Problem 1: Bowie Sporting Goods manufactures sleeping bags. The manufacturing standards per sleeping bag, based on 5,000 sleeping bags per month, are as follows:
Direct material of 4.00 yards at $5.50 per yard
Direct labor of 3.00 hours at $18.00 per hour
Overhead applied per sleeping bag at $18
In the month of April, the company actually produced 5,100 sleeping bags using 26,800 yards of material at a cost of $5.30 per yard. The labor used was 12,250 hours at an average rate of $16.50 per hour. The actual overhead spending was $96,200.
Required: Determine the labor quantity variance and round to the nearest whole dollar. Enter a favorable variance as a negative number. Enter an unfavorable variance as a positive number.
Problem 2: Selected financial information for the Adelphi Company for the fiscal years ended December 31, 2018 and 2017 follows.
|
|
2018
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2017
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|
Cash balance
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$113,500
|
$37,500
|
|
Net income
|
142,500
|
162,000
|
|
Depreciation Expense
|
42,000
|
35,000
|
|
Purchase of Plant Assets
|
135,000
|
125,000
|
|
Disposal of Plant Assets
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40,000
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50,000
|
|
Gain (Loss) on Disposal of Plant Assets
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-10,000
|
5,000
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|
Accounts Receivable Balance
|
64,500
|
58,000
|
|
Accounts Payable Balance
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42,000
|
39,000
|
|
Interest Expense
|
8,000
|
6,000
|
|
Income Taxes Paid
|
35,000
|
28,000
|
|
Dividends Paid
|
30,000
|
25,000
|
|
Common Stock Issued for Cash
|
20,000
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0
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Required: Create a cash flow statement using the indirect method. Properly title the statement.
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