Determine the quantity variance

Assignment Help Accounting Basics
Reference no: EM132084594

Standard costs and actual costs incurred for the manufacture of 8000 units of product were as follows:

                     Standard Costs                                                       Actual Costs

Direct Materials:    8000 lbs @ $30                                    7750 lbs @ $30.20

Direct Labor:           10, 000 @ $36                                   10,250 hours at $38

Determine  (a) the quantity variance, price variance and total direct materials cost variance and (b) the time variance, rate variance and total direct labor variance

Reference no: EM132084594

Questions Cloud

What do you think machiavelli advocates for in his the : What do you think Machiavelli advocates for in his The Prince?
Significant developments in the early modern : One of the most significant developments in the Early Modern period was the "discovery" of new lands outside of Europe
Provide the tremendous kind of environment : The Online Canteen Management System is developed to assist in the daily Processes in canteen as well as the catering business.
What was the italian renaissance : What was the Italian renaissance? Why was Italy a "ripe"place for it to begin? How is the renaissance intimately-connected with the social changes
Determine the quantity variance : Determine the quantity variance, price variance and total direct materials cost variance and (b) the time variance, rate variance and total direct labor
What is the difference between modernism : What is the difference between modernism, impressionism, and post-impressionism?
How would this payment be treated : Corporation pays $10,000 to Tim before he increases his basis. How would this payment be treated and what would be his loan basis.
What values or events do they commemorate : What values or events do they commemorate? What do they tell us about the society in question?
Write a program that traverses a tree : Write a program that traverses a tree: pre-order, in-order, post-order, depth first and breath-first.

Reviews

Write a Review

Accounting Basics Questions & Answers

  In computing the cost of merchandise sold

In computing the cost of merchandise sold, does each of the following items increase or decrease that cost?

  Percentage for a box of ginger tea

INSTRUCTIONS: Read the case in the textbook. As a team, answer the questions in this spreadsheet, then save and submit the assignment as one Microsoft® Excel® attachment. Also, submit a 1-paragraph Microsoft® Word document explaining any issue..

  Assume the firms after-tax cost of capital is 6 per annum

1. suppose the tax rate is 30 if taxable income is positive and 0 if taxable income is negative. consider the

  The company had 40000 shares of common stock outstanding

.the frame it company reporting the following items on its income statement in 2009a. net operating revenues 814250b.

  Stock of cardinal corporation

Kim owns 100% of the stock of Cardinal Corporation. In the current year Kim transfers an installment obligation, tax basis of $30,000 and fair market value of $200,000, for additional stock in Cardinal worth $200,000.

  Investment accounted for under the equity method on july

Investment Accounted for under the Equity Method on July 1, 2011, Fontaine Company purchased for cash 40% of the outstanding capital stock of Knoblett Company.

  Explain how manufacturing costs flow through these accounts

1. a manufacturing company makes the products that it sells. briefly identify and define the cost elements that are

  Computing desired amonut of investment

How much should she invest in the money market account each year for the next 8 years to achieve her objective? How much would she need as a lump sum payment to compound to $20,000 in 8 years at 6.35% annual rate?

  Medisecure inc produces clear plastic containers for

medisecure inc. produces clear plastic containers for pharmacies in a process that starts in the molding department.

  What is the present value of this investment

The payments start two years from today. Interest rates are 10%. What is the present value of this investment

  Equity method for the investment problem

During 2009, Jackson reported net income of $96,000 while paying dividends of $12,000. During 2010, Jackson reported net income of $132,000 while paying dividends of $36,000.

  Apr 15 paid the first installment of the estimated taxfor

illustrate the effects on the accounts and financial statementsof recording the following selected transactions of lone

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd