EVQUES T3 SuB 2011 Key 1. In a recent period 12‚250 units were made and there was a favorable labor efficiency variance of $22‚500. If 41‚000 labor-hours were worked and the standard wage rate was $12 per labor-hour‚ the standard hours allowed per unit of output is closest to: A. 3.19 B. 3.35 C. 3.50 D. 6.00 [pic] AACSB: Analytic AICPA BB: Critical Thinking AICPA FN: Measurement Bloom ’s: Analysis Brewer - Chapter 09 #40 Learning Objective: 3 Level: Hard Source: CIMA
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showing using a flexible budget system to identify what went wrong in their operations that contribute to the performance problems. Problems and issues: The plant has 2 big problems in terms of budgeting system and labor force. Firstly‚ they were in unfavorable performance by using standard budgeting system. They were unable to meet the Apple contract‚ which was shortage 10% from the 200‚000 targeted units‚ resulting in the loss of $672‚000 rather than the profit of $100‚000. Actually‚ the plant was using
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Advantages of Standard costing 4. : Limitation of standard costing 5. : Types of standard costing 6. : Examples of standard costing 7. : Variance analysis 8. : Types of analysis 9. : Refferences 10. : Conclusion Standard Costing and Variance Analysis Introduction MEANING OF STANDARD COST AND STANDARD COSTING Standard Cost The word "Standard" means a "Yardstick" or "Bench Mark." The term "Standard Costs" refers
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profits will depend on the size of the shop and whether the market is a favorable or unfavorable for his products. Because there will be a five-year lease on the building that Mas is thinking about using‚ he wants to make sure that he makes the correct decision. Mas is also thinking about hiring his old marketing professor to conduct a marketing research study. If the study is conducted‚ the study could be favorable or unfavorable. Develop a decision tree for Mas. 3.31 Mas Asmyra
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is not presented in the question. b. We can get the following variance calculations based on the information provided: 1. Static budget variance Variable cost is 50% of revenue‚ then budgeted variable cost is $5‚ and actual variable cost is $4.75. Static budget variance = 470×27×(9.5 – 4.75) - 800×23×(10 - 5)= $510‚775U 2. Flexible budget variance 470×27×[(9.5 – 4.75) - (10 - 5)] = $3‚172.5U 3. Sales volume variance (470×27 - 800×23) ×(10 - 5) = $23‚550U Based on the calculations
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1. The client acceptance process can be quite complex. Discuss five procedures an auditor should perform in determining whether to accept a client. Which of these five are required by auditing standards and identify the applicable standards? 1. Obtain an understanding of the client ’s business and operations. Consideration should be given to reading available financial information regarding the prospective client such as annual reports‚ registration statements‚ Forms 10-K‚ other reports to regulatory
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E 22-19 | | |Budgeted Balance Sheet | |July 31‚ 2012 | |Assets
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voices are the ones that have characterized the Islamic religion throughout the years. The voices differ in a lot of aspects and one common observation among the Muslims is that they tend towards one voice that they view as more favorable and reject the ones that deem unfavorable (Strayer 2010). Throughout the years various advocators of the different voices have emerged. For example‚ Al Ghazali was a great advocator of Suficism and campaigned for the adoption of orthodox beliefs
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Solutions for the Biltrite Bicycles Inc. Case Module I - Assessment of Inherent Risk..............................................................3 Module II – PRELIMINARY ASSESSMENT OF CONTROL RISK BASED ON AN UNDERSTANDING OF THE DESIGN OF CONTROLS ................17 Module III - Control Testing: Sales Processing................................................29 Module IV - PPS Sampling: Factory Equipment Additions............................31 Module V - Accounts Receivable Aging Analysis...
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manager’s incentive is based on the target profit is calculated by comparing the flexible budget with actual profit and budget actual profit. Flexible budget Actual Variance Revenue $108‚100 (23 x $10 x 470) $120‚555 $12‚455 F Variable Expense 54‚050 60‚277 6‚227 U (50% of revenues) Fixed expenses
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