Answer and Explanation:
The computation is shown below;
a. Raw material price variance is
= (standard price - actual price) × actual quantity
= ($10 - $11) × ($69,300 ÷ $11)
= ($10 - $11) × 6,300
= $6,300 unfavorable
b. The raw material usage variance is
= (Standard quantity - actual quantity) × standard price
= (525 × 13 - 6,300) × $10
= $5,250 favorable
In this way it should be calculated
Answer:
the costs that change depending on a company's performance
Explanation:
Variable costs refer to the costs that fluctuate with the level of production. An increase or decrease in the output level results in variable costs moving in the same direction. If the business stops production, the variable costs will be nil.
Raw materials and packaging costs are good examples of variable costs. The more a company produces, the more materials it consumes, and the higher the costs of purchasing the materials.
Answer
The answer and procedures of the exercise are attached in the following archives.
Explanation
You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.
1. Insurance expense for 6 months = 12,960 x 6/36
= $2,160
Prepaid insurance on December 31, 2021 = 12,960 - 2,160
= $10,800
2.Interest expense for 2 months = 220,000 x 12% x 2/12
= $4,400
Kindly comment if you need further assistance. Thanks
Answer:
D. Natural gas refinery
Explanation:
Processing cost system is when identically units are mass produced. It involves assigning materials, factory labour, overhead cost and so on in an effort to value finished goods inventory. Process cost involves allocation of cost for different set in each process. It helps in determining total cost of producing a unit of commodity. It is best suited for the natural gas refinery because of the various steps involved in the processing and manufacturing of products as cost can be identified and allocated for each steps and also because what is produced are identical units which are mass produced.
Answer:
Here all of these options are wrong , the correct answer is regardless of how the tax is levied the burden of tax would be shared by both the seller and buyer.
Explanation:
Tax can be said as primary source of income for the government. When a tax is levied on the goods , the burden of that would have to be bear by both buyer and seller , irrelevant of how that levied . If the taxes are high then the demand by buyer would be less and seller would receive low price because less people would buy and n the case where taxes are low demand would be high and seller would receive high prices ,in both cases tax would be levied on both seller and buyer and how much it would be depends upon the elasticity of demand and supply. So all the statements given here are false or invalid.
