Dawn Mining Company mines selum, a commonly used material. The following i pany's report of its operations: wn Mining Company port of Operations the years ended December 31, 2008 and 2007
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Variance Analysis
In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.
Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
Using 6-way
1. Sales volume variance
2. Price factor
3. Price-Quantity factor
Format: 111,111 U or 111,111 F
Step by step
Solved in 2 steps
- Franklin Corporation operates three investment centers. The following financial statements apply to the investment center named Bowman Division. BOWMAN DIVISION Income Statement For the Year Ended December 31, Year 2 $106,280 59,575 46,705 Sales revenue Cost of goods sold Gross margin Operating expenses Selling expenses Depreciation expense (2,650) (4,015) 40,040 Operating income Nonoperating item ( 4,900) $ 35,140 Loss on sale of land Net income BOWMAN DIVISION Balance Sheet As of December 31, Year 2 Assets Cash $ 12,592 Accounts receivable Merchandise inventory Equipment less accumulated depreciation Nonoperating assets 40,456 37,100 90,358 9,700 Total assets $190,206 Liabilities $ 9,567 Accounts payable Notes payable Stockholders' equity 64,000 78,000 38,639 Common stock Retained earnings Total liabilities and stockholder's equity $190,206The following are financial data taken from the annual report of Foundotos Company: Year 2 $134,448 51,981 37,154 57,504 Net sales Gross property, plant and equipment Accumulated depreciation Intangible assets (net) A. Calculate the following ratios for Year 1 and Year 2: 1. Fixed asset turnover 2. Accumulated depreciation divided-by-gross fixed assets B. What do the trends in these ratios reveal about Foundotos? Year 1 $130,060 47,744 34,180 36,276In its income statement for the year ended December 31, 2022, Wildhorse Co. reported the following condensed data. Operating expenses $ 726,000 Interest revenue $ 39,000 Cost of goods sold 1,262,000 Loss on disposal of plant assets 23,000 Interest expense 75,000 Net sales 2,205,000 Income tax expense 51,000 Other comprehensive income (net of $1,200 tax) 8,900 I have to find a Income statement as well as a Comprehensive income, statement is needed, and I am confused.
- Required information [The following information applies to the questions displayed below.] Last Chance Mine (LCM) purchased a coal deposit for $1,667,600. It estimated it would extract 18,950 tons of coal from the deposit. LCM mined the coal and sold it, reporting gross receipts of $1.32 million, $5 million, and $4.1 million for years 1 through 3, respectively. During years 1-3, LCM reported net income (loss) from the coal deposit activity in the amount of ($17,500), $702,500, and $695,000, respectively. In years 1-3, LCM extracted 19,950 tons of coal as follows: (1) Tons of Coal 18,950 Depletion (2) Basis (2)+(1) Rate $1,667,600 $88.00 Year 3 Year 1 4,800 6,000 Note: Leave no answer blank. Enter zero if applicable. Enter your answers in dollars and not in millions of dollars. Tons Extracted per Year Year 2 9,150 b. What is LCM's percentage depletion for each year (the applicable percentage for coal is 10 percent)? Year 1 Year 2 Year 3 Percentage DepletionAneko Company reports the following: net sales of $17,500 for Year 2 and $16,625 for Year 1; end-of-year total assets of $18,000 for Year 2 and $16,500 for Year 1. 1. Compute its total asset turnover for Year 2. 2. Aneko's competitor has a turnover of 2.0. Is Aneko performing better or worse than its competitor based on total asset turnover? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute its total asset turnover for Year 2. Choose Numerator: 1 1 1 Total asset turnover Choose Denominator: = = = Total asset turnover Total asset turnover timesRequired information. [The following information applies to the questions displayed below.) Last Chance Mine (LCM) purchased a coal deposit for $2,305,050. It estimated it would extract 18,150 tons of coal from the deposit. LCM mined the coal and sold it, reporting gross receipts of $1.18 million, $4.5 million, and $3.3 million for years 1 through 3, respectively. During years 1-3, LCM reported net income (loss) from the coal deposit activity in the amount of ($11,500), $737,500, and $647,500, respectively. In years 1-3, LCM extracted 19,150 tons of coal as follows: (1) Tons of Coal (2) Banis $2,305,050 Depletion (2)/(1) Rate $127.00 Tons Extracted per Year Year 1 2,300 Year 2 11,350 Year 3 5,500 18.150 Note: Leave no answer blank. Enter zero if applicable. Enter your answers in dollars and not in millions of dollars. c. Using the cost and percentage depletion computations from parts (a) and (b), what is LCM's actual depletion expense for each year? Answer is complete but not entirely…
