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Ivanhoe Zone Corporation experienced the following variances: materials price $360 U, materials quantity $1,770 F, labor price
$830 F, labor quantity $520 F, and total overhead $1,250 U. Sales revenue was $95,800, and cost of goods sold (at standard) was
$53,700.
Determine the actual gross pro�t.
Actual gross pro�t $
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In October, Pine Company reports 19,300 actual direct labor hours, and it incurs $121,900 of manufacturing overhead costs.
Standard hours allowed for the work done is 23,000 hours. The predetermined overhead rate is $5.35 per direct labor hour.
Compute the total overhead variance.
Total Overhead Variance $
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Debra Company uses both standards and budgets. For the year, estimated production of Product
X is 508,000 units. Total estimated cost for materials and labor are $1,066,800 and $1,422,400
respectively.
Compute the estimates for (a) a standard cost and (b) a budgeted cost. (Round standard costs to 2
decimal places, e.g. 1.25.)
Materials Labor
(a) Standard cost $ $
(b) Budgeted cost $ $
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Sandra Company accumulates the following data concerning raw materials in making its �nished
product. (1) Price per pound of raw materials is net purchase price $3.30, freight-in $0.7, and
receiving and handling $0.4. (2) Quantity per gallon of �nished product is required materials 3.7
pounds and allowance for waste and spoilage 0.8 pounds.
Compute the following. (Round answers to 2 decimal places, e.g. 1.25.)
(a)
Standard direct materials price per pound of
raw materials.
$
(b) Standard direct materials quantity per gallon. pounds
(c) Total standard materials cost per gallon. $
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Cullumber Oil Company is considering investing in a new oil well. It is expected that the oil well will increase annual revenues by
$120,690 and will increase annual expenses by $68,000 including depreciation. The oil well will cost $468,000 and will have a
$11,000 salvage value at the end of its 10-year useful life. Calculate the annual rate of return. (Round answer to 0 decimal places,
e.g. 13%.)
Annual rate of return %
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Sunland Company’s standard materials cost per unit of output is $10.50 (2.50 pounds x $4.20). During July, the company
purchases and uses 2,700 pounds of materials costing $14,580 in making 1,200 units of �nished product.
Compute the total, price, and quantity materials variances. (Round per unit values to 2 decimal places, e.g. 52.75 and �nal answers to 0
decimal places, e.g. 52.)
Total materials variance $
Materials price variance $
Materials quantity variance $
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Sandhill Company is considering purchasing new equipment for $578,500. It is expected that the equipment will produce net
annual cash �ows of $65,000 over its 10-year useful life. Annual depreciation will be $57,850. Compute the cash payback period.
(Round answer to 1 decimal place, e.g. 10.5.)
Cash payback period years
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Pharoah Company accumulates the following data concerning a proposed capital investment: cash cost $204,400, net annual cash
�ows $35,000, and present value factor of cash in�ows for 10 years is 6.14 (rounded). (If the net present value is negative, use either
a negative sign preceding the number eg -45 or parentheses eg (45).)
Determine the net present value, and indicate whether the investment should be made.
Net present value $
The investment be made.
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Journalize the following transactions for Pharoah Company.
(a) Purchased 6,000 units of raw materials on account for $11,160. The standard cost was $12,000.
(b) Issued 5,780 units of raw materials for production. The standard units were 5,950.
(List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent
manually.)
No. Account Titles and Explanation Debit Credit
(a)
(b)
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Crane’s Custom Construction Company is considering three new projects, each requiring an equipment investment of $22,440.
Each project will last for 3 years and produce the following net annual cash �ows.
Year AA BB CC
1 $7,140 $10,200 $13,260
2 9,180 10,200 12,240
3 12,240 10,200 11,220
Total $28,560 $30,600 $36,720
The equipment’s salvage value is zero, and Crane uses straight-line depreciation. Crane will not accept any project with a cash
payback period over 2 years. Crane’s required rate of return is 12%. Click here to view PV table.
(a)
Compute each project’s payback period. (Round answers to 2 decimal places, e.g. 15.25.)
AA years
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BB years
CC years
Which is the most desirable project?
The most desirable project based on payback period is
Which is the least desirable project?
The least desirable project based on payback period is
(b)
Compute the net present value of each project. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or
parentheses e.g. (45). Round �nal answers to the nearest whole dollar, e.g. 5,275. For calculation purposes, use 5 decimal places as
displayed in the factor table provided.)
AA $
BB $
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CC $
Which is the most desirable project based on net present value?
The most desirable project based on net present value is .
Which is the least desirable project based on net present value?
The least desirable project based on net present value is .
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