Please answer within 30mins,it would be apprecaible!!Answer both 1 and 2 Materials and Labor VariancesAt the beginning of the year, Craig Company had the following standard cost sheet for one of its plastic products:Direct materials (5 lbs. @ $4.00)$20.00Direct labor (2 hrs. @ $15.00)30.00Standard prime cost per unit$50.00The actual results for the year are as follows:a. Units produced: 430,000.b. Materials purchased: 3,010,000 pounds @ $4.50.c. Materials used: 2,537,000 pounds.d. Direct labor: 774,000 hours @ $13.92.Required:1. Compute price and usage variances for materials. Enter amounts as positive numbers and select Favorable or Unfavorable.Material price varianceUnfavorableMaterial usage varianceUnfavorable2. Compute the labor rate and labor efficiency variances. Enter amounts as positive numbers and select Favorable or Unfavorable.Labor rate varianceFavorableLabor efficiency varianceFavorable

Step 1 Cost variance is the difference between the actual amount of a cost and its budgeted cost.…

Answered: Please answer within 30mins,it would…

Business

Accounting

Please answer within 30mins,it would be apprecaible!! Answer both 1 and 2

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: 2. Suppose Grandma wants to accumulate $100,000 for her grandchild's college education in 18 years.…

A: Answer - 2 Future Value = Present Value / (1+ r)n Future Value…

Q: What are the future value and the interest earned if $4000 is invested for 3 years at 8% compounded…

A: Investment Amount = 4000 Compounded Quarterly , hence interest rate will be divided by 4 and time…

Q: plan to select. The "regular" plan charges a fixed fee of P55 per month for 1,000 minutes of e plus…

A: Requirement: Perla purchased a cellular phone but he is confused to take monthly plan. He want to…

Q: Providing for Doubtful Accounts At the end of the current year, the accounts receivable account has…

A: The allowance for doubtful accounts is created to record estimated bad debt expense for the period.…

Q: You invest $11,000 in an account that pays simple interest of 2% for 1 year. Calculate the amount of…

A: Simple interest is an easy method of calculating the interest amount. Simple interest is calculated…

Q: how am i suppose to what account is which for all of them?

A: General ledger accounts are set of accounts used by the company to record its financial…

Q: - Proctoring Enable X + ctorio.com/secured#lockdown Enabled: Chapter 3 Required Homewor... i Saved…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: I need the adjusted trial balance and

Q: Amortization schedule must include Interest calculation and a running balance

A: An amortization schedule is to be created for the given data. Amortization of loan has equal monthly…

Q: Question 40 Sales to customers on account: retail, $90,000; cost, $60,000. Date Debit Credit $90,000…

A: Journal entries are used to record the financial transaction in the books of accounts. These…

Q: Allowance for Doubtful Accounts 106,106 6,074 6,990 14,592 28,950 49,500 Assume that the allowance…

A: Solution: Bad debt expense = 106106 - 8240 = $97,866

Q: Click to see additional instructions Starting on January 1, 2022, you put $1200 every year into…

A: The Future value of annuity due is the total future value of each cash flow which is made at the…

Q: 14. You want to receive $5,000 per month for the next 5 years. What is the APR would you need to…

A: Annual percentage rate:The annual percentage rate (APR) is a financial term that represents the…

Q: Please use the drop-down feature to select the most appropriate term for each description below. The…

A: Cost refers to the amount that is spent to obtain a product from the manufacturing unit or by the…

Q: Want to know the answer for letter a to b1 and b2

A: Calculate the book value of the equipment at the end of year 5 as follows: 1. Calculate annual…

Q: What is the total payment required to pay off a promissory note issued for $750.00 at 6% ordinary…

A: Ordinary interest is a type of interest calculation that is based on the original principal amount…

Q: can I ask how did you compute this part? I am very confused about this part. can you give me a…

Q: At what amount would the purchase on February 1 be recorded for the net price if the net method were…

A: TRADE DISCOUNT Trade Discount is a discount on the retail price of something allowed or agreed…

Q: After the introductory period is over, determine how much it would cost you in interest to carry a…

A: Interest expense refers to those expense which is paid by an individual or company on the amount…

Q: dhorse Co. receives $306,000 when it issues a $306,000, 10%, mortgage note payable to finance the…

A: Mortgage notes payable is kind of legal promissory note which binds one to pay the mortgage with the…

Q: For each of the following annuities, calculate the annuity payment. (Do not round intermediate…

A: An annuity payment is an amount that is paid at equal intervals. The annuity can be classified into…

Q: what is journal?

A: Given information is: From Bell Canada, $79.00 plus HST for telephone service for the month of…

Q: help please answer in text form with proper workings and explanation for each and every part and…

A: Total RevenueSubscriptions: 19,200×12=$230,400Service Revenue: $215,000Total Revenue =…

Q: Chapter 5 Problems 0 Saved Hetp Save & Ext Subnit Check my work Problem 5-5A (Static) Milligan's…

A: Sol : Federal income tax witholding : Particulars D. Balestreri Y. Milligan H.Curran D.Liberti…

Q: ew bogl... S History Bookmarks Develop Window Help Homework i F1 Free QR Code Generator - Cre... 2…

A: The company that sells goods to its customers with warranty are required to record the warranty…

Q: d) Suppose you begin making a monthly payment of $75.00. Fill in the table. Current Month Interest…

A: Month Current Balance Interest Payment Amount applied to the Principal 1 $2750.00 $45.38 $75…

Q: w do I g

A: Journal entries serve as the foundation for developing financial statements, monitoring financial…

Q: Prepare a journal entry for purchasing a AFS security for $150000.

