A group of workers normally consists of 60 men, 30 women and 20 boys. They are paid at standard hourly rates as under:

Men Rs. 280.00

Women Rs. 160.00

Boys Rs. 140.00

In a normal working week of 40 hours, the group is expected to produce 5,000 units of output.

During the week ending on March 21, 2021 the group consisted of 70 men, 25 women, and 25 boys. The actual wages paid were Rs. 270, Rs. 165 and Rs. 130 respectively. 4,500 units were produced.

The Company is using Flexible Budgeting.

Calculate:

2(a) Labour cost variance

2(b)Labour rate variance

2(c) Labour efficiency variance

Answers

Answer 1
Labour cost variance =  R.s 33,000 (F)Labour rate variance = R.s 33000 (F)Labour efficiency variance = 0

Given:

Standard Number of men = 60

Standard Number of women = 30

Standard Number of boys = 20

Standard hour rate for men = R.s 280

Standard hour rate for women = R.s 160

Standard hour rate for boys = R.s 140

Weekly working hour = 40 hours

Expected unit = 5,000 units

Number of men in march week = 70

Number of women in march week = 25

Number of boy in march week = 25

Actual wage for men = R.s 270

Actual wage for women = R.s 165

Actual wage for boys = R.s 130

Actual units = 4,500 units

Find:

Labour cost varianceLabour rate varianceLabour efficiency variance

Computation:

Labour cost variance = [SC for AO] - AC

Labour cost variance =  [( 70 × 280) + (25 × 160) + (25 × 140)] - [(70 × 270) + (25 × 165) + (25 × 130)] × 40  

Labour cost variance = (27,100 - 26,275 ) × 40

Labour cost variance =  R.s 33,000 (F)  

Labour rate variance = (SR - AR) × AH worked

Labour rate variance = [(280 - 270)70 + (160 - 165)25 + (140 - 130)25]40

Labour rate variance = [700 - 125 + 250]40

Labour rate variance = [825]40

Labour rate variance = R.s 33000 (F)

Labour efficiency variance = (SH allowed - AH worked)SR

Labour efficiency variance = (0 - 0)SR

Labour efficiency variance = 0

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Related Questions

Goods in transit are included in a purchaser's inventory:____.A. If the goods are shipped FOB destination. B. When the supplier is responsible for freight charges. C. When the purchaser is responsible for paying freight charges.D. At any time during transit.E. After the half-way point between the buyer and seller.

Answers

Answer:

B. When the supplier is responsible for freight charges.

Explanation:

Goods in Transit can be regarded as merchandise as well as other types of inventory which has already shipped out of shipping dock of the seller, but it has not gotten to the receiving dock of the buyer.This concept is utilized in order to know maybe the buyer or the seller of that particular goods has taken the possession of that particular goods and to know the party that Is paying for transport. The Freight charge, can be regarded as as freight rate, and this is amount that is been paid to a carrier company so that transportation of goods to agreed location will be possible.

It should be noted that Goods in transit are included in a purchaser's inventory When the supplier is responsible for freight charges.

Gross pay is: Multiple Choice Deductions withheld by an employer. Salaries after taxes are deducted. Total compensation earned by an employee before any deductions. Take-home pay. The amount of the paycheck.

Answers

Answer:

Total compensation earned by an employee before any deductions.

Explanation:

Gross pay is the total compensation earned by an employee before any deductions.

Net pay is the compensation after taxes and other deductions are removed

A company purchased property for a building site. The costs associated with the property are given below.
Purchase price = $175,000
Real estate commissions = $15,000
Legal fees = $800
Expenses of clearing the land = $2,000
Expenses to remove old building = $1,000
1. What portion of these costs should be allocated to the cost of the land and what portion should be allocated to the cost of the new building?
2. Prepare the journal entry to record these costs.

Answers

Answer:

1. Land $193,800

Building $0

Explanation:

1. Calculation to determine what portion of these costs should be allocated to the cost of the land and what portion should be allocated to the cost of the new building

Purchase price $175,000

Real Estate commissions $15,000

Legal fees $800

Expenses of clearing the land $2,000

Expenses to remove old building $1,000

Total $193,800

Therefore the total cost of the land is $193,800 and NO cost will be allocated to the cost of the new BUILDING

2. Preparation of the journal entry to record these costs

Dr Land A/c $193,800

Cr Cash A/c $193,800

(Being land purchased for cash and the associated expenses being recorded)

How does marketing satisfy your needs as a college student? Are certain aspects of your life influenced more heavily by marketing than others? Provide examples

Answers

Yea dude’s iiiiiiiiiiiiiiiiiiiiiiii

Suppose a bank has $400 million in deposits and $25 million in required reserves, and it is holding no excess reserves. What is the required reserve ratio?

