Answer:
$1,160 Favorable
Explanation:
The computation of total controllable cost variance is shown below:-
Budgeted variable cost for 36,000 units = $57,200 × 36,000 ÷ $44,000
= $46,800
Total budgeted cost for 36,000 units = $46,800 + $60,000
= $106,800
Controllable Variance = Actual Overhead - Budgeted Overhead
= $105,640 - $106,800
= $1,160 Favorable
Therefore, for computing the controllable variance we simply deduct the budgeted overhead from actual overhead.
Proportion of each payment that represents interest as opposed to repayment of principal would be lower if the interest rate were lower.
Amortization is the process of gradually paying-off of debt through scheduled installments that include the component of principal and interest.
- The amortization tables helps to keep track of amount owed and when payment is due.
- The table also shows how much to be paid at required intervals (i.e. monthly, bi-monthly, quarterly etc)
- As the repayment and period of payment increase, the outstanding debt keeps decreasing as well.
- The rate of interest determines the amount of repayment to be made at each interval
Therefore, if the interest rate were lower, then, the repayment of principal would be lower as well.
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Answer and Explanation:
The journal entries are shown below:
a.
Work in process inventory ($4,640 + $5,510 + $6,612 + $12,760 + $18,270) $47,792
Factory Overhead $12,500
Factory Wages $60,292
(being the factory labor cost is recorded)
b.
Work in process inventory ($47,792 ÷ 29 × 23) $37,904
To Factory Overhead $37,904
(being the factory overhead applied to production is recorded)
the main reason the industrial revolution first occurred in Britain was that in Britain the price of coal was low relative to labor. Thus, making everyone want to own and make products using the steam engine which ultimately created the first industrial revolution.
The Industrial Revolution, which took place between roughly 1760 and between 1820 and 1840, was the adoption of new manufacturing techniques in Great Britain, continental Europe, and the United States. This transition encompassed the switch from manual to mechanical production methods, the invention of new ways of producing chemicals and the iron, the expansion of steam and water power, the creation of machine tools, and the growth of the mechanized factory system.
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