The history and development of economics as subject??

Longview Hospital performs blood tests in its laboratory. The following standards have been set for each blood test performed:

Julli [10]

Answer:

Instructions are below.

Explanation:

Giving the following information:

Standard:

Direct materials 2.0 plates $2.75 per plate

Direct labor 0.2 hours $15.00 per hour

Variable manufacturing overhead 0.2 hours $7.00 per hour

Actual:

1,500 blood tests.

3,600 plates were purchased for $9,540

3,200 plates were used for blood tests

340 actual direct labor-hours were worked for $5,550

1)The materials price variance:

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

Direct material price variance= (2.75 - 2.65)*3,600= $360 favorable

2) The materials quantity variance:

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

Direct material quantity variance= (2*1,500 - 3,200)*2.75

Direct material quantity variance= $550 unfavorable

3) The labor rate variance:

Direct labor rate variance= (Standard Rate - Actual Rate)*Actual Quantity

Direct labor rate variance= (15 - 16.32)*340= $448.8 unfavorable

4) The labor efficiency variance:

Direct labor time (efficiency) variance= (Standard Quantity - Actual Quantity)*standard rate

Direct labor time (efficiency) variance= (1,500*0.2 - 340)*15

Direct labor time (efficiency) variance= $600 unfavorable

5) The variable overhead efficiency variance:

Variable overhead efficiency variance= (Standard Quantity - Actual Quantity)*Standard rate

Variable overhead efficiency variance= (1,500*0.2 - 340)*7

Variable overhead efficiency variance= $280 unfavorable

8 0

3 years ago

8th business day of this month

Sonbull [250]

Tuesday the twelfth is the answer. A business day is essential a work day, which is Monday through Friday.

4 0

3 years ago

Which most accurately describes the difference between common stock and preferred stock?

maxonik [38]

Common stock is a corporate owned equity. Common stock shareholders have a right to the company's assets after all bondholders, preferred stock/shareholders and other debt holders are paid first and in full. Preferred stock has the owner entity to a fixed amount of money. Those that are preferred shareholders/stockholders receive money before any common stock holders do. They have a higher claim on assets and company earnings.

6 0

3 years ago

Read 2 more answers

Monthly sales are $530,000. Warranty costs are estimated at 5% of monthly sales. Warranties are honored with replacement produ

sashaice [31]

Answer:

C. Estimated warranty payable for $26,500.

Explanation:

The monthly sales are $530,000 and the warranty costs are 5% of monthly sales,

Therefore, Warranty costs will be = $530,000*5% = $26,500.

Now, we know that no defective products were returned during the current month, hence the other options in the questions are discarded and Estimated warranty payable is taken at the month end.

Thank buddy.

Good luck and Cheers.

8 0

3 years ago

The primary difference between manufacturing companies and service companies is that the products provided by service companies

ollegr [7]

Answer:

The products by services companies are consumed immediately.

Explanation:

Goods are physical tangible products that are used to satisfy human needs and wants. On the other hand, services are non-physical, nontangible products that also serve the purpose of satisfying human needs and wants.

The manufactured good can be stored in inventories after production, however, the services are consumed as they are produced. They cannot be stored in inventories to be consumed later. They have to be consumed immediately.

This is the main difference between the products of manufacturing companies and services companies.

5 0

4 years ago

The history and development of economics as subject??​

The history and development of economics as subject??