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Kincaid Ltd. produces and sells leather wallets. In the current year, the company budgeted for the production and sale of 18,000 wallets; however, 21,000 wallets were actually produced and sold. Each wallet has a standard requiring eight square inches of material at a cost of .20 per inch and ten minutes of assembly time at a cost of $.15 per minute. Actual costs for the production of 21,000 wallets were $36,080 for materials (164,000 inches purchased and used @ $.22 per inch) and $36,000 for labor (225,000 minutes @ $.16 per minute)
Required: Compute each of the following variances. Indicate whether the variance is favorable (F) or unfavorable (U).
A. Direct materials price variance
B. Direct materials usage variance
C. Direct labor rate variance
D. Direct labor efficiency variance
kimm company has gathered the subsequent information about its product.direct materials each unit of product contains
Analyze the Chipmunk Company's ratios for both years and compare the figures with the given industry ratios - Calculate the 2008 and 2007 liquidity and equity ratios identified in the Ratio Analysis table included with the case study.
identifying the relavant costs from the given data.a number of costs are listed below that may be relevant in decisions
Imagine that the society has two political parties, called the Hawks (who want a strong military) and the Doves (who want a smaller military). Show a point on your production possibilities frontier that the Hawks might choose and a point that the ..
question prepare at least two tables using revenue cycle that would be used in a database for accounting cycle.use keys
preparation of necessary entries for declaration and payment of dividend.richman corporation has 120000 shares of 5 par
Ethical considerations related to finance and budgeting within the organization and technological considerations for improving the efficiency or effectiveness of finance and budgeting within the organization
(Learning Objective 5: Estimate ending inventory by the gross profit method) Federal Technology began the year with inventory of $315,000 and purchased $1,820,000 of goods during the year. Sales for the year are $3,920,000, and Federal’s gross profit..
The corporation's net operating income is $31,800. The YDI Division's divisional segment margin is $111,800 and the QCC Division's divisional segment margin is $152,800. What is amount of the common fixed expense not traceable to the individual d..
Explain why starting a large number of wafers into production will boost profit even though the chips that ultimately result from the wafers are ones that have not been sold or even completed. Is the company's approach to boosting profit ethical?
part a the last few years have been difficult economically but the owners of johnsons pl a medium-sized manufacturer of
You have just been employed as an accounting lecturer. In your first class, your students ask you the following questions.
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