Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. how to calcutate adjustment for production-volume

How to calcutate adjustment for production-volume variance? And how do you identify if it's favorable...

60.1K

Verified Solution

Question

Accounting

How to calcutate adjustment for production-volume variance? And how do you identify if it's favorable or unfavorable?
Champion Motors assembles and sells motor vehicles and uses standard costing. Actual data relating to April and May 2020 are as follows:
(Click the icon to view the data.) Any production-volume variance is written off to cost of goods sold in the month in which it occurs.
Read the requirements. balance accounts. Label any variances as favorable (F) or unfavorable (U). If an account does not have a variance, do not select a label.)
April 2020
May 2020
\table[[Revenues,],[Cost of goods sold:,],[Beginning inventory,],[Variable manufacturing costs,],[Cost of goods available for sale,],[Deduct ending inventory,],[Adjustment for production-volume variance,],[Cost of goods sold,],[Gross margin,]]
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Example 9 When light of wavelength 5000A in vacuum travels through same thickness in glass...

Physics
Q

uestion Express tan K as a fraction in simplest terms L 47 M 17 K

Geometry
Q

a Odecagonal prism Odecagonal pyramid hexagonal prism Ohexagonal pyramid O octagonal prism b O O...

Geometry
Q

The U.S. Post Office is interested in estimating the mean weight of packages shipped using...

Basic Math
Q

47 Describe the graph of the equation r cos 8 2 A a line perpendicular...

Calculus
Q

Consider the following function v x 3 x 4 2 Step 1 of 4 Determine...

Algebra
Q

Markus Companys common stock sold for $2.75 per share at the end of this year....

Accounting
Q

Pennington Company has a balance in its Accounts Payable control account of $9,250 on January...

Accounting
Q

Break-Even for a Service Firm Variable costs for the plants, fertilizer, pots, and other supplies...

Accounting
Q

Mastery Problem: Capital Investment Analysis HomeGrown Company HomeGrown Company is a chain of...

Accounting
Q

7 100 - $ 0.0 123 run 1. The firm's records indicate that Check 1316...

Accounting
Q

Currently the May 15th at-the-money call option on company XYZ with a strike price of...

Finance