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McDaniel Company manufactures 100-pound bags of fertilizer that have the following unit standard costs for direct materials and direct labor:
Direct Materials (100 lbs. @ $1.00 per lb.) $100.00Direct Labor (0.5 hours at $24 per hours ) $12.00Total Standard prime Cost per 100 lb. bag $112.00The following activities were recorder for October:• 1,000 bags were manufactured.• 95,000 lbs. of materials costing $76,000 were purchased.• 102,500 lbs. of materials were used.• $12,000 was paid for 475 hours of direct labor.There were no beginning or ending work-in-process inventories.Required:A) Compute the direct material variances.What is the Material Price Variance? Favorable or unfavorable?What is the Material Usage Variance? Favorable or unfavorable?Show Work for each.B) Compute the Direct Labor Variances.What is the labor rate variance? Favorable or unfavorable?What is the Labor efficiency variance? Favorable or unfavorable?Show work for each.C) C. Give possible reasons for the occurrence of each of the preceding variances.
Discuss how SD can use standard costing and variance analysis to prepare meaningful reports when using Kaizen Costing. By the use of standard costing and variance analysis, fr
Illustration of Overhead Variance Analysis Again for intentions of our demonstrations in overhead variance analysis, we will suppose the given basic data for company in the pr
what is irrelevant cost and give example
Vorticella can first be seen by the naked eye, b.ut to study it place a prepared slide under the microscope. Focus it under low power, and observe it. You can see a large number of
Marginal Costing and Marginal Cost Marginal Costing is an optionally method of costing to absorption costing , In marginal costing, merely variable costs are charged like a
some clarificationon how to compute closing stock and openning stock using marginal costing technique and absorption.
1. Issuance of stock Prepare journal entries to record the issuance of 100,000 shares of common stock at $20 per share for each of the following independent cases: a. Jacks
the following activities relating to indirect production costs: Activity Activity Costs Cost Drivers Machine Setup $180,000 1,500 setup hours Materials Handling $50,000 12,500 poun
for the year ended31st dec 2008manufacturing accountshowing costof row material,manufacturing expenses and the cost of goods manufactured& tradind account where stock of row mater
critically explain cost accounting as 1. a service activity 2. a descriptive/analytical discipline 3. an information system
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