Dawson Toys, Ltd., produces a toy called the Maze. The company has recently established a standard cost system to help control costs and has established the following standards for the Maze toy:
Direct materials: 6 microns per toy at $0.32 per micron
Direct labor: 1.4 hours per toy at $6.6 per hour
During July, the company produced 4,500 Maze toys. Production data for the month on the toy follow:
Direct materials: 73,000 microns were purchased at a cost of $0.29 per micron. 39,250 of these microns were still in inventory at the end of the month.
Direct labor: 6,600 direct labor-hours were worked at a cost of $45,540.
Compute the direct materials price and quantity variances for July. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect
Compute the direct labor rate and efficiency variances for July. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect
Answers
According to Variance analysis, the Direct materials price variance in July is $2,190 F (favorable) and the direct materials quantity variance is $2160 U (Unfavorable). The direct labor rate variance is $1,980 U (Unfavorable) and the direct labor efficiency variance is $1,980 U (unfavorable).
Let's calculate the direct materials price variance and direct materials quantity variance.
1) Direct materials price variance
Actual price = $0.29Standard price = $0.32Quantity purchased = Actual quantity = 73,000The formula to calculate direct materials price variance is given below: Direct materials price variance = (Actual price - Standard price) × Actual quantityDirect materials price variance = ($0.29 - $0.32) × 73,000 = -$2,190 F2) Direct materials quantity variance
Actual quantity = Quantity used - Quantity remaining in inventory = (73,000 - 39,250) = 33,750Standard quantity = (4,500 × 6) = 27,000Standard price = $0.32The formula to calculate direct materials quantity variance is given below:Direct materials quantity variance = (Actual quantity - Standard quantity) × Standard priceDirect materials quantity variance = (33,750 - 27,000) × $0.32 = $2160 UNow let's calculate the direct labor rate variance and direct labor efficiency variance.
3) Direct labor rate variance
Actual rate = Cost of actual labor ÷ Actual hours = $45,540 ÷ 6,600 = $6.9Standard rate = $6.6Actual hours = 6,600The formula to calculate direct labor rate variance is given below:Direct labor rate variance = (Actual rate - Standard rate) × Actual hoursDirect labor rate variance = ($6.9 - $6.6) × 6,600 = $1980 U4) Direct labor efficiency variance
Actual hours = 6,600Standard hours = (4,500 × 1.4) = 6,300Standard rate = $6.6The formula to calculate direct labor efficiency variance is given below:Direct labor efficiency variance = (Actual hours - Standard hours) × Standard rateDirect labor efficiency variance = (6,600 - 6,300) × $6.6 = $1,980 UTherefore, the direct materials price variance in July is $2,190 F (favorable) and the direct materials quantity variance is $2160 U (unfavorable). The direct labor rate variance is $1980 U (unfavorable) and the direct labor efficiency variance is $1,980 U (unfavorable).
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Related Questions
How does comparative advantage influence international trade?
A. Comparative advantage helps countries produce a wide variety of goods for
trade.
B. Comparative advantage encourages countries to limit the foreign goods they
import.
C. Comparative advantage determines which goods a country should produce
for export.
D. Comparative advantage restricts the possible trade partners for most
countries.
Answers
Answer:
C. Comparative advantage determines which goods a country should produce for export.
Explanation:
Just got it right on my quiz!
Comparative advantage determines which goods a country should produce for export. Thus, option 'C' is the correct option.
What is Comparative Advantage?When a nation can produce an item or service at a lower opportunity cost than another nation, it is said to have a comparative advantage in economics. Political economist David Ricardo is credited with developing the concept of comparative advantage in his work Principles of Political Economy and Taxation (1817). A fundamental tenet of international commerce is comparative advantage, which serves as the foundation for the positive economic effects of free trade on nations.
The idea of comparative advantage demonstrates that trade may still be advantageous to both trading partners even when one country has an absolute advantage in producing products. Understanding the concept of an opportunity cost is essential to comprehending the principle of a comparative advantage.
