Questions Uploads
On September 30, Franz Corporation notices a decline in value of its investment in held-to-maturity bonds that it believes to be other than temporary. On that date, the carrying value of the bonds is $38,500 and the fair value is $22,980.
Required:
Prepare the journal entry to record the impairment.
Shawnee Motors Inc. assembles and sells MP3 players. The company began operations on August 1 and operated at 100% of capacity during the first month. The following data summarize the results for August:
How do I write income statements under Absorption and Variable Costing?
Discuss the potential impacts of fair value within the professional field. What should be considered in regard to fair value accounting and whether it is the best decision for the company? What information would be most valuable to management, lenders, and investors as it relates to fair value?
Standard Product Cost, Direct Materials Variance
Condiments Company uses standards to control its materials costs. Assume that a batch of ketchup (1,500 pounds) has the following standards:
Standard Quantity Standard Price Whole tomatoes 2,500 lbs. $ 0.44 per lb. Vinegar 140 gal. $ 2.70 per gal. Corn syrup 12 gal. $ 9.80 per gal. Salt 56 lbs. $ 2.40 per lb.
The actual materials in a batch may vary from the standard due to tomato characteristics. Assume that the actual quantities of materials for batch K-111 were as follows:
2,600 lbs. of tomatoes 134 gal. of vinegar 13 gal. of corn syrup 55 lbs. of salt
Determine the direct materials quantity variance for batch K-111. If required, round amounts to the nearest cent. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.
Whole tomatoes $
Vinegar $
Corn syrup $
Salt $
Total direct materials quantity variance $
Since 2010, we have offered professional writing services to clients all over the world.
Over the years, our writers have gained solid experience in all academic disciplines, giving them a competitive edge to provide only first-rate academic papers.
Hi there! Chat/Order through WhatsApp.
