of Variances The sales price variance is zero‚ meaning the average price New Look Jackets sold products was the same as the budgeted sales price. The sales mix variance is unfavourable for Nylon Jackets and favourable for Leather Jackets as the demand for leather jackets were unexpectedly high in 2012 and as a result‚ New Look Jacket sold more leather jackets than budgeted‚ generating a favourable sales mix variance for leather jackets. New Look Jacket also sold less nylon jackets as a percentage
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total overhead costs was $805‚000 based on the assumption that 23‚000 units would be produced and sold. The company estimates that 20% of its overhead is variable and the remainder is fixed. The total overhead cost according to the flexible budget if 27‚000 units were produced and sold is (Do not round intermediate calculations.): | | $837‚000 | | $805‚000 | → | $833‚000 | | $913‚500 | First‚ determine the budgeted variable overhead as follows. Budgeted variable overhead = Budgeted
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Cost Concepts Semester II Basic Terms • Cost is the amount of expenditure‚ actual (incurred) or notional (attributable)‚ relating to a specific thing or activity. The specific thing or activity may be a product‚ job‚ service‚ process or any other activity • Expenses are expired costs‚ incurred and totally used up in generation of revenue • Loss is lost cost. The term ‘loss’ is used to describe mainly two accounting events. In traditional financial accounting it is used to denote a situation
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Assignment has been set to accept up to two files for submission to allow you to do this. Note ALL calculation worksheets should be submitted on ONE MS Excel Worksheet. Each product should be split into Labour and Material PLUS one Worksheet for Overheads. This will require ONE workbook with SEVEN worksheet tabs. NOT SEVEN separate workbook files. Students should
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Deprecation on factory building 380 g) Rental for space for managing 170 h) Rental for ware house space to 310 i) Insurance on factory and 360 j) Indirect material used 490 k) Depreciation on factory 210 l) Electricity for factory 600 m) Electricity for sale and adult 250 Total Indirect production 6‚070 3) Calculate cost of goods manufactured Cost of manufactured = (Direct production cost + Manufacture overhead) + (B. work – E
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materials Indirect variable: depreciation on ovens‚ depreciation on mixing machines‚ factory utilities‚ machine maintenance personnel‚ maintenance supplies‚ cleaning supplies Direct fixed: finishing department hourly laborers‚ materials handlers in each department‚ machinist Indirect fixed: rent on factory building‚ fire insurance on factory building‚ mixing department manager‚ custodian in factory‚ night guard in factory 2. If the cost object were the mixing department rather than units of production
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CHAPTER 25 STANDARD COSTS AND BALANCED SCORECARD SUMMARY OF QUESTIONS BY STUDY OBJECTIVES AND BLOOM’S TAXONOMY Item SO BT Item SO BT Item SO BT Item SO BT Item SO BT True-False Statements 1. 1 K 9. 3 C 17. 3 C 25. 4 C sg33. 3 K 2. 1 K 10. 3 K 18. 4 K 26. 5 K sg34. 4 K 3. 1 C 11. 3 C 19. 4 C 27. 6 C sg35. 4 C 4. 1 K 12. 3 K 20. 4 K 28. 9 C sg36. 5 K 5. 2 C 13. 3 K 21. 4 K 29. 9 C sg37. 6 K 6. 3 C 14. 3 C 22. 4 K 30. 9 C sg38. 7 K 7. 3 K 15. 3 K 23. 4 C sg31. 1 K 8. 3 C 16. 3 K 24. 4 C
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STANDARD COSTING ...................................................................................................... 76 MATERIAL COSTING ...................................................................................................... 100 FACTORY OVERHEAD ................................................................................................... 112 BREAK EVEN ANALYSIS .............................................................................................. 117 ABSORPTION/MARGINAL
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Variable Costing and the Costs of Quality and Sustainability 8-1 Chapter 9 Financial Planning and Analysis: The Master Budget 9-1 Chapter 10 Standard Costing and Analysis of Direct Costs 10-1 Chapter 11 Flexible Budgeting and Analysis of Overhead Costs 11-1 Chapter 12 Responsibility Accounting‚ Operational Performance Measures‚ and the Balanced Scorecard 12-1 Chapter 13 Investment Centers and Transfer Pricing 13-1 Chapter 14 Decision Making: Relevant Costs and Benefits 14-1 Chapter
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ACC 561 Final Exam Copy this link to your browser and download http://www.finalexamguide.com/ACC-561-Final-Exam-5-90.htm 1). _____ refers to accounting information developed for managers within an organization. A. Internal auditing B. Managerial accounting C. Financial accounting D. Tax accounting 2). Ethical accountants are important to society because _____. A. they pay their taxes B. the information produced is reliable C. they will not go
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