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3 years ago

The following labor standards have been established for a particular product:

Business

1 answer:

swat323 years ago

8 0

Answer:

$2,430F

Explanation:

The formulae for labor rate variance is given as (Actual rate - Standard rate) × Actual hours worked.

Labor rate variance = (Actual rate - Standard rate) × Actual hours worked

Given that;

Actual rate = Actual total labor cost ÷ Actual hours worked

= $119,880 ÷ 8,100

= $14.8 per hour

Standard rate = $15.10 per hour

Actual hours worked = 8,100

Labor rate variance = ($14.8 - $15.10) × 8,100

Labor rate variance $2,430F

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A change in the dollar value of the British pound from $1.60 to $1.50 represents A. an increase in the pound price of British

hram777 [196]

Answer:

Option (B) is correct.

Explanation:

1 pound = $1.60

1 pound = $1.50

So, there is a depreciation in the value of pound relative to the dollar and appreciation in the value of dollar relative to the pound.

Now, suppose a resident of united states purchase some quantity of goods(say, 20 shirts) from the seller in United kingdom.

Price of each shirt = 2 pounds

Hence,

Before the change in exchange rate, then the buyer have to pay in dollars:

= 20 × (2 × $1.60)

= 20 × 3.2

= $64

After the change in exchange rate, then the buyer have to pay in dollars:

= 20 × (2 × $1.50)

= 20 × 3

= $60

Hence, the amount paid by the resident of united states reduced because of the fall in exchange rate. Now, they have to pay less for the same amount of commodities. This shows that there is an appreciation in the currency of US relative to UK.

4 0

3 years ago

On December 31, 2019, the ledger of Lopez Company contained the following account balances: Cash $ 66,000 Maria Lopez, Drawing $

vlada-n [284]

Answer:

1. Dec 31, 2019

Dr Fees Income $107,500

Cr Income Summary $107,500

2. Dec 31, 2019

Dr Income summary 60,000

Cr Salaries expense 34,000

Cr Supplies expense 6,000

Cr Utilities expense 9,300

Cr Telephone expense 5200

Cr Depreciation expense 5500

3. Dec 31, 2019

Dr Income summary 47,500

Cr Retained earnings 47,500

4. Dec 31, 2019

Dr Maria lopez, capital 52,000

Cr Maria lopez, drawing 52,000

Explanation:

Preparation of the closing entries for the above transactions

1. Dec 31, 2019

Dr Fees Income $107,500

Cr Income Summary $107,500

(To close revenue account)

2. Dec 31, 2019

Dr Income summary 60,000

(5500+5200+9300+6000+34000)

Cr Salaries expense 34,000

Cr Supplies expense 6,000

Cr Utilities expense 9,300

Cr Telephone expense 5200

Cr Depreciation expense 5500

(To close expenses account)

3. Dec 31, 2019

Dr Income summary 47,500

($107,500-60,000)

Cr Retained earnings 47,500

(To close income summary account)

4. Dec 31, 2019

Dr Maria lopez, capital 52,000

Cr Maria lopez, drawing 52,000

(To close drawings account)

6 0

2 years ago

The etruscans developed a special sophistication in casting and engraving on

Archy [21]

The Etruscans developed a special sophistication in casting and engraving on <u>bronze.
</u>The Etruscans were an ancient culture that was located in central and northern Italy. They were very famous for their art, especially for bronze casts and engravings that are an important archaeological relic even today. They weren't the first nation to do this type of art, however, they were the best.<u>
</u>

4 0

3 years ago

Many new restaurants have opened in collegetown in recent years. given this change in supply, what type of demand would result f

melamori03 [73]

The answer is Inelastic Demand. Hope this helps!!!
Have a great day!!

6 0

3 years ago

A borrower expresses a reluctance to continue signing documents. The Notary Signing Agent may:

snow_tiger [21]

Answer:

Recommend the borrower contact the lender representative before signing anymore documents

Explanation:

Notary agents are usually independent professionals within the sector or third parties , who are contracted to create sure all loan documents are signed and notarized properly and delivered . A Notary agent isn't authorized to answer questions on the most points contained within the loan, however a notary agent can give opinions to a signer whether the terms of a loan are a good or not. But if the opinions are on interest rates or other questions concerning the loan, rather it would be best to refer the signer or borrower to contact the lender’s representative

3 0

3 years ago