Actual labor rate $16 per hour Actual materials price $160 per ton Standard labor rate $15.50 per hour Standard materials price $163 per ton Quantities Actual hours incurred and used 5,000 hours Actual quantity of materials purchased and used 1,700 tons Standard hours used 5,040 hours Standard quantity of materials used 1,675 tons (a) Compute the total, price, and quantity variances for materials and labor. Total materials variance $enter a dollar amount select an option Materials price variance $enter a dollar amount select an option Materials quantity variance $enter a dollar amount select an option Total labor variance $enter a dollar amount select an option Labor price variance $enter a dollar amount select an option Labor quantity variance

Answer:

Materials price variance $5,100 F

Materials quantity variance $4,075 U

Total labor variance $2,500 U

Labor price variance $620 F

Explanation:

a) Data and Calculations:

                                      Actual        Standard

Labor rate per hour       $16            $15.50

Material price per ton  $160          $163

Labor hours                5,000       5,040

Materials                      1,700        1,675

a) Total price variance for materials = Standard price per ton - Actual price per ton * Actual materials

= $163 - $160 * 1,700

= $5,100 F

b) Total quantity variance for materials = Standard quantity - Actual quantity * Standard price

= 1,675 - 1,700 * $163

= 25 * $163

= $4,075 U

c) Total price variance for labor = Standard rate per hour - Actual rate per hour * Actual labor hours

= $15.50 - $16 * 5,000

= -$0.50 * 5,000

= $2,500 U

d) Total quantity variance for labor = Standard labor hours - Actual labor hours * Standard rate

= 5,040 - 5,000 * $15.50

= $620 F

Bramble Corp. required production for June is 222000 units. To make one unit of finished product, three pounds of direct material Z are required. Actual beginning and desired ending inventories of direct material Z are 390000 and 420000 pounds, respectively. How many pounds of direct material Z must be purchased

The treasurer for Rahm Corp. was preparing a bank reconciliation as of September 30, 2017. The following items were identified: Rahm's book balance $32,800 Deposits in transit 4,300 Outstanding checks 2,200 Interest earned on checking account 100 Customer's NSF check returned by the bank 400 Rahm Corp.'s adjusted cash balance at September 30, 2017 is

Outline a research design using observation for each of the following situations:

a. A bank wishes to collect data on the number of customer services and the frequency of customer use of these services.
b. A state government wishes to determine the driving public's use of seat belts.
c. A researcher wishes to know how many women have been featured on Time covers over the years.
d. A human resource manager wants to know what salaries their key competitors are offering for some common positions.
e. A fast-food restaurant manger wishes to determine if they serve their customers as quickly as their competitors.
f. A magazine publisher wishes to determine exactly what people look at and what they pass over while reading one of its magazines.
g. An overnight package delivery service wishes to observe delivery workers beginning at the moment when they stop the truck, continuing through the delivery of the package, and ending when they return to the truck.

The sales tax in Massachusetts is 5%. Joanne bought a wood stove with a sales tax of $15. What was the cost of the wood stove before tax

in the month of march, chester received orders of 179 units at a price of $15.00 for their product clack, and in april receives an order for 45 units of their product clack at $15.00. chester uses the accrual method of accounting and offers 30 day credit terms. chester delivers 0 units in march, 179 units in april and 45 units in may. they received payment for 179 units in april, and payment for 45 units in may. how much revenue is recognized on the march income statement from this order

Riemer, Inc. has four departments. Information about these departments is listed below. Maintenance is a service department. If allocated maintenance cost is based on floor space occupied by each of the other departments, compute the amount of maintenance cost allocated to the Cutting Department.

Maintenance Cutting Assembly Packaging
Direct costs $20,000 $32,000 $72,000 $47,000
Sq. ft. of space 600 1,100 2,100 3,050
No. of employees 4 4 18 6

a. $3,520.
b. $5,000.
c. $20,000.
d. $3,874.

According to Gordon Tullock monopoly:_________

a. profits or rents are subject to rent seeking the welfare cost triangle
b. is subject to rent seeking X-inefficiency
c. is something that differentiates government monopolies from private monopolies
d. the theory of monopoly is superior to the theory of perfect competition

Capital budgeting is the process of analyzing: Group of answer choices Cash outflows only. Investments with certain outcomes only. Short-term investments. Operating revenues. Long-term investments.

