The difference between total factory overhead cost incurred during a period and the total standard factory overhead cost assigned to production of the period is the:______________.A) Flexible-budget variance.
B) Production-volume variance.
C) Total factory overhead variance.
D) Overhead efficiency variance.
E) Total overhead spending variance.

Answers

Answer 1

Answer:

Answer: C. Total factory overhead variance

Explanation:

The difference between total factory overhead cost incurred during a period and the total standard factory overhead cost assigned to production of the period is the total factory overhead variance.

Flexible budget variance is the difference that occurs between the results that are gotten by the flexible budget model and the actual results gotten.

Production volume variance is the difference that occurs between the budgeted production volume for a particular company and the actual volume of goods produced.

The correct option is C.

Related Questions

SCHMIDT MACHINERY COMPANY Standard Cost Sheet Product: XV-1 Descriptions Quantity Cost Rate Subtotal Total Direct materials Aluminum 4 pounds $25/pound $100 PVC 1 pound 40/pound 40 Direct labor 5 hours 40/hour 200Variable factory overhead 5 hours 12/hour 60Total variable manufacturing cost $400Fixed factory overhead 5 hours 24/hour 120 120Standard manufacturing cost per unit $520Standard variable selling and administrative cost per unit I pound 50 * Budgeted fixed factory overhead cost = $120,000 Assume that Schmidt Machinery Company had the standard costs reflected in Exhibit 14.5. In a given month, the company used 3,470 pounds of aluminum to manufacture 935 units. The company paid $28.90 per pound during the month to purchase aluminum. At the beginning of the month, the company had 54 pounds of aluminum on hand. At the end of the month, the company had only 34 pounds of aluminum in its warehouse. Schmidt used 4,400 direct labor hours during the month, at an average cost of $41.90 per hour. Required: Compute for the month the following variances: 1. The purchase-price variance for aluminum. Indicate whether this variance is favorable (F) or unfavorable (U). 2. The usage variance for aluminum. Indicate whether this variance is favorable (F) or unfavorable (U). 3. The direct labor rate variance. Indicate whether this variance is favorable (F) or unfavorable (U). 4. The direct labor efficiency variance. Indicate whether this variance is favorable (F) or unfavorable (U).
EB17. LO 7.5The production cost for UV protective sunglasses is $5.50 per unit and fixed costs are $19,400 per month. How much is the favorable or unfavorable variance if 14,000 units were produced for a total of $97,000?
Discuss why two people with similar abilities may have very different expectancies for performing at a high level.
Mitchell, a calendar year taxpayer, is the sole proprietor of a fast-food restaurant. His adjusted basis for the building and the related land is $450,000. On March 4, 2013, state authorities notify Mitchell that his property is going to be condemned so that the highway can be widened. On June 20, Mitchell’s property is officially condemned, and he receives an award of $625,000. Because Mitchell’s business has been successful in the past, he would like to reopen the restaurant in a new location. a. What is the earliest date Mitchell can acquire a new restaurant and qualify for § 1033 postponement? b. On June 30, Mitchell purchases land and a building for $610,000. Assuming thathe elects postponement of gain under § 1033, what is his recognized gain?c. What is Mitchell’s adjusted basis for the new land and building?d. If he does not elect § 1033, what are Mitchell’s recognized gain and adjustedbasis?e. Suppose he invests the $625,000 condemnation proceeds in the stock market onJune 30. What is Mitchell’s recognized gain?
Cost sharlng and Medic beneﬁclarles:The states possess an option of charging premium for establishing spending out-of-pocket respect to requirementsof cost sharing on Medic enrollees. The out-of- pocket costs include copayments, deductibles, coinsurances, andother charges- The maximum costs out of pocket are limited; however states impose high charge for target groupsof high income people. Some vulnerable groups are exempted from most costs and copayments not beingcharged over services. They include old people, kids, and pregnant women.

