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Vlad [161]
3 years ago
6

Majer Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Standard

Cost Per Unit Direct materials 6.5 ounces $ 3.00 per ounce $ 19.50 Direct labor 0.5 hours $ 10.00 per hour $ 5.00 Variable overhead 0.5 hours $ 3.00 per hour $ 1.50 The company reported the following results concerning this product in February. Originally budgeted output 5,600 units Actual output 5,200 units Raw materials used in production 31,100 ounces Actual direct labor-hours 2,010 hours Purchases of raw materials 33,500 ounces Actual price of raw materials $ 122.90 per ounce Actual direct labor rate $ 132.40 per hour Actual variable overhead rate $ 2.10 per hour The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The variable overhead rate variance for February is:
Business
1 answer:
Step2247 [10]3 years ago
4 0

Answer: $1,770

Explanation:

Given that,

budgeted output = 5,600 units

Actual output = 5,200

units Raw materials used in production = 31,100 ounces

Actual direct labor-hours = 2,010 hours

Purchases of raw materials = 33,500 ounces

Actual hours = 2,010 hours

Standard Rate = $3.00 per hour

Standard Hours = Actual output × Standard hour per unit of output

                           = 5,200 × 0.5 hours

                           = 2600 hours

Variable overhead efficiency Variance:

= (Standard hours - Actual hours) × Standard Rate  

= (2600 hours - 2,010 hours) × $3.00 per hour

= $1,770

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Group Working age population Discouraged workers Employed Unemployed # in Millions 215 5 138 According to the table, the labor f
patriot [66]

Answer:

A decrease in labor force participation rate

Explanation:

The workers which are discouraged can opt out of the labor market since there is no incentive for them work anymore. The workers choosing to go out of the labor market will decrease the overall labor force participation rate. The unemployment rate can also be affected but the main effect would be on labor force participation rate

4 0
3 years ago
Lemony Company made sales of $ 32 comma 200 million during 2018. Cost of goods sold for the year totaled $ 12 comma 880 million.
Aleksandr [31]

Answer:

Gross profit is 60%

Inventory turnover is 4.6 times

Explanation:

The formula to compute the gross profit percentage is shown below:

= (Gross profit ÷ sales) × 100

where,

Gross profit = Sales - the cost of good sold

                   = $32,200 million ÷ $12,880 million

                   = $19,320 million

And, the sales is $32,200 million

Now put these values to the above formula  

So, the percentage would equal to

= ($19,320 million) ÷ ($32,200 million) × 100

= 60%

The formula to compute the inventory turnover is shown below:

= (Cost of goods sold) ÷ average inventory

where,

Average inventory = (Beginning inventory + ending inventory) ÷ 2

                               = ($1,200 million + $1,600 million ) ÷ 2

                               = $900 million

And, the cost of good sold is $12,880 million

Now put these values to the above formula  

So, the turnover would equal to

= $12,880 million ÷ $2,800 million

= 4.6 times

7 0
3 years ago
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7 0
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cricket20 [7]
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3 0
3 years ago
At the beginning of July, CD City has a balance in inventory of $2,850. The following transactions occur during the month of Jul
erastova [34]

Answer:

Gross profit = $ 3950.

Explanation:

1.

July-3. Dr Merchandise Inventory   1750

                   Cr Accounts payable    1750

  ( To record purchase of inventory on account)

July-4. Dr Merchandise Inventory   120

                                              Cr Cash   120

  ( To record payment of freight charges)

July-9 Dr Accounts payable  400

                 Cr Merchandise Inventory   400

   ( To record return of inventory)

July-11 Dr Accounts payable  1750

                        Cr Cash                  1750

 ( To record payment from wholesale music in full)

July-12.a) Dr Cost of goods sold 2450

                         Cr  Merchandise inventory   2450

          b)  Dr Account receivable  4700

                         Cr   Sales revenue       4700

    (To record sales of goods to a customer)

July-15. Dr Cash  4700

                      Cr  Account receivable  4700

      ( To record receipt from sale of goods)

July-18 Dr Merchandise inventory 2550

                      Cr Accounts payable           2550

       (To record purchase of inventory on account)

July-22.a) Dr  Cost of goods sold  1950

                                 Cr merchandise inventory   1950

                 Dr Account receivable   3650

                                 Cr sales revenue     3650

           (To record sales of goods on account)

July-28 Dr Accounts payable 190

                  Cr Merchandise inventory   190

      (To record purchase return)

   

July-30. Dr Accounts payable  2550

                     Cr Cash                        2550

       (To record paid in full).

2.                                              Income statement

Sales (4700+3650)                                                                         = 8350

Less: Cost of goods sold (2450+1950)                                          =(<u>4400</u>)

                               Gross profit                                                         3950

7 0
3 years ago
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