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klemol [59]
2 years ago
9

Pochard Paints manufactures artist’s oil paints. Each 40 ml tube of paint requires 5 minutes of direct labor, and the standard l

abor rate is $9 per direct labor hour. In September, Pochard incurred 10,800 direct labor hours at a cost of $95,000 to produce 120,000 tubes of paint. Calculate Pochard’s direct labor rate variance for September. (Round answer to 0 decimal places, e.g. 125. If variance is zero, select "Not Applicable" and enter 0 for the amounts.)
Business
1 answer:
weeeeeb [17]2 years ago
7 0

Answer:

Direct labor rate variance= $2,160 favorable

Explanation:

Giving the following information:

The standard labor rate is $9 per direct labor hour.

In September, Pochard incurred 10,800 direct labor hours for $95,000.

To calculate the direct labor rate variance, we need to use the following formula:

Direct labor rate variance= (Standard Rate - Actual Rate)*Actual Quantity

Actual rate= 95,000/10,800= $8.80

Direct labor rate variance= (9 - 8.8)*10,800

Direct labor rate variance= $2,160 favorable

It is favorable because the hourly rate was cheaper than estimated.

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An increase in the price of cheese crackers from $2.25 to $2.45 per box causes suppliers of cheese crackers to increase their qu
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Explanation:

Formula:

( (Qf - Qi) ÷ ((Qf + Qi) ÷ 2) )             ÷             ( (Pf - Pi) ÷ ((Pf + Pi) ÷ 2) )

       Quantity                                                                 Price

Lets remplace:

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Qf = Final Quantity = 145 boxes

Pi = Initial Price = $2.25

Pf=  Final Price = $2.45

Quantity                                                                   Price

(145 - 125) ÷ ((145 + 125) ÷ 2)      ÷     (2.45-2.25) ÷ ((2.45+2.25)÷ 2)

= (20) ÷ (270÷ 2)                                           = (0.2) ÷  (4.7 ÷ 2)

= 20 ÷  135                                                    = 0.2 ÷ 2.35

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Finally:  we divide the result of quantity into the result of price

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= 1.74

To classify into elastic or inelastic:

When Pes > 1, then supply is price elastic

When Pes < 1, then supply is price inelastic

When Pes = 0, supply is perfectly inelastic

Answer:  <em>Elastic, and the price elasticity of supply is 1.74</em>

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