8-29 Comprehensive variance analysis. Magic Dice manufactures premium food processors. The fol- lowing is some manufacturing...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
8-29 Comprehensive variance analysis. Magic Dice manufactures premium food processors. The fol- lowing is some manufacturing overhead data for Magic Dice for the year ended December 31, 2018. Manufacturing Overhead Variable Fixed Actual Results $76,608 350,208 Flexible Budget $76,800 348,096 Budgeted number of output units: 888 Planned allocation rate: 3 machine-hours per unit Actual number of machine-hours used: 1,824 Static-budget variable manufacturing overhead costs: $71,040 Amount Allocated $76,800 376,320 Required Calculate the following quantities (you should be able to do so in the prescribed order): 1. Budgeted number of machine-hours planned. 2. Budgeted FMOH costs per machine-hour. 3. Budgeted VMOH costs per machine-hour. 4. Budgeted number of machine-hours allowed for actual output achieved. 5. Actual number of output units. 6. Actual number of machine-hours used per output unit. 8-30 Journal entries (continuation of 8-29). Refer to Problem 8-29. Required 1. Prepare journal entries for VMOH and FMOH (you will need to calculate the various variances to accomplish this). 2. Overhead variances are written off to the COGS account at the end of the fiscal year. Show how COGS is adjusted through journal entries. 0240 8-29 Comprehensive variance analysis. Magic Dice manufactures premium food processors. The fol- lowing is some manufacturing overhead data for Magic Dice for the year ended December 31, 2018. Manufacturing Overhead Variable Fixed Actual Results $76,608 350,208 Flexible Budget $76,800 348,096 Budgeted number of output units: 888 Planned allocation rate: 3 machine-hours per unit Actual number of machine-hours used: 1,824 Static-budget variable manufacturing overhead costs: $71,040 Amount Allocated $76,800 376,320 Required Calculate the following quantities (you should be able to do so in the prescribed order): 1. Budgeted number of machine-hours planned. 2. Budgeted FMOH costs per machine-hour. 3. Budgeted VMOH costs per machine-hour. 4. Budgeted number of machine-hours allowed for actual output achieved. 5. Actual number of output units. 6. Actual number of machine-hours used per output unit. 8-30 Journal entries (continuation of 8-29). Refer to Problem 8-29. Required 1. Prepare journal entries for VMOH and FMOH (you will need to calculate the various variances to accomplish this). 2. Overhead variances are written off to the COGS account at the end of the fiscal year. Show how COGS is adjusted through journal entries. 0240
Expert Answer:
Answer rating: 100% (QA)
829 1 Budgeted No of machine hours planned Budgeted o... View the full answer
Related Book For
Cost Accounting A Managerial Emphasis
ISBN: 978-0133138443
7th Canadian Edition
Authors: Srikant M. Datar, Madhav V. Rajan, Charles T. Horngren, Louis Beaubien, Chris Graham
Posted Date:
Students also viewed these accounting questions
-
Data for Aspen Corporation for the year ended December 31, 2012, are presented below. Credit sales $2,100,000 Sales returns 150,000 Gross accounts receivable (December 31, 2012) 420,000 Allowance for...
-
Magic Dice manufactures premium food processors. The following is some manufacturing overhead data for Magic Dice for the year ended December 31, 2015. Manufacturing Overhead Actual Results Flexible...
-
Do you think state governments should be able to add "protected classes" to those covered by Title VII? Two (2) examples are the protected classes of "marital status" and "sexual orientation." These...
-
Consider the following the flat database table: FName LName Address California Florida New Jersey California Mark Maria John Mark John Smith Cruise Hareson Smith Hareson Course code TM366 TM366 TM112...
-
A plane is flying due west at 235 km/h and encounters a wind from the north at 45.0 km/h. What is the planes new velocity with respect to the ground in standard position?
-
A small business owner is contemplating the addition of another product line. Capacity increases and equipment will result in an increase in annual fixed costs of $50,000. Variable costs will be $25...
-
Remember, it is important to draft the motion for summary judgment sufficiently in advance of the hearing date in order to allow time to serve and file the motion. Review CCP 437c, which governs...
-
Manning Inc., is the leading manufacturer of garage doors. Demand for residential garage door sales depends, of course, on the rate of new house building activity, which in turn depends on changes in...
-
Consider a pan placed on an electric range to cook spaghetti. The bottom section of the pan is 0 . 5 cm thick and has a 2 0 cm diameter. The electric heating unit consumes 1 kW of power during...
-
In Florida sunscreen and sunglasses are vital items If the tax on sellers of these items is doubled from 5.5 percent to 11 percent who will pay most of the tax increase the buyer or the seller. Will...
-
Research and summarize a case of cybercrime or white-collar crime. Specifically, try and find one that involved the manipulation of financial statement information. What was the nature of the fraud?...
-
1.A conductor in a train travelling at 4.0 m/s (N) walks across the train at 1.2 m/s (E) to validate a ticket. If the trian car is 4.0m wide, how long does it take the conductor to reach the other...
-
Problem #5 (20 points): In an electrostatics experiment two concentric conducting, originally neutral in charge spherical shells are ensembled in a concentric way as described in the figure to the...
-
What is the center-of-mass of the Nitric Acid molecule shown in Figure 7-7 with respect to the Hydrogen atom? Assume that mass H = 1, mass O-16, and mass N - 14. 1.22 x 10-10 m 65.0 H N 1.00 x 10-10...
-
Problem 2 MPa. stress 2 n A = 20 000 mm tw = 18 mm bf = 320 mm tf = 12 mm |= 1569 10 "mm 4 d = 500 mm E = = 200 000 MP a Compute the moment of inertia of the composite beam. Compute the section...
-
5. Sand is being poured at a rate of 15 in/sec forming an expanding pile. At every instant, the pile of sand is in the shape a cone with equal diameter and height. How fast is the height of the pile...
-
Fictional Network Topology 3 Network Stack 1: zerpflumheit' OSI Layer # 7 6 5 4 3 2 7 6 5 4 3 Name 2 einhalten Network Stack 3: 'aufgetrause' OSI Layer # angeschmeckte ankrause angekletten...
-
Use the information given about the angles and to find the exact value of: (a) sin( + ) (b) cos( + ) (c) sin( - ) (d) tan ( + ) (e) sin(2) (f) cos (2) (g) sin /2 (h) cos/2 cos = 4/5, 0 < < /2; cos =...
-
Suppose that during 2016 the market for implementing sales management software increased by 5%, and that Snyder experiences a 1% decline in prices. Assume that any further decreases in selling prices...
-
Air Pacific has leased a single jet aircraft that it operates between Vancouver and the Fijian Islands. Only tourist-class seats are available on its planes. An analyst has collected the following...
-
Keating & Partners is a law firm specializing in labour relations and employee-related work. It employs 25 professionals (5 partners and 20 managers) who work directly with its clients. The average...
-
Name eight documents or records that would be examined in the review of subsequent events. For what period would the review be conducted?
-
List eleven matters that would be discussed with management in connection with the audit of subsequent events.
-
What are the purposes of management representations?
Study smarter with the SolutionInn App