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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.
how does cost accounting differ from management accounting
1. The table below gives data for Southland where there are three consumption goods: bananas, coconuts and grapes. Goods Quantity in base period basket
Principles of Marginal Costing The principles of marginal costing are as given: 1. Period fixed costs are similar, for any volume of sales and production provided suc
#purchase price R45 order costs R175 lead time 6 days cost of capital (after taxation) 20% direct inventory holding costs R25 annual demand 8500 units business operational 330day p
the total (ie. aggregated) cashflows in respect to operations, with details of annual cash inflows & annual outflows in respect to operations, the total (ie. aggregated) cashflo
Direct material yield variance (MYV) : It has been described by the ICMA, London, as 'the variation between the standard yield of the actual material input and the actual yi
Download the financials of Shoprite , study them, then, using ratio analysis, the cash flow statement, and the segmental breakdown of the results, prepare a statement outlining the
Process Cost Report This is a commonly employed statement that traces the flow of units produced and costs incurred in the production process. The report is prepared for every
what are the accounting entries for interlocking and integrated systems of cost accounting?
On January 1, 2012, a machine was purchased for $197,100. The machine has an estimated salvage value of $13,140 and an estimated useful life of 5 years. The machine can operate for
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