Answer:
Variance is favorable when Standard quantity/ price is higher than actual quantity/ price.
a. Direct Materials Price Variance
= (Actual price - Standard price) * Actual quantity
= (5.70 - 6.00) * 51,000
= $15,300 Favorable
b. Direct Materials Quantity Variance
= (Actual quantity - Standard quantity) * Standard price
= (51,000 - (14 * 3,500)) * 6
= $12,000 Unfavorable
C. Direct Materials Cost Variance
= Direct Materials Price Variance + Direct Materials Quantity Variance
= 15,300 + (-12,000)
= $3,300 Favorable
Answer:
Given that,
Units purchased = 10,000
Per unit price = $8
The journal entry is as follows:
On May 7,
Materials A/c Dr. $80,000
To Accounts payable $80,000
(To record the purchase)
Workings:
Materials = Units purchased by company × Raw material per unit price
= 10,000 × $8
= $80,000
Answer:
The answer is option A) To reduce her risk of making a Type II error, she should Increase the number of local consumers she will sample
Explanation:
A type II error is sometimes called a beta error because it confirms an idea that should have been rejected, claiming the two observances are the same, even though they are different. A type II error is essentially a false positive.
A type II error can be reduced by making more stringent criteria for rejecting a null hypothesis such as:
- Increasing the the sample size used in the Test: this is a strategy used to increase the power of the test and reduce the error to a considerable amount.
- Increasing the significance level: choosing a higher level of significance is important for double checking and which increases accuracy.
Answer:
Ability is possession of the means or skill to do something.
Welding because their constantly working on metal
