Solid Box Fabrications manufactures boxes for workstations. The firms standard cost sheet prior to October of the
Fantastic news! We've Found the answer you've been seeking!
Question:
Solid Box Fabrications manufactures boxes for workstations. The firm’s standard cost sheet prior to October of the current year and actual results for October are as follows:
Transcribed Image Text:
Required information [The following information applies to the questions displayed below.] Solid Box Fabrications manufactures boxes for workstations. The firm's standard cost sheet prior to October of the current year and actual results for October are as follows: Units Sales Variable costs: Direct materials 5 pounds at $2.50 per pound Direct labor 0.50 hour at $14.00 per hour Manufacturing overhead Selling and administrative Total variable costs Contribution margin Fixed costs: Manufacturing (factory) overhead Selling and administrative Total fixed costs Operating income Budget Information Standard Price and Variable Costs per Unit $ 50.00 $ 12.60 7.00 2.00 5.00 $26.60 $ 23.40 Fixed Costs $ 46,000 20,000 $ 66,000 51,200 16** $3 = $16.80 = 5,200 hr Actual Results October 9,500 $ 551,000 $ 153,600 87,360 10,000 45,000 $ 295,960 $ 255,040 $ 55,000 20,000 $ 75,000 $ 180,040 Required information [The following information applies to the questions displayed below.] Solid Box Fabrications manufactures boxes for workstations. The firm's standard cost sheet prior to October of the current year and actual results for October are as follows: Units Sales Variable costs: Direct materials 5 pounds at $2.50 per pound Direct labor 0.50 hour at $14.00 per hour Manufacturing overhead Selling and administrative Total variable costs Contribution margin Fixed costs: Manufacturing (factory) overhead Selling and administrative Total fixed costs Operating income Budget Information Standard Price and Variable Costs per Unit $ 50.00 $ 12.60 7.00 2.00 5.00 $26.60 $ 23.40 Fixed Costs $ 46,000 20,000 $ 66,000 51,200 16** $3 = $16.80 = 5,200 hr Actual Results October 9,500 $ 551,000 $ 153,600 87,360 10,000 45,000 $ 295,960 $ 255,040 $ 55,000 20,000 $ 75,000 $ 180,040
Expert Answer:
Answer rating: 100% (QA)
MasterStatic Budget Pro Forma Budgets Units 10000 9500 11000 Sales 540000 513000 594000 Variable costs Direct materials 132300 125685 145530 Direct la... View the full answer
Related Book For
Fundamental Managerial Accounting Concepts
ISBN: 978-0078110894
6th Edition
Authors: Edmonds, Tsay, olds
Posted Date:
Students also viewed these general management questions
-
Compute the inventory at April 30 on each of the following bases. Assume that perpetual inventory records are kept in units only. (1) First-in, first-out (FIFO). (2) Last-in, first-out (LIFO). (3)...
-
Serena did some quick research and found that the U.S. population is 300 million people, and the overall U.S. retail market size for women figure skates is $2.2 billion. But Serena knows that not all...
-
Indicate whether each of the following variances is favorable or unfavorable. The first one has been done as anexample. Item to Classify Standard Actual Type of Variance Sales volume Sales price...
-
Which sentence below most strongly emphasizes the importance of the decision? (5 points) Over the next year, the direction of the company depends on the quick decision we must make. The direction of...
-
How are GRP and CPM calculated?
-
As of December 31, 2014, Stoneland Company has assets of $3,500 and stockholders equity of $2,000. What are the liabilities for Stoneland Company as of December 31, 2014? (a) $1,500. (b) $1,000. (c)...
-
Repeat Problem 8.12 if the pipe is on a \(20^{\circ}\) hill. Is the flow up or down the hill? Explain.
-
The balance sheet for Fogelberg Company reports the following information on July 1, 2014. Fogelberg decides to redeem these bonds at 102 after paying annual interest. Prepare the journal entry to...
-
In this assignment, you have a 1-day classroom experience in which you need to help a group of engineers and software programmers learn to become project managers. After training, they will have to...
-
Answer parts (A) and (B ) in Example 7 for fixed costs of $250 per day and total costs of $3,450 per day at an output of 80 skateboards per day. Data from Example 7 The management of a company that...
-
Number 10.29 . Please help me
-
Problem 2: According to the New England Journal of Medicine 2020 the clinical trial evaluating the efficacy and safety of the BNT162b2 (Pfizer COVID-19 Vaccine) has shown mixed results in terms of...
-
What is the idea of goldensent?the visioning process Introduce the e-commerce business you have chosen. o Provide an overview of the business idea Product and type of services. What are the different...
-
Here is the state table for you to complete: PresentState C B A 0 0 0 0 1 0 1 1 1 1 1 0 1 1 0 1 1 0 NextStae C B A 1 1 1 0 0 1 1 1 1 1 0 1 0 1 JC 0 0 X JB X X 0 1 KB JA KA X 1 X X X 1 x 1 x 0
-
Explain why it is important to effectively engage and retain employees throughout the employee life cycle. Please provide references
-
What are the most common strategic analysis tools that should be used to define a survival strategy post-pandemic in the retailing sector? Explain.
-
E. None are 5. The magnetic field in the coil is upward and decreasing. The direction of the induced current in the coil, as viewed from the top is A. clockwise. B. counterclockwise. C. There is no...
-
Write a while loop that uses an explicit iterator to accomplish the same thing as Exercise 7.3. Exercise 7.3. Write a for-each loop that calls the addInterest method on each BankAccount object in a...
-
How can a residual income approach to performance evaluation reduce the likelihood of sub-optimization?
-
How does a company establish its minimum acceptable rate of return on investments?
-
Use the direct method to determine cash flows from operating activities The following accounts and corresponding balances were drawn from Hughes Company's 2012 and 2011 year-end balance sheets: The...
-
Find each probability using the standard normal distribution. (a) \(P(z>-1.68)\) (b) \(P(z <2.23)\) (c) \(P(-0.47
-
Find the probability that a randomly selected person has an IQ score between 95 and 105. Is this an unusual event? Explain. In a standardized IQ test, scores are normally distributed, with a mean...
-
The random variable \(x\) is normally distributed with the given parameters. Find each probability. (a) \(\mu=9.2, \sigma \approx 1.62, P(x <5.97)\) (b) \(\mu=87, \sigma \approx 19, P(x>40.5)\) (c)...
Study smarter with the SolutionInn App