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Case: Playwood Company produces wooden toys and has the following standards for one of its toys:
Direct materials (3 strips of wood @ $5 per strip) $15
Direct labour (1.5 hours @ $8 per hour) $12
During the year, the company produced 1,250 units of this toy. Actual wood purchased and used was 3,800 strips at a total cost of $17,480. Actual direct labour hour was 1,900 hours at $7.50 per hour.
Question 1: Determine the material price variance and whether it is favourable or unfavourable.
Question 2: Determine the material usage variance and whether it is favourable or unfavourable.
Question 3: Determine the total materials variance and whether it is favourable or unfavourable.
Question 4: What are the possible causes for the material price and usage variance?
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What consists of total direct material variances (there are two variances)? Explain how those two variances are calculated
Question - Consider the following information: in 2020, raw materials used totaled $64,750; What was cost of goods manufactured in 2020
Show the total cash receipts forecast for the months of March, April and May 20X8. 40% collected two months after sale. Customers who pay on a cash basis get.
XYZ Corporation uses statistical quality control to monitor the quality of their product. In constructing a p-chart using 3-sigma limits, what is the UCL
Assume the only inventory balance is an ending Finished Goods Inventory balance of $19,000. What was adjusted cost of goods sold?
Monthly forecasted sales: June, Rs 400,000. Prepare a sales budget schedule and a cash collection budget schedule for June, July and August.
DBC is a manufacturing company specializes in indoor furniture. Depreciation-sales office equipment $1,000. Compute the product costs
Calculate the total production costs of the Disney Project using traditional costing, when manufacturing overhead is applied at 125% of direct labour cost.
Compute the cost of goods sold for the year. (Do not include any under - or over allocated overhead in your cost of goods sold figure.)
The firm will increase advertising expenditures by $25,000 to promote the expanded carpet line. Should Tipton close its wallpaper operation
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