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Precious gems are an important natural resource of ________. Paraguay Brazil Mexico the Dominican Republic
Answers
Answer:
Brazil
Explanation:
How modern technologies upgrade human's life ? Explain in your own words
Answers
Answer:
Modern technology has been upgraded and can be used in many different ways. Modern technology can also be explained in many different ways, for example, irrigation canals were used thousands of years ago and that was technology. But modern technology now are anything for enhance human knowledge such as a phone or computer and the internet is very useful because any human can search up anything
Explanation:
Of every 500,000 jobs in the U.S., the approximate number of those through international firms are _____.
Answers
Answer:
90,000
Explanation:
1) Using the case to respond, assess three reasons why several international companies are recruiting (woo-ing) their executives from "Third Country Nationals" TCN’s
Answers
There are several reasons why international companies are recruiting Third Country Nationals (TCNs) for executive positions including cost-effectiveness, cultural knowledge and language proficiency
Cost effectiveness: Often, TCN's are willing to work for lower salaries than their counterparts in the home or host country. This can save the company a significant amount of money in terms of labor costs.Cultural knowledge: TCN's often have a deep understanding of the culture and customs of the host country, which can be invaluable for an international company. This can help the company navigate cultural differences and avoid potential pitfalls.Language proficiency: Many TCN's are multilingual, which can be a huge asset for an international company. Being able to communicate effectively with employees, customers, and other stakeholders in multiple languages is crucial for the success of a global business.Learn more about International companies:
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3. What could be done for the ratio(s) that were not favorable to the nursery that you chose? (5 pts)
Answers
The science and practice of nursery management can be improved by choosing the right use of soil, fertilizers, nutrients and supply of clean water.
What is nutrient management?Nutrient management is the process of matching a particular crop management conditions, field soil, and climate condition to the 4R nutrients.
The 4R nutrients are
RatePlaceSourceTimingHow to improve the unfavourable ratio?
To answer this question, we make use of soil and nutrients management as a ratio to improve the nursery.
It follows that using the right soil in planting a particular type of crops helps to reduce some negative result or unfavourable condition which stands to impede economic growth.
The correct use and adequate supply of fertilizers can help to provide a favourable condition in the nursery.
In nursery production, employing clean water can go a very way to help improve the quality of these nursery lives and management as contaminated water reduces the productivity of the nursery.
In conclusion, we can now confirm that when we introduce the right measures in the nursery practice such as soil and nutrients management, it can help improve the ratios of the nursery.
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Complete question:
What could be done to improve the practice of nursery management that you chose
Items a through l represent possible errors and fraud that you suspect may be present at rex company. the accompanying list of auditing procedures represents procedures that the auditor would consider performing to gather evidence concerning possible errors and fraud. for each item, select one or two procedures, as indicated, that the auditor most likely would perform to gather evidence in support of that item. the procedures on the list may be selected once, more than once, or not at all.
Answers
Answer:
a. Compare the details of cash receipts with journal entries.
b. Prepare a bank transfer schedule.
c. Confirm the terms of borrowing with the lenders agreement.
d. Send request to confirm the entity's account receivable balance.
e. Inspect payroll data of employees and cross check with the transaction recorded.
f. Obtain cut off bank statement to reconcile the transaction.
g. Examine the selected repair order and physically examine the equipment whether repair work is don or not.
h. Examine the supporting documents for the invoice such as purchase order, goods received note and Purchase requisitions.
i. Inspect the payroll endorsements for similar handwriting.
Explanation:
Audit is mandatory for all the companies. The verified financial statements are considered as reliable because they are rechecked by the auditors and if any error or fraud is found it is immediately corrected and rectified. Audit is a critical process which involves objectivity and integrity of a person. The auditors must be independent and they should not have any familiarity with the business employees or owners.