Answers

Answer:

the required reserve ratio is 6.25%

Explanation:

The calculation of the required reserve ratio is given below:

Required reserve ratio is

= required reserves ÷ deposits

= $25 ÷ $400

= 0.0625

= 6.25%

Hence, the required reserve ratio is 6.25%

The same is to be relevant and considered too

Given the following data: Beginning raw materials inventory $30,000 Materials purchased 65,000 Ending raw materials inventory 40,000 What is the amount of raw materials used? a.$5,000 b.$55,000 c.$30,000 d.$75,000

Answers

Answer:

Option "b"$55000 is correct.

Explanation:

Below is the given values:

Starting raw material = $30000

Pruchased material = $65000

Raw material at the end = 40000

Now calculate the raw material used:

Raw material used = Starting raw material  + purchases - ending raw material

Raw material used = 30000 + 65000 - 40000

Raw material used = 95000 - 4000

Raw material used = $55000

Thus option "b"$55000 is correct.

Which of the following is one of the value gaps that can undermine customer experiences and can damage relationships?

Service Quality Gaps
Psychological Gaps
Language Gaps
Physical Gaps
Operational Gaps
Transition Gaps

Answers

Answer:

Service Quality Gaps

Explanation:

Service Quality gaps is one of the value gaps that can undermine customer experiences and can damage relationships.

This is because, as a result of the quality of the service delivered or rendered, a customer's satisfaction can be gauged and depending on how satisfied the customer is, it could build or damage relationships.

In applying the lower of cost or market method to LIFO inventory valuation, market is defined as: A. Historical cost. B. Current replacement cost. C. Current sales price. D. FIFO. E. LIFO.

Answers

Answer:

b

Explanation:

LIFO means last in first out. It means that it is the last purchased inventory that is the first to be sold.

FIFO means first in, first out. It means that it is the first purchased inventory that is the first to be sold

a.If the economy currently has a frictional unemployment rate of 2 percent, structural unemployment of 2 percent, seasonal unemployment of 0.5 percent, and cyclical unemployment of 2 percent, what is the natural rate of unemployment

Answers

Answer: 4%

Explanation:

The natural rate of unemployment is the sum of the frictional and structural unemployment rate because these represent the unemployment that a country would still experience even if it was at full employment and the actual GDP was equal to its Potential GDP.

Natural unemployment rate = Frictional unemployment + Structural unemployment

= 2% + 2%

= 4%

The purposeful use of symbols to allow multiple interpretations of messages is called:____.
a. strategic ambiguity.
b. crisis communication.
c. interaction management.
d. conflict management.
e. customer service management.

Answers

Answer:

a. strategic ambiguity.

Explanation:

The use of strategic ambiguity permits the views for diversify or interpretations also at the same time it promotes inclusiveness and unity

The mission and vision sttaement should be confused and normal in nature in order to provide the accomodation

So the use of symbols for permitting out the multiple interpretations of messages is known as the strategic ambiguity

Therefore the option a is correct

Question 4 Vered just got off the phone with an old classmate who was very excited. That classmate had purchased a business with low operating cash flow, just $1,000 last year. However, they had just made a big investment and thus depreciation would be increasing by $50,000 next year. The investment had cost $300,000. They expect to use it for five years and then sell the item for $50,000. They said that would be very helpful since the large increase in depreciation would increase cash from operations. They are thinking of taking this information to a bank for a loan, but have asked Vered to check their numbers. By how much should Vered tell them this will increase cash from operations

Answers

Answer:

Vered should tell them this will increase cash from operations by $50,000.

Explanation:

The cash account is unaffected by depreciation. This is because the depreciation reduces income but has no effect on cash, it is included as a reconciling item on the indirect cash flow statement.

Depreciation will reduce net income by $50,000 in this scenario, but depreciation of $50,000 included as a positive reconciling item will compensate for the decreased net income. As a result, cash from operations will increase by $0.

