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Labor Rate and Efficiency Variances Keck Company's direct labor costs to manufacture its only product in October follow:
Standard direct labor hours per unit of product
1.5
Number of finished units produced
10,000
Standard wage rate per direct labor hour
$16
Total payroll for direct labor
$207,000
Wage paid per direct labor hour
$18
Differences in hourly wage rates reflect skill levels of workers.
Required: Determine the following for October:
1. Direct labor rate variance.
2. Direct labor efficiency variance.
3. Production manager's performance in managing direct labor costs.
Suppose the S&P 500 Index portfolio pays a dividend yield of 2% annually. The index currently is 1,200. The T-bill rate is 3%, and the S&P futures price for delivery in one year is $1,233. Construct an arbitrage strategy to exploit the mispricing and..
The journal entries related to this transaction using the gross method of recording purchases - record the journal entries related to this transaction using the net method of recording purchases.
Franco Electronics currently sells a camera for $310. An aggressive competitor has announced plans for a similar product that will be sold for $240. Franco's marketing department believes that if the price is dropped to meet competition, unit sales w..
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Eisler Corporation issued 2,300 $1,000 bonds at 103. Each bond was issued with one detachable stock warrant. After issuance, the bonds were selling in the market at 99, and the warrants had a market price of $41. Use the proportional method to record..
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Product Y sales were $40,000 and its variable expenses were $9,850. The company's fixed expenses were $48,310. What is the company's overall break-even point?
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