22nd Century Pest Control, Inc., is considering developing a new type of mouse trap. They have made the following estimates regarding the development of the new product: . . The life of the project is 7 years The project will require additional equipment that will cost $21,000. None of the equipment will have any salvage value. • Sales are expected to be 10,000 units per year at $4.50 per unit • Variable costs are expected to be $2.60 per unit Fixed costs are expected to be $12,000 per year • The annual Depreciation expense would be $3,000 Additional Net Working Capital will be needed in Year O in the amount of $8,000. 60% of this will be recovered in Year 7 The company's tax rate is 34% The Required Rate of Return on the project is 11% Based on the project's NPV, should the company accept or reject the project? Based on the project's NPV, should the company accept or reject the project?
Answers
The project's NPV is positive, the required rate of return is less than the project's expected return, and the project is expected to generate positive cash flows. Thus, 22nd Century Pest Control, Inc. should accept the project.
Based on the calculations of the project's NPV, the company should accept the project. The net present value (NPV) of the project is $24,579.71, which is positive and indicates that the project's expected cash inflows exceed the initial investment required to develop the product. This project is expected to generate wealth for the company.
The NPV calculation takes into account the time value of money, which means that it considers the future cash flows in today's dollars. The project's estimated sales, variable costs, fixed costs, and depreciation expenses were used to calculate the expected cash inflows and outflows for each year of the project's life. The initial investment and the additional net working capital were also taken into account.
The required rate of return on the project was compared to the project's internal rate of return (IRR) and was found to be higher, indicating that the project is expected to generate a return that is greater than the company's required rate of return. This suggests that the project will generate a positive return on investment and create value for the company.
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I
In which book of original entry would you enter the following?
(a) Sales invoice
(b) Debit note-
(c) Cash sale-
(d) Purchase invoice-
(e) Credit note-
Answers
Michelle docker has selected a Sonic Electric toothbrush that is on sale for 25% off. She also has a store coupon that reads "Take 15% off any already reduced price." How much will she pay for the toothbrush if she was originally Priced 79.99? What is the rate of Reduction?
Answers
The rate of reduction on the Sonic Electric toothbrush is 36.25%.
What is the rate of reduction?A sale and a coupon would reduce the price of an item.
Price of the toothbrush after the sales discount = original price x (1 - reduction)
$79.99 x (1 - 0.25)
$79.99 x 0.75 = $59.99
Now, we would determine the price of the toothbrush after the coupon has been used.
Price after coupon = reduced price x ( 1 - 0.15)
$59.99 x 0.85
= $50.99
Rate of reduction = [( final reduced price / original price)] - 1 x 100
[(50.99 / 79.99)] - 1 x 100 = 36.25%
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Swifty Corporation's payroll for the pay period ended October 31, 2021 is summarized as follows: Department Payroll Total Wages Federal Income Tax Withheld Amount of Wages Subject to Payroll Taxes F.I.C.A. Unemployment Factory $74000 $10000 $70000 $32000 Sales 24000 2000 14000 2000 Office 18000 3000 10000 - $116000 $15000 $94000 $34000 Assume the following payroll tax rates: F.I.C.A. for employer and employee 7.65% each Unemployment 3% What amount should Swifty accrue as its share of payroll taxes in its October 31, 2021 balance sheet
Answers
Federal income tax withheld from employees = $15000Employer's share of FICA on federal income tax withheld from employees = $15000 * 7.65% = $1148.5Employer's share of payroll taxes on all payrolls = $8201 + $1148.5 = $9349.5Therefore, Swifty Corporation should accrue $9349.5 as its share of payroll taxes in its October 31, 2021 balance sheet.
