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nignag [31]
3 years ago
14

LO 8.3When is the direct labor time variance favorable?

Business
1 answer:
ExtremeBDS [4]3 years ago
4 0

Answer:

The correct answer is letter "D": when the actual price is less than the standard price.

Explanation:

Direct labor rate variance compares the existing direct labor costs and normal direct labor costs over the same operating period. Favorable variance in the labor rate can be caused by hiring more unskilled employees, reducing the minimum wage, and incorrectly setting indirect labor costs. Favorable variance takes place when the <em>costs of direct labor are efficient or lower compared to the standard</em>.

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Golden Arch Company uses the periodic inventory system. It has compiled the following information in order to prepare the financ
Amiraneli [1.4K]

Answer:

See below

Explanation:

Given the information above, cost of goods sold and the gross profit is calculated as;

Cost of goods sold for the company during 2019

= Beginning inventory + Net purchases - Ending inventory

= Beginning inventory + (Purchases - Purchase return) - Ending inventory

= $100,000 + ($750,000 - $0) - $120,000

= $100,000 + $750,000 - $120,000

= $730,000

Gross profit for the company during 2019

= Net Sales - Cost of goods sold

= (Gross sales - Sales return and allowances) - Cost of goods sold

= ($2,000,000 - $50,000) - $730,000

= $1,950,000 - $730,000

= $1,220,000

4 0
3 years ago
During the twentieth century, the real income of blue-collar workers in western societies __________ overall, although it has __
Blababa [14]
During the twentieth century, the real income of blue-collar workers in western societies increased significantly overall, although it has dropped in the past 20 years. 
White-collar workers went to work in factories instead of going to farming, and within a few years created the new industrial working class of America. Workingin factories was a difficult transition for rural people who were accustomed to living in communities where life was controlled by the hours of available daylight and the natural rhythm of the seasons. 
5 0
3 years ago
Wolfe Company had the following beginning inventory and purchases during 2018 Date Transaction Number of units Unit Cost 1/1 Beg
forsale [732]

Answer:

Wolfe Company

The amount of:

                                      LIFO         FIFO    Weighted Average

Ending inventory      $50,500    $65,100        $58,005

Cost of goods sold  $113,200   $98,600       $105,698

Explanation:

a) Data and Calculations:

Date Transaction             Number of units   Unit Cost   Cost Value

1/1     Beginning inventory             2,000        $22.00    $44,000

4/12  Purchase No. 1                      2,300        $26.00      59,800

7/11   Purchase No. 2                        800        $28.00      22,400

10/5 Purchase No. 3                      1,250        $30.00      37,500

Total inventory available              6,350                       $163,700

Wolfe sold                                      4,100

Ending Inventory                          2,250

LIFO

Ending Inventory = $50,500 (250 * $26 + 2,000 * $22)

Cost of goods sold:

4/12  Purchase No. 1                      2,050        $26.00      53,300

7/11   Purchase No. 2                        800        $28.00      22,400

10/5 Purchase No. 3                      1,250        $30.00      37,500

Total cost of goods sold =            4,100                        $113,200

FIFO:

Ending Inventory = Cost of goods available for sale - Cost of goods sold

= $65,100 ($163,700 - $98,600)

Cost of goods sold:

1/1     Beginning inventory             2,000        $22.00    $44,000

4/12  Purchase No. 1                      2,100        $26.00        54,600

Total cost of goods sold = $98,600

Weighted average:

Weighted average cost = $25.78 ($163,700/6,350)

Ending inventory = $58,005 (2,250 * $25.78)

Cost of goods sold = $105,698 (4,100 * $25.78)

4 0
2 years ago
A recent college graduate has obtained employment at a major financial institution in the big city. Since she just graduated, sh
Romashka-Z-Leto [24]

Answer:

$2,200

Explanation:

Calculation to determine what should this recent grad be willing to pay in rent per month

First step is to calculate the work days

Using this formula

Work days = 5 days per week x 1 hour to work+ 1 hour from work

Let plug in the formula

Work days = 5 days a week x 2 hours

Work days= 10 hours

The second step is to calculate the monthly commuting in a standard month of 4 weeks

Monthly commuting = 4 x 10 hours

Monthly commuting = 40 hours

Third step is to calculate hourly how much she will be able to maximize

Amount maximize = $25 x 40 hours (commuting hours)

Amount maximize= $1,000

Now let determine The total she will be willing to pay in rent

Rent per month= $1,200 + $1,000

Rent per month=$2,200

Therefore what should this recent grad be willing to pay in rent per month is $2,200

4 0
3 years ago
When economists attempt to predict the spending patterns of U.S. households, they will typically view the _____________________
Digiron [165]
<span>When economists attempt to predict the spending patterns of U.S. households, they will typically view the DAILY COST OF LIVING as a primary determining factor that influences the individual consumption choices that each will make. 

An economist can predict the spending power of the masses if he/she knows how much energy and monetary value is being spent on a daily basis. This way he/she will know the consumption choices that these consumers are making for themselves.</span>
4 0
3 years ago
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