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defon
2 years ago
10

Indiana Co. began a construction project in 2021 with a contract price of $161 million to be received when the project is comple

ted in 2023. During 2021, Indiana incurred $36 million of costs and estimates an additional $87 million of costs to complete the project. Indiana recognizes revenue over time and for this project recognizes revenue over time according to the percentage of the project that has been completed. Suppose that, in 2022, Indiana incurred additional costs of $63 million and estimated an additional $52 million in costs to complete the project. Indiana: _________
a. Recognized $25.50 million gross profit on the project in 2022.
b. Recognized $6.00 million gross profit on the project in 2022.
c. Recognized $27.00 million gross profit on the project in 2022.
d. Recognized $5.46 million gross profit on the project in 2022.
Business
1 answer:
BigorU [14]2 years ago
3 0

Answer:

I say a

Explanation:

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Tharaldson Corporation makes a product with the following standard costs:Standard Quantity or Hours Standard Price or Rate Stand
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Answer:

Direct labor time (efficiency) variance= $6,270 favorable

Explanation:

Giving the following information:

Standard= Direct labor 0.4 hours $ 11.00 per hour

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To calculate the direct labor efficiency variance, we need to use the following formula:

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

Standard quantity= 0.4*2,600= 1,040

Direct labor time (efficiency) variance= (1,040 - 470)*11

Direct labor time (efficiency) variance= $6,270 favorable

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shutvik [7]

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e. None of the above

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