Kartman Corporation makes a product with the following standard costs: Standard Quantity or HoursStandard Price or RateStandard Cost Per UnitDirect materials 6.5pounds$7.00per pound$45.50Direct labor 0.6hours$24.00per hour$14.40Variable overhead 0.6hours$4.00per hour$2.40In June the company's budgeted production was 3,400 units but the actual production was 3,500 units. The company used 22,150 pounds of the direct material and 2,290 direct labor-hours to produce this output. During the month, the company purchased 25,400 pounds of the direct material at a cost of $170,180. The actual direct labor cost was $57,021 and the actual variable overhead cost was $8,931.The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed
when the materials are purchased.The labor rate variance for June is:
A. $1,890 F
B. $2,061 F
C. $1,890 U
D. $2,061 U
Answer: D
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Below is financial data for Fawnsworth Industries' current year. Net sales on account during year $500,000 Cost of merchandise sold during year 300,000 Accounts receivable, beginning of year 45,000 Accounts receivable, end of year 35,000 Inventory, beginning of year 90,000 Inventory, end of year 110,000 Refer to the data for Fawnsworth Industries. Based on this information, what is Fawnsworth's
inventory turnover ratio for the current period? a. 1.67 times b. 2.73 times c. 0.33 times d. 3.00 times
On a bank reconciliation, interest income would be added to the balance per bank
Indicate whether the statement is true or false
Strategic benchmarking is industry specific in its approach
Indicate whether the statement is true or false
What accounts are recorded in an entry when a purchase on account of $250.00 is made under the periodic system and freight of $60.00 is paid?
a. Cost of Goods Sold and Freight-In are debited, Cash and Accounts Receivable are credited. b. Cost of Goods Sold and Purchases are debited, Cash and Freight-In are credited. c. Purchases and Freight-In are debited, Accounts Payable and Cost of Goods Sold are credited. d. Purchases and Freight-In are debited, Cash and Accounts Payable are credited. e. Cost of Goods Sold and Accounts Receivable are debited, Accounts Payable and Cash are credited.