# Gac04 Quiz 4

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Question 1: Score 0/1 Your response Correct response P16-37 Find Missing Data for Profit Variance Analysis (L. O.4) Find the values of the missing items. Assume that the actual sales volume equals actual production volume. (There are no inventory level changes.) (Input all amounts as positive values. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Do not round your interim calculations. Round your cost per unit answers to 2 decimal places. Omit the "\$" sign in your response.) Reported Income Statement (1,600 units) Manufacturing Variance Marketing and Administrative Variance Sales Price variance (b) Flexible Budget (a units) Sales Activity…show more content…
5) Information about Clearwater Company's direct materials cost follows: Standard price per materials ounce \$ 100 Actual quantity used 8,700 grams Standard quantity allowed for production 9,100 grams Price variance \$ 76,125 F ________________________________________ Required: What was the actual purchase price per gram? (Round your answer to 2 decimal places. Omit the "\$" sign in your response.) Actual purchase price \$ (0%) P16-43 Direct Materials (L.O. 5) Information about Clearwater Company's direct materials cost follows: Standard price per materials ounce \$ 100 Actual quantity used 8,700 grams Standard quantity allowed for production 9,100 grams Price variance \$ 76,125 F ________________________________________ Required: What was the actual purchase price per gram? (Round your answer to 2 decimal places. Omit the "\$" sign in your response.) Actual purchase price \$ 91.25 Total grade: 0.0×1/1 = 0% Feedback: Actual Costs = AP × 8,700 Actual Inputs at Standard Price = \$100 × 8,700 =\$870,000 Price Variance = \$76,125 F 8,700 × AP = \$870,000 – \$76,125 AP = \$91.25 ________________________________________ Question 3: Score…show more content…
5, 6) Lima Parts, Inc., shows the following overhead information for the current period: Actual overhead incurred \$ 29,400 2/3 of which is variable Budgeted fixed overhead \$ 8,640 per hour Standard variable overhead rate per direct labor-hour \$ 9.00 Standard hours allowed for actual production 2,350 hours Actual labor-hours used 2,200 hours ________________________________________ Required: What are the variable overhead price and efficiency variances and fixed overhead price variance? (Input all amounts as positive values. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Omit the "\$" sign in your response.) Amounts Variable overhead: Price variance \$ (0%) (0%) Efficiency variance \$ (0%) (0%) Fixed overhead: Price variance \$ (0%) (0%) ________________________________________ P16-45 Overhead Variances (L.O. 5, 6) Lima Parts, Inc., shows the following overhead information for the current period: Actual overhead incurred \$ 29,400 2/3 of which is variable Budgeted fixed overhead \$ 8,640 per