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Explorer, Inc., manufactures lanterns for camping. The company's direct labor rates have been set by the terms of the current labor contract. Direct labor rate standards have been assigned for each job classification. In May 20xx, a young apprentice was being trained during regular working hours to become a machine operator on one of the turret lathes. A timekeeper determined that the apprentice had spent a total of 48 hours as a novice machine operator in May. Standard time for the same work output is 32 hours. The apprentice earned $6.25 per hour in May. The standard direct labor rate for machine operators working on turret lathes is $10 per hour.
From the data provided, determine the direct labor efficiency variance and the direct labor rate variance that resulted from the temporary substitution of the apprentice for the regular machine operator. (Note that, according to the labor contract, the apprentice is not entitled to the same rate as a regular machine operator during the training period.)
According to the textbook author, potential investors need information that is: a) relevant and reliable. b) fair and future-oriented. c) accurate and truthful. d) audited and complete.
Last year, Katt Co. reduced the carrying amount of its long-lived assets used in operations from 120,000 to 100,000, in connection with its annual impairment review. During the current year, Katt determined that the fair value of the same assets h..
How do you determine the filing date and extended filing date for income tax returns?
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Brown Enterprises' bonds currently sell for $1,025. They have a 9-year maturity, an annual coupon of $80, and a par value of $1,000. What is their yield to maturity?
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Prepare the journal entries that should be made to record the expenditure of $100,000 on activities related to the legal assistance program. Prepare the journal entries that should be made upon receipt of the $100,000 check, assuming that it was r..
if the sales manager accepts a rush order that will result in higher than normal manufacturing costs, these additional costs are charged to the sales manager because the authority to accept or decline the rush order was given to the sales manager...
In the current year, David and Debbie Wayland, both successful physicians, made cash investment for a limited partnership interest in a California berry farm. In addition to the cash obtained from the investors-Identify the tax issues facing the W..
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Internal users of accounting information include: Of the following accounts, the one which normally has the credit balance is:
Assuming that the trend of sales indicated in part (1) is to continue in 2009, compute the unit sales volume to be used for preparing the sales budget for the year ending December 31, 2009. Place your answer in a columnar table similar to that in ..
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