Answer:
d. $40 F
Explanation:
Calculation to determine what The variable overhead efficiency variance for June is
First step is to calculate the SH
SH = 2,500 units × 0.4 hour per unit
SH= 1,000 hours
Now let calculate the Variable overhead efficiency variance
Using this formula
Variable overhead efficiency variance = (AH - SH) × SR
Let plug in the formula
Variable overhead efficiency variance= (980 hours - 1,000 hours) × $2 per hour= (-20 hours) × $2 per hour
Variable overhead efficiency variance= $40 F
Therefore Variable overhead efficiency variance is $40 F
Answer:
Case 1:
When, Labor = 6 ;
Output = 90
Fixed Cost = $6
Variable cost per unit of labor = $10
∴ Total Variable Cost = $10 × 6 = $60
Total cost = Fixed Cost + Total Variable Cost
= $60 + $6
= $66
Case 2:
When, Labor = 7 ;
Let us assume the total output be 'x' , when firm hires 7 workers.
Marginal product( ) of the seventh unit of labor = 4
i.e. = = 4
= 4
= 4
x = 94
Fixed Cost will remain the same , i.e. $6
Variable cost per unit of labor = $10
∴ Total Variable Cost = $10 × 7 = $70
Total cost = Fixed Cost + Total Variable Cost
= $70 + $6
= $76
Answer:
Explanation:
Bank reconciliation is practice of reconciling the bank account balance in a company's book to the balance reported by the bank i order to discover and correct any discrepancy
<u>Workings</u>
<u>Bank reconciliation for Nolan for the month of June</u>
Bank statement balance 28,152
Add bank deposit 3,853 3853
32,005
Less outstanding check (2801) (2801)
29,204
Cash book balance 29,193
Add back error in check (89-80) 9
Interest Earned 34 43
29,236
Less bank charges 32 (32)
29,204
Answer and Explanation:
According to the given situation, the income statement and balance sheet as per parts is shown below:-
<u>Accounts Account Title Financial statements </u>
<u>For Part A</u>
Debit Accounts receivable Liability account Balance sheet
Credit Consulting service Income statement
revenue
<u>For Part B</u>
Debit Interest receivable Liability account Balance sheet
Credit Interest revenue Income statement
<u>For Part C</u>
Debit Accounts receivable Assets account Balance sheet
Credit Service Revenue Income statement
<u>For Part D</u>
Debit Janitorial expense Income statement
Credit Janitorial expense Liability account Balance sheet
Payable
<u>For Part E</u>
Debit Rent expenses Income statement
Credit Rent expenses Liability account Balance sheet
payable