Therefore, Vered should tell them this will increase cash from operations by $50,000.

External costs occur because Group of answer choices Private costs do not reflect the full costs to society All costs are absorbed by the firm Firms make a choice other than the most cost-efficient production method Government failure increases costs for the firm

Answers

Answer:

Private costs do not reflect the full costs to society

Explanation:

External costs are costs incurred by third parties not involved in production or consumption activities

external cost can either be negative or positive

A good has negative externality if the costs to third parties not involved in production is greater than the benefits. an example of an activity that generates negative externality is pollution. Pollution can be generated at little or no cost, so they are usually overproduced.

A good has positive externality if the benefits to third parties not involved in production is greater than the cost. an example of an activity that generates positive externality is research and development. Due to the high cost of R & D, they are usually under-produced.

Job analysis is important to HR managers because the information gathered in job analysis is used in so many HR activities/functions. Describe how job analysis information is used in four different HR activities/functions. Illustrate by specific examples in hospitality and tourism.

Answers

Answer:

Job analysis in tourism and hospitality include planning, making and providing, lodging recreation and travel related services.

Explanation:

Job analysis is a part of the procedure to identify the contents of the job interms of the acts involved and it provides information to the organization necessary to perform these activities. Procedure involves collecting of information. Being both task and work oriented.

1. As more people in India have access to higher education, explain
how potential GDP and aggregate supply will change in the long
run.

Answers

Answer:

As more people in India have access to higher education, the country's economic growth potential, both in its GDP per capita and in its aggregate demand, will increase.

This is so because the higher the levels of education, the greater the added value that each person introduces into their economic production, with which the country's GDP is in turn increased.

On the other hand, this same economic growth generates a greater availability of wealth for society, with which the greater the availability of money, the greater the demand for goods and services that will be produced in that country.

The law of comparative advantage says that a person should produce a good if he or she: Group of answer choices can produce the good at the same cost as another producer can. receives the highest marginal benefit from the good. has an absolute advantage in producing the good. has the lowest opportunity cost of producing the good. has the greatest desire to consume the good.

Answers

Answer:

has the lowest opportunity cost of producing the good

Explanation:

Comparative advantage is the capability of the one party in order to manufactured the goods or services at less opportunity cost as compared to the other party. It could be used for overall nations and thier economies

So as per the given situation, the above statement represent an answer

hence, the same is to be considered

According to a proper production function, if adding one unit of capital increases output by 10 units, adding an another unit of capital beyond that must increase capital by

Answers

Answer:

less than 10 units

Explanation:

The production function represent the diminishing marginal returns

Here diminishing marginal returns means that marginal output i.e. generated an extra unit would continue to reduce more units of input that are used

So if we add one unit of capital that increased the output by 10 units so if another unit if capital is added so it increased the output but that should be less than 10 units

Mary incurred a $20,000 nonbusiness bad debt last year. She also had an $18,000 long-term capital gain last year. Her taxable income for last year was $25,000. During the current year, she unexpectedly collected $12,000 on the debt. How should Mary account for the collection

Answers

Answer: $12000 income.

Explanation:

It should be noted that non business bad debts are regarded as short term capital loss. In the question given, the $18000 long-term capital gain will have to be offset against the bad debt of $20000.

In this case, the tax benefit will be $18000, therefore $12000 will be recognized as the income.

A machine with a cost of $100,000 has an estimated residual value of $8,000 and an estimated life of 7 years or 21,000 hours. What is the amount of depreciation for the second full year, using the double-declining-balance method

Answers

Answer:

$20,408.16

Explanation:

Depreciation expense using the double declining method = Depreciation factor x cost of the asset

Depreciation factor = 2 x (1/useful life) = 2/7

1st year= 2/7 x 100,000 = 28,571.43

book value = 100,000 - 28,571.43 = 71,428.57

2nd year = 2/7 x 71,428.57 = $20,408.16

For February, sales revenue is $250,000; sales commissions are 6% of sales; the sales manager's salary is $50,000; advertising expenses are $15,000; shipping expenses total 1% of sales; and miscellaneous selling expenses are $1,000 plus 1/2 of 1% of sales. Total selling expenses for the month of February are:_______.
a. $65,000.
b. $69,750.
c. $82,250.
d. $84,750.

