You brought your work home one evening, and your nephew spilled his chocolate milk shake on the variance report you were preparing. Fortunately, knowing that overhead was applied based on machine hours, you were able to reconstruct the obliterated nformation from the remaining data. Fill in the missing numbers below. (Round your per machine hour and per unit answers to two decimal places. Indicate the effect of the variance by selecting "Positive" or "Negative". Select "None" and enter "O" for no effect i.e., zero variance).) Standard machine hours per unit of output 3 hours Standard variable-overhead rate per machine hour 10.00 Actual variable-overhead rate per machine hour Actual machine hours per unit of output Budgeted fixed overhead 24,975 Actual fixed overhead Budgeted production in units 18,500 Actual production in units 68,600 Unfavorable 50,000 Favorable Variable-overhead spending variance $ Variable-overhead efficiency variance $ %24 %24

You brought your work home one evening, and your nephew spilled his chocolate milk shake on the variance report you were preparing. Fortunately, knowing that overhead was applied based on machine hours, you were able to reconstruct the obliterated nformation from the remaining data. Fill in the missing numbers below. (Round your per machine hour and per unit answers to two decimal places. Indicate the effect of the variance by selecting "Positive" or "Negative". Select "None" and enter "O" for no effect i.e., zero variance).) Standard machine hours per unit of output 3 hours Standard variable-overhead rate per machine hour 10.00 Actual variable-overhead rate per machine hour Actual machine hours per unit of output Budgeted fixed overhead 24,975 Actual fixed overhead Budgeted production in units 18,500 Actual production in units 68,600 Unfavorable 50,000 Favorable Variable-overhead spending variance $ Variable-overhead efficiency variance $ %24 %24

Essentials of Business Analytics (MindTap Course List)

2nd Edition

ISBN:9781305627734

Author:Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann, David R. Anderson

Publisher:Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann, David R. Anderson

Chapter7: Linear Regression

Section: Chapter Questions

Problem 2P: In a manufacturing process the assembly line speed (feet per minute) was thought to affect the...