The amount that Swifty should accrue as its share of payroll taxes in its October 31, 2021 balance sheet is $11,221.What is Payroll?Payroll is a record of all workers' salaries, wages, incentives, bonuses, and deductions. Payroll is an essential part of a company's financial reporting because it influences the net income of the company. Payroll taxes are levied on businesses in addition to the salaries and wages paid to their employees.The computation of the employer's share of payroll taxes is done by adding FICA employer's share and unemployment taxes. Let's compute the employer's share of payroll taxes in this case.FICA employer's share = Total payroll subject to FICA * 7.65%
= $94000 * 7.65%
= $7181Unemployment tax
= Total payroll subject to unemployment * 3%
= $34000 * 3%
= $1020Total payroll taxes payable by Swifty
= $7181 + $1020
= $8201However, the issue is that the employer also has to bear the payroll taxes on the amount of wages withheld from the employee's paycheck as federal income tax. To get the total employer's share of payroll taxes, this must be considered. Federal income tax withheld from employees
= $15000Employer's share of FICA on federal income tax withheld from employees
= $15000 * 7.65%
= $1148.5Employer's share of payroll taxes on all payrolls
= $8201 + $1148.5
= $9349.5Therefore, Swifty Corporation should accrue $9349.5 as its share of payroll taxes in its October 31, 2021 balance sheet.
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place rock unit events in order.
3. (Note: The surface is not a layer. It is ground-level, complete with happy little trees.) \( \mathrm{A} 3 \) Homework \( - \) Unanswered Place the rock units events in order from oldest on bottom t
Answers
To place the rock unit events in order from oldest to youngest, we need to consider the principle of superposition, which states that in an undisturbed sequence of rock layers.
1. Homework: This event is the most recent one as it is mentioned last in the given list.2. A3: This event is mentioned before Homework, suggesting that it occurred earlier than Homework.3. Unanswered: This event is mentioned before A3, indicating that it happened before A3.Therefore, the correct order from oldest to youngest is: Unanswered → A3 → Homework.we need to consider the principle of superposition, which states that in an undisturbed sequence of rock layers, the youngest rocks are on top, while the oldest rocks are at the bottom.
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which of these is an official policy act of government against each other?
a) boycott
b) embargo
Answers
What were the main factors in both the North and South for the abandonment of Reconstruction?
Answers
When the members of a marketing channel operate to satisfy their own objectives and maximize their own profits, often at the expense of the other members, the channel operates as:.
Answers
PLS HELP
When price increases, quantity supplied
stays the same
decreases
increases
becomes zero
Answers
Answer:
the quantity supplies increases, just like if the price decreases the supply decreases.
Bebarly appreciates compliments about her new photography business but really values constructive criticism, as she can then address particular issues. According to Julian Rotter, Bebarly has a(n)
Answers
Assuming Bebarly appreciates compliments about her new photography business but really values constructive criticism. According to Julian Rotter, Bebarly has a(n): internal locus of control.
What is internal locus of control?Internal locus of control can be defined as the way in which a person or an individual believe that whatsoever happen to them is as a result of their own capabilities.
A person with Internal locus of control personality will tend to believe that their action is what lend to the positve result they had just as in the case of Bebarly.
Inconclusion according to Julian Rotter, Bebarly has a(n): internal locus of control.
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Why do lenders often require a down payment when credit is used to purchase a good?
It reduces risk to the lender.
It eliminates interest charges.
It reduces the cost of the financed good.
It increases the cost of financing the good.
Answers
The payments are done through a down payment reduces the risk to the lender and therefore the lender requires down payments when credit is used to purchase a good. Thus (A) is the correct option.
What is a down payment?The amount of money that a purchaser pays on the purchasing of any expensive object. The down payment showcases a portion of the total purchasing amount.
It is made in the initial stage of purchasing. It reduces the risk of the lender and therefore, (A) is the correct option.
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How does marketing help your product or service
Answers
Answer:
Marketing informs your customers about the products or services you're offering them. Through marketing, the customers get to know about the value of the products, their usage and additional info that might be helpful to the customers. It creates brand awareness and makes the business stand out.
Explanation:
What is the monthly interest payment for an
account with a balance of $120.00 and an A.P.R.
of 10%?
