1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
posledela
3 years ago
6

Griffen Corporation uses a standard costing system. Information for the month of May is as follows: Actual manufacturing overhea

d costs ($26,000 is fixed) $80,000 Direct labor: Actual hours worked 12,000 hrs. Standard hours allowed for actual production 10,000 hrs. Average actual labor cost per hour $18.00 The overhead rate is based on a normal volume of 12,000 direct labor hours. Standard cost data at 12,000 direct labor hours were as follows: Variable overhead $48,000 Fixed overhead 24,000 Total overhead $72,000 ​ What is the fixed overhead spending variance for Griffen?
Business
1 answer:
Triss [41]3 years ago
7 0

Answer:

Fixed overhead spending variance                          $

Budgeted fixed overhead cost (12,000 hrs x $2)  24,000

Less: Actual fixed overhead cost                            <u>26,000</u>

Fixed overhead spending variance                        <u> 2,000(A)</u>

Explanation:

In this case, we need to calculate the standard fixed overhead application rate, which is the ratio of Budgeted fixed overhead cost to budgeted direct labour hours (normal capacity). Fixed overhead spending variance is the difference between budgeted fixed overhead cost and actual fixed overhead cost. Budgeted fixed overhead cost is budgeted hours multiplied by standard fixed overhead application rate.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              

You might be interested in
As a general construction contractor, WDF INC. contracted to renovate schools in New York City. WDF subcontracted with JLG Archi
kykrilka [37]

Answer:

WDF Inc. is correct.  From the fact that JLG Architectural Products and East Coast Window Installers Inc. were partners in the window installation subcontract, they should be jointly and severally held liable for any liability arising from the window installation project unless they have contrary agreements clearly differentiating their liabilities in the partnership.

Explanation:

WDF Inc. = main contractor

JLG Architectural Products = subcontractor and partner to East Coast

East Coast Window Installers Inc. = subcontractor and partner to JLG

JLG Architectural Products and East Coast Window Installers Inc have formed a partnership when they come together to form a business or execute a business transaction jointly.  A joint venture is a kind of partnership.

5 0
3 years ago
Suppose a small economy produces only two goods: books and shirts. The opportunity cost of 1 book is constant at 3 shirts. For e
Anastaziya [24]

Answer:

Books Shirts

4 0

3 3

2 6

1 9

0 12

Explanation: At combination E, the economy is producing 0 books and 12 shirts. Since the opportunity cost of 1 book is 3 shirts, moving from point E to point D (gaining 1 book) requires this economy to produce 3 fewer shirts. Thus, the number of shirts in combination D must be 12 shirts−3 shirts=9 shirts. The rest of the combinations can be calculated in a similar fashion, with the answers summarized in the following table.

A 4 3−3=0

B 3 6−3=3

C 2 9−3=6

D 1 12−3=9

E 0 12

8 0
2 years ago
The records for the Clothing Department of Metlock’s Discount Store are summarized below for the month of January. Inventory, Ja
Leviafan [203]

Answer:

$83,300

Explanation:

Total at retail:

= Beginning inventory + Purchases - Purchase return + Transfers in from suburban branch

= $24,800 + $136,600 - $3,000 + $13,000

= $171,400

Ending inventory at retail:

= Total at retail + Net markups - Net markdowns - (sales - sales return) - Normal shortage

= $171,400 + $8,100 - $3,900 - ($94,300 - $2,500) - $500

= $171,400 + $8,100 - $3,900 - $91,800 - $500

= $83,300

7 0
3 years ago
MATCH each economist to his economic belief.
Georgia [21]

1. Friedrich von Hayek------------Less government intervention gives  people more economic freedom.


To Hayek, less government intervention implied more economic freedom. He trusted that when individuals are allowed to pick, the economy runs all the more proficiently. In the United States, the most grounded supporters of Hayek's thoughts were a gathering of business analysts at the University of Chicago. Known as the "Chicago School of Economics," this inexactly shaped, informal gathering of financial specialists was for the most part connected with free market libertarianism. The name alludes to financial specialists who got their tutoring in the Economics Department at the University of Chicago. To date, almost 50% of all Nobel Prizes in Economics have been won by analysts with connections to Chicago.  



2. Milton Friedman---------Government should not control the  money supply.


Milton Friedman saw the 1920s as years of indispensable and sustainable growth in the economy. Amid this period the Federal Reserve outstandingly extended the cash supply. This development was not reflected in an expansion in the normal cost level, on the grounds that fiscal powers were killed by simultaneous increments in efficiency.  



3. John Maynard Keynes----------Government intervention is necessary  for stability.


John Maynard Keynes made the hypothetical contentions for another kind of monetary system: government intervention used to smooth out the business cycle. Keynes died in 1946, yet his thoughts made the Keynesian school of financial aspects and prompted the improvement of macroeconomics. Keynes' belief system overwhelmed the financial worldview from 1945 until the late 1970s. As indicated by Keynes, free markets don't generally contain self-adjusting components; some of the time government intervention is important to limit downturns and advance development. He trusted that without state help, the blasts and busts in the business cycle could winding wild.



4. Adam Smith------------Competition is a regulatory force.



A market economy is a monetary framework in which people claim the greater part of the assets - land, work, and capital - and control their utilization through willful choices made in the commercial center. It is a framework in which the legislature assumes a little role. In this kind of economy, two powers - self-interest and competition - assume a critical job. The role of self interest and competition was depicted by financial specialist Adam Smith more than 200 years prior and still fills in as basic to our comprehension of how showcase economies work.  

5 0
3 years ago
Read 2 more answers
What are four social responsibility issues?
Harman [31]
<span>Community
</span><span>Sourcing/ Supply Chains
</span><span>Workplace/ Employee Health and Safety
</span><span>Environment/ Sustainability</span>
7 0
3 years ago
Other questions:
  • Suppose that for a particular firm the only variable input into the production process is labor and that output equals zero when
    14·1 answer
  • Supply a statement that refers to the wage-price spiral process.
    6·2 answers
  • North Bank is analyzing Belle Corp.'s financial statements for a possible extension of credit. Belle's quick ratio is significan
    10·1 answer
  • Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021:
    9·1 answer
  • For each example, identify the most appropriate CTSO.
    6·2 answers
  • South Sea Baubles has the following (incomplete) balance sheet and income statement. BALANCE SHEET AT END OF YEAR (Figures in $
    15·1 answer
  • Are these competitive markets?
    15·1 answer
  • A customer buys a Brokered CD for $100,000. Upon receipt of his next account statement, the customer sees that the market value
    15·1 answer
  • The tal balance extracted from the books of Jewel Traders showed a total debit or Sh.5,630,400 while the credit side
    15·1 answer
  • What is the responsibilities of supervisor to his superior?​
    6·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!