Answer:
Efficiency variance = $851 favorable
Explanation:
<em>Variable overhead efficiency variance: A variance is the difference between a standard cost and the actual cost. Variable overhead efficiency variance aims to determine whether or not their exist savings or extra cost incurred on variable overhead as a result of workers being faster or slower that expected.
</em>
<em>Since the variable overhead is charged using labour hours, any amount by which the actual labour hours differ from the standard allowable hours would result in a variance</em>
To calculate this variance, we do as follows:
Hours
4,700 should have taken(4,700 × 0.70 hrs) 3,290
but did take (i.e actual hours) 480 <u> 3,060</u>
Efficiency variance in hours 70 unfavorable 230 favourable
Standard variable overhead rate <u>× $3.70</u>
Efficiency variance <em> </em><u><em> 851
</em></u>
Efficiency variance = $851 favorable
<em> </em>
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Answer:
Experience
Explanation:
There are several characteristics of services which includes:
1. Intangibility:
2. Inseparability:
3. Perishability:
4. Heterogeneity:
5. Lack of ownership:
1. Intangibility: Services can be experienced but can not be seen, felt, heard, smelt or tasted.
2. Inseparability: Services such as haircut are usually inseparable from the receiver(consumer) while some services can be produced and delivered if the presence of the customer is optional such as plumbing, dry cleaning.
3. Perishability: Unlike goods, services cannot be stored for later use.
4. Lack of ownership: Consumers don't have ownership but can only pay to have access to the facility for a period of time. Such as payment to use a gymnastic center.
5. Heterogeneity: Quality of services differ from customers to customers and from time to time. No two amount of services will yield same level of satisfaction.
Answer:
Explanation:
The cost equation is shown below:
Y = Constant + Volume × Independent variable
where,
Y = operating costs
And, The other items values would remain the same
Now put these values to the above formula
So, the value would equal to
= $170 + 2,300 units × $260
= $170 + $598,000
= $598,170
Hence, the cost equation is displayed above and the operating costs are $598,170
Answer: Setup time is dependent on the number of units subsequently produced.
Explanation:
It should be noted that a setup is a required activity and a set of activities. A setup time is also referred to as the changeover time.
The statement that "Setup time is dependent on the number of units subsequently produced" is false. The setup time refers to the interval that is needed to adjust the machine settings in order to make it ready to process a job. The setup time isn't dependent on the number of units that's subsequently manufactured.
