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Category > Accounting Posted 19 Aug 2017 My Price 9.00

Sommers Company

Exercise 10-27  Investigation of Variances

Sommers Company uses the following rule to determine whether materials usage variances should be investigated: A materials usage variance will be investigated anytime the amount exceeds the lesser of $12,000 or 10% of the standard cost. Reports for the past five weeks pro- vided the following information:

 

 

 

Week

MUV

Standard Materials Cost

1

$10,500 F

$120,000

2

10,700 F

100,500

3

9,000 U

120,000

4

13,500 U

127,500

5

10,500 U

103,500

Required:

 

 

 

1.       Using the rule provided, identify the cases that will be investigated.

2.       CONCEPTUAL CONNECTION Suppose investigation reveals that the cause of an unfavor- able materials usage variance is the use of lower-quality materials than are normally used. Who is responsible? What corrective action would likely be taken?

3.       CONCEPTUAL CONNECTION Suppose investigation reveals that the cause of a significant unfavorable materials usage variance is attributable to a new approach to manufacturing that takes less labor time but causes more material waste. Examination of the labor effi- ciency variance reveals that it is favorable and larger than the unfavorable materials usage variance. Who is responsible? What action should be taken?

 

 

 

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Maurice Tutor
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Status NEW Posted 19 Aug 2017 02:08 PM My Price 9.00

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