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Direct material variances In addition to the information for Acme Company in Mini Exercises 15.1 and 15.2, the standard direct material cost per unit consists of 10 pounds of raw material at $0.80 per pound. During August, 198,000 pounds of raw material were used that were purchased at $0.75 per pound.In Mini Exercise 15.1, Acme Company's production budget for August is 17,500 units and includes the following component unit costs: direct materials, $8; direct labor, $10; variable overhead, $6. Budgeted fixed overhead is $32,000. Actual production in August was 18,000 units.In Mini Exercise 15.2, In addition to the information for Acme Company in Mini Exercise 15.1, actual unit component costs incurred during August include direct materials, $8.25; direct labor, $9.45; variable overhead, $6.82. Actual fixed overhead was $33,500.Required:
Calculate the materials price variance and materials usage variance for August.
Douglas manufactures four grades of lubricant, W-10, W-20, W-30, and W-40, from a joint process. Additional information follows: If Processed Further Product Units Produced Sales Value at Split-Off Additional Costs Sales
Support your answer with appropriate computations. Include in your response which line items on the income statement are relevant to this decision and why.
Provide the journal entry to record the payroll tax expense for the period - Assume earnings subject to state and federal unemployment compensation taxes are $13,000, at the federal rate of 0.8% and the state rate of 5.4%.
What is Toni's opportunity cost of (i) working at ACI (ii) holidaying in Penang? Should Toni go for the trip to Penang - what is the estimated budget that the government will need to set aside for this milk support programme?
Calculate and discuss which estate tax provisions would most likely be abused by taxpayers and raise the potential risk of an IRS audit. Give support for your position.
Journalize the February transactions for Soul Art Gift Shop. No explanations are required - Returned $400 of defective merchandise purchased on February.
During the year, it manufactures 120,000 units and sells 110,000 units. Determine Company cost of goods sold expense for the year and its cost of ending inventory using the FIFO method.
Create quality control charts for round-trip fuel usage for each of the three planes for the period. What inferences can you draw from them?
Prepare the Trading and Profit and Loss Account and Balance Sheetfrom the above information.
Determine the number of operating hours such that the present value of cash flows equals the amount to be invested. Round interim calculations and final answer to the nearest whole number.
How does the company compare in profitability with competitors and did the company meet its operating expense budget?
The cost in $ per year and effectiveness measure in items salvaged per year for four mutually exclusive service sector. Calculate the cost effectiveness ratio for each alternative, and use the CER to identify the best alternative.
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