Big Canyon Enterprises has bonds on the market making annual payments, with 16 years to maturity, a par value of $1,000, and a price of $957. At this price, the bonds yield 9 percent. What must the coupon rate be on the bonds

You're prepared to make monthly payments of $380, beginning at the end of this month, into an account that pays 5 percent interest compounded monthly. How many payments will you have made when your account balance reaches $24,391

Fothergill Company makes 40,000 units per year of a part it uses in the products it manufactures. The unit product cost of this part is computed as follows:
Direct materials $23.40
Direct labor 22.30
Variable manufacturing overhead 1.40
Fixed manufacturing overhead 24.60
Unit product cost $71.70
An outside supplier has offered to sell the company all of these parts it needs for $59.10 a unit. If the company accepts this offer, the facilities now being used to make the part could be used to make more units of a product that is in high demand. The additional contribution margin on this other product would be $390,000 per year. If the part were purchased from the outside supplier, all of the direct labor, direct materials and variable manufacturing overhead costs of the part would be avoided. However, $21.90 of the fixed manufacturing overhead cost being applied to the part would continue even if the part were purchased from the outside supplier. This fixed manufacturing overhead cost would be applied to the company's remaining products.
Required:
a. How much of the unit product cost of $71.70 is relevant in the decision of whether to make or buy the part?
b. What is the net total dollar advantage or (disadvantage) of purchasing the part rather than making it? (remember that the facility could be used to produce a different product if we purchased the parts from the outside).
c. What is the maximum amount the company should be willing to pay an outside supplier per unit for the part if the supplier commits to supplying all 40,000 units required each year?

Gibson Electronics identifies licensees in various countries who produce and sell the company's products in their countries in return for a royalty fee on every unit sold. Gibson Electronics’ approach is risky because of the problems associated with:_______
a. increased production costs.
b. doing business in a different culture where the rules of the game may be very different.
c. an increase in transportation costs, especially for those products that have a low value-to-weight ratio.
d. the possibility of an increase in trade barriers such as import tariffs or quotas.
e. sharing valuable technological know-how with a potential competitor.

After a careful analysis, managers at Haremon's have concluded that 20 customers per hour need to check out. If the sole cashier can check out 25 customers per hour, what is the cashier's (implied) utilization?

Holt Industries received a $2,000 prepayment from the Ramirez Company for the sale of new office furniture. Holt will bill Ramirez an additional $3,000 upon delivery of the furniture to Ramirez. Upon receipt of the $2,000 prepayment, how much should Holt recognize for a contract asset, a contract liability, and accounts receivable?

A T-bill has a discount Ask quote of 4.80 with 150 days to maturity and sells for $9800. The bill has a face value of $10,000. What is its Ask yield

Julie is purchasing a home for $169,000.00. Her loan has been approved for a 30-year fixed-
rate loan at 5 percent annual interest. She will pay 20 percent of the purchase price as a down
payment. What is the total interest she will pay on her loan?
O $122,877.92
O $126,168.64
$135,200.87
O$142,613.78

A portfolio is invested 20 percent in Stock G, 60 percent in Stock J, and 20 percent in Stock K. The expected returns on these stocks are 9 percent, 15 percent, and 21 percent, respectively. What is the portfolio's expected return

During 2017, half of the treasury stock was resold for $264,000; net income was $720,000; cash dividends declared were $1,620,000; and stock dividends declared were $620,000.
The 2017 sale of half of the treasury stock would:__________
Reduce retained earnings by $96,000
Reduce retained earnings by $64,000
Increase total shareholders' equity by $360,000
Reduce income before tax by $96,000

What is the value today of $1,300 per year, at a discount rate of 9 percent, if the first payment is received 8 years from now and the last payment is received 25 years from today

On December 31, 2020, Dow Steel Corporation had 610,000 shares of common stock and 31,000 shares of 9%, noncumulative, nonconvertible preferred stock issued and outstanding. Dow issued a 4% common stock dividend on May 15 and paid cash dividends of $410,000 and $70,000 to common and preferred shareholders, respectively, on December 15, 2021. On February 28, 2021, Dow sold 63,000 common shares. In keeping with its long-term share repurchase plan, 2,000 shares were retired on July 1. Dow's net income for the year ended December 31, 2021, was $2,150,000. The income tax rate is 25%.
Required:
Compute Dow's earnings per share for the year ended December 31, 2021.

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Doug Stamper just received an insurance settlement offer related to an accident he had several years ago. The offer gives Stamper a choice of one of the following three offers (payments are at the end of the period):

Option A: $2,000 per month for 84 months
Option B: $1,100 per month for 15 years
Option C: $125,000 lump sum today

Stamper can earn 6 percent on his investments. He does not care if he personally receives the funds or if they are paid to his heirs should he die within the settlement period. Which one of the following statements is CORRECT given this information?

a. Option B is the best choice because you will receive the most payments.
b. Option A is the best choice because it has the largest present value.
c. Option A is the best choice as it provides the largest monthly payment.
d. Option C is the best choice because it has the largest present value.
e. Option B is the best choice because it pays the largest total amount.

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4. Which of the following situations typically would result from an appreciating U.S. dollar relative to the
Canadian dollar?
A. More Canadian tourists visit the U.S.
B. Canadians purchase more U.S. goods
C. Fewer American tourists visit Canada
D. Americans purchase more Canadian made products.

Waterway Industries is preparing its direct labor budget for May. Projections for the month are that 30600 units are to be produced and that direct labor time is three hours per unit. If the labor cost per hour is $18, what is the total budgeted direct labor cost for May?

A company discarded a computer system originally purchased for $8,500. The accumulated depreciation was $6,700. The company should recognize a (an):

Gross domestic product understates the total production of final goods and services because of the omission of inflation. intermediate goods. exports. the underground economy.