash transactions.)
1) Issued...
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