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You brought your work home one evening, and your nephew spilled his chocolate milk shake on the variance report you were preparing. Fortunately, knowing that overhead was applied based on machine hours, you were able to reconstruct the obliterated information from the remaining data. Fill in the missing numbers below. Note: Round your per machine hour and per unit answers to two decimal places. Indicate the effect of the varlance by selecting "Positive" or "Negative". Select "None" and enter "O" for no effect (l.e., zero varlance). Standard machine hours per unit of output 5 hours Standard variable-overhead rate per machine hour $ 9.00 Actual variable-overhead rate per machine hour Actual machine hours per unit of output Budgeted fixed overhead $ 31,625 Actual fixed overhead Budgeted production in units 11,500 Actual production in units Variable-overhead spending variance $ 34,000 Unfavorable Variable-overhead efficiency variance $ 126,000 Favorable Fixed-overhead budget variance $…
In a manufacturing process the assembly line speed (feet per minute) was thought to affect the number of defective parts found during the inspection process. To test this theory, managers devised a situation in which the same batch of parts was inspected visually at a variety of line speeds. They collected the following data: Develop a scatter chart with line speed as the independent variable. What does the scatter chart indicate about the relationship between line speed and the number of defective parts found? Use the data to develop an estimated regression equation that could be used to predict the number of defective parts found, given the line speed. What is the estimated regression model? Test whether each of the regression parameters β0 and β1 is equal to zero at a 0.01 level of significance. What are the correct interpretations of the estimated regression parameters? Are these interpretations reasonable? How much of the variation in the number of defective parts found for the sample data does the model you estimated in part (b) explain?
Part of your company's accounting database was destroyed during a ransomware attack. You have been able to gather the following data from your files. Reconstruct the remaining information using the available data. All of the raw material purchased during the period was used in production. Note: Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no effect (i.e., zero variance). Round "Standard Quantity per Unit of Output" to 2 decimal places. Direct Labor Direct Material Standard price or rate per unit of input Standard quantity per unit of output Actual quantity used per unit of output $ 20.00 per hour $ 12.00 per pound 2.68 hours per unit pounds per unit 2.50 hours 4.83 pounds per unit Actual price or rate per unit of input $ 21.00 per hour $ 11.00 per pound Actual output 10,000 units 10,000 units Direct-material price variance $ 52,500 F Direct-material quantity variance $ (18,000) U Total direct-material variance $ 34,500…
You brought your work home one evening, and your nephew spilled his chocolate milk shake on the variance report you were preparing. Fortunately, knowing that overhead was applied based on machine hours, you were able to reconstruct the obliterated information from the remaining data. Fill in the missing numbers below. Standard machine hours per unit of output ............................................... 4 hoursStandard variable-overhead rate per machine hour ............................... $8.00Actual variable-overhead rate per machine hour ............................................. bActual machine hours per unit of output ............................................................. dBudgeted fixed overhead .................................................................................... $50,000Actual fixed overhead ..................................................................................................... aBudgeted production in units…
How much of the $0.24 excess unit cost is traceable to apparent inefficient use of labor time?Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Do not round intermediate calculations. Round your final answers to 2 decimal places.
Part of your company's accounting database was destroyed when Godzilla attacked the city. You have been able to gather the following data from your files. Reconstruct the remaining information using the available data. All of the raw material purchased during the period was used in production. (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "O" for no effect (i.e., zero variance). Round "per unit" answer values to 2 decimal places.) Standard price or rate per unit of input Standard quantity per unit of output Actual quantity used per unit of output Actual price or rate per unit of input Actual output Direct-material price variance Direct-material quantity variance Total direct-material variance Direct-labor rate variance Direct-labor efficiency variance Total direct-labor variance $ $ $ Direct Labor per hour hours per unit 3.50 hours 21.00 per hour 5,500 units 30,000 10,750 F $ $ $ $ Direct Material 8.00 per lb lbs per unit lbs…
Part of your company’s accounting database was destroyed when Godzilla attacked the city. You have been able to gather the following data from your files. Reconstruct the remaining information using the available data. All of the raw material purchased during the period was used in production. (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no effect (i.e., zero variance). Round "per unit" answer values to 2 decimal places.) Direct Labor Direct Material Standard price or rate price per unit of input ? per unit $7.00 per lb Standard Quantity per unit of output ? hours per unit 6.40 lbs per unit Actual quantity used per unit of output $1.80 hours 6.80 lbs per unit Actual price or rate per unit $11 per hour $6.00 per lb Actual Output 5,000 units 5,000 units Direct-material price variance $34,000 F Direct-material quantity variance $14,000 U Total direct-material variance $20,000 F…
A computer system queues up batch jobs and processes them on an FCFS basis.Between 2 and 5 P.M., jobs arrive at an average rate of 30 per hour and require anaverage of 1.2 minutes of computer time. Assume the arrival process is Poissonand the processing times are exponentially distributed. a. Compute the variance of the flow times assuming FCFS, LCFS, and randomselection disciplines
For each of the following independent cases, fill in the missing amounts: Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Round your per unit rates to 2 decimal places. Round your other final answers to the nearest whole numbers. Units produced Standard hours per unit Standard hours Standard rate per hour Actual hours worked Actual labor cost Direct labor rate variance Direct labor efficiency variance Casey Company 2,800 5.10 $ $ 31.70 13,500 5,200 F Kevin, Incorporated $ $ 1.70 2,890 3,005 2,900 F 1,518 U $ $ $ Jess Company 200 660 10.00 6,500 200 U Valerie, Incorporated $ 1,000 10.00 15,200 $ 140,000 $ 5,800 U
The reason we use the words favorable and unfavorable when evaluating variances is made clear when we look at the closing of accounts. To see this, consider that (1) all variance accounts are closed at the end of each period (temporary accounts), (2) a favorable variance is always a credit balance, and (3) an unfavorable variance is always a debit balance. Write a half-page memorandum to your instructor with three parts that answer the following three requirements. (Assume that variance accounts are closed to Cost of Goods Sold.) Required 1. Does Cost of Goods Sold increase or decrease when closing a favorable variance? Does gross margin increase or decrease when a favorable variance is closed to Cost of Goods Sold? Explain. 2. Does Cost of Goods Sold increase or decrease when closing an unfavorable variance? Does gross margin increase or decrease when an unfavorable variance is closed to Cost of Goods Sold? Explain. 3. Explain the meaning of a favorable variance and an unfavorable…
Ironwood Company manufactures cast-iron barbeque cookware. During a recent windstorm, it lost some of its cost accounting records. Ironwood has managed to reconstruct portions of its standard cost system database but is still missing a few pieces of information. See attached imageRequired:Use the information in the table to determine the unknown amounts. You may assume that Ironwood does not keep any raw materials on hand. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).
Ironwood Company manufactures cast-iron barbeque cookware. During a recent windstorm, it lost some of its cost accounting records. Ironwood has managed to reconstruct portions of its standard cost system database but is still missing a few pieces of information. Required: Use the information in the table to determine the unknown amounts. You may assume that Ironwood does not keep any raw materials on hand. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Direct Materials Direct Labor Standard amount per pan produced 2.5 pound 1.10 hour Standard price $ 4.20 per pound $ 16.00 per hour Actual amount used per pan produced 2.4 pound 1.20 hour Actual price $ 4.10 per pound $ 15.50 per hour Actual number of pans produced and sold 2,500 pans 2,500 pans Direct materials price variance Direct materials quantity variance Direct materials spending variance Direct labor rate variance Direct labor…