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The following standard costs were developed for one of the products of Ferrars Company:Standard Cost CardPer UnitMaterials: 4 feet x $14.25 per foot $ 57.00Direct labor: 8 hours x $10 per hour 80.00Variable overhead: 8 direct labor hours x $8 per hour 64.00Fixed overhead: 8 direct labor hours x $12 per hour 96.00Total standard cost per unit $297.00The following information is available regarding the company's operations for the period:Units produced: 11,000Materials purchased: 52,000 feet @ $13.95 per footMaterials used: 40,000 feetDirect labor: 84,000 hours costing $840,000Manufacturing overhead incurred:Variable $756,000Fixed $1,000,000Budgeted fixed manufacturing overhead for the period is $960,000, and the standard fixed overhead rate is based on expected capacity of 80,000 direct labor hours.Required:a. Calculate the materials price variance.b. Calculate the materials usage variance.c. Calculate the direct labor rate variance.d. Calculate the direct labor efficiency variance.e. Calculate the variable manufacturing overhead spending variance.f. Calculate the variable manufacturing overhead efficiency variance.g. Calculate the fixed manufacturing overhead spending variance.h. Calculate the fixed manufacturing overhead volume variance.i. Prepare all necessary journal entries.
Operating Income 1. Operating Income is derived from two sources, Rental Income from businesses operating in the warehouse complex and Interest Income of the project operating
A 1- year Canadian bond with a face value of 5000 can be purchased at 4800. a) Calculate the nominal interest rate in Canada. b) if the Canadian dollar is expected to depreci
concepts of accounting
what are the classifications of labour costs? what is employee psyche?
Please kindly post some problems along with solutions so it is easy to understand..I am quite satisfied by the per-forma you have mentioned.. THANK YOU.
Using labour cost as the focus, discuss the differences in the measurement of labour efficiency / effectiveness where (i) total quality management techniques and (ii)
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RC School District has a large number of students in need of remedial instruction. The superintendent of RC School System can allocated her budget between purchasing X units of re
A 1- year Canadian bond with a face value of 5000 can be purchased at 4800. a) Calculate the nominal interest rate in Canada. b) If the Canadian dollar is expected to depreci
Last in first out or LIFO LIFO is based upon the assumption such the stock purchased last is issued first. Stock valuation should here be based upon the prices ruling on acqui
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