Financial Accounting Assets Valuation Homework Help
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1. Denny Corporation is considering replacing a technologically obsolete machine with a new state-of-the-art numerically controlled machine. The new machine would cost$600,000 and would have a 10 year useful life. Unfortunately, the machine would have no salvage value. The new machine would cost $20,000 per year to operate and maintain, but would save $125,000 per year in labor and other cost. The old machine can be sold now for a scrap for $50,000 what percentage is the simple rate of return on the new machine rounded to the nearest tenth of a percent? (Ignore the income taxes in this problem)
2. Lounsberry Inc. regularly uses material O55P and currently has in stock 375 liters of the material, for which it paid $2,700 several weeks ago. If this were to be sold as is on the open market as surplus material, it would fetch $6.35 per liter. New stock of the material can be purchased on the open market for $7.20 per liter, but it must be purchased in lots of 1,000 liters. You been asked to determine the relevant cost of 900 liters of the material to be used in a job for a customer. What is the relevant cost of the 900 liters of material O55P?
3.Harmon Household Products, Inc., manufactures a number of consumer items for general household use. One of these products, a chopping board, requires an expensive hardwood. During a recent month, the company manufactured 4,000 chopping boards using 11,000 board feet of hardwood. The hardwood cost the company $18,700.
The company’s standards for one chopping board are 2.5 board feet of hardwood, at a cost of $1.80 per board foot.
1. According to the standards, what cost for wood should have been incurred to make 4,000 chopping blocks? How much greater or less is this than the cost that was incurred?
2. Break down the difference computed in (1) above into a materials quantity variance and a materials price variance.
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4. AirMeals, Inc., prepares in-flight meals for a number of major airlines. One of the company’s products is stuffed cannelloni with roasted pepper sauce, fresh baby corn, and spring salad. During the most recent week, the company prepared 6,000 of these meals using 1,150 direct labor-hours. The company paid these direct labor workers a total of $11,500 for this work, or $10 per hour.
According to the standard cost card for this meal, it should require 0.20 direct labor-hours at a cost of $9.50 per hour.
1. According to the standards, what direct labor cost should have been incurred to prepare 6,000 meals? How much does this differ from the actual direct labor cost?
2. Break down the difference computed in (1) above into a labor efficiency variance and a labor rate variance.
5.Sonne Company produces a perfume called Whim. The direct materials and direct labor standards for one bottle of Whim are given below:
|Standard Quantity Of Hours||Standard Price or rate||Standard Cost|
|Direct Materials||7.2 ounces||$2.50 per ounce||$18.00|
|Direct labour||0.4 hours||$10.00 per hour||$4.00|
During the most recent month, the following activity was recorded:
1. Twenty thousand ounces of material were purchased at a cost of $2.40 per ounce.
2. All of the material was used to produce 2,500 bottles of Whim.
3. Nine hundred hours of direct labor time were recorded at a total labor cost of $10,800.
Answer the following:
1. Compute the direct materials quantity and price variances for the month.
2. Compute the direct labor efficiency and rate variances for the month.
Refer to the information above. Assume that instead of producing 2,500 bottles of Whim during the month, the company produced only 2,000 bottles using 16,000 ounces of material. (The rest of the material purchased remained in raw materials inventory.)
Compute the direct materials quantity and price variances for the month.
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