- Y plc's income statement for the year ended 31 December 2012 and statements of financial position as at 31 December 2011 and 31 December 2012 were as follows: Y plc - Income statement for the year ended 31 December 2012 £’000 £’000 Sales revenue 360 Raw materials consumed (35) Staff costs (47) Depreciation (59) Loss on disposal of machinery (9) (150) Operating profit 210 Interest payable (14) Profit before tax 196 Income tax expense (62) Profit after tax 134 Y plc – Statement of Financial Position as at 31 December 2012 2012 2011 2011 £'000 £'000 £'000 £'000 Non-current assets Cost 798 780 Depreciation (159) (112) 639 668 Current asset Inventory 12 10 Trade receivables 33 25 Bank 24 28 69 63 708 731 Equity and liabilities Share capital 180 170 Share premium 18 12 Retained earnings 358 257 556 439 Non-current…Below are the income statement items from Bertha Company for the year end December 31, 2014 Sales revenue $5,400,000 Cost of goods sold $2,300,000 Interest revenue $30,000 Loan from abandonment of plant assets Gain from extinguishment of debt Unrealized holding loss on an available for sale investment, net of $90,000 $56,000 tax $24,000 Selling expenses Administrative expenses Effect of change in estimated useful lives of fixed assets Loss from earthquake (unusual and infrequent) Gain on disposal of a component of Bertha's business $580,000 $380,000 $70,000 $60,000 $100,000 Instructions:The financial statements of Columbia Sportswear Company are presented in Appendix B. Click here to view Appendix B. The financial statements of Under Armour, Inc. are presented in Appendix C. Click here to view Appendix C. The complete annual report, including the notes to the financial statements, is available at the company's website. (b) What conclusions concerning the management of plant assets can be drawn from these data? 1. 2. 3. Return on assets Profit margin Asset turnover Columbia Sportswear Company 12.0% 9.8% 1.22 times Under Armour, Inc. -1.1% -0.9% 1.26 times
- Required information [The following information applies to the questions displayed below.] Last Chance Mine (LCM) purchased a coal deposit for $750,000. It estimated it would extract 12.000 tons of coal from the deposit. LCM mined the coal and sold it, reporting gross receipts of $1 million, $3 million, and $2 million for years 1 through 3, respectively. During years 1-3, LCM reported net income (loss) from the coal deposit activity in the amount of ($20,000). $500,000, and $450,000, respectively. In years 1-3, LCM actually extracted 13,000 tons of coal as follows: (Leave no answer blank. Enter zero if applicable. Enter your answers in dollars and not in millions of dollars.) (3) Tons of Coal 12,000 Year 1 2 3 Depletion (2) (2)/(1) Basis Rate $750,000 $62.50 Tons Extracted per Year Year 1 Year 21 Year 3 2,000 7,200 3,800 b. What is LCM's percentage depletion for each year (the applicable percentage for coal is 10 percent)? Percentage DepletionRequired information [The following information applies to the questions displayed below.] Last Chance Mine (LCM) purchased a coal deposit for $750,000. It estimated it would extract 12,000 tons of coal from the deposit. LCM mined the coal and sold it, reporting gross receipts of $1 million, $3 million, and $2 million for years 1 through 3, respectively. During years 1–3, LCM reported net income (loss) from the coal deposit activity in the amount of ($20,000), $500,000, and $450,000, respectively. In years 1–3, LCM actually extracted 13,000 tons of coal as follows: (Leave no answer blank. Enter zero if applicable. Enter your answers in dollars and not in millions of dollars.) (1) (2) Depletion (2)/(1) Tons Extracted per Year Tons of Coal Basis Rate Year 1 Year 2 Year 3 12,000 $750,000 $62.50 2,000 7,200 3,800 b. What is LCM's percentage depletion for each year (the applicable percentage for coal is 10 percent)?The alphabetical list of items that may be relevant in the preparation of a statement of profit or loss of Yemiteh Corporation is provided below: Decrease in inventories of finished goods and work in progress P107,900 Depreciation expense 17,000 Employee benefits expense 43,000 Finance costs 18,000 Income tax expense 32,000 Other expenses 5,500 Other income 11,300 Raw material and consumables used 92,000 Revenue 355,000 Share of profit of associates 30,100 Work performed by the entity and capitalized 15,000 The profit for the year is