Reference no: EM131646198
Problem - ABC Inc. is a manufacturing firm specializing in classroom podiums. The accounting department employs standards based on 17,000 units of output/month.
You are given the following information about the standards:
Direct Material (6ft at $5)................................$30
Direct Labor (1.5 hours @ $2/hour)................$15
Fixed Overhead (1.5 hours at $2 /hour).........$ 3
Variable Overhead (1.5 hours at $4 /hour)...$ 6
Total.....................................................................$54
Actual results for the month of August are as follows:
Output .............................................................. 12,000 units sold at $75 /unit
Fixed Overhead....................................................................................................$33,000
Variable Overhead.............................................................................................. $69,000
Direct Material (71,750 ft purchsed and used ) .............................................$361,624
Direct Labor (17,900 hours).................................................................................$182,580
Required: Given the above information using the standard costing system, prepare the income statement showing all the variances for direct material, direct labor, variable and fixed overhead.
What does the given value indicate about the price index
: The Bureau of Labor Statistics, in its Monthly Labor Review, published the "over-the-month" percent change in the price index for imports from December 2010.
|
Developing the micro-motions and true elements of work
: What is the usefulness of developing the micro-motions and “true elements of work?” Give examples.
|
How much do you expect to collect the interest income
: Your client owes you $1,000 for previously provided service as of October 1, 2016. How much do you expect to collect the interest income and principal on Dec 31
|
Terminate relationships with unprofitable companies
: Would you recommend that your chosen company focus on 20% of customers who supply 80% of profits-basically terminate relationships with unprofitable companies?
|
Prepare the income statement
: Given the above information using the standard costing system, prepare the income statement showing all the variances for direct material
|
Discuss the concept of the tchebysheff theorem
: Using Tchebysheff's theorem, determine the range of values that should include at least 89% of the data. Count the number of data values that fall.
|
How would you suggest company reduce its switching costs
: How would you suggest this company reduce its switching costs?
|
Discuss the role of corporate governance
: Discuss the role of corporate governance, including the audit committee, board, corporate policies and procedures, et
|
Issues in weber and the gilbreth theories and ideas
: List two common themes/issues in Weber's and the Gilbreth's theories/ideas. Explain.
|