JAX Inc In early 2012, JAX Inc had budgeted for the production and sales of 5,000 units at a sales price of $15 per unit. The following information is available regarding the standard cost for each unit: Direct materials: 1.50 pounds at $2.50 per lb Direct labor: 30 minutes of assembly at $.20 per minute Actual results for 2012 were determined to be as follows: Number of units produced and sold:
5,600 units Sales revenue: $100,800 ($18 per unit) Direct materials cost: $ 22,848 (9,520 lbs purchased and used at $2.40 per lb) Direct labor cost: $ 38,192 (173,600 minutes at $.22 per minute) Refer to the JAX Inc information above. What was JAX Inc's direct labor efficiency variance for 2012?
A) $1,120 F
B) $1,120 U
C) $1,232 F
D) $1,232 U
B
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Fill in the blank(s) with the appropriate word(s).
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A) phishing program B) infomercial C) podcast D) catalog E) spambot
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Prior to the FASB, accounting regulation was done primarily by:
a. the SEC. b. the FTC. c. AICPA subcommittees. d. large accounting firms.