Answers

Answer:

d. $84,750.

Explanation:

Calculation to determine what Total selling expenses for the month of February are:

Sales commissions $15,000

($250,000 ×6%)

Sales manager's salary $50,000

Advertising expenses $15,000

Shipping expenses $2,500

($250,000 × 1%)

Miscellaneous selling expense $2,250

[$1,000 + ($250,000 × 0.5%)]

Total selling expenses $84,750

Therefore Total selling expenses for the month of February are:$84,750

Income statement dataSales 6,900Cost of goods sold 6,100Balance sheet dataInventory 680Accounts receivable 300Accounts payable 460Calculate the accounts receivable period accounts payable period, inventory period and cash conversion cycle for the above firm. Use 365 days in a year, do not round intermediate calculations. Round your answers to 1 decimal placea. accounts receivable period _____daysb. account payable period _____daysc. inventory period _____daysd. cash conversion cycle __

Answers

Answer:

a. Accounts receivables period = 365 / (Credit sales/Average accounts receivables)

Accounts receivables period = 365 / (6900/300)

Accounts receivables period = 365 / 23

Accounts receivables period = 15.9 days

b. Accounts payable period = (365/(Cost of goods sold/Accounts payable)  

Accounts payable period = 365 / (6100/460)

Accounts payable period = 365 / 13.26

Accounts payable period = 27.5 days

c. Inventory period = 365 / (Cost of goods sold/Inventory)

Inventory period = 365 / (6100/680)

Inventory period = 365 / 8.97

Inventory period = 40.7 days

d. Cash conversion cycle = Accounts receivables periods + Inventory period - Accounts payable periods

Cash conversion cycle = 40.7 + 15.9 - 27.5

Cash conversion cycle = 29.1 days

What is finance? The study of a business's past financial decisions The study of how to allocate assets to maximize returns The process of communicating financial information about a business The social science that analyzes the production, distribution and consumption of goods and services

Answers

Answer: The study of how to allocate assets to maximize returns

Explanation:

Finance refers to the study of how to allocate assets to maximize returns. Finance refers to the study, management, and creation of money and investments.

Finance simply explains how economic agents such as the individual, company or government gets money and how such money is being used.

Black, Inc., acquired another company for $5,000,000. The fair value of all identifiable tangible and intangible assets was $4,500,000. Black will amortize any goodwill over the maximum number of years allowed. What is the annual amortization of goodwill for this acquisition

Answers

Answer:

The correct answer is "Zero (0)".

Explanation:

An applies specifically asset which is responsible for a different corporation's or business's extra purchasing amount, is considered as Goodwill.Goodwill commodities are confidential, intellectual properties or copyright and trademark awareness that aren't commonly produced. Therefore it isn't amortized.

Thus, the above is the appropriate solution.

Goods that are partially completed by a manufacturer are a.work in process inventory b.materials inventory c.merchandise inventory d.finished goods inventory

Answers

Answer:

a. work in process inventory

Explanation:

In Business, an inventory is a term used to describe a list of finished goods, goods still in the production line and raw materials that would be used for the manufacturing of more goods in a bid to meet the unending consumer demands.

Simply stated, an inventory can be classified into three (3) main categories; finished goods, work in progress, and raw materials.

An inventory is recorded as a current asset on the balance sheet because it's primarily the most important source of revenue for a business entity.

Also, the three (3) main cost concept associated with an inventory are;

1. First In First Out (FIFO).

2. Last In First Out (LIFO).

3. Weighted average cost.

Goods that are partially completed by a manufacturer are work in process (WIP) inventory.

The benefit the goverment receives from tax can be measured by

Answers

Answer:

the change in the equilibrium quantity of the good. the change in the equilibrium price of the good.

Explanation:

The benefit that government receives from a tax is measured by a. b. c. d. the change in the equilibrium quantity of the good. the change in the equilibrium price of the good.

The revenue or benefits received from tax by the government of a Country can be measured by using the Tax-to-GDP ratio.

The Tax-to-GDP ratio provides an in-depth knowledge of the revenues generated from tax by the nation as it relates to the economy.

This ratio helps to pinpoint the benefits from taxation with relation to the size of the nations economy. for instance, if their is higher revenue from tax, it means that the Country can spend more money healthcare, education or infrastructure.