A. $12.00
C. $10.00
B. $1.00
D. $4.00
Answers
Answer:
B. $1.00
Explanation:
Here,
=10% of $120
=$12
Then,
or, 1 year = 12 months
or, 12 months = $12
1 month = $1
So, the monthly interest payment for an
account with a balance of $120.00 and an A.P.R. of 10% is option b, $1.
analyse the impact of an enterprise using break even analysis to make business decisions
Answers
Answer:
Using break-even analysis in your feed and grain business can help you understand and examine the profit drivers of your business. It is a very useful tool that can help you understand how much you need to sell to cover your costs and how pricing, cost, and volume changes impact these needed sales.
5.Explain three major differences between licensing and franchising. Which entry strategy would be most appropriate for the following companies to enter into international markets and why?
(a) Southeast University
(b) Unimart
(c) General Pharmaceuticals
(d) Asian Textiles
(e) Star Cineplex
Answers
Licensing involves granting the right to use intellectual property, while franchising provides a complete business model and ongoing support. Southeast University and General Pharmaceuticals would benefit from licensing, while Unimart, Asian Textiles, and Star Cineplex would be more suited for franchising.
The three major differences between licensing and franchising are:
1. Control and Operations: In licensing, the licensor grants the licensee the right to use their intellectual property or technology, but the licensee operates independently. In franchising, the franchisor not only grants the right to use their brand, but also provides a complete business model and ongoing support, exerting more control over the franchisee's operations.
2. Brand and Image: Licensing focuses on the transfer of intellectual property rights, such as trademarks or patents, allowing the licensee to leverage an established brand. Franchising, on the other hand, emphasizes building a consistent brand image and customer experience across multiple locations through standardized operations and guidelines.
3. Financial Arrangements: In licensing, the licensee usually pays royalties or license fees to the licensor based on the use of intellectual property. In franchising, the franchisee typically pays an upfront franchise fee and ongoing royalties to the franchisor in exchange for the use of the brand, support, and access to the established business model.
(a) Southeast University: For a university like Southeast University, licensing would be a more appropriate entry strategy. They could license their educational programs or curriculum to international institutions, allowing them to use Southeast University's brand and educational materials while maintaining control over their operations.
(b) Unimart: Unimart, a retail business, would benefit more from franchising as an entry strategy. By franchising their brand, Unimart can expand internationally while ensuring consistent customer experiences, leveraging the franchisor's operational support, and tapping into local knowledge and resources through franchisees.
(c) General Pharmaceuticals: Given the nature of the pharmaceutical industry and the need for stringent quality control, licensing would be a suitable entry strategy for General Pharmaceuticals. They can license their patents, formulas, or manufacturing processes to international partners, ensuring their technology is used correctly while maintaining control over the production and quality standards.
(d) Asian Textiles: Asian Textiles, a manufacturing company, could consider licensing as an entry strategy. They can license their textile designs, manufacturing techniques, or technology to international partners, allowing them to access new markets while retaining control over their core operations.
(e) Star Cineplex: Franchising would be the most appropriate entry strategy for Star Cineplex. By franchising their cinema brand, they can expand internationally while ensuring consistent customer experiences, leveraging the franchisor's expertise in the film exhibition industry, and benefiting from local market knowledge and resources through franchisees.
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Increased government spending financed by increased taxes creates greater expansion of the economy than if the increased government spending is financed by government borrowing. True False Increased government spending financed by government borrowing will generally cause: an increase in interest rates. All of the above an expansion of the economy. some crowding out.
Answers
The correct answer is- All of the above.
Increased government spending financed by government borrowing can have multiple effects, including:
Increase in interest rates: Government borrowing increases the demand for funds in the financial market, leading to higher interest rates as the supply of loanable funds decreases. This can affect borrowing costs for businesses and consumers.
