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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.
Define the concept of opportunity cost in your own words. Given an example from your own life of the opportunity cost of a decision (do NOT use classroom examples). Explain why o
Superior Door Company sells pre-hung doors to home builders. The doors are sold for $60 each. Variable costs are $42 per door and fixed costs total $450,000 per year. The company i
Baka Corporation applies manufacturing overhead on the basis of direct labor-hours. At the beginning of the most recent year, the company based its predetermined overhead rate on t
Determine When to Stock It will be influence with the inventory system in place as given: 1. Periodic order system. The firm obtains a new order of the amo
I'm having a hard time with this, can you please help? I know the dates are imparative also in finding the solution. Stevens purchased an auto on Jan 1, 2001. On December 31, 2003
Flying High Company manufactures model airplanes. During the month, it manufactured 10,000 airplanes. Each one used an average of 6.5 direct labor hours and an average of 1.5 sheet
Advantages of Standard Costing 1. Management via Exception: the standard costing is an example for management via exception. By studying the variances, management's attentio
weekly working hour 48 , hourly wage rate 15$ , price rate per unit 6$ , normal time taken per piece 36 minuets , normal output per week 220 pieces , actual output per week 275 pie
types of operating costing
Consider the following two mutually exclusive projects: Whichever project you choose, if any, you require a 15 percent return on your investment. a. If you apply the payb
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