problem 20 3 p620kolb company prepared its income statements for the current year us 4527162

Problem 20-3 p620Kolb Company prepared its income statements for the current year using three alternative cost accounting systems as follows:Required:Explain your answers to the following questions:• a. Match the following cost systems with alternatives A, B, and C: (1) standard full cost system; (2) actual absorption cost system; and (3) actual variable cost system.• b. How much, if any, of the factory overhead cost was variable?• c. What was the actual factory overhead cost incurred for the year?• d. What were the nonfactory costs incurred for the year?• e. What percentage was actual factory volume for the year to normal factory volume?• f. Which of the alternative statements was not prepared in accordance with generally accepted accounting principles?• g. How did actual direct material cost compare with planned direct material cost?• Problem 21-2 p643Problem 21–2.The Bradley Company has just completed its first year of operations. A condensed income statement follows, showing actual and standard amounts and the variances:Required:The president of Bradley Company has asked you as controller for the following data:• a. How much of the variance in income was due to the fact that we sold less than expected of Product B and more of Product A?• b. What would have happened to income if we had produced the number of units expected?657 658• c. What would have happened to the total gross margin variance if we had sold the number of units of both A and B that we expected to sell, but at the actual selling prices per unit?• d. What is the variance due to the fact that actual selling prices were less than expected? (Product A sold for $5.50 per unit.)

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