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Date: Instructor: Course: Accounting, Fourth Edition by Kimmel, Weygandt, and Kieso Primer on Using Excel in Accounting by Rex A Schildhouse E22-2 -...

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qattachments_72b5ea87ffba7a646ec8bdf9056f02df7081147c.xlsx, Exercise E22-2, Page 1 of 2 Page(s), 04/15/201302:17:07 Name: Date: Instructor: Course: E22-2 - Compute standard materials costs. The following are required for production of a 50 -gallon batch. 3,000 ounces of grape concentrate at $0.040 per ounce 54 pounds of granulated sugar at 0.350 per pound 60 lemons at 0.600 each 50 yeast tablets at 0.250 each 50 nutrient tablets at 0.200 each 2,500 ounces of water at 0.004 per ounce Jim estimates that 4% of the grape concentrate is wasted, 10% of the sugar is lost, and 20% of the lemons cannot be used. Instructions: Ingredient Title Amount ounces Percentage Formula Amount Formula Title Amount pounds Percentage Formula Amount Formula Title Amount each Percentage Formula Amount Formula Title Amount tablet Percentage Formula Amount Formula Title Amount tablet Percentage Formula Amount Formula Title Amount ounces Percentage Formula Amount Formula Formula Accounting , Fourth Edition by Kimmel, Weygandt, and Kieso Primer on Using Excel in Accounting by Rex A Schildhouse Jim Hetzel manufactures and sells homemade wine, and he wants to develop a standard cost per Compute the standard costs of the ingredients for one gallon of wine. (Carry the computations to two decimal places.) Amount Per Gallon Unit of Measure Standard Waste Standard Usage Standard Price Standard Cost Per Gallon
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qattachments_72b5ea87ffba7a646ec8bdf9056f02df7081147c.xlsx, Problem P22-2A, Page 2 of 2 Page(s), 04/15/201302:17:07 Name: Date: Instructor: Course: P22-2A - Compute variances, and prepare income statement. Costs and Production Data Actual Standard Raw materials unit cost $2.25 $2.00 Raw materials units used 10,600 10,000 Direct labor payroll $122,400 $120,000 Direct labor hours worked 14,400 15,000 Manufacturing overhead incurred $184,500 Manufacturing overhead applied $189,000 Machine hours expected to be used at normal capacit 42,500 Budgeted fixed overhead for June $51,000 Variable overhead rate per hour $3.00 Fixed overhead rate per hour $1.20 Overhead is applied on the basis of standard machine hours. 3 hours of machine time are required for each direct labor hour. The jobs were sold for $400,000 Selling and administrative expenses were $40,000 Assume that the amount of raw materials purchased equaled the amount used. (a)(1)(a) Compute the total materials variance. ( Item × Item - Item × Item ) ( Amount × Value - Amount × Value ) Amount - Amount Total materials variance = Formula Fav/Unf (a)(1)(b) Compute the materials price variance. ( Item × Item - Item × Item ) ( Amount × Value - Amount × Value ) Amount - Amount Materials price variance = Formula Fav/Unf (a)(1)(c) Compute the materials quantity variance. ( Item × Item - Item × Item ) ( Amount × Value - Amount × Value ) Amount - Amount Materials quantity variance = Formula Fav/Unf (a)(2)(a) Compute the total labor variance. ( Item × Item - Item × Item ) ( Amount × Value - Amount × Value ) Amount - Amount Total labor variance = Formula Fav/Unf (a)(2)(b) Compute the labor price variance. ( Item × Item - Item × Item ) ( Amount × Value - Amount × Value ) Amount - Amount Labor price variance = Formula Fav/Unf (a)(2)(c) Compute the labor quantity variance. ( Item × Item - Item × Item ) ( Amount × Value - Amount × Value ) Amount - Amount Labor quantity variance = Formula Fav/Unf (b) Compute the total overhead variance. Item - Item Value - Value Total overhead variance = Formula Fav/Unf (c) Prepare an income statement for management. Ignore income taxes. MARTINEZ MANUFACTURING CORPORATION Income Statement For the Month Ended June 30, 2012 Title Amount Title Amount Variances Formula Title Amount Fav or Unf Title Amount Fav or Unf Title Amount Fav or Unf Title Amount Fav or Unf Title Formula Fav or Unf Total variance - Unfavorable Formula Fav or Unf Title Formula Title Amount Title Formula Accounting , Fourth Edition by Kimmel, Weygandt, and Kieso Primer on Using Excel in Accounting by Rex A Schildhouse Martinez Manufacturing Corporation accumulates the following data relative to jobs started and finished during the month of June 2012. Instructions: (For "Item", insert "SP" for Standard Price, "SQ" for Standard Quantity, "AP" for Actual Price, "AQ" for Actual Quantity, "AH" for Actual Hours, "AR" for Actual Rate, "SH" for Standard Hours, "SR" for Standard Rate, "FOR" for Factory Overhead Rate, "NCH" for Normal Capacity Hours, and "SHA" for Standard Hours Allowed.)
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Finance-8368682.xls

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