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
lord [1]
3 years ago
13

Levine Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product. Direct

materials (8 pounds at $2.40 per pound) $19.20 Direct labor (5 hours at $12.00 per hour) $60.00 During the month of April, the company manufactures 260 units and incurs the following actual costs. Direct materials purchased and used (2,400 pounds) $6,240 Direct labor (1,310 hours) $15,458 Compute the total, price, and quantity variances for materials and labor. Total materials variance $enter a dollar amount select an option Materials price variance $enter a dollar amount select an option Materials quantity variance $enter a dollar amount select an option Total labor variance $enter a dollar amount select an option Labor price variance $enter a dollar amount select an option Labor quantity variance $enter a dollar amount
Business
1 answer:
mixer [17]3 years ago
7 0

Answer:

$3,120 U

$480 U

$2,640 U

$142 F

$262 F

$120 U

Explanation:

As per the data given in the question,

Total material variance = Actual cost - Standard cost

= $6,240 - (260 × 5 × 2.4)

= $3,120 U

Material Price Variance = (Actual quantity × Actual rate) - (Actual quantity-standard rate)

= $6,240 - (2,400 × 2.4)

= $480 U

Material Quantity Variance = Standard rate × (actual quantity used - standard quantity)

= 2.4 × (2,400 - (260×5))

= $2,640 U

Total Labor variance = Actual cost - Standard cost

= $15,458 - (260 × 12 × 5)

= 142 F

Labor price variance = (Actual hour × actual rate)  - (actual hours  × standard rate)

= $15,458 - ($1,310 × 12)

= $262 F

Labor efficiency variance = Standard cost × (Actual hrs used - Standard hours)

= 12 × (1,310 - (260 × 5))

= $120 U

We simply applied the above formulas

You might be interested in
List at least 6 things your credit card company must clearly disclose to consumers.
never [62]

It is important to review the credit card disclosure for information on APRs, Penalties, Grace periods, Minimum financing charges, Calculation methodologies, and Fees.

An explanation of all the fees, charges, interest rates, and conditions that a consumer can encounter when using the credit card is contained in a credit card disclosure. The legislation requires disclosure of this information by organizations that provide credit cards. The disclosures on credit cards offer clear information about costs and charges. They also encourage rivalry. To allow consumers to evaluate credit cards more effectively, it is legally necessary of all credit card companies to give the same price information. They can pick the one that better serves their tastes in terms of price.

The interest rate that a client will pay on outstanding balances is the most obvious example of a cost listed on a credit card disclosure. Basic elements like the monthly payment deadlines will also be covered in the disclosure.

Learn more about Credit Card here:

brainly.com/question/28800758

#SPJ4

8 0
1 year ago
How could biotechnology affect your privacy?
svetlana [45]
<span>How could biotechnology affect your privacy? Biotechnology can be used to perform tests that weren't necessary. If these tests are performed health insurance companies may find issues that weren't presented at the time of insuring them and decide not to insure. Biotechnology is the growing of biological processes for different purposes to manipulate microorganisms int the production of antibiotics and hormones. These technology's are growing and giving more focus on what biotech can do for our country and those suffering from illness and hormone issues.  </span>
8 0
3 years ago
Kingbird, Inc. uses the percentage-of-receivables basis to record bad debt expense and concludes that 3% of accounts receivable
antoniya [11.8K]

Answer:

(a) The adjusting journal entry to record bad debt expense for the year:

Debit Bad debt expense  $5,640

Credit Allowance for doubtful accounts  $5,640

<em>(To record bad debt expense)</em>

(b) If the allowance for doubtful accounts had a debit balance of $870 instead of a credit balance of $2,950, The appropriate journal entries are:

Debit Bad debt expense $9,460

Credit Allowance for doubtful accounts  $9,460

<em>(To record bad debt expense)</em>

Explanation:

To arrive at the bad debt expense for Kingbird, Inc., we simply need to calculate 3% of accounts receivable, as follows:

2% of $429,500 = $8,590

Since the allowance for doubtful accounts has a credit balance of $2,950, the bad debt expense will be: $8,590 - $2,950 = $5,640. The appropriate journal entries are as provided above.

However, if the allowance for doubtful accounts had a debit balance of $870 instead of a credit balance of $2,950, the bad debt expense will be: $8,590 + $870 = $9,460. The addition is necessary in order to reinstate the allowance account to $8,590. The appropriate journal entries are as provided above.

6 0
3 years ago
4. Which of the following situations typically would result from an appreciating U.S. dollar relative to the
patriot [66]

Answer:

D. Americans purchase more Canadian made products.

Explanation:

The situation that would typically result from an appreciating U.S. dollar relative to the Canadian dollar is "Americans purchase more Canadian made products."

When Americans purchase more Canadian-made products, the Canadian dollar will rise or appreciate against the U.S. dollar. This is based on the principle of trade balance, whereby the monetary value of a country's imports and exports are evaluated over a given period.

In this case, the monetary value of Canadian exports against the U.S. dollar will indicate a positive trade surplus, hence, the Canadian dollar or currency will appreciate against the U.S. dollar.

5 0
3 years ago
Suppose that a profit-maximizing monopoly firm undergoes a substantial technological change that reduces its marginal and averag
Svetradugi [14.3K]

Answer:

Rise

Explanation:

A monopoly is defined as a market situation where only one seller determines the supply and price of a product, because they are the only ones that produce it.

When forms make technological advancements, they are able to make processes cheaper. So there is more money saved that can be used to increase production.

In this scenario for every product manufactured there is a $40 saved. This excess cash can be put back into the production to increase the output and profit.

4 0
3 years ago
Other questions:
  • The key to building a network is to: a. be able to ask for favors. b. convince someone to do something that he or she may not or
    15·1 answer
  • An​ on-line ticket site was recently offering tickets for a soccer match between Manchester United and Fulham at a price of poun
    5·1 answer
  • In February 2017 the risk-free rate was 4.97 percent, the market risk premium was 7 percent, and the beta for Twitter stock was
    12·1 answer
  • In russia what preceded the communist takeover of the government?
    15·1 answer
  • Explain the meaning of “strong” currency and “weak” currency. what are the advantages and disadvantages of each?
    9·1 answer
  • The building code of River City requires that elevators in public buildings be inspected every nine months. Hal did not have the
    13·1 answer
  • Which of the following statements about theoretical capacity is BEST? A. Theoretical capacity allows adjustments for preventive
    6·1 answer
  • What type of pricing objective would an organization use if it were in a favorable position and desired nothing more
    11·1 answer
  • can be useful in analyzing how a choice affects a particular market and shapes the economic system as a whole.
    10·1 answer
  • E3-33B. (Learning Objectives 1, 3: Journalizing adjusting entries and analyzing their
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!