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Ahat [919]
3 years ago
8

During January, Ajax Co. Incurs 1,850 hours of direct labor at an hourly cost of $11.80 in producing 1,000 units of its finished

product. Ajax standard labor cost per unit of output is $22 (2 hours x $11.00). Compute the total, price, and quantity labor variances for Ajax Co. For January. Identify whether the variance is favorable or unfavorable?
Business
1 answer:
Brums [2.3K]3 years ago
5 0

Answer:

Std rate per hour: 11.00    

Std hours = 1000*2 =2000    

Actual hours = 1850      

Actual rate = 11.80

   

Labor cost variance = Std cost - Actual cost    

Labor cost variance  = (2000*11) - (1850*11.80)

Labor cost variance = 170 Unfavorable

Labor rate variance = Actual hrs (Std rate - Actual rate)  

Labor rate variance = 1850 *(11-11.80)

Labor rate variance = 1480 Unfavorable

Labor qty variance = Std rate (Std hrs-Actual hrs)  

Labor qty variance = 11 (2000-1850)

Labor qty variance = 1650 Favorable.

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27. You want to have $1 million in your savings account when you retire. You plan on investing a single lump sum today to fund t
Serjik [45]

Answer:A and C

Explanation:

Interest is compounded in savings accounts and me to reduce the amount that I must deposit today and still have my desired $1 million on the day I retire then I should either, invest in a different account paying a higher rate of interest meaning the invested amount will be compounded at a higher rate thus my initial investment amount requirement reduced. Or, since compounded interest is a function of time, if I retire later, that would mean a longer time for my initial investment to compound to $1 million, thus reducing my initial investment amount requirement.

5 0
3 years ago
At the end of this month, Les will start saving $200 a month for retirement through his company's retirement plan. His employer
aleksklad [387]

Answer:

Amount per month (A) = $200 + $0.50 x $200 = $300

Interest rate (r) = 8.25% = 0.0825

Number of years (n) = 30 years

No of compounding periods in a year (m) = 12

Future value = ?

FV = A(1 + r/m)nm - 1)

               r/m

FV = $300(1 + 0.0825/12)30x12 - 1)

                       0.0825/12

FV = $300(1 + 0.006875)360 - 1)

                   0.006875

FV = $300(1.006875)360 - 1)

                 0.006875

FV = $300 x 1,568.218999

FV = $470,465.70

The correct answer is D

Explanation:

In this case, there is need to apply the formula for future value of an ordinary annuity on the ground that compounding is done monthly. In the formula, monthly deposit (A) is $300, number of years is 30 years and interest rate (r) is divided by 12 because compounding is done on monthly basis. The number of years is also multiplied by the number of times interest is compounded in a year.

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