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Materials mix variance: It can be described as that portion of direct material usage variance which is the variation between the actual quantities of ingredients used in a mixture at standard price and the entire quantity of ingredients used at the weighted average price for each unit of ingredients as displayed by the standard cost sheet.
MMV = Standard Price (Standard Quantity - Actual Quantity)
(or) when standard is revised because of the shortage of a particular type of material
MMV = Standard Price (Revised Standard Quantity - Actual Quantity)
Where Revised standard quantity = Total weight of actual mix x Standard quantity
Total weight of standard mix
The credit term from the supplier is 2/30, net 60. Requirements: Write the calculation Determine the effective annual rate if the firm does not take the discount.
(a) (i) Conversion Value Conversion Value = Conversion Ratio * Stock Price = 22*$40 = $880 (ii) Market Conversion Price Market Conversion Price =
Direct Material Usage Variance Refers to the difference among the actual quantity utilized and the standard quantity particular for the actual production, all valued at the st
The following information is available for Whitlock Corporation in millions average common stockholders equity 2014-$2,532 2013-$2,591 dividends declared for common stockholders 20
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STANDARD COSTING STANDARD COSTING is a method, which uses standards for costs and revenues for the idea of control by variance analysis. It can be used either through operation
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.
Savage Distribution markets CDs of performing artist Little Sister. At the beginning of October, Savage had in beginning inventory 1,200 Little Sister's CDs with a unit cost of $5
explain the various classes of costs
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