Photo Frame Company had beginning Work in Process inventory of 1,200 units. There were 3,300 units of product started during the period. Ending Work in Process inventory consisted of 1,500 units that were 50% complete. The total dollar cost associated with production of inventory was $88,000. The cost per equivalent whole unit would be which of the followingA. $51
B. $34
C. $45
D. $37

Answers

Answer:

$23.47

Explanation:

Given that,

Beginning Work in Process inventory = 1,200 units

Units started = 3,300 units

Ending Work in Process = 1,500 units

Total dollar cost = $88,000

Finished units:

= Beginning Work in Process inventory + Units started - Ending Work in Process

= 1,200 units + 3,300 units - 1,500 units

= 3,000 units

Equivalent units:

= (Finished units × 100%) + (Ending Work in Process × 50%)

= (3,000 × 100%) + (1,500 × 50%)

= 3,000 units + 750 units

= 3,750 units

Cost per equivalent whole unit:

= Total dollar cost ÷ Equivalent units

= $88,000 ÷ 3,750

= $23.47

Warr Company is considering a project that has the following cash flow data. What is the project's IRR? Note that a project's projected IRR can be less than the WACC or negative, in both cases it will be rejected. Year 0 1 2 3 4 Cash flows -$1,300 $450 $450 $450 $450 14.16% 14.42% 15.31% 15.84% 16.23%

Answers

Answer:

Option B, IRR is 14.42%

Explanation:

The IRR is the rate of return that equates the cost of the project to the present value of cash flows receivable from the project in future.

Using an excel approach, the formula formula IRR is given as:

=irr(values)

The values in this case are

-$1300 in year 0

$450 in year 1

$450 in year two

$450 in year 3

$450 in year 4

The irr gives 14.42% as shown in the spreadsheet attached

The cost of the investment of the investment project of $1300 equals the present values of its cash flows at 14.42% rate of return

How does the loanable funds market translate savings into investment and what adjusts to bring the market to equilibrium? A. The savings provide the supply of loanable funds, while investment is the demand for loanable funds. While financial markets provide a means of transferring savings into investment, it is the inflation rate that changes to bring the market into equilibrium. B. The investments provide the supply of loanable funds, while saving is the demand for loanable funds. While financial markets provide a means of transferring savings into investment, it is the inflation rate that changes to bring the market into equilibrium C. The savings provide the supply of loanable funds, while investment is the demand for loanable funds. While financial markets provide a means of transferring savings into investment, it is the interest rate that changes to bring the market into equilibrium D. The investments provide the supply of loanable funds, while saving is the demand for loanable funds. While financial markets provide a means of transferring savings into investment, it is the interest rate that changes to bring the market into equilibrium.

Answers

Answer:The answer is C

Explanation:

The financial market is a market where short term and long term loan can be obtained, it comprises of the money market and the capital market. The money market provides short term finance to lenders which lenders can use for up to two years before repayment. The money market consist of the commercial banks, Discount houses, merchant banks, finance companies. While the capital market provides long term loans to lenders which lenders can then use for more than two years before repayment. The capital market consist of issuing houses,insurance companies, mortgage bank,the stock exchange.

The simple market for loan able funds is made up of the surplus economic unit which comprises of the savers of funds,the investors as well as the purchaser or buyers of financial claims( assets) while the deficit economic unit is made up of issuers of financial claim and borrowers. This simple market for loan able funds works through process by which the participants in the market mobilized fund from the surplus economic unit to the deficit economic unit for the purpose of investment in the economy. When a borrower needed funds such borrowers will approach a financial institutions to borrow, the financial institutions will lend the money to the borrower from the savings made by the depositors into their account and the financial institutions will charge an interest rate on the loan lend out to the borrowers. The borrowers will then use the loan to invest in the economy.

Final answer:

In the loanable funds market, savings make the supply, and investment provides the demand. These savings are transferred into investments through financial markets. The interest rate adjusts to maintain equilibrium in the loanable funds market.

Explanation:

The loanable funds market functions to convert savings into investments. In this market, savings provide the supply of loanable funds while investment constitutes the demand. Financial markets play an instrumental role in facilitating this transfer. One fundamental principle guiding these interactions is that equilibrium in the market is achieved predominantly through the adjustment of the interest rate. In essence, it is ultimately the interest rate that adapts in response to shifts in supply (savings) and demand (investment) and helps achieve market equilibrium.

