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McDaniel Company manufactures 100-pound bags of fertilizer that have the following unit standard costs for direct materials and direct labor:
Direct Materials (100 lbs. @ $1.00 per lb.) $100.00Direct Labor (0.5 hours at $24 per hours ) $12.00Total Standard prime Cost per 100 lb. bag $112.00The following activities were recorder for October:• 1,000 bags were manufactured.• 95,000 lbs. of materials costing $76,000 were purchased.• 102,500 lbs. of materials were used.• $12,000 was paid for 475 hours of direct labor.There were no beginning or ending work-in-process inventories.Required:A) Compute the direct material variances.What is the Material Price Variance? Favorable or unfavorable?What is the Material Usage Variance? Favorable or unfavorable?Show Work for each.B) Compute the Direct Labor Variances.What is the labor rate variance? Favorable or unfavorable?What is the Labor efficiency variance? Favorable or unfavorable?Show work for each.C) C. Give possible reasons for the occurrence of each of the preceding variances.
. Which of the following is a reason why traditional product costing techniques have become obsolete in a lean operating environment? a. More complex accounting is required in a le
Devprop Leasing Co.is an industrial property development company, that typically develops warehouse and industrial complexes in new or underdeveloped areas, operates these complexe
You are the manager of a firm that sells output at a price of $40 per unit. You are interested in hiring a new worker who will increase your firm's output by 2,000 units per year.
Relationship among Financial Accounting and Cost Accounting The difference among management and cost accounting may be highlighted by using a number of questions namely as;
Job Costing This is a costing method that is applied when a job or cost unit is relatively of small size, is undertaken to fit the customer's specifications and is of compara
Integrated Ledger System An integrated account ledger system, which has a number of features that may be viewed as preferable to the interlocking ledger system. In present dec
Cost Units - Terms Used in Cost Accounting It is the quantitative units of the service or product in relation to those costs are ascertained. The cost unit will be determined
for the year ended31st dec 2008manufacturing accountshowing costof row material,manufacturing expenses and the cost of goods manufactured& tradind account where stock of row mater
what is traditional costing system
Igor and Angela were married in 2005, separated in 2011, and divorced recently. At the time of marriage, each had some investments and personal assets. They both worked during the
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