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Pani-rosa [81]
2 years ago
5

Tharaldson Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Stan

dard Cost Per Unit Direct materials 7.6 ounces $ 4.00 per ounce $ 30.40 Direct labor 0.7 hours $ 10.00 per hour $ 7.00 Variable overhead 0.7 hours $ 9.00 per hour $ 6.30 The company reported the following results concerning this product in June. Originally budgeted output 3,000 units Actual output 2,600 units Raw materials used in production 16,300 ounces Purchases of raw materials 17,400 ounces Actual direct labor-hours 3,500 hours Actual cost of raw materials purchases $ 45,000 Actual direct labor cost $ 13,000 Actual variable overhead cost $ 3,500 The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The materials price variance for June is:
Business
1 answer:
Georgia [21]2 years ago
3 0

Answer:

Direct material price variance= $24,603.6 favorable

Explanation:

Giving the following information:

Direct materials 7.6 ounces $4.00 per ounce

Purchases of raw materials 17,400 ounces

Actual cost of raw materials purchases $45,000

<u>To calculate the direct material price variance, we need to use the following formula:</u>

Direct material price variance= (standard price - actual price)*actual quantity

Direct material price variance= (4 - 2.586)*17,400

Direct material price variance= $24,603.6 favorable

Actual price= 45,000/17,400= $2.586

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6 0
1 year ago
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5 0
3 years ago
On January 1, 2018, Burleson Corporation’s projected benefit obligation was $48 million. During 2018 pension benefits paid by th
aleksklad [387]

Answer:

$59.8 million.

Explanation:

At the beginning of the year, the Projected Benefit Obligation (PBO) was $48 million, however, during the year this amount was affected by several factors that are explained in the problem statement: the service cost ($13 million), the interest costs (defined by a discount rate of 10%) and the pension benefits paid by the company ($6 million).

To understand how it was modified exactly, first, we will do a theoretical analysis and then present it more <em>graphically</em> as a financial statement.

1. Theoretical analysis

Firstly, a Projected Benefit Obligation (PBO) is a measure that reflects how much a company needs at the present time (December 31, 2018) to cover future pension liabilities. We know that the year began with a PBO of $48 million. However, this amount must be added to the service costs ($13 million), which is the increase in the present value of the liabilities, because the employees have completed another year in the company and that implies an increase in their pension credit.  

Therefore, so far, the PBO at December 31, 2018 is $61 million. To this amount must be added the interest cost which is the annual interest amount on the unpaid balance of the PBO. In this case, an interest rate of 10% is handled. Therefore the amount of interest is equal to $48 million (original PBO) * 10% = 4.8 million.

So far, the PBO at December 31, 2018 is $61 + $4.8 = $65.8 million

Finally, the pension benefits paid by the trustee during 2018 should be subtracted, since they are a partial payment of the PBO.

Therefore, we have: $65.8 - $6 = $59.8

2. As a financial statement.

                                                 Pension obligations

                                   Year Ended At December 31, 2018

Change in benefit obligations

Beginning PBO                                          $48

Service cost                                               $13    

Interest cost                                               $4.8

Benefits paid                                             ($6.0)

Ending PBO                                               $59.8

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