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ludmilkaskok [199]
3 years ago
10

Myers Corporation has the following data related to direct materials costs for November: actual costs for 4,650 pounds of materi

al at $5.30 and standard costs for 4,440 pounds of material at $6.40 per pound. The direct materials quantity variance is a.$5,115 favorable b.$1,344 favorable c.$5,115 unfavorable d.$1,344 unfavorable
Business
1 answer:
ivanzaharov [21]3 years ago
6 0

Answer:

D. $1,344 unfavorable

Explanation:

We know,

Direct materials quantity variance = (Standard Quantity - Actual Quantity) × Standard price

Given,

Standard Quantity = 4,440 pounds of material

Actual Quantity = 4,650 pounds of material

Standard price = $6.40

Putting the values into the above formula, we can get,

Direct materials quantity variance = (4,440 - 4,650) pounds × $6.40

or, Direct materials quantity variance = -210 pounds × $6.40

Therefore, Direct materials quantity variance = $1,344

As the actual quantity is higher than standard quantity, the situation is unfavorable. Therefore, option D is the answer.

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EastWind [94]

Answer:

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Explanation:

4 0
3 years ago
At the end of the fiscal year, the usual adjusting entry to update Prepaid Rent for the portion of the benefit that was used up
TEA [102]

Answer:

d. net income for the year will be overstated.

Explanation:

The prepaid rent account is used to record the amount paid in advance for rent. Once the amount is paid, the entries required are

Debit Prepaid rent

Credit Cash account

On subsequent use of the rent, the required entries are

Debit Rent expense

Credit Prepaid rent

As such where at the end of the fiscal year, the usual adjusting entry to update Prepaid Rent for the portion of the benefit that was used up / expired was accidentally omitted, net income for the year will be overstated as the rent expense that would have been posted to reduce it would have been omitted.

6 0
3 years ago
Mannarelli Corporation uses the FIFO method in its process costing system. Operating data for the Casting Department for the mon
Serjik [45]

Answer:

$ 5.34

Explanation:

Calculation for cost per equivalent unit for conversion costs for September

First step is to find the Equivalent units of production

To complete beginning work-in-process:

Conversion 12,000

[15,000 units × (100%-20% )]

Units started and completed 65,000

(89,000-24,000)

Ending work-in-process

Conversion 21,600

(24,000 units × 90%)

Equivalent units of production 98,600

Second step is to calculate the Cost per equivalent unit using this formula

Cost per equivalent unit =Cost added during the period ÷Equivalent units of production

Let plug in the formula

Cost per equivalent unit = $526,524÷98,600

Cost per equivalent unit = $5.34

Therefore The cost per equivalent unit for conversion costs for September is closest to $ 5.34

7 0
3 years ago
Select the correct answer. According to Maslow’s hierarchy of needs, which need consists of an individual striving for importanc
shutvik [7]

Answer:

According to Maslow's hierarchy of needs, self esteem consists of an individual striving for importance.

Explanation:

  • Maslow's hierarchy of needs suggests that people have various needs, and they must satisfy the basic needs before moving on to satisfy advanced needs.
  • There are five different levels of needs according to Maslow.
  • They are:
  1. Physiological needs-
  2. Security and safety needs
  3. Social needs
  4. Self esteem
  5. Self actualization
  • The lower four needs are deficiency needs that arise due to deprivation. Satisfying the physiological,social,security and esteem needs is important to feel content.
  • The highest level of need is growth need.They arise from the desire to grow as an individual.
4 0
3 years ago
“The needs of a society conflict with the goals of the financial services industry’s desire to make a profit.” Do you agree or d
poizon [28]

Answer:

I do not agree that "the needs of a society conflict with the goals of the financial services industry's desire to make a profit", but on the contrary, I consider that the economic objectives of the financial system contribute to the well-being of the individuals that make up society, with which they satisfy the needs of this in an indirect way.

I believe this because the financial system, through its will to profit, creates jobs and economic opportunities for individuals, who would otherwise be forced to meet their needs without the help of a system designed to profit as a result of work done (such as communism).

3 0
2 years ago
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