Learn more about the Loanable Funds Market here:

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k. Starbucks reports Income from Equity Investees in its income Statement. Using the narrative information provided in this case, describe the nature of this type of income.

Answers

Answer:

These revenues correspond to the portion of the related companies that do not consolidate in the Financial Statement because there is a minimum participation or there is no control over them (Example: They have control with the 51% of participation). However, if they have a minimal portion this means that there is a minority participation, the portion of the gain that corresponds to it is recorded in the financial statements.

After extrapolating the results of performing substantive tests on a sample of accounts from the accounts receivable subsidiary ledger, Allen CA concluded that the accounts receivable balance was materially misstated. In fact, the balance was materially correct. This situation illustrates the risk of:A.Incorrect rejection.B. Incorrect acceptance.C. Assessing control risk too low.D. Assessing control risk too high

Answers

Answer: A. Incorrect rejection

Explanation:

INCORRECT REJECTION, in accounting, is the risk the sample supports the conclusion that the recorded balance is materially misstated when it is not materially misstated.

Traditionally, the music industry signed multi-year contracts with artists and sold copyright-protected music through established distribution channels. A shift to the digital format and the rise of Internet technology have resulted in the sharing of music over peer-to-peer networks, a practice the industry calls "piracy." In recent years, the music industry has seen a rapid decline in the number of CDs sold. At the same time, the ownership of the distribution rights of musical content under copyright laws remains clear. Attempts at innovation by individual record labels to offer music as direct downloads to consumer are quickly copied by other labels. Based on these factors, the best assessment is that the music industry has shifted from a __________ to a __________ cycle market.

a) slow; fast
b) slow; standard
c) standard; slow
d) standard; fast

Answers

Answer:

d) standard; fast

Explanation:

Standard cycle market is defined as a market where a company's products (competitive advantage) are shielded from imitation. This is seen in the given scenario as multi-year contracts with artists and sold copyright-protected music through established distribution channels.

Fast cycle market on the other hand occurs when the competitive advantage of a company is not shielded from imitation. The imitation occurs regularly. In the given scenario this is exemplified by a shift to the digital format and the rise of Internet technology have resulted in the sharing of music over peer-to-peer networks, a practice the industry calls "piracy

Other Questions

Compare the yield to maturity and the current yield. How do you explain this relationship? (Select the best response.)A.If a bond sells at a discount, the yield to maturity is greater than the current yield.B.If a bond sells for its par value, the yield to maturity is greater than the current yield.C.If a bond sells at a premium, the yield to maturity is greater than the current yield.D.There is no certain relationship between the yield to maturity and the current yield.

Ray’s Satellite Emporium wishes to determine the optimal order size for its best-selling satellite dish (Model TS111). Ray has estimated the monthly demand for this model to be 230 units. This model costs Ray $396 to purchase from his supplier. His annual cost to carry inventory is 10% and he estimates that orders cost $38 to process. If Ray used an order quantity of 2000 instead of the optimal order quantity, how much money would he be wasting each year?

On 12/31/10, Heaton Industries Inc. reported retained earnings of $675,000 on its balance sheet, and it reported that it had $172,500 of net income during the year. On its previous balance sheet, at 12/31/09, the company had reported $555,000 of retained earnings. No shares were repurchased during 2010. How much in dividends did Heaton pay during 2010?

Identify whether or not each of the following scenarios describes a competitive market, along with the correct explanation of why or why not.Scenario1-There are hundreds of colleges that serve millions of students each year. The colleges vary by location, size, and educational quality, which allows students with diverse preferences to find schools that match their needs.2-The government has granted the U.S. Postal Service the exclusive right to deliver mail.3-A few major airlines account for the vast majority of air travel. Consumers view all airlines as providing basically the same service and will shop around for the lowest price.4-There are dozens of pasta producers that sell pasta to hundreds of Italian restaurants nationwide. The restaurant owners buy from the cheapest pasta producer available to them.