BUSINESS COLLEGE

The following data relate to direct materials costs for February: Materials cost per yard: standard, $1.97; actual, $2.05 Yards per unit: standard, 4.67 yards; actual, 5.08 yards Units of production: 9,300 The direct materials quantity variance is a.$7,816.65 favorable b.$7,511.61 favorable c.$7,816.65 unfavorable d.$7,511.61 unfavorable

Answers

Answer 1

Answer:

Answer:

correct option is d.$7,511.61 unfavorable

Explanation:

given data

standard material cost = $1.97 per yard

Actual material cost = $2.05 per yard

Standard yards = 4.67 per unit

Actual yards = 5.08 per unit

Units of production = 9300

solution

we get here Direct material quantity variance that is express as

Direct material quantity variance = (Standard quantity - actual quantity) × Standard rate .....................1

put here value and we will get

Direct material quantity variance = (9300 × 4.67 - 9300 × 5.08) × 1.97

Direct material quantity variance = −7511.61

so correct option is d.$7,511.61 unfavorable

Related Questions

The Gorman Group issued $870,000 of 11% bonds on June 30, 2021, for $944,646. The bonds were dated on June 30 and mature on June 30, 2041 (20 years). The market yield for bonds of similar risk and maturity is 10%. Interest is paid semiannually on December 31 and June 30. Required: Complete the below table to record the company's journal entry. 1. to 3. Prepare the journal entries to record their issuance by The Gorman Group on June 30, 2021, interest on December 31, 2021 and interest on June 30, 2022 (at the effective rate). Calculation Req 1 to 3 Complete the below table to record the company's journal entry. (Round intermediate calculations and final answers to the nearest whole dollar. Enter interest rate to 1 decimal place. (i.e. 0.123 should be entered as 12.3).)
Selma operates a contractor's supply store. She maintains her books using the cash method. At the end of the year, her accountant computes her accrual basis income that is used on her tax return. For 2015, Selma had cash receipts of $1.4 million, which included $200,000 collected on accounts receivable from 2014 sales. It also included the proceeds of a $100,000 bank loan. At the end of 2015, she had $250,000 in accounts receivale from customers, all from 2015 sales.Required:a. Compute Selma's accrual basis gross receipts for 2015.b. Selma paid cash for all of the purchases. The total amount paid for merchandise in 2020 was $1,300,000. At the end of 2019, she had merchandise on hand with a cost of $150,000. At the end of 2020, the cost of merchandise on hand was $300,000. Compute Selma's gross income (profit) from merchandise sales for 2015.
Ryan has moved frequently over his life and now lives in Key West, Florida. He works as a bartender and owns a small home. He has spent most of what money he has made and continues to do so. Ryan's brother, Sam, is very different. He finished graduate school and has saved as much as he can over the years. He owns a small business that he operates with his family. He is by no means rich but is certainly middle-class. Who needs long-term care insurance?
During October, Crane Company experiences the following transactions in establishing a petty cash fund. Oct. 1 A petty cash fund is established with a check for $146.00 issued to the petty cash custodian. Oct. 31 A check was written to reimburse the fund and increase the fund to $196.00. A count of the petty cash fund disclosed the following items: Currency $59.00 Coins 2.07 Expenditure receipts (vouchers): Supplies $24.73 Miscellaneous items 15.03 Postage 38.33 Freight-Out 5.43Journalize the entries in october that pertain to the petty cash fund.
The types of decision making a consumer uses for a product does not necessarily remain constant. Why ?

Ted has always had difficulty saving money, so on June 1, Ted enrolls in a Christmas savings program at his local bank and deposits $750. That money is totally locked away until December 1 so that Ted can be certain that he will still have it once the holiday shopping season begins. Suppose that the annual rate of interest is 10 percent on ordinary savings accounts (that allow depositors to withdraw their money at any time). How much interest is Ted giving up by precommitting his money into the Christmas savings account for six months instead of depositing it into an ordinary savings account?[Hint: If you invest X dollars at an annual interest rate of Y percent, you will receive interest equal to X × Y, where the interest rate Y is expressed as a decimal.]
$.___________.

Answers

Answer:

Ted is giving up an interest of 37.5 by pre-committing his money to a Christmas savings account

Explanation:

Step 1: Determine interest amount

The formula for calculating interest is as follows;

I=PRT

where;

I=interest

P=principal

R=annual interest rate

T=number of years

In our case;

P=750

R=10%=10/100=0.1

T=From June 1 to December 1=6 months=0.5 years

replacing;

I=(750×0.1×0.5)=$37.5

Step 2: Determine total amount Ted will have for the two scenarios

case 1

Christmas savings program=750

Ordinary savings account=(750+37.5)=787.5

Ted is giving up an interest of 37.5 by pre-committing his money to a Christmas savings account

If the tax elasticity of labor supply is 0.16, by what percentage will the quantity of labor supplied increase in response to Instructions: In part b, enter your response as a percentage rounded to one decimal place. a. A $500 per person income tax rebate check? A 4.5% increase A 2% increase A 1.5% increase No increase b. A reduction of 5 percent in marginal tax rates?

