What is inflation?
Monetary value of final goods and services produced within a country for a specific time period.
Answer:
Actual Quantity = 28,000
Actual Price = 4.90
Standard Quantity = 25,800
Standard Price = 4.85
1)a. Direct Material Price variance = (Standard price – Actual Price)*Actual Quantity
= (4.85 - 4.90) * 28,000
= $1,400 U
b. Direct Material Quantity variance = (Standard Quantity – Actual Quantity)*Standard price
= (51,600*0.5 - 28,000)*4.85
= $10,670 U
2) a. Direct Labor Rate Variance = (Standard Rate – Actual Rate)*Actual Hours
= (21.20 - 20.2) * 8,650
= $8,650 F
b. Direct Labor Efficiency variance = (Standard Hours – Actual Hours)*Standard rate
= (51,600*1/6 - 8,650) * 21.20
= $1,060 U
Answer:
Assets = $350,000
Expenses = $250,000.
Explanation:
It has been given that $250,000 has been spent on research and development work on new transport equipment, and a patent (Design form Vail inc.) of $350,000 has been purchased.
The expenditure of $250,000 spent on new transport equipment considers as expenses and $350,000 spent on patents will be shown as intangible assets.
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