Suppose that hedonic wage studies indicate a willingness to pay $50 per person for a reduction in the risk of a premature death
1 answer:
Answer:
- The willingness to pay $50 to reduce the risk of premature death from an environmental hazard of 1/100,000.
- The exposed population is 4 million.
- The implied value of statistical life can be calculated as follows
Explanation:
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Answer:
Total of the variable overhead rate and fixed manufacturing overhead budget variances for the month = $9,096 Unfavorable
Explanation:
Actual variable overhead rate = =
Therefore variance with the budgeted standard variable overhead
= (Standard Overhead rate - Actual overhead rate) Actual Hours
= ($9.70 - $10.34) 6,400 = -$4,096
And Fixed Overhead variance = Standard Fixed Overhead - Actual Fixed Overhead = $69,000 - $74,000 = -$5,000
Total of the variable overhead rate and fixed manufacturing overhead budget variances for the month = -$4,096 + -$5,000 = -$9,096
Since the value of variance is negative it means the expense both variable and fixed are over absorbed, which means it is unfavorable.
Total of the variable overhead rate and fixed manufacturing overhead budget variances for the month = $9,096 Unfavorable