New Jersey Valve Company manufactured 8,000 units during January of a control valve used by milk processors in its Camden plant Records indicated the following: Direct labor Direct material purchased Direct material used 48,900 hour at $15.20 per hour 25,000 pounds at $3.30 per pound 23,400 pounds The control valve has the following standard prime costs: Direct material 3 pounds at $3.20 per pound Direct labor 6 hour at $15.50 per hour $ 9.60 93.00 Standard prime cost per unit $ 102.60 Required: 1. Prepare a schedule of standard production costs for January, based on actual production of 8,000 units. 2. For the month of January, compute the following variances. Complete this question by entering your answers in the tabs below. Required 1 Required 2 For the month of January, compute the following variances. Note: Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no effect (i.e., zero variance). a. Direct-material price variance $ 2,340 b. Direct-material quantity variance Direct material purchase price variance

Q: the concept of globalization

A: Globalization connects the economies of the whole world by removing trade barriers and enabling them…

Q: Define asset-backed security

A: Answer: Asset backed security is nothing but a security is made up of other financial securities.…

Q: Define corporation

A: Corporation is a legal entity separate from its shareholders. Just like an individual, a corporation…

Q: What is an operating segment?

A: Operating segment: It is defined as providing information about the business actives with an…

Q: Define Regulation National Market System (Reg NMS)

A: Answer: National market system (NMS) is nothing but a set of rules adopted by securities and…

Q: What can be understood from “Segment Reporting"?

A: Financial reporting:   It refers to the disclosure of financial results of an organization for a…

Q: Define target company

A: Companies expand by acquiring or merging with other companies. By purchasing companies, company can…

Q: Define trade-off theory

A: Answer: The trade-off theory suggests a leveraged company’s valuation is equal to the value of an…

Q: Explanation 1031 like-kind exchange

A:

Q: Define warehouse receipt financing

A: A warehouse receipt is a document of proof about the ownership of goods kept in that warehouse.

Q: Define dealer market

A: Answer: Usually, secondary market is a place in which investor will buy and sell securities between…

Q: Define agency conflict

A: Agency conflict denotes to the conflicts that arise between the agent and Principal. In the finance…

Q: What is an agency order?

A: Solution- Agency order An order to buy or sell that a broker executes with another investor. The…

Q: Define classified boards

A: In classified board structure, certain board of directors are classified depending on time length of…

Q: What is meant by the term decentralization?

A: Decision-making process:Decision making can be defined as the process of making choices through the…

Q: what is Reference control ?

A: I assumed as a question, as what is meant by the reference  to cost control?

Q: difference between IFRS standardization and harmonization

A: Financial Reporting (IFRS) are a set of accounting principles for financial reporting published by…

Q: Define S corporation

A: The S corporation is a tax election that legal business entities can choose to elect for taxes…

Q: key internal and external stakeholders

A: The internal stakeholders of a company are listed as below: Employees, Managers, The board of…

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance. 

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.