Tharaldson Corporation makes a product with the following standard costs: Standard Quantity or HoursStandard Price or RateStandard Cost Per UnitDirect materials 6.5ounces$2.00per ounce$13.00Direct labor 0.2hours$23.00per hour$4.60Variable overhead 0.2hours$6.00per hour$1.20?The company reported the following results concerning this product in June. Originally budgeted output 2,700unitsActual output 2,800unitsRaw materials used in production 19,380ouncesPurchases of raw materials 21,400ouncesActual direct labor-hours 500hoursActual cost of raw materials purchases$40,660 Actual direct labor cost$12,050 Actual variable overhead cost$3,100 ?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 efficiency variance for June is:
A. $1,446 F
B. $1,380 U
C. $1,446 U
D. $1,380 F
Answer: D
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On March 31 a company needed to estimate its ending inventory to prepare its first quarter financial statements. The following information is available:Beginning inventory, January 1: $4,000Net sales: $80,000Net purchases: $78,000The company's gross margin ratio is 25%. Using the gross profit method, the estimated ending inventory value would be:
A. $20,000. B. $22,000. C. $19,500. D. $60,000. E. $82,000.
Because of a severe throat ailment, Dodd, a singer, was unable to give a concert at Runson Hall according to the terms of his contract. Under the common law rule, Dodd is obligated to obtain a substitute
Indicate whether the statement is true or false
Gina borrows from Hilltop Bank the funds to buy a car. The car secures the debt. Gina defaults on the loan. Hilltop takes possession of the car, planning to sell it to recover some of the unpaid debt. Before Hilltop sells the car or enters into a contract for its sale, Gina can pay the bank what she owes and take back the car. This is A) a deficiency judgment
B) a floating lien. C) the right of redemption. D) the right of retention.
There are no questions for this section.
What will be an ideal response?