Hatter, Inc. allocates fixed overhead at a rate of $17 per direct labor hour. This amount is based on 90% of capacity or 3,600 direct labor hours for 6,000 units. During July, Hatter produced 5,500 units. Budgeted fixed overhead is $66,000, and overhead incurred was $67,000.Required: Determine the volume variance for July.
What will be an ideal response?
| Budgeted overhead ………………………. | $66,000 | ? |
| Overhead applied (3,300 DLH* ? $17/hr.). | 56,100 | ? |
| Volume variance …………………………. | $ 9,900 | U |
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Using the information below, compute the raw materials inventory turnover: Raw materials used$121,600 Beginning raw materials inventory 18,000 Ending raw materials inventory 20,200
A. 6.37. B. 6.02. C. 54.0. D. 60.6. E. 6.76.
Differentiate between individuals who have personalized power and leaders who have socialized power.
What will be an ideal response?
Hofstede's ________ dimension looked at the relationship between gender and work roles.
A. individualism versus collectivism B. masculinity versus femininity C. uncertainty avoidance D. power distance
Kita 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 materials3.3pounds$7.50per pounds$24.75Direct labor0.80hours$20.50per hour 16.40Fixed manufacturing overhead0.80hours$18.50per hour 14.80Total standard cost per unit $55.95During the year, the company assigned direct labor costs to work in process. The direct labor workers (who were paid in cash) worked 24,820 hours at an average cost of $21.20 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)?1/1$1,100,000$49,500$0$50,355$559,900=?Materials Price VarianceMaterials Quantity VarianceLabor Rate VarianceLabor Efficiency VarianceFOH Budget VarianceFOH Volume VarianceRetained Earnings1/1$0$0$0$0$0$0$1,759,755When the direct labor cost is recorded in transaction (c) above, which of the following entries will be made? A. ($6,150) in the Labor Rate Variance column B. $6,150 in the Labor Rate Variance column C. $6,150 in the Labor Efficiency Variance column D. ($6,150) in the Labor Efficiency Variance column