Overhead information for Cran-Mar Company for October follows:
Total overhead incurred $30,000
Budgeted fixed overhead $7,125
Total standard overhead rate per machine-hour (MH) $4.90
Standard variable overhead rate per MH $3.00
Standard MHs allowed for the units manufactured 3,600
1. What is the standard fixed factory overhead rate per machine-hour?
2. What is the denominator activity level that was used to establish the fixed overhead application rate?
3. Prepare a diagram, to calculate the following overhead variances for October:
a. Total flexible-budget variance for factory overhead.
b. Fixed overhead production volume variance.
c. Total factory overhead cost variance.

Answer:

1. Standard Fixed factory overhead rate per machine hour = 1.9

Explanation:

1. Standard OH rate per MH $4.90

Less: Standard Variable OH rate $3.0

Fixed OH rate is 1.90

2. Denominator activity level : $3,750

Budgeted Fixed factory OH $7,125

Standard fixed overhead rate $1.90

3. a. Total flexible Budget variance:

Standard Variable Overhead (3,600 * $3.0) = $10,800

Budgeted Fixed Overhead $7,125

Total Overhead = $17,925

Actual Overheads $30,000

Variance $12,075 Unfavorable

b. Production Volume Variance :

Overheads based on Flexible budget $17,925

Standard Cost applied (3,600 hours * $4.90) $17,640

Variance $285 Favorable

c. Total factory overhead cost variance :

Actual overheads incurred $30,000

Standard cost applied to production $17,640

Variance $12,360 Unfavorable

Three primary ledgers used in double-entry bookkeeping?

Smith Distributors, Inc., supplies ice cream shops with various toppings for making sundaes. On November 17, 2021, a fire resulted in the loss of all of the toppings stored in one section of the warehouse. The company must provide its insurance company with an estimate of the amount of inventory lost. The following information is available from the company's accounting records:

Fruit Toppings Marshmallow Toppings Chocolate Toppings

Inventory, January 1, 2013 $22,000 $7,200 $3,200
Net purchases through Nov. 17 160,000 38,000 12,200
Net sales through Nov. 17 210,000 57,000 20,200
Historical gross profit ratio 20% 30% 30%

Required:
Calculate the estimated cost of each of the toppings lost in the fire.

Suppose the current price of a good is $130. At this price, the quantity supplied is 125 units, and the quantity demanded is 165 units. For every $1 increase in price, the quantity supplied increases by 2 units and the quantity demanded decreases by 2 units.At the current price, the quantity demanded isgreater than the quantity supplied. This means that the market is currently experiencing ashortage . In order to adjust, the market price willincrease until the quantity demanded and quantity supplied are equal. The result is an equilibrium quantity of ________ and an equilibrium price of ________

Check for $10 incorrectly charged by bank as $100.

Is this an addition or reduction on the bank or company side of a bank reconciliation

Bambino Sporting Goods makes baseball gloves that are very popular in the spring and early summer season. Units sold are anticipated as follows: Monthly Unit Sales 4,000 8,000 13,000 11,000 March April May June Total units 36,000 sold If seasonal production is used, it is assumed that inventory will directly match sales for each month and there will be no inventory buildup The production manager thinks the preceding assumption is too optimistic and decides to go with level production to avoid being out of merchandise. He will produce the 36,000 units over four months at a level of 9,000 per month.
a. What is the ending inventory at the end of each month?
b. If the inventory costs $12 per unit and will be financed at the bank at a cost of 6 percent, what is the monthly financing cost and the total for the four months?

As the field of OSCM has advanced, new concepts have been applied to help companies compete in a number of ways, including the advertisement of the firm's products or services. One recent concept to gain the attention of companies is promoting sustainability. Discuss how you have seen the idea of sustainability used by companies to advertise their goods or services.

Typical of price ceilings, the ancient Indian political philosopher known as Kautilya advocated controls to protect against merchant greed, fixing a profit of 5% over the fixed price of local commodities, including textiles. If severe weather were to render the textile market more uncertain (e.g., if transportation routes were damaged), what would reasonably happen

Determine the difference in the present worth values of the following two commodity contracts at an interest rate of 8% per year. a. Contract 1 has a cost of $10,000 in year 1; costs will escalate at a rate of 4% per year for 10 years. b. Contract 2 has the same cost in year 1, but costs will escalate at 6% per years for 11 years

Trade can benefit a family:__________
a. by allowing each person to specialize in the activities he or she does best.
b. by allowing the family to buy a greater variety of goods and services at a lower cost.
c. All of the above are correct.
d. Both a and b are correct.
e. only if the family is not in economic competition with other families.

Assume that the British government eliminates all controls on imports by British companies. Other things being equal, the U.S. demand for pounds would ____, the supply of pounds for sale would ____, and the equilibrium value of the pound would ____. a. remain unchanged; increase; decrease b. remain unchanged; increase; increase c. decrease; increase; decrease d. increase; increase; increase

For each of the following​ items, identify which of the management accounting guidelines​ applies: cost-benefit​ approach, behavioral and technical​ considerations, or different costs for different purposes.

a. Changing an employee bonus plan to include additional paid time off in response to a changing employee demographic.
b. Deciding whether to sell products directly to customers in a new overseas market or to hire a distributor.
c. Introducing a participatory budgeting that involves lower-level managers.

