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PSYCHO15rus [73]
1 year ago
9

Walthaus Corporation's standard cost sheet is as follows Direct material Direct labor Variable overhead Fixed overhead 4 feet at

$5.00 per foot 3 hours at $10.00 per hour 3 hours at $2.00 per hour 3 hours at $1.00 per hour Additional information Actual results: purchased 30,000 lbs of material at $5.25 per lb. (there were no beginning or ending material inventories); direct labor cost incurred was 26,000 hours at $9.75 per hour; actual variable overhead incurred, $50,000; and actual fixed overhead incurred $43,000. Overhead is applied to work-in-process on the basis of direct labor hours. The company produced 8,000 units of product during the period. The number of estimated hours for computing the fixed overhead application rate totaled 45,000 hours. What are the fixed overhead price and production volume variances? O $2.000 F; $23,000 U $2,000 U; $23,000 F. $4,000 F: $25,000 F. $4,000 F: $25,000 U. None of these.

Business
1 answer:
nirvana33 [79]1 year ago
4 0

Answer:

1. U. None of these

2. Variable overhead price variance = $2,000 F

Variable overhead efficiency variance = $4,000 U

Explanation:

Please see attachment.

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Two independent companies, Hager Co. and Shaw Co., are in the home building business. Each owns a tract of land held for develop
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Hager should recognize a pre-tax gain on this exchange of $12,000

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5 0
1 year ago
On July 1, Year 1, Danzer Industries Inc. issued $40,000,000 of 10-year, 7% bonds at a market (effective) interest rate of 8%, r
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Answer:

1. Journalize the entry to record the amount of cash proceeds from the issuance of the bonds on July 1, Year 1.

Dr Cash 37,282,062

Dr Discount on bonds payable 2,717,938

    Cr Bonds payable 40,000,000

2. Journalize the entries to record the following:

a. The first semiannual interest payment on December 31, Year 1, and the amortization of the bond discount, using the straight-line method. Round to the nearest dollar.

discount on bonds payable = 2,717,938 / 20 coupons = $135,896.90

December 31, Year 1, first coupon payment

Dr Interest expense 1,535,896.90

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    Cr Discount on bonds payable 135,896.90

b. The interest payment on June 30, Year 2, and the amortization of the bond discount,using the straight-line method. Round to the nearest dollar.

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Dr Interest expense 1,535,896.90

    Cr Cash 1,400,000

    Cr Discount on bonds payable 135,896.90

3. Determine the total interest expense for Year 1.

$1,535,896.90

4. Will the bond proceeds always be less than the face amount of the bonds when the contract rate is less than the market rate of interest?

yes, if the market rate is higher than the coupon rate, the bonds will sell at a discount.

5. (Appendix 1) Compute the price of $37,282,062 received for the bonds by using the present value tables in Appendix A at the end of the text. Round to the nearest dollar.

bond price = PV of face value + PV of coupon payments

  • PV of face value = $40,000,000 x 0.4564 (PV factor, 4%, 20 periods) = $18,256,000
  • PV of coupon payments = $1,400,000 x 13.590 (PV annuity factor, 4%, 20 periods) = $19,026,000

bond's market price = $18,256,000 + $19,026,000 = $37,282,000

6 0
1 year ago
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