Consider the following data collected for Great Homes Inc.: REQUIRED Compute the price, efficiency, and flexible-budget variances
Question:
Consider the following data collected for Great Homes Inc.:
REQUIRED
Compute the price, efficiency, and flexible-budget variances for direct materials and direct manufacturing labour.
Transcribed Image Text:
Direct Materials Direct Manufacturing Labour Costs incurred: Actual inputs × actual prices Actual inputs standard prices Standard inputs allowed for actual $200,000 214,000 90,000 86,000 outputs × standard prices 225,000 80,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 38% (13 reviews)
Direct Materials Actual Costs Incurred Actual Input Qty Actual Price 200000 Dir...View the full answer
Answered By
Saikumar Ramagiri
Financial accounting:- Journal and ledgers, preparation of trail balance and adjusted trail balance Preparation of income statement, retained earning statement and balance sheet Banks reconciliation statements Financial statement analysis Cash flow statement analysis (both direct and indirect methods) All methods of Depreciations Management Accounting:- Ratios Budgeting control Cash budget and production budget Working capital management Receivable management Costing:- Standard and variance costing Marginal costing and decision making Cost-volume-profit analysis Inventory management (LIFO, FIFO) Preparation and estimation of cost sheet Portfolio management:- Calculation of portfolio standard deviation or risk Calculation of portfolio expected returns CAPM, Beta Financial management:- Time value of money Capital budgeting Cost of capital Leverage analysis and capital structure policies Dividend policy Bond value calculations like YTM, current yield etc International finance:- Derivatives Futures and options Swaps and forwards Business problems Finance problems Education (mention all your degrees, year awarded, Institute/University, field(s) of major): Education Qualification Board/Institution/ University Month/Year of Passing % Secured OPTIONALS/ Major ICWAI(inter) ICWAI inter Pursuing Pursuing - M.com(Finance) Osmania University June 2007 65 Finance & Taxation M B A (Finance) Osmania University Dec 2004 66 Finance & Marketing. B.Com Osmania University June 2002 72 Income Tax, Cost & Mgt, Accountancy, Auditing. Intermediate (XII) Board of Intermediate May 1999 58 Mathematics, Accountancy, Economics. S S C (X) S S C Board. May 1997 74 Mathematics, Social Studies, Science. Tutoring experience: • 10 year experience in online trouble shooting problems related to finance/accountancy. • Since 6 Years working with solution inn as a tutor, I have solved thousands of questions, quick and accuracy Skills (optional): Technical Exposure: MS Office, SQL, Tally, Wings, Focus, Programming with C Financial : Portfolio/Financial Management, Ratio Analysis, Capital Budgeting Stock Valuation & Dividend Policy, Bond Valuations Individual Skills : Proactive Nature, Self Motivative, Clear thought process, Quick problem solving skills, flexible to complex situations. Achievements : 1. I have received an Award certificate from Local Area MLA for the cause of getting 100% marks in Accountancy during my Graduation. 2. I have received a GOLD MEDAL/Scholarship from Home Minister in my MBA for being the “Top Rank student “ of management institute. 3. I received numerous complements and extra pay from various students for trouble shooting their online problems. Other interests/Hobbies (optional): ? Web Surfing ? Sports ? Watching Comics, News channels ? Miniature Collection ? Exploring hidden facts ? Solving riddles and puzzles
4.80+
391+ Reviews
552+ Question Solved
Related Book For
Cost Accounting A Managerial Emphasis
ISBN: 978-0133392883
6th Canadian edition
Authors: Horngren, Srikant Datar, George Foster, Madhav Rajan, Christ
Question Posted:
Students also viewed these Managerial Accounting questions
-
Consider the following data collected for a two way ANOVA: a. Using = 0.05, is there significant interaction between Factors A and B? b. Using = 0.05, are the Factor A means different? c. Using =...
-
Consider the following data collected for a randomized block ANOVA: a. Calculate the total sum of squares (SST). b. Partition the total sum of squares (SST) into its three components. c. Using =...
