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MATERIALS AND LABOR VARIANCES
At the beginning of the year, Shults Company had the following standard cost sheet for one of its plastic products:
Direct materials (5 lbs. @ $4.00)
$20.00
Direct labor (2 hrs. @ $11.25)
22.50
Standard prime cost per unit
$42.50
The actual results for the year are as follows:
a. Units produced: 175,000.
b. Materials purchased: 930,000 pounds @ $4.10.
c. Materials used: 925,000 pounds.
d. Direct labor: 362,500 hours @ $11.15.
Required:
1. Compute price and usage variances for materials.
2. Compute the labor rate and labor efficiency variances.
What is the posterior probability of success given a favourable survey result and what is the maximum the firm should be willing to pay for the market survey?
Discussion #4: Internal Controls The following is an excerpt from a conversation between two sales clerks, Craig Rice and Jill Allen. Craig and Jill are employed by Ogden Electronics, a locally owned and operated electronics retail store.
In Exercise 16-6, Changes in current asset and current liability accounts for the year that relate to operations
Manufacturing overhead was applied to jobs. The actual level of activity for the year was 34,000 machine-hours.
Prepare journal entries that summarize the sales and any aspects of the warranty for 2011 and the warranty for 2012.
Outsourcing these additional functions would mean that BKFin would not need either an e-mail information technology staff member or the separate virus protection license. Should CEO Wise outsource these extra services to Mail?
3. Overhead and administrative expense budget schedule for the month of June.
Spiele Inc. manufactures and sells various software packages - Games, Business Applications and Creative Suites. Budget and actual information for the period are presented in the table.
you have just been hired as a management trainee by cravat sales company a nationwide distributor of a designers silk
Sixty percent of the customers of a fast food chain order the whopper, French fries and a drink. If a random sample of 15 register receipts is selected, what is the probability that 10 or more will show that the above three food items were ordered?
The Dallas plant manager's office costs were $97,530 actual and $93,440 budget. The vice president of production's office costs were $135,950 actual and $132,660 budget. Office costs are not allocated to departments and plants.
Read the attached article, published by AccountingWeb, in Appendix A about Tesco plc, a UK supermarket chain with interests throughout Asia, and read Note 12 to the financial statements on Property, Plant and Equipment.
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