Explain the variances allocated to work-in process, finished goods, and cost of goods other than charged to cost of goods sold during the end of the period.

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Answer 1

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Chapter 8, Problem 20Q

To determine

Explain the variances allocated to work-in process, finished goods, and cost of goods other than charged to cost of goods sold during the end of the period.

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Why should a production-volume variance (PVV) that is material be prorated among work-in-process, finished goods, cost and cost of goods sold rather than writing it all off to cost of goods sold? a. If a PVV is always written off to cost of goods sold, then the assets on the balance sheet would be the same as actual costs. b. If a PVV is always written off to cost of goods sold, then the liabilities on the balance sheet would be overstated. c. If a PVV is always written off to cost of goods sold, then the balances in the inventory accounts on the balance sheet would be most accurate. d. If a PVV is always written off to cost of goods sold, a company could set its standard costs to either increase or decrease operating incomes.

A. Assume the variance is material, what is the variance share of the Finished goods inventory acc?B. Assume the variance is material, what is the variance share of the Work in Process account?

Are selling and administrative expenses treated as product costs or as period costs under variable costing?

Answer 2

Question

Chapter 8, Problem 20Q

To determine

Explain the variances allocated to work-in process, finished goods, and cost of goods other than charged to cost of goods sold during the end of the period.

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Answer 3

Question

Chapter 8, Problem 20Q

To determine

Explain the variances allocated to work-in process, finished goods, and cost of goods other than charged to cost of goods sold during the end of the period.

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Answer 4

Question

Chapter 8, Problem 20Q

To determine

Explain the variances allocated to work-in process, finished goods, and cost of goods other than charged to cost of goods sold during the end of the period.

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Answer 5

Chapter 8, Problem 20Q

To determine

Explain the variances allocated to work-in process, finished goods, and cost of goods other than charged to cost of goods sold during the end of the period.

Answer 6

Chapter 8, Problem 20Q

To determine

Explain the variances allocated to work-in process, finished goods, and cost of goods other than charged to cost of goods sold during the end of the period.

Answer 7

Chapter 8, Problem 20Q

To determine

Explain the variances allocated to work-in process, finished goods, and cost of goods other than charged to cost of goods sold during the end of the period.

Answer 8

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Answer 9

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Answer 11

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Explain the variances allocated to work-in process, finished goods, and cost of goods other than charged to cost of goods sold during the end of the period.

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Explain the variances allocated to work-in process, finished goods, and cost of goods other than charged to cost of goods sold during the end of the period.

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