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Question The accountant for Daily Manufacturing compares each month's actual results with the monthly budget.The standard direct labour rates and the standard hours allowed based on expected labour output are as follows : Standard direct labour rate Standard direct labour hours per hour allowed Labour class 3 $25 2000 Labour class 2 $22 2000 Labour class1 $16 2000 A new union contract negotiated in March resulted in actual wage rates that were different from the standard rates. The actual wage rates paid and the actual direct labour hours worked for April were as follows: Actual direct labour rate Actual direct labour hours per hour Labour class 3 $26.20 2100 Labour class 2 $23.80 2350 Labour class 3 $16.80 1900 Required :
1. Calculate the following variances for April indicating
whether each is favourable or unfavourable: (a)Direct labour rate variance for each labour class (b)Direct labour efficiency variance for each labour class
2. Discuss the advantages and disadvantages of a standard costing system in which the standard direct labour rates per hour are not changed during the year to reflect events such as a new labour contract.
3.Construct an Excel or other spreadsheet to demonstrate how the solution to part 1 would change if the following information changes:the actual labour rates were $27.00, $22.90 and $17.00 for labour classes 3,2 and 1 respectively.
Create journal entries for each transaction. Using the journal entries as a guide, show whether every transaction would be handled as revenue or an expense using both the cash and accrual by completing the table provided.
Vernazza Pizza's owner bought his current pizza oven four years ago for $10,000 and it has one more year of life remaining. He is using straight-line depreciation for the oven.
On November 4, 2006, Blue Company acquired an asset (27.5-year residential real property) for $100,000 for use in its business. In 2006 and 2007 respectively
Pick a costing method: process, job, or activity based. Explain the nature of your chosen method. What types of organizations should choose that method?
The Doral Company manufactures and sells pens. Currently, 5,000,000 units are sold per year at $0.50 per unit. Fixed costs are $900,000 per year. Variable costs are $0.30 per unit.
Given: Selling price per unit, $20; total fixed expenses, $5,000; variable expenses per unit, $15. Find break-even sales in units.
H & R Block is a service company that prepares tax returns; Borders is a retail company that sells books and CDs; Indian Motorcycle Corporation is a manufacturing company that makes motorcycles.
Describe how the high-low method of cost estimation can be used in estimating the fixed cost component of a mixed cost in a business.
What is the profitability of Unfocused Books' three departments and what recommendations would you make to the owners?
Describe how the following affect the break-even point: increase or reduce in unit sales price, increase or reduce in variable cost per unit, increase or reduce in fixed costs.
Calculate the total contribution margin for 2000 and contribution margin percentage. Describe why the contribution margin differs from the gross margin.
Great Outdoze Company manufactures sleeping bags, which sell for $67.00 each. The variable costs of production are as follows: Calculate the product cost per sleeping bag under (a) absorption costing and (b) variable costing.
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