the budgets listed in Column A: 1. Budgeted income statement a. Direct materials budget 2. Budgeted balance sheet b. Cost of goods sold budget 3. Cash flow budget c. Production budget 4. Cost of goods sold budget d. Payables budget 5. Production budget e. Sales budget 6. f. Budgeted income statement 1. Budgeted income statement – e. Sales budget 2. Budgeted balance sheet – d. Payables budget 3. Cash flow budget – a. Direct materials budget 4. Cost of goods sold budget – b. Cost of goods sold budget
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CHAPTER 7 FLEXIBLE BUDGETS‚ DIRECT-COST VARIANCES‚ AND MANAGEMENT CONTROL 7-1 Management by exception is the practice of concentrating on areas not operating as expected and giving less attention to areas operating as expected. Variance analysis helps managers identify areas not operating as expected. The larger the variance‚ the more likely an area is not operating as expected. 2. Two sources of information about budgeted amounts are (a) past amounts and (b) detailed engineering studies
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| |Total |42000 | |Begin EI |4000 | |Required Production |38000 | b. Assume the following budgeted data for June: | |Materials Purchases |$50‚000 | | | (Paid for in full in the month of purchase) | | | |Selling and administrative expenses |$12‚000
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budget and variance. [2] State the formulas for determining direct materials and direct labor variances. [3] State the formula for determining the total manufacturing overhead variance. II. Standard and variance Standard is the norm (e.g. standard number of years to get a college degree; standard number of hours to get a good night’s sleep; standard amount of time spent to pass CPA‚ etc). Variance is the difference between the actual and the standard (Favorable variance vs. unfavorable
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COMPREHENSIVE PROBLEM 6 Utease Corporation 60 Strong This problem covers various topics from Chapters 22‚ 23‚ 24‚ and 25. Students are asked to prepare budget schedules‚ calculate variances‚ determine possible causes for differences between budgeted and actual results‚ and to perform ROI analysis. Copyright © 2015 by McGraw-Hill Education All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. 60 Minutes‚ Strong COMPREHENSIVE PROBLEM 6
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details for lodgement options if the Learn line Assignment Lodgement link for this unit is unavailable. DECLARATION BY STUDENT I certify that this assignment is my own work‚ based on my own personal study and research‚ and that I have acknowledged all material and sources in the preparation of this assignment‚ whether they be books‚ articles reports‚ lecture notes‚ any other kind of document or personal communication. I also certify that this assignment has not previously been submitted for assessment
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uses standards for cost and revenue for the purpose of control through variance analysis. We can say standard costing is a technique of costing‚ which also established control over costing. Standard cost can be defined “As a pre-determined cost which is calculated from management’s standard of efficient operation and relevant necessary expenditure. It may be used as a basis for price fixing and for control through variance analysis.” Hence we can say standard costs are pre-determined estimates
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of the variance arising 10 4. Write a brief note outlining the advantages and disadvantages 13 of using variance analysis as a means of controlling a business Question 1. Calculation of Standard Cost per unit for each of the products. Part 1 : Standard Cost of Deluxe Model : ₤430.20/unit Working : Deluxe Model Glass Wood Direct Material/unit 102.40 179.00 Skilled Unskilled Direct Labor 105.60 43.20 Total Per Unit Direct Material
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ACC3320 Accounting for Decision Making Final Exam 1. Riggs Enterprise’s flexible budget cost formula for indirect materials‚ a variable cost‚ is $0.45 per unit of output. If the company’s performance report for last month shows a $90 favorable variance for indirect materials and if 8‚700 units of output were produced last month‚ then the actual costs incurred for indirect materials for the month must have been: A. $4‚005 B. $3‚915 C. $3‚825 D. $3‚735 2. Chmielewski Medical Clinic measures
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units while Product B was 3‚600 units. For material X‚ 39‚000 pounds were purchased at $14.40 and for material Y‚ 11‚000 pounds were purchased at $9.70. Variance analysis for actual cost versus standard cost should be prepared for the said month to be able to measure results of operations‚ which may be the basis in making a decision on whether to maintain the present performance if the result is satisfactory‚ or take the necessary corrective action if material differences are reported. OBJECTIVES
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