Actual labor rate $16 per hour Actual materials price $160 per ton Standard labor rate $15.50 per hour Standard materials price $163 per ton Quantities Actual hours incurred and used 5,000 hours Actual quantity of materials purchased and used 1,700 tons Standard hours used 5,040 hours Standard quantity of materials used 1,675 tons (a) Compute the total, price, and quantity variances for materials and labor. Total materials variance $enter a dollar amount select an option Materials price variance $enter a dollar amount select an option Materials quantity variance $enter a dollar amount select an option Total labor variance $enter a dollar amount select an option Labor price variance $enter a dollar amount select an option Labor quantity variance

Answer:

Materials price variance $5,100 F

Materials quantity variance $4,075 U

Total labor variance $2,500 U

Labor price variance $620 F

Explanation:

a) Data and Calculations:

                                      Actual        Standard

Labor rate per hour       $16            $15.50

Material price per ton  $160          $163

Labor hours                5,000       5,040

Materials                      1,700        1,675

a) Total price variance for materials = Standard price per ton - Actual price per ton * Actual materials

= $163 - $160 * 1,700

= $5,100 F

b) Total quantity variance for materials = Standard quantity - Actual quantity * Standard price

= 1,675 - 1,700 * $163

= 25 * $163

= $4,075 U

c) Total price variance for labor = Standard rate per hour - Actual rate per hour * Actual labor hours

= $15.50 - $16 * 5,000

= -$0.50 * 5,000

= $2,500 U

d) Total quantity variance for labor = Standard labor hours - Actual labor hours * Standard rate

= 5,040 - 5,000 * $15.50

= $620 F

A company discarded a computer system originally purchased for $8,500. The accumulated depreciation was $6,700. The company should recognize a (an):

What is the value today of $1,300 per year, at a discount rate of 9 percent, if the first payment is received 8 years from now and the last payment is received 25 years from today

After a careful analysis, managers at Haremon's have concluded that 20 customers per hour need to check out. If the sole cashier can check out 25 customers per hour, what is the cashier's (implied) utilization?

Fothergill Company makes 40,000 units per year of a part it uses in the products it manufactures. The unit product cost of this part is computed as follows:
Direct materials $23.40
Direct labor 22.30
Variable manufacturing overhead 1.40
Fixed manufacturing overhead 24.60
Unit product cost $71.70
An outside supplier has offered to sell the company all of these parts it needs for $59.10 a unit. If the company accepts this offer, the facilities now being used to make the part could be used to make more units of a product that is in high demand. The additional contribution margin on this other product would be $390,000 per year. If the part were purchased from the outside supplier, all of the direct labor, direct materials and variable manufacturing overhead costs of the part would be avoided. However, $21.90 of the fixed manufacturing overhead cost being applied to the part would continue even if the part were purchased from the outside supplier. This fixed manufacturing overhead cost would be applied to the company's remaining products.
Required:
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b. What is the net total dollar advantage or (disadvantage) of purchasing the part rather than making it? (remember that the facility could be used to produce a different product if we purchased the parts from the outside).
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Outline a research design using observation for each of the following situations:

a. A bank wishes to collect data on the number of customer services and the frequency of customer use of these services.
b. A state government wishes to determine the driving public's use of seat belts.
c. A researcher wishes to know how many women have been featured on Time covers over the years.
d. A human resource manager wants to know what salaries their key competitors are offering for some common positions.
e. A fast-food restaurant manger wishes to determine if they serve their customers as quickly as their competitors.
f. A magazine publisher wishes to determine exactly what people look at and what they pass over while reading one of its magazines.
g. An overnight package delivery service wishes to observe delivery workers beginning at the moment when they stop the truck, continuing through the delivery of the package, and ending when they return to the truck.

