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Question The accountant for Daily Manufacturing compares each month's actual results with the monthly budget.The standard direct labour rates and the standard hours allowed based on expected labour output are as follows : Standard direct labour rate Standard direct labour hours per hour allowed Labour class 3 $25 2000 Labour class 2 $22 2000 Labour class1 $16 2000 A new union contract negotiated in March resulted in actual wage rates that were different from the standard rates. The actual wage rates paid and the actual direct labour hours worked for April were as follows: Actual direct labour rate Actual direct labour hours per hour Labour class 3 $26.20 2100 Labour class 2 $23.80 2350 Labour class 3 $16.80 1900 Required :
1. Calculate the following variances for April indicating
whether each is favourable or unfavourable: (a)Direct labour rate variance for each labour class (b)Direct labour efficiency variance for each labour class
2. Discuss the advantages and disadvantages of a standard costing system in which the standard direct labour rates per hour are not changed during the year to reflect events such as a new labour contract.
3.Construct an Excel or other spreadsheet to demonstrate how the solution to part 1 would change if the following information changes:the actual labour rates were $27.00, $22.90 and $17.00 for labour classes 3,2 and 1 respectively.
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Covers a range of important cost and management accounting topics. The main purpose of this assignment is to provide students with the opportunity to extend their knowledge, skills, attitudes and values in connection with some of the topics cover..
Kiel Center sells only on credit (no cash sales). Prior collection patterns describe that 28% of month's sales are gathered in the month of sale, 51% are collected in month after the sale, and 19% are collected in second month after the sale.
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Briefly identify and explain the principle motives for holding cash and near cash assets. What are the risk-return trade-off associated with inventory management?
Your firm has a debt-equity ratio of .40. Your cost of equity is 12% and your after-tax cost of debt is 6%. What will your cost of equity be if the target capital structure becomes a 50/50 mix of debt and equity?
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