Answers

Answer:

If every work receives a tax rebate of $500 per person income tax the quantity of labor supplied will not increase because the rebate is a temporary

A 4.5% increase in marginal tax = 0.16 * 4.5 = 0.72 = 0.7 ( decrease in quantity of labor )

A 2% increase in marginal tax

= 0.16 * 2 = 0.32 = 0.3 ( decrease in quantity of labor )

A 15% increase

= 0.16 * 15 = 2.4 ( decrease in quantity of labor )

No increase = 0.16 = 0.16 ( quantity of labor supplied remains unchanged )

A reduction of 5%

= 0.16 * 5 = 0.8 ( increase in quantity of labor )

Explanation:

Tax elasticity of labor supply = 0.16

What percentage will the quantity of labor supplied increase in response to

A) $500 per person income tax rebate

percentage change in quantity supplied = (tax elasticity of supply) * (percentage change in tax rate ) If every work receives a tax rebate of $500 per person income tax the quantity of labor supplied will not increase because the rebate is a temporary measure and does not have an effect the tax rate in the long run.

B) A 4.5% increase in marginal tax

change in the quantity of labor = tax elasticity * increase marginal tax

0.16 * 4.5 = 0.72 = 0.7 ( decrease in quantity of labor )

A 2% increase in marginal tax

= 0.16 * 2 = 0.32 = 0.3 ( decrease in quantity of labor )

A 15% increase

= 0.16 * 15 = 2.4 ( decrease in quantity of labor )

No increase = 0.16 = 0.16 ( quantity of labor supplied remains unchanged )

A reduction of 5%

= 0.16 * 5 = 0.8 ( increase in quantity of labor )

Describe some strategic differences between these firms. What type of trade-off decisions have these firms made

Answers

Please find full question attached

Answer and Explanation:

I will use Apple and HP in this comparison.Here I would compare Apple's laptop to that of Hewlet Packard as this is where they meet in the industry. Apple employs a strategy of differentiation and standing out in competition through their products. They aim to create products that are quite different and unique/innovative from other products in the market, and yet what the customer wants. In doing this, Apple has a trade-off for cost as they charge alot higher for their products than their competitors. HP on the other hand focus on making the best possible products that get the job done/meet the needs of customers while also being affordable. HP is more focused on affordable devices for their market and therefore have a different market segment for laptops from that of Apple. There is a trade-off for cost and market segment in this comparison

A. Scissorwire Inc. can register with the SEC at any point after the dip in shares.

b.

The U.S. government can file a criminal lawsuit against Scissorwire Inc. to seek
Scissorwire Inc. sells shares of its stock to the public, with each share valued at $16. After a year, the company incurs a loss and the price of the stock drops to $5. The company reveals that it had deliberately not registered with the SEC before going public and that it has no money to pay the investors. Which of the following holds well in this context?
Answer

a.

Scissorwire Inc. can register with the SEC at any point after the dip in shares.

b.

The U.S. government can file a criminal lawsuit against Scissorwire Inc. to seek criminal penalties.

c.

The investors have been negligent in not verifying registration before purchase of shares and cannot rescind their purchase.

d.

Scissorwire Inc. is liable for the violation of the Securities Exchange Act of 1934.

Answers

The answer to this would be the second one

A company has the choice of either selling 600 defective units as scrap or rebuilding them. the company could sell the defective units as they are for $2.00 per unit. alternatively, it could rebuild them with incremental costs of $0.60 per unit for materials, $1.00 per unit for labor, and $0.80 per unit for overhead, and then sell the rebuilt units for $5.00 each. what is the amount of incremental revenue from rebuilding?

Answers

Answer: Incremental revenue =360

Given:

N=600 (number of defective units)

P1=$2 (price if not rebuilt)

P2=$5 (price after rebuilt

X=.60+1.0+.80=2.4 (incremental costs)

R1=600(2)=1200

R2=600(5)-600(2.4)

R2=3000-1440

R2=1560

Incremental revenue is computed as:

R2-R1

1560-1200

360

This year, Druehl, Inc., will produce 60 comma 000 hot water heaters at its plant in Delaware, in order to meet expected global demand. To accomplish this, each laborer at the plant will work 160 hours per month. If the labor productivity at the plant is 0.15 hot water heaters per labor hour, how many laborers are employed at the plant?

Answers

Answer:

The answer is: 2500 employees

Explanation:

Giving the following information we need to calculate the number of employees:

Total production= 60000

Hours per worker= 160 hours

labor productivity= 0,15

It takes to a single employee= 1/0,15= 6,67 hours to make a heater.

Each worker produces=160/6,67=24 heaters a year.

Now we can calculate the number of workers:

60000/24= 2500 employees

Other Questions

If the signature line on a Patriot Act or customerID form has the escrow officer's name printed onit on the signature line, however, you as thesigning agent are the one who fills out the IDform, who should sign the Patriot Act form?

Which of the following industries are classified as secondary industries (three correct answers): a. power utilities b. transportation c. beverages d. publishing e. fishing f. mining g. financial services

On January 1, 2020, the Carla Vista Company budget committee has reached agreement on the following data for the 6 months ending June 30, 2020. Sales units: First quarter 5,500; second quarter 6,600; third quarter 7,300. Ending raw materials inventory: 40% of the next quarter’s production requirements.Ending finished goods inventory: 25% of the next quarter’s expected sales units. Third-quarter production: 7,740 units. The ending raw materials and finished goods inventories at December 31, 2019, follow the same percentage relationships to production and sales that occur in 2020. 5 pounds of raw materials are required to make each unit of finished goods. Raw materials purchased are expected to cost $5 per pound. Prepare a production budget by quarters for the 6-month period ended June 30, 2020

The Card Shoppe needs to maintain 18 percent of its sales in net working capital. Currently, the store is considering a four-year project that will increase sales from its current level of $279,000 to $308,000 the first year and to $314,000 a year for the following three years of the project. What amount should be included in the project analysis for net working capital in Year 4 of the project?