You want to buy a new sports coupe for $91,500, and the finance office at the dealership has quoted you an APR of 7.3 percent for a 72 month loan to buy the car. a. What will your monthly payments be

State Farm insurance company prints an ad in a national newspaper’s apartment rental section with a picture of a girl sitting on the edge of a tub full of water, blowdrying her hair while a plugged in toaster sits on the edge. The caption at the top of the ad reads, “Renting without State Farm is like...” Which need does this marketing ad emphasize for potential customers?

a. safety and security

b. physiological needs

c. esteem

In the current year, Mitchell Manufacturing expected Job No. 13 to cost $600,000 of overhead, $650,000 of materials, and $400,000 of labor. Mitchell applied overhead based on direct labor cost. Actual production required an overhead cost of $420,000, $750,000 of materials used, and $300,000 of labor. All of the goods were completed. What amount was transferred from Work-In Process to Finished Goods?A. $1,500,000. B. $1,470,000. C. $1,650,000. D. $1,670,000.

19) Which of the following best describes horizontal analysis? A) calculating key ratios to evaluate performance B) comparing a company's financial statements with other companies C) comparing financial statement amounts from year to year for the same company D) expressing each financial statement amount as a percentage of a budgeted amount

Brody Corp uses a process costing system in which direct materials are added at the beginning of the process and conversion costs are incurred uniformly throughout the process. Beginning inventory for January consisted of 1,300 units that were 40% completed. 13,000 units were started into the process during January. On January 31, the inventory consisted of 650 units that were 70% completed. What would be the equivalent units for conversion cost using the weighted average method?a. 13,000b. 13,585c. 14,105d. 14,300

Bi-Lo Traders is considering a project that will produce sales of $44,800 and have costs of $25,700. Taxes will be $4,500 and the depreciation expense will be $2,650. An initial cash outlay of $2,100 is required for net working capital. What is the project's operating cash flow?

In a small town, there is a shoe factory which employs workers at $15 an hour, for forty-hour weeks. There is a writer, who expects to finish a novel in nine months. If he does not write the novel, he can teach high school English for $12 an hour. What is his opportunity cost of writing the novel

a. On April 1, the company hired an attorney for a flat monthly fee of $2,500. Payment for April legal services was made by the company on May 12.
b. As of April 30, $2,175 of interest expense has accrued on a note payable. The full interest payment of $6,525 on the note is due on May 20.
c. Total weekly salaries expense for all employees is $14,000. This amount is paid at the end of the day on Friday of each five-day workweek. April 30 falls on a Tuesday, which means that the employees had worked two days since the last payday. The next payday is May 3.
The above three separate situations require adjusting journal entries to prepare financial statements as of April 30. For each situation, present both the April 30 adjusting entry and the subsequent entry during May to record the payment of the accrued expenses.

1. B. Journalize the transactions for May, starting on Page 20 of the journal.*
2. Add the appropriate posting reference to the journal.
6. A. Journalize the adjusting entries. Record the adjusting entries on Page 22 of the journal.*
6. B. Add the appropriate posting reference to the journal.
* Refer to the Chart of Accounts for exact wording of account titles.
CHART OF ACCOUNTSPalisade Creek Co.General Ledger
ASSETS
110 Cash
112 Accounts Receivable
115 Merchandise Inventory
116 Estimated Returns Inventory
117 Prepaid Insurance
118 Store Supplies
123 Store Equipment
124 Accumulated Depreciation-Store Equipment
LIABILITIES
210 Accounts Payable
211 Customers Refunds Payable
212 Salaries Payable
EQUITY
310 Lynn Tolley, Capital
311 Lynn Tolley, Drawing
REVENUE
410 Sales
EXPENSES
510 Cost of Merchandise Sold
520 Sales Salaries Expense
521 Advertising Expense
522 Depreciation Expense
523 Store Supplies Expense
529 Miscellaneous Selling Expense
530 Office Salaries Expense
531 Rent Expense
532 Insurance Expense
539 Miscellaneous Administrative Expense

You work in the customer care division at Flannery Electronics. Mr. Gallegos, a longtime customer, is experiencing a problem with his home theater system and has submitted a letter requesting that Flannery Electronics either fix or replace his system at no cost. Unfortunately, Mr. Gallegos’s customer service and factory warranties expired three months ago. You must write to Mr. Gallegos and inform him that Flannery will be unable to honor his request.
1. Should the tone for this message be formal or informal?
A. Formal
B. Informal
2. Which communication channel would be most appropriate?
A. Phone call
B. Letter
C. Instant message
D. Face-to-face meeting
3. Mr. Gallegos will most likely have a_____response to the message you send him.
4. Who might be the secondary audience for your message to Mr. Gallegos?
5. Assume you just wrote the following e-mail message to a subordinate about a presentation.
Hey Jim,
Nice work on that presentation. I’m going to send a copy to the CEO to show off your creativity. Congratulations to you and your team.
Speaking of teams, I’m sending a recommendation to Human Resources. Your leadership during the presentation really shows, and you deserve a promotion for all that hard work. A team is only as good as its leader, after all.
Before sending the message, it occurs to you that your e-mail will probably be forwarded to other subordinates.
What will you need to change to make the message appropriate for both a subordinate and other subordinates?
A. Start with the promotion discussion and use a more formal tone.
B. Focus on congratulating the team using each individual’s name and use a more formal tone. C. Send news about the promotion recommendation in a separate e-mail.
D. Make the message even more friendly and informal but focus only on congratulating the team.

