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Teaching Since: | May 2017 |
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Questions Answered: | 66690 |
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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
$5 per pound
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100 pounds per unit
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$20.00 per hour 2 hours per unit
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$12,000 per month
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1,200 units
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$ Â 2.00 per unit
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10.00 per unit
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$12.00 per unit
 Krueger Corporation recently implemented a standard cost system. The company’s cost accountant has gathered the following information needed to perform a variance analysis at the end of the month:
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Instructions
a.     Compute the direct materials price variance, given an actual price of $4.50 per pound ($468,000 � 104,000 pounds).
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b.      Compute the materials quantity variance, given a standard quantity of 100,000 pounds allowed to produce 1,000 units (1,000 units X 100 pounds per unit).
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c.      Prepare a journal entry summarizing the cost of direct materials charged to production.
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d.      Compute the labor rate variance, given an actual labor rate of $20.75 per hour ($46,480 �
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2,240 hours).
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e.      Compute the labor efficiency variance.
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f.     Prepare a journal entry summarizing the cost of direct labor charged to production.
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g.     Compute the overhead spending variance.
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h.      Compute the overhead volume variance.
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i.      Prepare a journal entry summarizing the application of overhead costs to production.
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