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Question The accountant for Daily Manufacturing compares each month's actual results with the monthly budget.The standard direct labour rates and the standard hours allowed based on expected labour output are as follows : Standard direct labour rate Standard direct labour hours per hour allowed Labour class 3 $25 2000 Labour class 2 $22 2000 Labour class1 $16 2000 A new union contract negotiated in March resulted in actual wage rates that were different from the standard rates. The actual wage rates paid and the actual direct labour hours worked for April were as follows: Actual direct labour rate Actual direct labour hours per hour Labour class 3 $26.20 2100 Labour class 2 $23.80 2350 Labour class 3 $16.80 1900 Required :
1. Calculate the following variances for April indicating
whether each is favourable or unfavourable: (a)Direct labour rate variance for each labour class (b)Direct labour efficiency variance for each labour class
2. Discuss the advantages and disadvantages of a standard costing system in which the standard direct labour rates per hour are not changed during the year to reflect events such as a new labour contract.
3.Construct an Excel or other spreadsheet to demonstrate how the solution to part 1 would change if the following information changes:the actual labour rates were $27.00, $22.90 and $17.00 for labour classes 3,2 and 1 respectively.
Prepare a differential analysis report, dated April 21 of the current year, on the proposal to sell at the special price and prepare a differential analysis report, dated March 12 of the current year, on the decision to make or buy Part Q.
Which of the following characteristics applies to process costing but not to job costing?
You are a manager of a firm that sells a "commodity" in market that resembles perfect competition, and your cost function is C(Q) = Q + 1Q^2. Calculate the expected market price.
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Explain how management determined that only 4.7 million of new options would be granted in exchange for the 14.3 million options tendered. In other words, why might management be reluctant to grant 10.0 million of the new options?
Prepare a short report for Mr. Banner to explain the reasons for the negative cash balance at the end of the previous year and other operating problems. To support your points, you may use a statement of cash flows and relevant financial ratios.
Describe how a 3 percent decline in sales at Home Depot could cause the 21 percent decline in profits. What accounting concept was involved, how were the many major types of costs incurred by Home Depot likely affected by decline in its sales
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Group the costs of manufacturing candles. Indicate whether each of the following items should be classified as direct materials (DM), direct labor (DL), overhead (O), or none of these (N). Also indicate whether each is a prime cost (PC), a convers..
Under what method does the balance in allowance for doubtful accounts have no bearing on the journal adjusting journal entry?
Buchanan Corp. is refunding $12 million worth of 10% debt. The corporation's tax rate is 35%. The call premium is 9%. What is the net cost of the call premium? Please show ALL work of how the answer was composed.
Ocean Waverunners plans to manufacture 20,000 units, 24,000 units, and 30,000 units, respectively, in October, November, and December. Make a direct-material buys budget for October in parts and dollars.
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