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Arrow Industries employs a standard cost system in which direct materials inventory is carried at standard cost. Arrow has established the following standards for the direct costs of one unit of product. Quantity Price Cost Direct materials 8 pounds $1.80 per pound $14.40Direct labor 0.25 hour $8.00 per hour 2.00 $16.40During May, Arrow purchased 160,000 pounds of direct materials at a total cost of $304,000. The total factory wages for May were $42,000, 90 percent of which were for direct labor. Arrow manufactured 19,000 units of product during May using 142,500 pounds of direct material and 5,000 direct labor hours.
a. Calculate the direct materials price variance for May.
b. Calculate the direct materials quantity variance for May.
c. Calculate the direct labor wage rate variance for May.
d. Calculate the direct labor efficiency variance for May.
Kira Wahlgren acquired 100 shares of stock by gift from her father. Her father paid $1,000 in gift tax on the gift. At the time of the gift, the shares had a fair market value of $60 per share. Her father's adjusted basis in the shares was $90 per..
Issued 5,000 ordinary shares at P45 per share, less cost related to the issuance of the share totalling P7,000.00
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If I were to make muffins and the blueberries for the muffins cost 2.05 per bag and I use 11 blueberries per muffin but then found out that people liked 15 berries per muffin and I found a store that sold 400 berries per bag at 1.89 per bag. How d..
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