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lyudmila [28]
3 years ago
12

Hickam Company makes one product, for which it has developed the following standard for labor: each unit should require 1.50 hou

rs at $12/hour. In April, Hickam made 10,000 units, using 1.65 hours per unit at a cost of $11.50 per hour. What is the labor usage variance
Business
1 answer:
Brut [27]3 years ago
7 0

Answer:

$1.8 Unfavourable

Explanation:

Labor usage variance can be calculated by deducting Standard hours from Actual hours and multiplying the result by the standard rate.

DATA

Standard hours = 1.50 hours

Standard rate = $12/hour

Actual hours = 1.65 hours

Actual rate = $11.5/hour

Calculation

LABOUR USAGE VARIANCE = (SH-AH)SR

LABOUR USAGE VARIANCE =(1.5 - 1.65) x $12

LABOUR USAGE VARIANCE = (-0.15) x $12

LABOUR USAGE VARIANCE = $1.8 Unfavourable

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The Reynolds Corporation buys from its suppliers on terms of 2/19, net 50. Reynolds has not been utilizing the discounts offered
harina [27]

Answer:

23.68%

Explanation:

The computation of the cost of not taking a cash discount is shown below:-

Cost of not taking a cash discount = [Discount percentage ÷ (100% - Disc.%)] × (360 ÷ (Final due date - Discount period))

= (2% ÷ 98%) × (360 ÷ (50 - 19))

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4 0
3 years ago
Consider a corrupt provincial government in which each housing inspector examines two newly built structures each week. All the
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Answer:

a) If bribes cost $1,000 each, how much will a housing inspector make each year in bribes?

So, if the corrupt inspector approves two newly built structures each week, ti means that he is bribed twice per week. There are 52 weeks in a year, so he gets a total of 104 bribes (52 x 2). If each bribe costs $1,000, then he makes a total of: $1,000 x 104 = $104,000 in bribes per year.

c) Corrupt officials may have an incentive to reduce the provision of government services to help line their own pockets.

This statement is true. Corrupt officials will want to have private companies they can obtain bribes from provide government services. It increases the probability of them making money from bribes.

d) What if reducing the number of inspectors from 20 to 10 only increased the equilibrium bribe from $1,000 to $1,500?

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7 0
3 years ago
Select all that apply Describe data processing in accounting by selecting the correct statements below. (Check all that apply.)
lakkis [162]

Answer:

I. Batch processing accumulates source documents for a period of time and then processes them all at once.

II. Online processing enters and processes data as soon as source documents are available.

III. An advantage of online processing is timeliness.

IV. Accounting systems differ with regard to how input is entered and processed.

Explanation:

Financial accounting is an accounting technique used for analyzing, summarizing and reporting of financial transactions like sales costs, purchase costs, payables and receivables of an organization using standard financial guidelines such as Generally Accepted Accounting Principles (GAAP) and financial accounting standards board (FASB).

A financial statement is a written report that quantitatively describes a firm's financial health. Under the financial statements is a cash-flow statement, which is used to record the cash inflow and cash equivalents leaving a business firm.

Cash flow statement, also known as the statement of cash flows, contains financial information about operating, financial and investing activities.

Hence, activities that involve the production or purchase of merchandise and the sale of goods and services to customers, including expenditures related to administering the business, are classified as operating activities. All the net income or cash from all operational business activities of a company is recorded as operating activities.

The correct statements that best describes data processing in accounting includes;

I. Batch processing accumulates source documents for a period of time and then processes them all at once.

II. Online processing enters and processes data as soon as source documents are available.

III. An advantage of online processing is timeliness.

IV. Accounting systems differ with regard to how input is entered and processed.

4 0
3 years ago
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