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: One of your customers is delinquent on H agreed to a repayment schedule of $550 month interest on…

A: Amortization table Months Outstanding opening balance Interest due Payment Outstanding closing…

Q: Providing for Doubtful Accounts At the end of the current year, the accounts receivable account has…

A: Allowance for doubtful accounts means where we expect some debts to become bad in near future then…

Q: Given: A. The following hypothetical and undiscounted flows of benefits and costs for three (3)…

A: Net present value shows the difference between the present value of cash inflows and outflows…

Q: 25 % $ 2 % $ 5,000 37,500 179,250 30,750 $ 1,000 12,250 59,250 750

A: Lets understand the basics.Management needs to make decision when new opportunities are available…

Q: 4. Five transactions for Jodry & Associates follow. A. Journalize the five transactions under a…

A: Journal entries- Journal entries refer to the approved book of a corporation which is used to record…

Q: Need help with part B. Thank you

A: a. Record the journal entry for transaction on December 31, 2020 for flint Co. as shown below:

Q: For each account below, indicate the normal balance of the account. Notes Payable (due in 5 years)…

A: The different accounts in the accounting have Debit or credit balances.

Question

100%

Please answer within 30mins,it would be apprecaible!!

Answer both 1 and 2

Materials and Labor Variances
At the beginning of the year, Craig Company had the following standard cost sheet for one of its plastic products:
Direct materials (5 lbs. @ $4.00)
$20.00
Direct labor (2 hrs. @ $15.00)
30.00
Standard prime cost per unit
$50.00
The actual results for the year are as follows:
a. Units produced: 430,000.
b. Materials purchased: 3,010,000 pounds @ $4.50.
c. Materials used: 2,537,000 pounds.
d. Direct labor: 774,000 hours @ $13.92.
Required:
1. Compute price and usage variances for materials. Enter amounts as positive numbers and select Favorable or Unfavorable.
Material price variance
Unfavorable
Material usage variance
Unfavorable
2. Compute the labor rate and labor efficiency variances. Enter amounts as positive numbers and select Favorable or Unfavorable.
Labor rate variance
Favorable
Labor efficiency variance
Favorable

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Class Collaborate-AC-163-44 P x CengageNOWv2| Online teachin X + 2.cengagenow.com/ilmn/takeAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignments... A Determine the following measures for 2018. Round ratio values to one decimal place and dollar amounts to the nearest cent. For number of days' sales in receivables and number of days' sales in inventory, round intermediate calculations to the nearest whole dollar and final amounts to one decimal place. Assume there are 365 days in the year. 1. Working capital Г 2,790,000 2. Current ratio 4.1 3. Quick ratio 2.5 4. Accounts receivable turnover 16 5. Days' sales in receivables 22.8 days 6. Inventory turnover 7. Days sales in inventory 8. Debt ratio days % 9. Ratio of liabilities to stockholders' equity 10. Ratio of fixed assets to long-term liabilities 11. Times interest earned times times 12. Times preferred dividends earned Check My Work 8 144 0 P Previous Email Instructor Save and Exr Submit Assignment for Grading pri se…
help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
Please answer this simple question
The question is how do I make the Excel Tables correctly before trying to plot the remaining units and get by solving those in the spreadsheet?
Purchase InvoiceFrom Repair Experts, $875 plus HST, for maintenance and repairs to the company’s equipment. what is journal?
Journalize this transaction: Paid $320 to Ameren for the monthly bill. Edit View Insert Format Tools Table 12pt v Paragraph v В I U MacBook Pro Oine Fi En ACCT 101 Onre le Oa01 for Ais eet # $ % & 3.
- v2.cengagenow.com E CengageNOWv2 | Online teaching and learning reso.. O EXCHANGE PASSWORD REQUIRED ina... 13m O https://www.toolingu.com/Ims/contentplayer/?corpo... Enter your password for "hjmolin" in Internet Accounts. eBook Accounts Payable On June 18, Stanton Electronics purchased, on credit, 1,700 TV sets for $525 each. Stanton plans to resell these TVs in its store. Stanton paid the supplier on July 31. Required: Prepare the necessary journal entry (or entries) on June 18 and July 31. If an amount box does not require an entry, leave it blank. 88 June 18 Inventory Accounts Payable (Record purchase of inventory on credit) 88 July 31 Accounts Payable Cash (Record payment to supplier) Feedback V Check My Work Record purchase of inventory on account. Record payment of accounts payable.
LATION Saved V Mailings Review View Help Grammarly lity: Investigate O Search (Alt+Q) The balance on a credit card, that charges a 10.5% APR interest rate, over a 1 month period is given in the following table: I Days 1-5: $200 (initial balance) Days 6-20: $350 ($150 purchase) Days 21-30: $150 ($200 payment) What is the finance charge, on the average daily balance, for this card over this 1 month period? finance charge = $ [?] Round to the nearest hundredth. DELL Enter
Please answer this question. Prepare a journal entry for purchasing a AFS security for $150000.
Need a worksheet in excel form add interest expense - of 167.00 please.
5. Fill in all of the blanks
Please refer table P4.3 And table 94.4 in the below screenshots and answer question 7.