Freiling Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs. There is no variable manufacturing overhead. The standard cost card for the company's only product is as follows:InputsStandard Quantityor HoursStandard Price or RateStandard CostDirect materials3.1kilos$6.00per kilo$18.60Direct labor0.90hours$22.00per hour 19.80Fixed manufacturing overhead0.90hours$9.50per hour 8.55Total standard cost per unit $ 46.95During the year, the company assigned direct labor costs to work in process. The direct labor workers (who were paid in cash) worked 14,890 hours at an average cost of $22.80 per hour.Assume that all transactions
are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net) stands for Property, Plant, and Equipment net of depreciation.?CashRaw MaterialsWork in ProcessFinished GoodsPP&E (net)=Materials Price VarianceMaterials Quantity Variance1/1$1,090,000$53,940$0$79,815$600,000=$0$0?Labor Rate VarianceLabor Efficiency VarianceFOH Budget VarianceFOH Volume VarianceRetained Earnings1/1$0$0$0$0$1,823,755When recording the direct labor costs, the Cash account will increase (decrease) by:
A. ($339,492)
B. ($318,780)
C. $318,780
D. $339,492
Answer: A
You might also like to view...
Under a defensive strategic market plan, calculate the market share of a company that generates sales revenue of $50 million in a market where the total demand is $493 million
A) 5.6% B) 10.14% C) 25% D) 32.3% E) 5.89%
Robert has taken up bicycle riding as a hobby and as a way to maintain his physical stamina. He understands he will need to make sure he gets adequate water when he is bike riding. He wants to buy a hydration system
Having gathered a great deal of information, he has decided to compare three systems: Waterbags for Roadies, Supertanker Hydropacks, and Fast Water. Robert is in the ________ stage of his purchase decision. A) problem recognition B) evaluation of alternatives C) product choice D) postpurchase evaluation E) information choice
Which of the following is true of the Islamic law of Shari'a?
A) The Shari'a disallows making a reasonable profit from the sale of goods and services. B) All Islamic countries strictly follow the Shari'a to govern all aspects of life. C) The Shari'a encourages riba through the strict payment and collection of interest on loans within stipulated periods of time. D) The Shari'a is primarily used in the areas of marriage; divorce; inheritance; and, to a limited degree, criminal law.
What are multidivisional structures? How are they implemented?
What will be an ideal response?