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Problem - Wright Industry Inc. uses a standard cost system in which direct materials inventory is carried at standard cost. Wright has established the following standards for the prime costs of one unit of products.
Standard Qty
Standard Price
Standard Cost/unit
Direct material
8 pounds
$1.80 per pound
$14.40
Direct labor
0.25 hour
$8 per hour
$2.00
Variable overhead
0.5 hours
$2 per hour
During May, the company purchased 160,000 pounds of direct material at a total cost of $304,000. The total direct labor wages for May were $37,800. Wright manufacturing 19,000 units of product using 142,500 pounds of direct material and 5,000 direct labor-hours.
a) Calculate the materials price variance.
b) Calculate the materials quantity variance.
c) Calculate the direct labor rate variance.
d) Calculate the direct labor efficiency variance.
Write about the financial efficiency of Bupa company and Compare and contrast the financial statement of (Bupa company) for 2 yesrs 2011 and 2012 in terms of managerial accounting principles
Discuss the role of management accounting in an organisation - Discuss the FIFO (First In First Out) and LIFO (Last In First Out) methods of inventory valuation making comparisons between them.
The make or buy decision In addition to the product cost information for Lakeside, Inc., in Mini Exercise 16.1, product engineering has determined that a certain part of the product conversion process could be outsourced.
Human rights groups, environmental activists, and other interest groups concerned with unethical business practices have often conducted publicity campaigns against various corporations that those groups feel have engaged in unethical practices.
Compute the per unit product costs for each of the four products. Compute this cost using ABC allocation for overhead. Show the computation for each per unit product cost in detail.
The two opposing forces- cost reduction and adaption to local markets- that firms face when entering international markets
1. create journal entries for each transaction.2. using the journal entries as a guide show whether every transaction
Note that under kill costing, the company is showing a substantial loss in 2011. Based on the limited information available, does it appear that the company should get out of the tractor business?
What, then, is the need for an additional financial statement that reports cash flows?
Compute the overhead cost per unit for each product. Production is 700,000 units of Budget and 200,000 units of Deluxe. Round your answer to the nearest cent.
Compute break-even at each level and Is the company likely to achieve its desired target profit of $4,000,000 or more? Support your discussion with financi alanalysis.
What are the two major factors in the authors' framework? How can the framework be used by managers as part of a comprehensive management accounting and control system?
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