Answer:
The actual price = $1.08
Explanation:
The standard material price can be worked out as follows:
<em>Step 1: Work out the standard price of material using the material usage variance</em>
Standard price = Material usage variance/(standard quantity of material - actual quantity)
Standard quantity of material = standard qty per unit × actual production
= 4 × 17,000 =68,000
Standard price = 2,800/(68,000-64,000)= $0.7
<em>Step 2 : Work out the Actual material price using the material price variance</em>
Material price variance = (Standard price - Actual price )× Actual quantity of material
6,400 = (y - 0.7) × 17,000
6400 = 17,000y - 11,900
17,000 y = 6,400 + 11,900
y = 18,300/17,000= 1.08
The actual price = $1.08
Answer:
the costs that change depending on a company's performance
Explanation:
Variable costs refer to the costs that fluctuate with the level of production. An increase or decrease in the output level results in variable costs moving in the same direction. If the business stops production, the variable costs will be nil.
Raw materials and packaging costs are good examples of variable costs. The more a company produces, the more materials it consumes, and the higher the costs of purchasing the materials.
Answer and Explanation:
The journal entry to close the manufacturing overhead account is shown below:
Given that
There is applied overhead of $31,500
And, the budgeted overhead is
= 2,000 × $15
= $30,000
As we can see that the budgeted overhead would be lower than the applied overhead so this is an under applied overhead
Cost of goods sold Dr $1,500 ($31,500 - $30,000)
To factory overhead $1,500
(Being the closing of overhead is recorded)
Answer:
Please correct me if wrong
<h2><u>
Take notes that you can refer to later</u></h2><h2><u>
Smile and stay positive</u></h2>
Answer:
$100,890
Explanation:
To determine the value of the debt we must calculate the present value of the note:
present value = future value of the note / (1 + interest rate)⁵
present value = $170,000 / (1 + 11%)⁵ = $170,000 / 1.11⁵ = $170,000 / 1.685
present value = $100,890