Doug Stamper just received an insurance settlement offer related to an accident he had several years ago. The offer gives Stamper a choice of one of the following three offers (payments are at the end of the period):

Option A: $2,000 per month for 84 months
Option B: $1,100 per month for 15 years
Option C: $125,000 lump sum today

Stamper can earn 6 percent on his investments. He does not care if he personally receives the funds or if they are paid to his heirs should he die within the settlement period. Which one of the following statements is CORRECT given this information?

a. Option B is the best choice because you will receive the most payments.
b. Option A is the best choice because it has the largest present value.
c. Option A is the best choice as it provides the largest monthly payment.
d. Option C is the best choice because it has the largest present value.
e. Option B is the best choice because it pays the largest total amount.

Big Canyon Enterprises has bonds on the market making annual payments, with 16 years to maturity, a par value of $1,000, and a price of $957. At this price, the bonds yield 9 percent. What must the coupon rate be on the bonds

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Waterway Industries is preparing its direct labor budget for May. Projections for the month are that 30600 units are to be produced and that direct labor time is three hours per unit. If the labor cost per hour is $18, what is the total budgeted direct labor cost for May?

If the cost of the beginning work in process inventory is $70,400, costs of goods manufactured is $955,000, direct materials cost is $343,000, direct labor cost is $223,000, and overhead cost is $328,000, calculate the ending work in process inventory.

Holt Industries received a $2,000 prepayment from the Ramirez Company for the sale of new office furniture. Holt will bill Ramirez an additional $3,000 upon delivery of the furniture to Ramirez. Upon receipt of the $2,000 prepayment, how much should Holt recognize for a contract asset, a contract liability, and accounts receivable?

Maxie's Game World sold games to a customer on credit for $2,600, terms 1/10, n/30 and the cost of the games was $1,700. When recording the collection from the customer made within the discount period, in its cash receipts journal, Maxie's would enter:

Gross domestic product understates the total production of final goods and services because of the omission of inflation. intermediate goods. exports. the underground economy.

The sales tax in Massachusetts is 5%. Joanne bought a wood stove with a sales tax of $15. What was the cost of the wood stove before tax

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The 2017 sale of half of the treasury stock would:__________
Reduce retained earnings by $96,000
Reduce retained earnings by $64,000
Increase total shareholders' equity by $360,000
Reduce income before tax by $96,000

4. Which of the following situations typically would result from an appreciating U.S. dollar relative to the
Canadian dollar?
A. More Canadian tourists visit the U.S.
B. Canadians purchase more U.S. goods
C. Fewer American tourists visit Canada
D. Americans purchase more Canadian made products.

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a. increased production costs.
b. doing business in a different culture where the rules of the game may be very different.
c. an increase in transportation costs, especially for those products that have a low value-to-weight ratio.
d. the possibility of an increase in trade barriers such as import tariffs or quotas.
e. sharing valuable technological know-how with a potential competitor.

Frank works at a wealth management company and has been tasked with developing a system for aggregating client accounts into a single platform. Once the project is complete, Frank's boss asks him to give a presentation where he walks a focus group through the steps involved in setting up and using the platform. Which type of informative presentation is Frank giving?

A T-bill has a discount Ask quote of 4.80 with 150 days to maturity and sells for $9800. The bill has a face value of $10,000. What is its Ask yield

Bramble Corp. required production for June is 222000 units. To make one unit of finished product, three pounds of direct material Z are required. Actual beginning and desired ending inventories of direct material Z are 390000 and 420000 pounds, respectively. How many pounds of direct material Z must be purchased

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Maintenance Cutting Assembly Packaging
Direct costs $20,000 $32,000 $72,000 $47,000
Sq. ft. of space 600 1,100 2,100 3,050
No. of employees 4 4 18 6

a. $3,520.
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rate loan at 5 percent annual interest. She will pay 20 percent of the purchase price as a down
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O $122,877.92
O $126,168.64
$135,200.87
O$142,613.78

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a. profits or rents are subject to rent seeking the welfare cost triangle
b. is subject to rent seeking X-inefficiency
c. is something that differentiates government monopolies from private monopolies
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Required:
Compute Dow's earnings per share for the year ended December 31, 2021.

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