Crowding out: When the government borrows to finance its spending, it competes with the private sector for available funds. This can lead to crowding out, where private investment and consumption are reduced as resources are redirected towards government projects. This can dampen economic growth.
Expansion of the economy: While increased government spending can stimulate economic activity and contribute to short-term expansion, the overall impact on the economy depends on various factors such as the effectiveness of the spending, the state of the economy, and the size of the spending relative to the overall economy.
Therefore, increased government spending financed by government borrowing can lead to an increase in interest rates, some crowding out of private investment, and can have both expansionary effects and potential limitations on the economy.
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when setting a budget you should consider....
Answers
Define careere pleaseeeeeeeeee
Answers
Answer:
a profession or occupation chosen by one's life work.
Having or following a career as specific career diplomat.
Explanation:
Hope this helps.. ;)
FYI I did research and I didn't copied and pasted..
Answer: an occupation undertaken for a significant period of a person's life and with opportunities for progress.
Like a police officer, fire fighter, cashier, fast food worker, teacher, principle, Etc....
Hope this helps... Stay safe and have a great Thanksgiving!!! :D
A decision can be described as or the best course of action that is derived/ selected after through consideration
Answers
Answer:
TRUE
Explanation:
The term 'decision' is defined as the process or action of deciding something to arrive at a conclusion. It is a cognitive process where one considers every outcome or consequences of the action to be selected.
It is the course of action of a number of possible options that are available to a person. Thus it is the best course of action selected or derived after through considerations.
hence the answer is True.
What is Word World?
September is National Courtesy Month. What is a synonym for courtesy?
Give two examples of how you show courtesy to other
Answers
here is some examples I hope it helps
Which of the following set is correctly depicting the same type of production: I. bridges, fishing, rum II. Hotel worker, processed coffee, sugar
III. furniture, clothing, roadway IV. all the above
Answers
Each sector of the economy involves a different type of production process.
Which of the following set is correctly depicting the same type of production?The correct set that is depicting the same type of production is set II, which includes hotel worker, processed coffee, and sugar.
In set II includes hotel workers, processed coffee, and sugar. Hotel workers are part of the service sector, which involves providing intangible goods and services such as hospitality, entertainment, and transportation. Processed coffee and sugar are part of the manufacturing sector, which involves the transformation of raw materials into finished goods for consumption. These items are all related to the same sector of the economy, which is the service and manufacturing sector.
In contrast, set I includes a mix of production types. Bridges are part of the construction sector, fishing is part of the primary sector (which involves extracting natural resources), and rum is part of the manufacturing sector. These items are not related to the same type of production.
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Ted deposited $1750 in an RRSP on March 1, 2018, at 3% compounded quarterly. Subsequently the interest rate was changed to 4% compounded monthly on September 1, 2020, and to 4.5% compounded semi-annually on June 1, 2022. What was the value of the RRSP deposit on December 1, 2024, if no further changes in interest were made?
Answers
To calculate the value of the RRSP deposit on December 1, 2024, we need to determine the accumulated value of the deposit over the different compounding periods.
First, let's calculate the accumulated value from March 1, 2018, to September 1, 2020, at a 3% interest rate compounded quarterly:
Number of periods = (2020 - 2018) * 4 = 8 quarters
Interest rate per period = 3% / 4 = 0.75%
Accumulated value = $1750 * (1 + 0.0075)^8
Next, let's calculate the accumulated value from September 1, 2020, to June 1, 2022, at a 4% interest rate compounded monthly:
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Drag each tile to the correct box.
Arrange the steps in designing an ad campaign for an energy drink.
Answers
Answer: step 1: establish purpose as boosting recall by placing the product as a health drink.
Step 2: calculate expenses required to shoot a commercial endorsed by a celebrity.
Step 3: differentiate product as a healthy non-caffeinated stimulant.
Step 4: generate interest through online contests and promotions.
Step 5: conduct recall tests and analyze consumer feedback.
Explanation:if you are on Edmentum this is the answer.