1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
umka2103 [35]
3 years ago
15

Toby Company has budgeted three hours of direct labor per recliner at a standard cost of $30 per hour. During January, 650 actua

l hours were worked, completing 200 recliners. All were sold and Toby Company’s actually labor was $31 per hour. What is Toby Company’s direct labor efficiency variance for January?
Business
1 answer:
belka [17]3 years ago
4 0

Answer:

Direct labor efficiency variance=$1,500

Explanation:

Direct labor cost variance is the difference between the actual quantity of direct labor and the standard or budgeted quantity of direct labor multiplied by the standard cost of direct labor..

Step 1: Calculate Actual hours

Actual hours=650 hours

Step 2: Calculate the actual cost

Actual cost=actual hours×actual rate

Actual cost=(650 hrs×$31 per hour)=$20,150

Step 3: Calculate the standard cost

Standard cost=Total number of actual hours×standard rate

where;

Standard rate=$30 per hour

Total number of Actual hours=(200×3)=600 hours

replacing;

Standard cost=(600×30)=$18,000

Step 4: Calculate the direct labor efficiency variance

Efficiency variance=(Actual labor-budgeted labor)×standard price

where;

Actual labor=650 hours

Standard labor=600 hours

standard price=$30 per hour

replacing;

Direct labor efficiency variance=(650-600)×30

Direct labor efficiency variance=(50×30)=$1,500

Direct labor efficiency variance=$1,500

You might be interested in
Escents, a body lotion manufacturer from Canada, negotiated a contract with a shea butter company in Mali, Africa, to supply 40%
Svetlanka [38]

Answer: Infrastructure Challenge.

Explanation:

A major problem in developing countries is insufficient and often damaged infrastructure. There are lack of roads and other mean of access to quite some areas in the country and those routes that do have road networks sometimes see trade still hampered by damage to those road networks.

Sometimes there would be potholes that require careful maneuvering and sometimes the roads would be washed out. In this case Escents is experiencing Dela due to washed-out roads or faulty bridges which are examples of infrastructural damage.

3 0
3 years ago
Total assets were $78,000 and total liabilities were $42,000 at the beginning of the year. Net income for the year was $15,500,
Vaselesa [24]

Answer:

$46,500

Explanation:

Accounting equation is stated as :

Assets = Equity + Liabilities

therefore,

Equity = Assets - Liabilities

Equity at Beginning of the Period :

Equity = Assets - Liabilities

           = $78,000 - $42,000

           = $36,000

Equity at end of the Period

Closing Equity Balance = Opening Balance + Net Income - Dividends

                                       = $36,000 + $15,500 - $5,000

                                       = $46,500

6 0
3 years ago
Suppose that consumer income increases and that ground meat is an inferior good. Which of the following will occur in the market
antoniya [11.8K]

Answer:

d. Market clearing price will fall, and equilibrium quantity will fall.

Explanation:

Inferior goods are those goods which do not behave normally to market.

As with increase in consumer spending capacity, their demand decreases.

Accordingly with decrease in demand , the prices will fall.

Thus, either Statement b is correct or statement d.

Since demand and price both tend to fall, the equilibrium quantity will fall for the same, as the demand will be low, the equilibrium quantity will fall to meet the demand level.

Thus, Statement D is correct.

4 0
3 years ago
Which financial statement is considered a link between the income statement and balance sheet?
joja [24]

Statement of owners equity is considered a link between the income statement and balance sheet. I think thats the answer your looking for

6 0
3 years ago
A local furniture store buys furniture from various manufacturers and resells the furniture to its customers. What type of marke
Bezzdna [24]
The type of marketing channel that this represents is direct.
This means that there are no intermediaries between the seller and the consumer. This local store buys the goods, and then sells it to the buyers itself - there is no third-party retailer or dealer which is going to do that for the local store - that would be indirect marketing, which is something this is not.
8 0
3 years ago
Other questions:
  • Vandalay Industries manufactures two products: toasters and blenders. The annual production and sales of toasters is 2100 units,
    5·1 answer
  • Every customer that exited the store was subjected to close scrutiny of their shopping cart and receipt by a highly trained insp
    6·1 answer
  • Morin Company's bonds mature in 10 years, have a par value of $1,000, and make an annual coupon interest payment of $60. The mar
    10·1 answer
  • Innovative Consulting Co. has the following accounts in its ledger: Cash, Accounts Receivable, Supplies, Office Equipment, Accou
    15·1 answer
  • You just acquired a home mortgage for 30 years in the amount of $184,500 at 4.65 percent interest, compounded monthly. How much
    15·1 answer
  • You plan to go to school this summer.
    14·1 answer
  • The appropriate section in the statement of cash flows for reporting the purchase of equipment for cash is:_______.
    5·1 answer
  • Suppose that over the past year, the real interest rate was 6 percent and the inflation rate was -2 percent. It follows that a.
    12·1 answer
  • 6. If consumers always spend 30 per cent of their income on food, then the income elasticity of demand for food is
    5·1 answer
  • In a _________________________ economy, the individuals and the government share in the economic decision-making process. These
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!