The following data relate to labor cost for production of 6,300 cellular telephones:

a. Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.

b. The employees may have been less experienced or poorly trained, thereby resulting in a higher/lower labor rate than planned. The lower level of experience or training may have resulted in more/less efficient performance. Thus, the actual time required was more/less than standard.

For the 12 month period February 2018 through January 2019, the number of degree days that accrued for the Amherst, MA area was 5903. Many houses in New England heat with oil. Suppose a reasonable-size house required a total of 1400 gallons of oil for that recent entire 12- month period. Suppose also that heating oil is priced at $2.90 per gallon.

A. What was the total cost to purchase the oil to heat the house for the entire year? _______________

B. Think carefully for this one. What would be the cost for the oil needed to heat the house for one day when the average temperature was 10 °F, and what would the cost be for the oil to heat the house for one day when the average temperature was 50 °F?

10 °F day _______________ 50 °F day ___________________

Betty DeRose, Inc. operates two departments, the handling
department and the packaging department. During April,
the handling department reported the following information:

                                            % complete     % complete
                                  units         DM         conversion
work in process, April 1          27,000        60%            25%
units completed during April      46,000
work in process, April 30         32,000        70%            45%

The cost of beginning work in process and the costs added
during April were as follows:

                                   DM       Conversion     Total cost
work in process, April 1        $ 20,340     $168,690       $189,030
costs incurred during April      307,980      332,630        640,610
total costs                      328,320      501,320        829,640

Calculate the cost of goods completed and transferred out
during April using the weighted average process costing
method.

Question 1

The table below shows the cost and revenue information of a firm.

(a) Complete the table above.

(b) Determine the price and output at equilibrium.

[6 marks]

(c) Calculate the profit or loss at equilibrium.

[4 marks]

(d) Is this firm in the short-run or long-run? Explain your answer.

[5 marks]

(e) To what type of market structure does this firm belong? Why do you say so?

[6 marks]

Presented below is information related to Blowfish radios for the Blossom Company for the month of July.

alculate average cost per unit. (Round answer to 2 decimal places, e.g. 2.76.)

Blue Company's activity for the first six months of the current year is as follows: (20 points) Machine Hours Electrical Cost January 2,000 $3,000 February 3,500 5,500 March 2,400 4,000 April 1,600 2,400 May 1,500 2,500 June 2,100 3,500

INSTRUCTIONS:

a) Using the high-low method, what is the variable cost per machine hour?

b) Using the high-low method, what is the fixed portion of the electrical cost each month?

c) What would be the expected total electrical costs if the month of July was anticipated to use 3,000 machine hours?

d) What would be the expected total electrical costs if the month of August was anticipated to use 6,000 machine hours? Briefly explain your answer.

Akyede Groups of Companies uses a standard cost system for its production process and applies overhead based on direct labour hours. The following information is available for May when Akyede produced 4,500 units: Standard: Direct labour hour per unit - 2.50, Variable overhead per direct labour hour - GH¢1.75, the fixed overhead per direct labour hour - GH¢3.10, Budgeted variable overhead - GH¢21,875, Budgeted fixed overhead - GH¢38,750. Actual: Direct labour hours - 10,000, Variable overhead- GH¢26,250, Fixed overhead- GH¢38,000. Calculate the total variable overhead cost and total fixed overhead cost variance, indicating the respective spending or expenditure variance and efficiency (volume) variance. show all workings clearly.

The financial statements of PLC Pte Ltd had been completed but not yet released to shareholders. The closing inventory of PLC Pte Ltd amounted to $332,000 as at 31 December 20X1, its financial year-end. This total included two products with the following information:

(i) 150 units of Product A were carried at a cost of $12 each. On 2 January 20X2, they were sold for $9 each, with total selling expenses of $100.
(ii) 300 units of Product B were carried at a cost of $15 each. The products were found to be defective on 31 December 20X1. On 2 January 20X2, remedial work was conducted and cost $700 and shortly after, they were then sold for $20 each. The selling expenses were $250.

Illustrate and explain the accounting treatment by PLC Pte Ltd for the above.

The following data relate to the direct materials cost for the production of 2,200 automobile tires:

a. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.

b. The direct materials price variance should normally be reported to the  . If lower amounts of direct materials had been used because of production efficiencies, the variance would be reported to the  . If the favorable use of raw materials had been caused by the purchase of higher-quality raw materials, the variance should be reported to the  .