Answer:
Direct Labor rate Variance $ 24840 Unfavorable
Labor Efficiency Variance $23520 favorable
Explanation:
Direct Labor rate Variance = Actual Hours * Actual Rate- Actual Hour * Standard Rate
Direct Labor rate Variance = 24840*15- 24840*14
= 372600- 347760
= $ 24840 Unfavorable
Labor Efficiency Variance = Actual Hours * Standard Rate- Standard Hour * Standard Rate
Labor Efficiency Variance = 24840*14- 4*6630*14
= 24840*14- 26520*14
= 347760 - 371280= $23520 favorable
Answer:
1. 80,000
2. $40 per barrel
Explanation:
1. As we can see from the table provided The equilibrium quantity in this market is 80,000 barrels of heating oil per day, as quantity demanded match quantity supplied
2. As we can see from the table provided The equilibrium price is $40 per barrel as in this cost there is an intersection of quantity demanded and quantity supplied. In other words the equilibrium price and quantity could be find out when the quantity demanded equal to quantity supplied
To
determine what the depreciation of an asset using straight line method, the
formula to be used is:
(Initial
cost of machine – salvage value) divided by estimated useful life
So in
this problem:
Initial Cost
- $135000
Salvage
Value – $15000
Estimated
Useful Life – 5 years
Plug that
in the formula
Annual
depreciation = ($135000 - $15000) / 5
= $120000/
5
= $24,000
The first
year depreciation for the machine is $24000 because the company bought it in
the beginning of the year. (So there is no need to divide this by 12 months)
To record
this:
Depreciation
Expense $24000
<span> Accumulated Depreciation $24000</span>
Answer:
Reflection activities/tasks
Explanation:
Reflection activities are tasks that makes entrepreneurs look back over what or how they have learned as they progress through the entrepreneurial process. Reflection tasks often assess metacognitive skills, it helps entrepreneurs to arouse their thinking towards taking conscious actions that will improve their decisions.
