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Prepare an incremental analysis for the special order. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
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Reject |
Accept |
Net Income |
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Revenues |
$ |
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(b) Compute the labor price and quantity variances.
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Labor price variance |
$ |
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|
Labor quantity variance |
$ |
(c) Compute the labor price and quantity variances, assuming the standard is 4.18 hours of direct labor at $12.29 per hour.
|
Labor price variance |
$ |
|
|
Labor quantity variance |
$ |
Problem 11-1A
Costello Corporation manufactures a single product. The standard cost per unit of product is shown below.
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Direct materials—2 pound plastic at $6.25 per pound |
$ 12.50 |
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|
Direct labor—2.00 hours at $12.00 per hour |
24.00 |
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Variable manufacturing overhead |
14.00 |
|
|
Fixed manufacturing overhead |
6.00 |
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|
Total standard cost per unit |
$56.50 |
The predetermined manufacturing overhead rate is $10 per direct labor hour ($20.00 ÷ 2.00). It was computed from a master manufacturing overhead budget based on normal production of 11,400 direct labor hours (5,700 units) for the month. The master budget showed total variable costs of $79,800 ($7.00 per hour) and total fixed overhead costs of $34,200 ($3.00 per hour). Actual costs for October in producing 3,100 units were as follows.
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Direct materials (6,390 pounds) |
$ 40,704 |
|
|
Direct labor (6,030 hours) |
74,048 |
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|
Variable overhead |
44,080 |
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|
Fixed overhead |
20,070 |
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|
Total manufacturing costs |
$178,902 |
The purchasing department buys the quantities of raw materials that are expected to be used in production each month. Raw materials inventories, therefore, can be ignored.
(a) Compute all of the materials and labor variances. (Round answers to 0 decimal places, e.g. 125.)
|
Total materials variance |
$ |
|
|
Materials price variance |
$ |
|
|
Materials quantity variance |
$ |
|
|
Total labor variance |
$ |
|
|
Labor price variance |
$ |
|
|
Labor quantity variance |
$ |
(b) Compute the total overhead variance.
|
Total overhead variance |
$ |
Bracewell Company reported net income of $194,600 for 2014. Bracewell also reported depreciation expense of $40,160 and a gain of $5,580 on disposal of plant assets. The comparative balance sheet shows an increase in accounts receivable of $15,210 for the year, a $17,790 increase in accounts payable, and a $3,400 decrease in prepaid expenses.
Prepare the operating activities section of the statement of cash flows for 2014. Use the indirect method. (Show amounts that decrease cash flow with either a – sign e.g. -15,000 or in parenthesis e.g. (15,000).)
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BRACEWELL COMPANY |
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|
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$ |
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|
$ |
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|
$ |
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Exercise 13-7
Meera Corporation’s comparative balance sheets are presented below.
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MEERA CORPORATION |
||||||
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2014 |
2013 |
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|
Cash |
$14,270 |
$10,270 |
||||
|
Accounts receivable |
20,780 |
23,540 |
||||
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Land |
20,320 |
25,530 |
||||
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Buildings |
69,710 |
69,710 |
||||
|
Accumulated depreciation—buildings |
(15,020 |
) |
(10,720 |
) |
||
|
Total |
$110,060 |
|
$118,330 |
|
||
|
|
||||||
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Accounts payable |
$12,270 |
$27,790 |
||||
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Common stock |
74,530 |
72,510 |
||||
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Retained earnings |
23,260 |
|
18,030 |
|
||
|
Total |
$110,060 |
|
$118,330 |
|
||
Additional information:
|
1. |
Net income was $22,338. Dividends declared and paid were $17,108. |
|
|
2. |
All other changes in noncurrent account balances had a direct effect on cash flows, except the change in accumulated depreciation. The land was sold for $4,850. |
(a) Prepare a statement of cash flows for 2014 using the indirect method. (Show amounts that decrease cash flow with either a – sign e.g. -15,000, or in parenthesis e.g. (15,000).)
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MEERA CORPORATION |
|||||||||||
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|
|||||||||||
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|
$ |
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$ |
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|
||||||
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|
||||||||||
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|
$ |
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|
$ |
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Dividends |
$ |
||||||||||
(c) Indicate where each of the cash inflows or outflows identified in (b) would be classified on the statement of cash flows.
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Common stock |
|
||
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Dividends |
|
||
|
Click if you would like to Show Work for this question: |
|||
Exercise 14-3
The comparative condensed balance sheets of Garcia Corporation are presented below.
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GARCIA CORPORATION |
||||
|
2014 |
2013 |
|||
|
Assets |
||||
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Current assets |
$ 74,450 |
$ 80,690 |
||
|
Property, plant, and equipment (net) |
98,370 |
90,210 |
||
|
Intangibles |
25,460 |
38,040 |
||
|
Total assets |
$198,280 |
$208,940 |
||
|
Liabilities and stockholders’ equity |
||||
|
Current liabilities |
$ 42,300 |
$ 49,060 |
||
|
Long-term liabilities |
143,930 |
150,570 |
||
|
Stockholders’ equity |
12,050 |
9,310 |
||
|
Total liabilities and stockholders’ equity |
$198,280 |
$208,940 |
||
(a) Prepare a horizontal analysis of the balance sheet data for Garcia Corporation using 2013 as a base. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20% or (55,000). (20%). Round percentages to 1 decimal place, e.g. 12.3%.)
|
GARCIA CORPORATION |
||||||||||||||||||||||||||
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2014 |
2013 |
Increase |
Percentage |
|||||||||||||||||||||||
|
Assets |
||||||||||||||||||||||||||
|
Current Assets |
$74,450 |
$80,690 |
$ |
$ |
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|
||||||||||||||||||
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|
|
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|
$ |
|
$ |
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Click if you would like to Show Work for this question: |
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