Concord Corporation planned to use 1 yard of plastic per unit budgeted at $91 a yard. However, the plastic actually cost $90 per
1 answer:
Answer:
Total Material Variance = $10,060 Unfavorable
Explanation:
Provided Information,
Standard budgeted unit of raw material = 1 yard
Standard price per unit = $91.00
Actual price per yard = $91.00
Actual units produced = 4,600
Actual yards of plastic used = 4,660 yards
Standard yards for actual production = 4,600 1 yard = 4,600
Total Material Variance = Standard Cost for actual output - Actual Cost
Standard Cost = 4,600 $90 = $414,000
Actual Cost = 4,660 $91 = $424,060
Total Material Variance = $414,000 - $424,060 = - $10,060
Since value is negative as actual cost is more than budgeted, the variance is unfavorable.
Final Answer
Total Material Variance = $10,060 Unfavorable
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Answer:
$ 127,773.36
Explanation:
The professor will be in sabbatical in years 7, 14, 21, 28, 35 and 42
In each of these years, he receives full pay amounting to=50,000
The PV of the sabbatical full pay
=
=50,000/(1+4%)^7+ 50,000/(1+4%)^14+ 50,000/(1+4%)^21+ 50,000/(1+4%)^28+50,000
/(1+4%)^35+ 50,000/(1+4%)^42
==50,000/(1+4%)^7+ 50,000/(1+4%)^14+ 50,000/(1+4%)^21+ 50,000/(1+4%)^28+50,000
/(1+4%)^35+ 50,000/(1+4%)^42
=
=37,993.92 + 28,868.36 + 21,939.45 + 16,672.22 + 12,671.06 + 9,628.35
= $ 127,773.36
Thus, at an interest rate of 4%, the present value of all the sabbatical earnings amount to $ 127,773.36