Chapter 12, Problem 12.17E

Everlast Manufacturing uses a standard cost system. • Standards call for 2.5 direct labor hours per unit. The standard labor rate is $14 per hour. Four pounds of material are needed per unit at a standard cost of $2.80 per pound. . Everlast produces 12,800 units during the year. • • Direct labor costs are $460,320 for 33,100 hours. Everlast purchases 58,500 pounds of materials at $3.00 per pound and uses 54,800 pounds (the rest remain in inventory). For direct labor, what is the efficiency (usage) variance?

If total assets decreased by $15,000 and stockholders' equity increased by $5,500 during a period of time, then total liabilities must have changed by what amount and direction during that same period?

General accounting