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Question - Labor Variances Ellen Chenoweth, the manager of the city of St. Paul road maintenance shop, uses standards to judge performance. Because a clerk mistakenly discarded some labor records, however, Ellen has only par trial data for April. She knows that the total direct-labor flexible-budget variance was $1.643 favorable Moreover, a recent pay raise produced an unfavorable labor price variance for April of $1.157. The actual hours of input were 1.780 and the standard labor price was $20 per hour.
1. Find the actual labor rate per hour.
2. Determine the standard hours allowed for the output achieved.
Explain the budgeting process and its importance to a business, identifying the components of different budgets, forecast estimates for inclusion in the budgets.
Prepare a retained earnings statement for the year and Prepare a stockholders' equity section of given case.
Prepare a master budget for the three-month period.
Construct the company's direct labor budget for the upcoming fiscal year, assuming that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced.
Evaluate the Predetermined Overhead Rate
Determine the company's bid if activity-based costing is used and the bid is based upon full manufacturing cost plus 30 percent.
Complete the schedule to compute the pool rates for the different activities.
Prepare Company financial statements
This individual assignment is based on the TerraCycle Inc.
Discuss the ethical issues
Calculate the GDP in Income Approach and Expenditure Approach
A new plant accountant suggested that the company may be able to assign support costs to products more accurately by using an activity based costing system that relies on a separate rate for each manufacturing activity that causes support costs.
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