Woodhead Inc. manufactures one product. It does not maintain any beginning or ending inventories. The company uses a standard cost system in which inventories are recorded at their standard costs and any variances are closed directly to Cost of Goods Sold. Its standard cost per unit produced is $37.45. During the year, the company produced and sold 24,400 units at a price of $47.40 per unit and its selling and administrative expenses totaled $92,000. The company does not have any variable manufacturing overhead costs. It recorded the following variances during the year: Materials price variance$8,760FMaterials quantity variance$550ULabor rate variance$27,885ULabor efficiency variance$17,200FFixed manufacturing overhead budget variance$17,400FFixed manufacturing overhead volume
variance$18,900FThe adjusted Cost of Goods Sold after closing all of the variances to Cost of Goods Sold will be closest to:
A. $879,955
B. $913,780
C. $947,605
D. $1,190,385
Answer: A
You might also like to view...
In which of the following cases is parol evidence admitted by a court?
A) when the plaintiff reduces the value of damages he expects B) when the evidence explains ambiguous language C) when the defendant does not wish to appeal D) when the defendant takes the case to the appellate court
A multidomestic strategy is the most appropriate strategy for international operations because it drives economies of scale as far as possible and provides a middle-of-the-road product that appeals to the largest number of consumers in every market.
Answer the following statement true (T) or false (F)
What is a key to making team progress?
A. Using version management software. B. Team comradery. C. Using test plans. D. Keeping a current task list. E. Workflow control.
A virtual private network (VPN) is usually used for e-commerce between
A) a business and a group of similar customers. B) a business and the government. C) two businesses. D) a business and a single customer.