Although New York State is second only to Washington State in production of​ apples, its production has been declining during the past 20 years. The decline has been particularly steep in counties close to New York City. In​ 1985, there were more than​ 11,000 acres of apple orchards in Ulster​ County, which is 75 miles north of New York City.​ Today, only about​ 6,000 acres remain. As it became difficult for apple growers in the county to compete with​ lower-cost producers​ elsewhere, the resources these entrepreneurs were using to produce applesparticularly landbecame more valuable in other uses. Many farmers sold their land to housing developers. Suppose a revolutionary new diet is developed that involves eating 10 apples per​ day, and the new diet becomes wildly popular. ​Source: Lisa W.​ Foderaro, "Plenty of​ Apples, but a Possible Shortage of Immigrant​ Pickers," New York Times​, August​ 21, 2007. Because of the popularity of the​ diet, the number of apple orchards within 100 miles of New York City will likely increase decrease .
What effect is the new diet likely to have on the number of apple orchards within 100 miles of New York City? What effect is the diet likely to have on housing prices in New York City?

Scott, the COO for Barcelona Restaurant states: "You can’t train people to be enthusiastic, nice, fun, great people. You have to hire that." This description is best aligned with what personality trait concept?


Conscientiousness

Sensing

Agreeableness

Openness

Osborn Manufacturing uses a predetermined overhead rate of $19.10 per direct labor-hour. This predetermined rate was based on a cost formula that estimates $246,390 of total manufacturing overhead for an estimated activity level of 12,900 direct labor-hours. The company actually incurred $245,000 of manufacturing overhead and 12,400 direct labor-hours during the period.
Required:
1. Determine the amount of underapplied or overapplied manufacturing overhead for the period.
2. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Would the journal entry to dispose of the underapplied or overapplied overhead increase or decrease the company’s gross margin? By how much?

Foxy Investigative Services is an investigative services firm that is owned and operated by Shirley Vickers. On November 30, 2018, the end of the fiscal year, the accountant for Foxy Investigative Services prepared an end-of-period spreadsheet, a part of which follows:
Required:
Foxy Investigative Services
End-of-Period Spreadsheet
For the Year Ended November 30, 2018
~ Adjusted Trial Balance
Account Title ~ Dr. Cr.
~
Cash ~ 27,500
Accounts Receivable ~ 71,800
Supplies ~ 3,550
Prepaid Insurance ~ 750
Building ~ 330,500
Accumulated Depreciation-Building ~ 184,100
Accounts Payable ~ 16,100
Salaries Payable ~ 6,600
Unearned Rent ~ 1,500
Common Stock ~ 40,000
Retained Earnings ~ 70,300
Dividends ~ 30,000
Service Fees ~ 675,500
Rent Revenue ~ 9,000
Salaries Expense ~ 435,000
Rent Expense ~ 55,000
Supplies Expense ~ 11,850
Depreciation Expense-Building ~ 10,000
Utilities Expense ~ 8,800
Repairs Expense ~ 4,250
Insurance Expense ~ 3,000
Miscellaneous Expense ~ 11,100
~ 1,003,100 1,003,100
1.
A. Prepare an income statement for the year ended November 30, 2018. If a net loss has been incurred, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names. You will not need to enter colons (:) on the income statement. Refer to the Chart of Accounts for exact wording of account titles.
B. Prepare a retained earnings statement for the year ended November 30, 2018. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Refer to the Chart of Accounts for exact wording of account titles. Refer to the lists of Labels and Amount Descriptions for exact wording of the answer choices for text entries other than account names.

What is a benefit of joining a professional organization for your chosen career path?

Imagine you have $25.00. Your best friend’s birthday is coming up, and you’d like to get them a gift. You’ve also been wanting to buy a new backpack since your current one has some holes in it. What do you decide to d with $25.00 and Why

By promoting transparency, the government can improve

a.profit margins
b.economies of scale
c.market efficiency
d.zoning

Thomlin Company forecasts that total overhead for the current year will be $10,282,000 with 194,000 total machine hours. Year to date, the actual overhead is $5,689,800, and the actual machine hours are 98,100 hours. If Thomlin Company uses a predetermined overhead rate based on machine hours for applying overhead, as of this point in time (year to date), the overhead is

A building with an appraisal value of $128,156 is made available at an offer price of $153,050. The purchaser acquires the property for $32,829 in cash, a 90-day note payable for $26,957, and a mortgage amounting to $57,415. The cost basis recorded in the buyer's accounting records to recognize this purchase is