Hence, the Tax-to-GDP ratio, measures the benefit from tax in a nation, and a higher tax revenue of a nations gross domestic product (GDP) signifies economic growth.

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c) Tình hình SX của DN Y trong năm báo cáo như sau:
Chỉ tiêu Quý I Quý II Quý III Quý IV
1. GTSX(Tr.đ) 2.515 2.616 2.716 2.908
2. Số LĐ đầu quý 99 101 103 105
Được biết số LĐ cuối IV là 107 người
Yêu cầu: - Tính GTSX bình quân năm báo cáo?
- Mức NSLĐ bình quân mỗi quý của 1 lao động?
- Mức NSLĐ bình quân hàng quý của 1 lao động?
- Mức NSLĐ bình quân của cả năm của 1 lao động?

Answers

Can you put this in English please

If Company A has a lower debt ratio than Company B, then Company A is likely to have __________ than Company B.
a. a higher level of financial risk
b. a greater ability to borrow
c. more total assets
d. less financial flexibility

Answers

Answer:

b. a greater ability to borrow

Maria is 30 years old and has a nest egg of $25,000 that she worked hard to save
through her twenties. She would like to invest the money in order to have a down
payment for a home by the time she is 35.
How would you recommend Maria invest her money?

Answers

Answer:

Since Maria is 30 years old and has a nest egg of $ 25,000 that she worked hard to save through her twenties, and she would like to invest the money in order to have a down payment for a home by the time she is 35, I I would give her the following recommendation:

Given that the S&P 500 index fund has an average annual return of 10% to 15%, with positive returns almost guaranteed and considerably low risk, and that Maria has money that is not an excessively high amount and wants to allocate it For a purpose that implies the need for a certain investment security, I would recommend investing that sum in the aforementioned index fund.

You are holding a stock that has a beta of 1.91 and is currently in equilibrium. The required return on the stock is 25.60%, and the return on the market portfolio is 17.10%. What would be the new required return on the stock if the return on the market increased to 21.00% while the risk-free rate and beta remained unchanged

Answers

Answer:

Hence the new required return on the stock if the return on the market increased to 21.00% while the risk-free rate and beta remained unchanged is 33.05%.

Explanation:

At the​ profit-maximizing level of​ output, what is the relationship between the total revenue​ (TR) and total cost​ (TC) curves? A. They cannot be tangent to each other. B. They must have the same slope. C. They must​ intersect, with TC cutting TR from above. D. They must​ intersect, with TC cutting TR from below. E. They must be tangent to each other.

Answers

Answer: They must have the same slope.

Explanation:

It should be noted that at the​ profit-maximizing level of​ output, the marginal revenue will be equal to the marginal cost.

Since the slope of the total revenue is the marginal revenue while the slope of the total cost us marginal cost, then at the​ profit-maximizing level of​ output, the relationship between the total revenue​ (TR) and total cost​ (TC) curves is that they must have the same slope.

What are the macroeconomic conditions affecting the IT industry? Select "yes" for those statements that are accurate and choose "no" for those that are not.

a. From a political perspective, Ricoh should be aware of regulations from ITAC (Information Technology Association of Canada) who is actively promoting and supporting the expansion of the IT services industry in Canada as this move will likely impact Ricoh in many ways.
b. From an economic perspective, Canada enjoys a strong economy with a strong GDP growth.
c. Low oil prices are causing turmoil in business investment in western Canada, leading to a negative impact for the economic component of the macro-environment.
d. A weak Canadian dollar makes the cost of importing more expensive.

Answers

Answer:

a. From a political perspective, Ricoh should be aware of regulations from ITAC (Information Technology Association of Canada) who is actively promoting and supporting the expansion of the IT services industry in Canada as this move will likely impact Ricoh in many ways.   - Yes

b. From an economic perspective, Canada enjoys a strong economy with a strong GDP growth.  -  Yes

c. Low oil prices are causing turmoil in business investment in western Canada, leading to a negative impact for the economic component of the macro-environment.  -  Yes

d. A weak Canadian dollar makes the cost of importing more expensive. - No

Explanation:

The macroeconomic conditions that impact the business in terms of the economic growth rate. The use of GNP and GDP to measure the growth. The macroeconomic phenomenon estates the patterns and conditions from the large aspects of the economy.
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