-
Consider the following data collected for a two way ANOVA: a. Using = 0.05, is there significant interaction between Factors A and B? b. Using = 0.05, are the Factor A means different? c. Using =...
-
Prepare budgetary and proprietary journal entries to record the following year- end adjustments: 1. An accrual of $ 60,000 was made for salaries earned the last week of September, to be paid in...
-
Suppose that X1, . . . , Xn form a random sample from the normal distribution with unknown mean and unknown variance 2. Let and be the two estimators of 2, which are defined as follows: Show that...
-
Question 90 J Ltd. purchased machinery from K Ltd. on 30.09.2013. The price was 370.44 lakhs after charging 8% Sales-tax and giving a trade discount of 2% on the quoted price. Transport charges were...
-
Upon graduation, Steven purchases a new home theater system for his apartment. To finance the system, he borrows \($5\),000 from a new credit card at 21 percent per year compounded monthly. He fully...
-
One hundred fifty k mol of an aqueous phosphoric acid solution contains 5.00 mole% H3PO4. The solution is concentrated by adding pure phosphoric acid at a rate of 20.0 L/min. (a) Write a differential...
-
How many different ways can four Presidents and Vice Presidents stand in a line for a picture if: a) There are no restrictions? b) Every President and Vice President must stand together? c) There...
-
1. Discuss the possible reasons to buy a watch today. Connect each motivation you identify with an appropriate motivational theory from the chapter. 2. What does Apple really believe will motivate...
-
Connor Companys budgeted prices for direct materials, direct manufacturing labour, and direct marketing (distribution) labour per attach case are $40, $8, and $12, respectively. The president is...
-
Peterson Foods manufactures pumpkin scones. For January 2013, it budgeted to purchase and use 16,000 kilograms of pumpkin at $1.11 per kilogram; budgeted output was 60,000 scones. Actual purchases...
-
From each of any five of the ten classifications, select one particular organisation of your choice. Now, for each of your chosen five organisations, identify what you believe are: (a) Significance...
-
Express the vector shown in the diagram below in terms of components. y 6 5 4 3 2 1 0 0 1 2 3 4 5 6 X Enter i for i and j for j, so to enter 2i +3j type 2*i+3*j The vector is 7 8 9 10
-
A dentist uses a small mirror to make a 4 x upright image of a tooth placed 1 . 8 cm in front of the mirror. ( a ) What kind of mirror should she use? ( b ) What will be the focal length of the...
-
Calculate the refractive index of acetic acid at 298 K at which its density is 1.046 x 10 kg m-3. The molar refraction temperature is 13.021 x 10-6 m mol-1.
-
Assume that firms A and B are competing in the oligopolistic industry to increase revenue (in million dollars). Strategies of the firm's are to advertise and not to advertise. The strategies of two...
-
Conduct an environmental analysis of your organisation, or any organisation of your choice. Your analysis should review all the three environments that influence the organisation. Draw conclusions...
-
In Exercises 15 through 30, find the derivative dy/dx. In some of these problems, you may need to use implicit differentiation or logarithmic differentiation. y = e3x ex + 2 3x
-
Choose two matrices A and B with dimension 2 x 2. Calculate det A, det B, and det (AB). Repeat this process until you are able to discover how these three determinants are related. Summarize your...
-
What is the goal of an ordinary least squares (OLS) linear regression?
-
lees Corp. is deciding whether to keep or drop a small segment of its business. Key information regarding the segment includes: Contribution margin : 35,000 Avoidable fixed costs: 30,000 Unavoidable...
-
Ace Cleaning Service is considering expanding into one or more new market areas. Which costs are relevant to Ace's decision on whether to expand?
-
George has opened a new store and he is monitoring its success closely. He has found that this store's revenue each month can be modeled by r(x) = x + 5x + 14 where x represents the number of months...
-
Share two to three 'A-HA' moments that relate to the interpersonal and intrapersonal components of cultural humility.
-
Jeff Healy, a junior financial analyst at The Soulless Shoe Company, has been asked to calculate this year's dividend. Jeff has gathered the following data: CAPEX (spending on fixed assets): $8,000...
Study smarter with the SolutionInn App