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Rama09 [41]
3 years ago
14

cost variance Tercer reports the following for one of its products. Direct materials standard (4 lbs. @ $2 per lb.) $ 8 per fini

shed unit Actual finished units produced 60,000 units Actual cost of direct materials used $ 535,000 Compute the total direct materials cost variance and classify it as favorable or unfavorable.
Business
1 answer:
maksim [4K]3 years ago
8 0

Answer:

Total direct materials cost variance is $66,000 and it is favorable.

Explanation:

Actual cost = Actual Quantity × Actual Price

= 300,000  × $1.78

= $534,000

Actual cost with selling price = Actual Quantity  × Selling Price

= 300,000  × $2.00

= $600,000

The total direct materials cost variance is computed as:

Total direct materials cost variance = Actual cost with selling price - Actual Cost

= $600,000 - $534,000

= $66,000

It is favorable.

Working Note:

Actual Price per lbs = $534,000 / 300,000

= $1.78

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I guess the correct answer is 3%

During a recent hurricane, 25 individuals of the same butterfly species were blown onto a barrier island in southern Florida. During the first year, 80 caterpillars hatched from eggs laid by the butterflies and only 5 individuals in the population died.

The growth rate for the population during this period is 3%.

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3 years ago
If a display rack was purchased for the store, which account would be increased
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Store equipment will increase
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At the close of its first year of operations, December 31, 2010, Ming Company had accounts receivable of $540,000, after deducti
masha68 [24]

Answer:

The company report on its balance sheet at December 31, 2010, as accounts receivable before the allowance for doubtful account is $590,000

Explanation:

The computation of the accounts receivable before the allowance is shown below:

= Beginning account receivable balance + bad debt expense -  uncollectible accounts receivable

= $540,000 + $90,000 - $40,000

= $590,000

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4 0
2 years ago
One of the founding principles of the ISO 9000 standard is that: a. the requirements are strictly the same, regardless of the or
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Answer:

One of the founding principles of the ISO 9000 standard is that:

a. the requirements are strictly the same, regardless of the organization.

Explanation:

ISO 9000 standards describe the quality management standards that organizations can follow to increase business efficiency and customer satisfaction.  ISO 9000 embeds a quality management system within an organization, increasing productivity, reducing unnecessary costs, and ensuring quality of processes and products.  The IS0 9000 standards are not specific to any one industry and can be applied to organizations of any size.

6 0
2 years ago
Nancy Tercek started a delivery service, Marigold Corp., on June 1, 2019. The following transactions occurred during the month o
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Answer:

Nancy Tercek    

Income Statement for the month ended June 30 2019    

                   $                $

Service Revenue    6300

   

Less: Expenses    

Rent Expense   600  

Gas Expense   300  

Utilities Expense         300  

Salaries Expense  1190   (<u>2390)</u>

Net Income             <u>3910 </u>

   

Explanation:

  • These are the only transactions relating to income statement. We calculated the revenue by adding the service revenue earned on 5 june (4700) and on 20 June (1600).
  • In service business there are no Cost of Goods Sold.
  • We deduct the Expenses relating to operations.
  • There are only four expenses and the finance cost relating to notes payable cannot be calculated as the interest rate is not provided.
6 0
3 years ago
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