Answer:
price variance 3,940 U
quantity variance 2,800 F
Explanation:
DIRECT MATERIALS VARIANCES
std cost $7.00
actual cost $7.10
quantity 39,400
difference $(0.10)
price variance $(3,940.00)
The difference between std cost and actual cost is negative, we purchased at a higher cost. the variance is unfavorable.
std quantity 39,000.00 (7,800 manufactured units x 5 lbs per unit)
actual quantity 39,400.00
std cost $ 7.00
difference -400.00
quantity variance $ (2,800.00)
We used more lbs than our standard for the output. This means we are not efficient in the use of materials. this variance is unfavorable as well
True. Good management can lead to the success of a business entity with the aid of a field research analyst and the viability of the functions of management. Having good management directly relates to having a smooth running operation. The management team makes sure their individual groups are operating how they should and working efficiently for the overall goals to be met.
Answer:
b. Debit Work in Process Inventory $160,000; credit Factory Payroll Payable $160,000.
Explanation:
In order to record the cost of goods manufactured, once the goods are finished, you add up all the work in process debits. The following journal entry would be:
Dr Finished goods inventory
Cr Work in process inventory (all added up)
In this case, since you are recording labor usage, you must also credit wages or payroll payable (that correspond to the amount of labor used to manufacture the goods).
Number of firms -one
Nature of product-a unique product with no close substitute
Entry- completely blocked
Information - complete
Collusion between sellers - irrelevant
Firm's control over the price of product - considerable , but limited by market demand and goal of profit maximisation
Demand curve of the firm's product - equals market demand curve : downward sloping
Long-run economic profit - can be positive
In a large open economy, the source of the demand for loanable funds comes from domestic investment and net capital outflow.
<h3>What is an Open economy</h3>
An open economy refers to a type of economy where not only domestic factors but also entities in other countries participate in trade of goods and services.
Trade in an open economy can be in the form of managerial exchange, technology transfers, and all kinds of goods and services.
Learn.more about an open economy at brainly.com/question/23160076
