a. Standard labor-hours is 7920 hours.
b. Standard labor cost allowed is $42,768.
c. The labor spending variance is $1588(U).
d. The labor rate variance is $1706 and the labor efficiency variance $3294(U).
e. The variable overhead rate is $5971(U) and efficiency variances for the month $5580(U).
<u>Explanation:</u>
a)Standars hours(SH) allowed to make 19800 jogging mates
=SH per unit 
19800
=(24/60)*19800
=7920 hours
24/60 has been taken to convert minutes into hours.
b)Standard Labor Cost (SC) of 19800 jogging mates
=$42,768
c)Labour Spending Variance
=$1588(U)
d)Labor Rate Variance
=$1706
Actual Hours(AH) * Actual Rate per hour(AR)= Actual Cost(AC)
Labor Efficiency Variance
=$3294(U)
e) Variable overhead rate variance = Actual hours worked (Standard overhead rate - Actual overhead rate)
= 8530 (4.5 - 5.20)
= $5971(U)
Actual overhead rate = $44,356 / 8530 = 5.20
Variable overhead efficiency variance = Standard overhead rate (Standard hours - Actual hours)
= 4.50 (7290 - 8530)
= $5580(U).
Answer
$31,000
Explanation:
(c) $31,000
Explanation:
As per IRS for Earnings of Clergy, A licensed, commissioned, or ordained minister who performs ministerial services as an employee may be able to exclude from gross income the fair rental value of a home provided as part of compensation (a parsonage) or a housing allowance provided as compensation if it is used to rent or otherwise provide a home. In order to be able to exclude the housing allowance from income, the minister's employing organization must officially designate the housing allowance as such before paying it to the minister.The fair rental value of a parsonage or the housing allowance is excludable only for income tax purposes, and not for Self-employment tax purpose.
In the given case, the church did not designate any of Luke's salaries as a housing allowance. Hence it is not deductible from Gross Income for Income Tax Purposes and irrespective of designation or not, it is not deductible for self-employment tax.
Thus, Full salary of Luke i.e $31,000 must be included when figuring net income for self-employment tax.
Work performance information and cost forecasts are the main outputs of cost control.
<h3 /><h3>What is cost control?</h3>
It is the set of practices that assist in the control and organization of financial resources, in order to establish a budget that is a useful tool for greater understanding of income and expenses and greater coordination of the correct allocation of finances to fulfill your needs and for the achievement of objectives and goals.
In a company, cost control will help in effective positioning in the short and long term, helping to correctly understand the company's financial situation in a period, in addition to helping in the forecast of costs, expectations and planning as a whole.
Therefore, cost control is a set of tools that assists in the budget control of a company or an individual, being positive for the best organization of finances.
Find out more about budgeting here:
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The mean of salary for these options is $30.76
Answer:
b.1.07
Explanation:
Investment turnover ratio determines the times when the portfolio of investment is sold during a particular period of time e.g Monthly, Annually, etc. The higher turnover results in more commission earned by the broker who is selling the portfolio.
Investment Turnover = Sales / Invested Assets
Investment Turnover = $1,228,000, / $1,150,000
Investment Turnover = 1.067826
Investment Turnover = 1.07 ( Rounded off to 2 decimals places )
