Answer: The actual cost of materials was less than the standard cost
Explanation:
Net materials cost variance = Favorable materials price variance + Favorable materials quantity variance
= 380 + (-120 unfavorable)
= 380 - 120
= $260 favorable
<em>As the materials cost variance is favorable, it means that the actual cost of materials was less than what was budgeted for it or rather its standard cost. </em>
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Answer:
Calendar belongs to B category
Explanation:
The computation of ABC class that Calendars belong is shown below:-
Items Annual demand Unit cost Total cost Category
Watches 1,020 $65 $66,300 A
Caps 700 $8.5 $5,950 A
Calendars 650 $9 $5,850 B
Scented
candles 700 $5 $3,500 B
Key chain 967 $2.5 $2,417.5 C
Greeting
cards 1,000 $1.5 $1,500 C
Here, for computing the total we simply multiply the annual demand with unit cost of each items. Also we have categorized the A, B and C into values which means A has highest value, B is lower than A and C has the lowest value in compare of A and B.
Therefore, as per the requirement the Calendar belongs to B category.
Answer:
The main reason the New York Federal Reserve Bank President is always on the FOMC is due to the importance of the New York Federal Reserve Bank
Explanation:
The body of the Federal Reserve System responsible for making monetary policy is the Federal Open Market Committee, FOMC
The Fed's monetary policy are executed primarily through the New York Fed and the other Federal Reserve Banks. The New York Fed does this mainly through Permanent Open Market Operations, providing lending facilities, and performing quantitative easing so as to ensure that the Fed unemployment, inflation, and interest rates policy targets are archived
The New York Fed is the primary agent through which the Fed intervenes in foreign exchange markets. The New York Fed also carries out all Fed open market transactions, and therefore is about the most important bank in the FOMC
The New York Federal is also the only one of the Federal Reserve banks that is a member of the Bank of International Settlement, provide gold storage for other foreign central banks and a good number of the largest banks in the United States are located in the New York Federal Reserve district, as
The main reason the New York Federal Reserve Bank President is always on the FOMC is therefore due to its uniqueness and the special responsibilities, functions and capacities of the New York Federal Reserve Bank