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Sharp Company manufactures a product for which the following standards have been set: Standard Quantity or Hours Sta…
1. Materials quantity variance =(Actual quantity-Standard quantity)*Standard price 4,500 =[Actual quantity-(3,200*3)]*$5 Actuai quantity- 9,600 = $4,500/$5 Actual quantity - 9,600 =900 Actual quantity =9,600 + 900 Actual quantity =10,500 feet Actual cost per foot= $55,650/10,500 Actual cost per footRead more
1.
Materials quantity variance =(Actual quantity-Standard quantity)*Standard price
4,500 =[Actual quantity-(3,200*3)]*$5
Actuai quantity- 9,600 = $4,500/$5
Actual quantity – 9,600 =900
Actual quantity =9,600 + 900
Actual quantity =10,500 feet
Actual cost per foot= $55,650/10,500
Actual cost per foot= $5.3 per foot.
Material price variance = (Actual price-Standard price)*Actual quantity
Material price variance = ($5.3-$5)*10,500.
Material price variance = $3,150 Unfavorable
Material Spending variance =( Actual price*Actual Quantity)- (Standard Price*Standard Quantity)
Material spending variance = ($5.3*10,500)-($5*9,600))
Material spending variance = $55,650-$48,000.
Material spending variance = $7,650 Unfavorable
2)
Labor rate variance = Labor spending variance – Labor efficiency variance
Labor rate variance = $3,150 – $700,
Labor rate variance =$2,450 Unfavorable
Labor rate variance = (Actual rate*Actual hours)- (Standard rate*Actual hours)
$2,450 =Actual labor cost -(Standard rate*4,900)
Standard rate*4,900 = $36,750-$2,450
Standard rate*4,900 = $34,300
Standard rate = $34,300/4,900
Standard direct labor rate = $7 per hour
Labor efficiency variance = (Actual hours – Standard hours)*Standard rate
$700 = (4,900-Standard hours)*$7
4,900-Standard hours = $700/$7
4.900-Standard hours =100
Standard hours =4,900 -100
Standard hours allowed for the month’s production =4,800 hours
Standard hours allowed per unít of product =4,800/3,200
See lessStandard hours allowed per unit of product = 1.5 hours
Laker Company reported the following January purchases and sales data for its only product.
Kohler Corporation reports the following components of stockholders equity on December 31, 2013
Construct a confidence interval of the population proportion at the given level of confidence. x =…
Which items are miscategorized?
Balance Sheet Liabilities B. Prepaid expenses C. Accounts Receivable A. Accounts Payable D. Accrued expenses E. Unearned revenue F. Long-term debt
C. Accounts Receivable
D. Accrued expenses
E. Unearned revenue
F. Long-term debt
Assume that the following cost data are for a purely competitive producer
Classify each of the following based on the macroeconomic definitions of saving and investment.
1. Purchase of bulldozers to the construction company could be an instance of an investment. It's a loss in financial terms but it can be profitable for the company, and it can still be an investment worth considering. 2. Save because he will receive dividends from the stock. 3. The construction ofRead more
1. Purchase of bulldozers to the construction company could be an instance of an investment. It’s a loss in financial terms but it can be profitable for the company, and it can still be an investment worth considering.
2. Save because he will receive dividends from the stock.
3. The construction of a brand modern cabin can be an illustration of an investment. Constructions are depreciated and don’t guarantee to earn a profit.
See lessMenlo Company distributes a single product. The company’s sales and expenses for last month follow
Westerville company reported the following results from last year’s operations
Which of these are good ways to find a buyer’s agent?